🔋Greg🔋💎🤲

JNTG filed an amended prospectus on DART this morning, partway through its book-build for its upcoming float The new text now describes its biggest customer, "A", as a North American maker of zinc-bromine long-duration storage that isn't yet profitable. Sounds like $eose and the filing names EOS separately in its market overview. Sole supplier: JNTG has supplied ‘A’ since 2022 and is now its only electrode supplier. It replaced two Chinese suppliers once US rules restricting parts sourced from China made them hard to use. JNTG expects to stay the only supplier until those US limits on Chinese electrodes ease. Pricing: JNTG cut prices to ‘A’ by about 20% over two years and kept its own margins. It doesn't give unit prices. Contracts: ‘A’ sends about a one-year forecast, and firm orders come roughly four months before delivery. A long-term contract is still "being pursued", so there's no multi-year order book Volumes: JNTG expects to ship about twice as much to ‘A’ in 2027 as in 2026. It sees demand exceeding its capacity from 2028, driven by ‘A's growing backlog plus a large European flow-battery project (likely Invinity Swiss project) Capacity: JNTG has 2.4m m² a year now and expects to need four production lines from 2028. Each new line takes about 19 months, so it plans to order the long-lead furnaces this year. Risk: JNTG says again that ‘A’ is loss-making and burning cash. It models ‘A’ stopping orders entirely in 2027 or 2028, including writing off ‘A’-related stock and unpaid bills. For $EOSE, this is a supplier's view rather than EOS's own numbers. It points to electrode demand doubling in 2027, less reliance on China and falling input costs. The trade-off is that EOS depends on a single supplier for this part, and that supplier flags EOS's cash burn as a risk.