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Eos Energy Enterprises Reports First Quarter 2022 Financial Results
EDISON, N.J., May 10, 2022 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ: EOSE) ("Eos"), a leading provider of safe, scalable, efficient, and
About this update from Eos Energy Enterprises, Inc.
[{"type":"text","content":"EDISON, N.J., May 10, 2022 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (\"Eos\"), a leading provider of safe, scalable, efficient, and sustainable zinc-based energy storage systems, today announced financial results for the first quarter ended March 31, 2022. First Quarter Highlights Continued commercial pipeline growth; booked orders of $67 million year-to-date resulting in orders backlog of $212 million with a current opportunity pipeline of over $6 billion.Achieved 65 MWh of a 550 MWh annualized battery manufacturing capacity expansion plan in two months.$3.3 million in revenue from four customer projects, including first Energy Block deliveries for the 80 MWh Pine Gate Renewables’ Eastover Project.69% sequential increase in Energy Block volume, on a revenue recognition basis.Q1 ‘22 ending Energy Block bill of material cost reduced by approximately 14% vs year end 2021.Q1 ‘22 average Energy Block product cost lower by 7.4%, net of $1.7 million incremental lower of cost or market inventory adjustment, versus last quarter.Invested $5 million in Research and Development to improve battery performance and to reduce both the cost of the product and lifetime operating cost of our battery system and to develop future generation technology.Cash balance of $55 million as of March 31, 2022. Recent Business Highlights On April 30, 2022, shipped 100th Eos Zynth™ Energy Block from Turtle Creek, PA.On April 28, 2022, secured a financing commitment for up to $200 million with an affiliate of Yorkville Advisors, allowing Eos flexibility to access capital as needed to fund future growth.On April 27, 2022, signed a letter of intent with a leading solar developer based in the Northeast for a minimum of 300 MWh of storage capacity with a master supply agreement expected to close by June 2022.In March 2022, Bridgelink Commodities, LLC signed a three-year master supply agreement with a total potential order value of up to $150 million. Minimum order commitment under the agreement for 240 MWh with an option to increase to 500 MWh and an additional option to purchase long-term service support. Eos Chief Executive Officer Joe Mastrangelo said, “Every day we achieve important milestones in our company’s development. Our technology is positioned to fulfill a rapidly growing demand in the world’s future energy mix. I am proud that ou...