Romeo Power, a U.S.-based battery know-how firm, recorded complete income of $11.6 million in the primary quarter (Q1) of 2022, a 955% year-over-year (YoY) improve in comparison with $1.1 million in Q1 2021. The income elevated by 27% quarter-over-quarter (QoQ) from $9.1 million in This fall 2021.
The income progress was supported by product revenues of $11.4 million, a rise of $10.8 million in comparison with the identical interval final yr.
The income progress was primarily pushed by elevated supply ranges to main provide contracts. The firm claims to have elevated common day by day manufacturing by as much as 75% increased than in This fall 2021.
The firm holds a backlog of $412 million primarily based on minimal buy commitments on the finish of the quarter.
Romeo Power ended Q1 with money, money equivalents, and investments of $66.9 million.
In February, the corporate acquired BorgWarner’s curiosity in the three way partnership between Romeo Power and BorgWarner through the quarter for $37 million.
It has additionally raised $25 million by way of a standard inventory standby fairness line of credit score through the quarter.
Susan Brennan, Chief Executive Officer of Romeo Power, mentioned, “In the first quarter, we successfully finalized a multi-year supply agreement extension and enhancement with a leading commercial vehicle customer, entered into a new multi-phase commercial program with an automotive OEM (original equipment manufacturer) to power rideshare and delivery vehicles, and began shipping the first production of 80 kWh pedigree packs to a key customer manufacturing heavy-duty EVs. We are encouraged by the traction we are gaining in attracting new customers and pilot programs while opening up discussions with a broad range of other vehicle providers that are interested in how our leading battery technology and battery management systems can create value in the rapidly expanding market for electrification.”
During the quarter, Romeo Power fashioned a relationship with bus and heavy-duty truck EV powertrain producer, Wrightspeed Inc., to construct “Powertrain in a Crate” kits utilizing Romeo Power’s high-capacity battery pack and module know-how.
The firm was additionally awarded the primary part of a multi-phase business program with Indigo Technologies, an automotive OEM specializing in light-weight electrical autos for rideshare and supply driving.
In February, the corporate additionally introduced a three-year extension of an present provide settlement with one in every of Romeo’s long-standing prospects, with a minimal contractual dedication valued at roughly $17 million.
According to the Mercom Capital’s Q1 2022 Funding and M&A Report for Storage, Grid, and Efficiency, battery storage firms raised $12.9 billion in company funding by way of 26 offers in Q1 2022, a 222% QoQ improve in comparison with a $4 billion raised in 27 offers in the final quarter.
Previously, Romeo Power introduced the completion of its ‘business combination’ with RMG Acquisition, a particular goal acquisition firm (SPAC), for $900 million. The firm additionally grew to become a public entity in the method. Romeo Power had raised roughly $394 million in fairness funding.
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