Business
Eos Energy Enterprises Reports Fourth Quarter and Full Year 2021 Financial Results and Announces 2022 Outlook
EDISON, N.J., Feb. 25, 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., Feb. 25, 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 fourth quarter and full year ended December 31, 2021. Fourth Quarter Highlights Fourth quarter revenue of $3.1 million from 8 customer projects; 332% sequential growth from $0.7 million in the third quarter as Eos continues to increase operational scale.Delivered operating leverage; sequential Cost of Goods Sold 5x lower than revenue growth as compared to the third quarter.Accelerating commercial pipeline growth; $51.3 million orders received, with a pipeline increase to $4.1 billion. Fourth quarter booked orders with customers including Ameresco, Inc., Duke Energy Corporation, Blue Ridge Power and Pine Gate Renewables, as disclosed during Eos’ third quarter earnings release and presentation on November 10, 2021.Invested $5.4 million in Research and Development to improve current technology and develop future generation technology.Cash balance of $105 million as of December 31, 2021. Full Year 2021 Highlights Revenue of $4.6 million, as compared to $0.2 million in the prior year period, representing 23x revenue growth year-over-year.Booked orders of $137.4 million resulting in backlog of $148.7 million as of December 31, 2021, an 8x increase from $18.2 million as of December 31, 2020. Current backlog includes $34 million of future recurring services revenue.Substantial operational improvement, with manufacturing first time yield approaching 90%. Recent Business Highlights On February 23, 2022, Eos announced plans to expand its manufacturing facility to more than triple output to 800 MWh and meet production demand for its Znyth™ aqueous zinc batteries. Located in Turtle Creek, PA outside of Pittsburgh, the state-of-the-art facility will provide Eos with more than 46,000 square feet of additional space and the ability to create more than 125 jobs.On February 24, 2022, Eos announced it has advanced through Part I of the U.S. Department of Energy’s (“DOE”) Renewable Energy and Efficient Energy Loan Program. The milestone fast tracks Eos for Part II of the loan approval process, in which it will pursue funding in support of the Turtle Creek manufacturing facility expansion.Received $176 millio...