Romeo Power has reported today its preliminary financial results for the fourth quarter and complete year (NYSE: RMO at https://www.webull.com/quote/nyse-rmo), a leading energy technology pioneer with comprehensive strategies for electrifying diverse industrial applications.
Highlights for business
- Completed market combination with the company and associated PIPE funding to finance potential expansion, generating a further $346 million in net revenue
- The multi-year $234 million deal was signed with Lion Electric to provide Lion’s fleet of electric utility cars with battery modules and packages
- Revenues produced by the full year 2020 by $9.0 million
- As at December 31, 2020, $292,4 million in currency or cash equivalents
- For the year ending 31 December 2020, Cash spent $1.3 million for capital spending
Business Updates Recent
Signs the Ecellix MOU, integrating the high-capacity eCell technology of Ecellix with Romeo Power battery packages, modules, and battery management system to produce innovative electrification solutions.
Announced a strategic partnership with Republic Services to work together on the advancement of Romeo Power’s electric waste battery technologies.
Started an Electrification Commercial Fleet with Patrimonial Services to electrify 500 Heritage Trucks between 2022 and 2025 from Romeo Power (NYSE: RMO).
Romeo Power has a large deficit in the global market for raw materials above and beyond its production and now forecasts revenues in the region of $18-40 million for 2021.
Management Commentary
Romeo Power’s last year has improved the balance sheet with more than US$ 346 million and has become a public entity since we finished our merger with the (NYSE: RMO), Acquisition Corp. by December,” said Lionel Selwood, Jr., Managing Director, Power Romeo.The sector is seeing massive growth as the globalisation of energy generation hits a tipping point, and the market for raw materials is outstripped by supply.
Romeo Power is currently exposed to certain availability limits and Romeo Power expects its revenues to reach between $18 million and $40 million by 2021 in response to a major battery capacity shortage industry-wide. The Company is actively engaging with a number of favourite vendors for the establishment of long-term cell supply arrangements.
Romeo Power continues to concentrate on cells which have achieved their stringent processes of certificate certification of cells supply, as this is essential if the company is to produce a cleaner and improved commodity that is more energy-densely and quick charging compared to its competitors. The business and strategic priorities of Romeo Power remain intact and the ongoing cell shortage is unlikely to impact the company’s order backlog.
Yearly Report
Romeo Power has today reported that it would not file its annual report on Form 10-K tomorrow because of uncertainties over accounting processing on its public and private bonds and will file Form 12b-25 with the Securities and Exchange Commission. The figures presented in this section are currently unaudited and provisional. Before investing, you can check other stock like nyse ccl at https://www.webull.com/quote/nyse-ccl.