Eos Energy Enterprises, Inc., a leading energy storage system provider, announced its preliminary financial results for the first quarter ended March 31, 2024, on April 23, 2024. The company reported expected revenue of approximately $6.6 million, driven by the completion of shipments for its first Texas project owned by a large North American infrastructure fund. Eos also highlighted a projected 5-10% gross margin improvement quarter over quarter and disclosed an ending cash balance of about $31.8 million with a substantial orders backlog of $602.7 million. These preliminary results are part of a broader update, which includes the company's progress on cost reduction initiatives and the scaling of Z3 production. Eos also announced the successful testing of its automated manufacturing line in collaboration with ACRO Automation, which is expected...Show More

Eos Energy Enterprises, Inc., a leading energy storage system provider, announced its preliminary financial results for the first quarter ended March 31, 2024, on April 23, 2024. The company reported expected revenue of approximately $6.6 million, driven by the completion of shipments for its first Texas project owned by a large North American infrastructure fund. Eos also highlighted a projected 5-10% gross margin improvement quarter over quarter and disclosed an ending cash balance of about $31.8 million with a substantial orders backlog of $602.7 million. These preliminary results are part of a broader update, which includes the company's progress on cost reduction initiatives and the scaling of Z3 production. Eos also announced the successful testing of its automated manufacturing line in collaboration with ACRO Automation, which is expected to significantly reduce costs when operating at scale. Additionally, the company has shipped over 110 Z3 cubes and discharged approximately 1 GWh of energy in 2024. Eos also closed an agreement with Banyan Software, Inc. to monetize its 2023 production tax credits, receiving $2.3 million in cash. The company will release its official first quarter financial results on May 14, 2024, followed by a conference call on May 15. The preliminary financial figures are subject to finalization and should not be viewed as a substitute for the full financial statements prepared in accordance with GAAP.