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Romeo Power, Inc.

romeopower.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2022 10-Q, filed Aug 8, 2022. Its latest SEC filing is a 15-12G from Oct 28, 2022.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Designs and manufactures lithium-ion battery modules, packs, and battery management systems for commercial vehicle makers and fleet operators.

How Did They Make Money?

Customers pay for finished battery products when they reach the customer’s warehouse or ship. Prototype and engineering work may be paid as it progresses when contracts allow, or at final handoff.

revenue
SegmentShareRevenue
Product
Sold outright

74%
Service
Recurring

26%

Who Were Their Customers?

Serves commercial electric-vehicle makers, electric powertrain converters, and fleet operators; Romeo’s sales team works directly with customers through technical collaboration, samples, and product validation.

Customers above 10% of revenue, FY2021
of revenue from three customers (12%, 62%, 12%)
FY2020: 90% from three customers

Did Revenues Turn Into Profits?

Yes. It kept 60 cents of every revenue dollar as net income in FY2021.

Operating income, FY2021
−698% of revenue
▲ +205% (Loss) vs FY2020 (−$38.4M, −428%)
Net income, FY2021
60% of revenue
▲ Now profitable vs FY2020 (−$11.7M, −131%)

How Were They Changing?

Since the FY2021 annual report
Latest quarter: Q2 FY2022, the three months to Jun 30, 2022
Revenue
▲ +519%
vs $926K in Q2 FY2021
Net income
▲ +52% (Loss)
vs −$26.6M in Q2 FY2021
Product share of revenue vs 50.3% in Q2 FY2021
  • Oct 17, 2022 Nikola completed its acquisition of Romeo Power Romeo became Nikola’s wholly owned subsidiary, and Romeo stockholders received Nikola shares in exchange.
  • Aug 8, 2022 Romeo withdrew its revenue guidance It also withdrew other outlook assumptions after announcing the merger agreement.
  • Aug 1, 2022 Nikola agreed to acquire Romeo in an all-stock merger The agreement called for an exchange offer followed by a merger in which Romeo would become Nikola’s wholly owned subsidiary.

From acquisition vehicle to battery supplier The older report described a blank-check company seeking a business combination in diversified resources and industrial materials. The latest report describes a company designing and manufacturing battery modules and packs for vehicle electrification.

Revenue over time
Product Service
$20M$10M$0

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