Business
Eos Energy Enterprises Reports Fourth Quarter & Full Year 2023 Financial Results and Provides 2024 Outlook
Full-year gross margins improved by 41% year over year EDISON, N.J., March 04, 2024 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ: EOSE) ("Eos" or
About this update from Eos Energy Enterprises, Inc.
[{"type":"text","content":"Full-year gross margins improved by 41% year over year\nEDISON, N.J., March 04, 2024 (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, 2023, and announced 2024 outlook. Fourth Quarter Highlights Revenue totaled $6.6 million, a 148% increase compared to prior year, as the Company fully transitioned production to the Eos Z3TM Cube on its semi-automated manufacturing line.Cost of Goods Sold totaled $30.4 million, a 66% gross margin improvement compared to prior year resulting from the Eos Z3 battery’s simple design that utilizes low-cost raw materials combined with a streamlined manufacturing process.Operating expenses totaled $18.5 million; a 10% reduction compared to Q4 2022. Cash balance of $69.5 million (excluding restricted cash) as of December 31, 2023. Commercial opportunity pipeline of $13 billion, a 77% increase compared to prior year with a $534.8 million orders backlog as of December 31, 2023, an increase of 15% compared to December 31, 2022. Full Year Highlights Revenue totaled $16.4 million, compared to $17.9 million in the prior year as the company launched the Eos Z3 Cube that has current cycle times of less than 3-minutes, down 70% since product launch, with scrap rates running below 3%. Costs of Goods Sold was $89.8 million, a $63.5 million decrease compared to prior year, a 41% gross margin improvement driven by lower raw material input costs combined with initial Z3 program benefits.Operating expenses of $79.5M, a 7% decrease compared to prior year, primarily driven by tighter cost control measures. Eos Chief Executive Officer Joe Mastrangelo said, “Eos transitioned its entire manufacturing capacity from Gen 2.3 to the new Eos Z3 Cube. We’ve already begun seeing the anticipated operational benefits associated with the Z3 battery design that provides improved power density along with lower unit costs from its simpler mechanical design.” Mastrangelo concluded, “We remain focused on executing the path to profitability outlined in our December 12 strategic outlook call that includes bringing into service the state-of-the-art (SotA) manufacturing line 1. I’m pleased to report ...