Business
Eos Energy Enterprises Reports Second Quarter 2022 Financial Results
Company delivers strong commercial growth, improved operational performance, and progress against commitments EDISON, N.J., Aug. 02, 2022 (GLOBE NEWSWIRE) --
About this update from Eos Energy Enterprises, Inc.
[{"type":"text","content":"Company delivers strong commercial growth, improved operational performance, and progress against commitments\nEDISON, N.J., Aug. 02, 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 second quarter ended June 30, 2022. Second Quarter Highlights $5.9 million in revenue, a 79 percent sequential increase and 28 percent higher compared to full year 2021 revenue.Booked orders in second quarter of $257.5 million, almost 4x higher than first quarter; year-to-date booked orders now stands at $324.7 million.Orders backlog more than doubled in the quarter to $457.3 million.Accelerating commercial pipeline with current opportunities of approximately $7 billion.Annualized manufacturing capacity as of June 30, 2022 of approximately 536 MWh, a 70 percent increase versus March 31, 2022.Cost of goods sold of $36.9 million, relatively flat versus last quarter with a 66 percent increase in energy block shipments.Second quarter ending energy block bill of material cost reduced by approximately 24% vs year-end 2021.SG&A of $19.1 million, of which $3.2 million is non-cash.Invested $5.5 million in R&D as the Company continues to design and develop Z3, a smaller, more powerful battery energy storage system.Cash balance of $16.3 million as of June 30, 2022. Recent Business Highlights On August 1, 2022, the Company announced an $85 million senior secured term loan credit facility. The Company is permitted to make a one-time request for up to an additional $15 million, subject to lender consent.On July 25, 2022, Congressman Frank Pallone, Jr., Chairman of the House Energy and Commerce Committee, attended the unveiling of the Eos Ingenuity Lab which will expand the Company’s R&D capacity as it designs future generations of its Znyth™ aqueous battery.On June 30, 2022, signed two significant orders with Bridgelink Commodities, LLC and a leading Northeast solar developer totaling 1.1 GWh of energy storage capacity to be delivered over the next three years.On June 24, 2022, surpassed 500 MWh of cumulative energy discharged from Eos battery energy storage systems.On June 3, 2022, completed production of the 20,000th Eos Znyth™ battery in Turtle Creek, PA.On May 12, 2022, submitted Part II app...