Bimergen Energy (BESS) Investor update summary

Financial performance and balance sheet

• Reported first-ever revenues of $7.9 million in Q2, with EBITDA of $3.9 million and net income of $1.6 million.

• Cash and current assets at $14.6 million, total assets at $38 million, including $23 million in intangible assets from recent project acquisitions.

• Cash position as of June 30th is over $9 million, with an additional $2.5 million in receivables expected.

• Cash burn rate is $4–5 million annually, with no immediate need to raise additional capital.

• Fully diluted share count is about 13 million, with warrants exercisable at $5 potentially bringing in more capital.

Project pipeline and development

• Portfolio includes 23 projects totaling roughly 2 gigawatts, primarily in Texas, with 11 in the ERCOT region.

• Projects are in various stages, from interconnection queue to ready for financing; rollout expected over 4–5 years at 4–5 projects per year.

• Aggreko portfolio (79.2 MW) is on schedule for late-year service, with construction contracts in place.

• Recent sales include three projects to Frontier Cerberus, retaining a 7.5% equity stake and development fees.

• Joint development agreements in place with institutional buyers, enabling repeat transactions.

Business model and funding structure

• All projects are financed at the project level through debt and partner equity, not through corporate equity.

• Key partners include RelyEZ ($50 million junior mezzanine debt), Eos (zinc bromide batteries), Cox ($200 million project equity), and Gotion.

• RelyEZ joint venture structure allows Bimergen to retain 100% ownership post-construction.

• Offtake tolling agreements with institutions like Goldman Sachs provide revenue guarantees and de-risk bank financing.

• Interest rates impact debt service but are manageable due to high project margins.