Romeo Power, Inc. (RMO) Tops Q1 EPS by 76c, Revenues Miss

Romeo Power, Inc. (NYSE: RMO) reported Q1 EPS of $0.66, $0.76 better than the analyst estimate of ($0.10). Revenue for the quarter came in at $1.05 million versus the consensus estimate of $7.5 million.

First Quarter Financial Update

• Generated revenues of $1.1 million for the first quarter of 2021
• Cash, cash equivalents and investments decreased by $4.9 million from December 31, 2020
• Cash, cash equivalents and investments as of March 31, 2021 of $287.5 million

Management Commentary

“Demand for vehicle electrification continues to grow. As we look at the sheer size of the opportunity, we are focusing on meeting this accelerating demand, starting with heavy-duty long-range vehicles that require the most durable and effective EV solutions,” commented Lionel Selwood, Jr., Chief Executive Officer of Romeo Power. He continued: “As we mark our fifth year as a company, we continue to leverage our advanced engineering expertise to push our technology and enhance relationships with key industry players, driven by a shared objective to continue innovating and pushing EV technology forward. We are proud to have earned the trust of industry leaders, including those who face some of the most formidable electrification challenges, such as cost-effective long-haul trucking, and we look forward to working with the key industry players to develop and commercialize safe, durable and cost-effective battery system solutions.

"The OEMs and fleet managers that are serious about electrification recognize that Romeo Power’s solutions can deliver superior uptime, profit-per-mile and return on investment, a winning combination for customers, suppliers and investors. This is evident in Romeo Power’s recent wins, including a long-term agreement with leading commercial vehicle maker PACCAR, the maker of light-, medium- and heavy-duty trucks under the Peterbilt, Kenworth and DAF nameplates. The level of trust placed in Romeo Power by PACCAR to help them achieve their ambitious electrification goals speaks volumes.

"During the first quarter, Romeo Power and Heritage Environmental Services selected the OEMs who will participate in the Heritage– Romeo Power Fleet Electrification Program. This includes PACCAR, Lion Electric and Nikola, leading manufacturers that will now be fitted with Romeo Power’s cutting-edge electrification solutions. These packs will be supplied under existing contracts and are subject to successful validation in the pilot phase of the program. Romeo Power has demonstrated its capability to help major fleet owners meet their electrification goals, and has made building these relationships a go-to-market priority.

"Romeo Power has prioritized collaboration with ecosystem participants and is proud to be accelerating industry progress via our unique testing capabilities so we can all meet the moment and deliver on the promise of EVs everywhere.”

For earnings history and earnings-related data on Romeo Power, Inc. (RMO) click here.

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