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Eos Energy Enterprises Reports First Quarter 2023 Financial Results
Revenue increased nearly 3x with unit cost down 25% compared to 1Q 2022 EDISON, N.J., May 09, 2023 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ:
About this update from Eos Energy Enterprises, Inc.
[{"type":"text","content":"Revenue increased nearly 3x with unit cost down 25% compared to 1Q 2022\nEDISON, N.J., May 09, 2023 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (\"Eos\" or the “Company”), a leading provider of safe, scalable, efficient, and sustainable zinc-based long duration energy storage systems, today announced financial results for the first quarter ended March 31, 2023. First Quarter Financial Highlights $8.8 million revenue, compared to $3.3 million in 1Q 2022, a 168% increase year-over-year.Cost of Goods Sold of $26.9 million, a decrease of 24% compared to 1Q 2022, representing a 25% reduction in product unit cost year-over-year.Operating expenses of $19.4 million remained flat year-over-year.$16.1 million cash balance on March 31, 2023, compared to $17.1 million on December 31, 2022.Booked $86.3 million in orders, resulting in an order backlog of $535.1 million as of March 31, 2023, an increase of more than 2.5x versus 1Q 2022. Recent Business Highlights Signed a 300 MWh Master Supply Agreement with Carson Hybrid Energy Storage (“CHES”).Completed final new Gen 2.3 Energy Block shipments; transitioning to Eos Z3TM battery production.Achieved 1 GWh of discharged energy from field installations, with 70% occurring in 2023.On April 14, 2023, the Company successfully completed a $40 million capital raise; planned use of proceeds includes factory automation and capacity expansion.Substantially completed due diligence for Department of Energy Title XVII loan application; actively negotiating the final provisions of a term sheet with the Loan Program Office. Eos Chief Executive Officer Joe Mastrangelo said, \"The Eos team delivered a solid first quarter, with continued backlog growth, strong manufacturing performance, and 1 GWh of discharged energy in the field, all while raising additional capital that enables us to scale operations and accelerate our market competitiveness.” Mastrangelo continued, “We are positioning ourselves to transition to the Z3 Energy Cube, which combines our patented electrolyte with a new mechanical design that is easier to build at a lower cost. We are continuing to scale operations to meet the world’s future energy needs.” Earnings Conference Call and Audio Webcast Eos will host a conference call to discuss its first quarter 2023 financial results on May 10, 2023, at 8:30 a.m. ET. A live webcas...