Business
Eos Energy Enterprises Reports Fourth Quarter and Full Year 2022 Financial Results
Company continues to see strong growth with a 4.4x increase in Energy Block shipments vs. FY 2021. EDISON, N.J., Feb. 28, 2023 (GLOBE NEWSWIRE) -- Eos Energy
About this update from Eos Energy Enterprises, Inc.
[{"type":"text","content":"Company continues to see strong growth with a 4.4x increase in Energy Block shipments vs. FY 2021.\nEDISON, N.J., Feb. 28, 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 fourth quarter and full year ended December 31, 2022. Full Year 2022 Highlights Revenue of $17.9 million compared to $4.6 million in 2021, representing approximately 4x revenue growth year-over-year.Increased current opportunity pipeline by 83% year-over-year to $7.5 billion, which includes 4GWh in LOIs.Costs of Goods Sold of $153.3 million, driven by a 44% reduction in unit product cost year-over-year.Booked orders increased 2.5x to $338.6 million resulting in an orders backlog of $463.8 million as of December 31, 2022 compared to orders backlog of $147.5 million as of December 31, 2021. Fourth Quarter Highlights Revenue of $2.7 million, driven by delivery of the 184th and final Energy Block for the 80 MWh Pine Gate Renewables Eastover Project.Company deferred production into 2023 to better realize customers’ and Eos’s Inflation Reduction Act benefits.Cost of Goods Sold of $30.8 million, a decrease of 38% compared to Q3 2022 as a result of lower sales volume.SG&A expense of $12.6 million, a decrease of $2.1 million, as compared to Q3 2022.Cash balance of $17.1 million as of December 31, 2022. Recent Business Highlights The Company continues to progress through the due diligence process with the Department of Energy Loan Programs Office and is in active negotiations on a term sheet for its potential Title XVII loan.On February 2, 2023, the Company announced an initial 47 MWh renewables plus storage project with one of the largest operators of energy storage in the US, along with a separate long-term agreement that contributes 4GWh to the Company’s Pipeline.On February 9, 2023, completed the first Eos Cube™ powered by the next-generation Eos Z3™ battery.On February 21, 2023, the Company achieved UL 9540A for the next generation Eos Z3™ battery. Eos Chief Executive Officer Joe Mastrangelo said, “2022 was a year of continued growth. We were able to scale our factory and ramp up production with a 335% increase in shipments while developing and producing a less cap...