Bimergen Energy (BESS) Investor update summary

Financial performance and balance sheet update

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

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

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

• Cash burn rate is approximately $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 progress

• 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.

• Recent sale of three projects to Frontier Power USA/Cerberus, retaining a 7.5% equity stake and development fees.

• Aggreko portfolio (79.2 MW) in ERCOT South remains on schedule for late-year service.

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

Business model, partnerships, and funding

• Projects are financed primarily through project-level debt and partner capital, not common equity.

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

• RelyEZ joint venture structure allows for 100% project ownership post-construction, with RelyEZ repaid via tax equity events.

• Offtake tolling agreements and hedge guarantees (e.g., with Goldman Sachs) de-risk project revenues for lenders.

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