On May 14, 2024, Eos Energy Enterprises, Inc., a leading energy storage solutions provider, announced its financial results for the first quarter ending March 31, 2024. The company reported a revenue of $6.6 million, a 25% decrease from the previous year, attributed to the timing of customer revenue recognition. Despite a 28% increase in manufacturing volume, the cost of goods sold rose to $28.2 million, a 5% increase from the prior year. Operating expenses saw a slight decrease of 3% to $19.5 million. Eos Energy ended the quarter with a cash balance of $31.8 million, excluding restricted cash. The company's commercial opportunity pipeline grew by 56% to $13.3 billion, with a backlog of $602.7 million as of March 31, 2024, marking a 13% increase from the previous year. Additionally, Eos Energy expanded its agreement with Pine Gate...Show More

On May 14, 2024, Eos Energy Enterprises, Inc., a leading energy storage solutions provider, announced its financial results for the first quarter ending March 31, 2024. The company reported a revenue of $6.6 million, a 25% decrease from the previous year, attributed to the timing of customer revenue recognition. Despite a 28% increase in manufacturing volume, the cost of goods sold rose to $28.2 million, a 5% increase from the prior year. Operating expenses saw a slight decrease of 3% to $19.5 million. Eos Energy ended the quarter with a cash balance of $31.8 million, excluding restricted cash. The company's commercial opportunity pipeline grew by 56% to $13.3 billion, with a backlog of $602.7 million as of March 31, 2024, marking a 13% increase from the previous year. Additionally, Eos Energy expanded its agreement with Pine Gate Renewables, securing a new Master Supply Agreement for 500 MWh of energy storage systems over the next five years. CEO Joe Mastrangelo highlighted the shipment of over 110 Z3 Cubes to five customers and the completion of Factory Acceptance Testing for the company's first state-of-the-art manufacturing line, which is on track for Q2 commissioning. Eos reaffirmed its 2024 outlook, expecting to recognize $60 million to $90 million in revenue upon completion of Site Acceptance Testing for its manufacturing line in Q2. The company also anticipates a positive contribution margin in Q4 following cost reduction actions throughout the year. Eos's technology has cumulatively discharged approximately 3 GWh of energy, with the majority coming from Gen 2.3 systems. The company is working towards profitability, having secured 55% of its direct material cost-out target and transitioning to a lower cost, higher energy density module. Eos's manufacturing footprint is sized for the 1.25 GWh capacity of the new line, with plans to increase capacity by nearly 1 GWh using the same footprint. The market outlook remains robust, with a $13.3 billion pipeline and a focus on domestic energy storage solutions, further supported by a ban on select Chinese-manufactured batteries by the Department of Defense. Eos will host a conference call on May 15, 2024, to discuss the financial results.