Brenmiller Energy (NASDAQ:BNRG) shares are moving higher on Friday after the company reported a year-over-year increase in EPS for the first half of the 2024 fiscal year. In addition, the company announced a projected pipeline with a potential value of up to $500 million.

The Details:

Brenmiller announced it signed a 5-year distribution agreement with Rock Energy Storage, with projected sales milestones of more than $150 million.

“We have built an impressive project pipeline, potentially worth up to $500 million in value, and our team is working tirelessly, day in and day out, to move this pipeline forward so that we can start delivering meaningful cost savings and emissions reductions for our customers as well as recurring revenues for our company and value for our shareholders.”

The company reported a loss of 45 cents per share up from a loss of $3.02 per share compared to the same period last year.

For the the first half of the year, Brenmiller also reported cash and cash equivalents of $6.99 million, operating loss of $5.38 million, net loss of $1.58 million and net cash used in operating activities of $3.86 million. The net loss represents a 70% decline compared to the prior year period.

“Our pioneering bGen thermal battery continues to support the growing and mostly unmet need for on-demand access to sustainable heat,” said Brenmiller chairman and CEO, Avi Brenmiller.

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BNRG Price Action: Brenmiller Energy stock is moving 174% higher at $1.76 per data from Benzinga Pro.

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