Eos Energy, a provider of innovative Znyth™ technology battery energy storage systems (BESS), reported mixed financial results for the third quarter of 2024. Revenue for the quarter increased by 25% year-over-year to $854,000, while the nine-month period saw a 14% decrease to $8.35 million. The company's cost of goods sold rose by 21% for the quarter and 15% for the nine-month period, primarily due to inventory reserve adjustments and increased project commissioning costs. Research and development expenses surged by 130% for the quarter, reflecting higher spending on materials and supplies for the automated line. Selling, general, and administrative expenses also increased by 36% for the quarter. Eos Energy recognized a gain on debt extinguishment of $68.5 million from the payoff of the Senior Secured Term...Show More

Eos Energy, a provider of innovative Znyth™ technology battery energy storage systems (BESS), reported mixed financial results for the third quarter of 2024. Revenue for the quarter increased by 25% year-over-year to $854,000, while the nine-month period saw a 14% decrease to $8.35 million. The company's cost of goods sold rose by 21% for the quarter and 15% for the nine-month period, primarily due to inventory reserve adjustments and increased project commissioning costs. Research and development expenses surged by 130% for the quarter, reflecting higher spending on materials and supplies for the automated line. Selling, general, and administrative expenses also increased by 36% for the quarter. Eos Energy recognized a gain on debt extinguishment of $68.5 million from the payoff of the Senior Secured Term Loan. The company's liquidity position includes $23.0 million in unrestricted cash and cash equivalents as of September 30, 2024. Eos Energy continues to invest in the refinement and production of its Z3 battery, with the transition to the Z3 battery fully underway and commercial production started. The company has entered into supply and pricing agreements with TETRA Technologies and SHPP US LLC, respectively, and has achieved 'Power On' status for its first state-of-the-art manufacturing line. Future plans include pursuing grants under the Bipartisan Infrastructure Law and leveraging the Inflation Reduction Act for production tax credits. Eos Energy is also working to finalize a loan with the Department of Energy to fund manufacturing expansion. Despite these developments, the company acknowledges the need for additional capital to sustain operations and reach profitability.