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Eos Energy Enterprises Reports Second Quarter 2023 Financial Results
Company begins Eos Z3 battery module and Eos cube commercial manufacturing ramp EDISON, N.J., Aug. 14, 2023 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc.
About this update from Eos Energy Enterprises, Inc.
[{"type":"text","content":"Company begins Eos Z3 battery module and Eos cube commercial manufacturing ramp\nEDISON, N.J., Aug. 14, 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 second quarter ended June 30, 2023. Key Highlights $0.2 million of revenue, compared to $5.9 million in 2Q 2022, as the Company strategically transitions manufacturing to the Eos Z3™ energy storage system.Cost of Goods Sold of $11.2 million, a 69% decrease compared to 2Q 2022, driven by a decrease in volume partially offset by commissioning related expenses.$23.6 million in operating expenses, an 11% decrease compared to 2Q 2022, primarily driven by reduced professional services partially offset by a non-cash Gen 2.3 equipment write down.$23.2 million cash balance on June 30, 2023, compared to $16.1 million on March 31, 2023.Booked $86.9 million in orders during the first half of 2023, resulting in an order backlog of $533.6 million as of June 30, 2023, a 17% increase compared to June 30, 2022.The Company continues to progress through the Department of Energy Loan Programs’ process for its Title XVII loan and is anticipating a decision regarding conditional approval in the near term. Eos Chief Executive Officer Joe Mastrangelo said, \"We have made significant progress on our transition to Z3 and I am very pleased with the initial output and performance of the semi-automated line. We are seeing clear advantages with Z3’s cycle time, performance consistency, and system simplification. Being able to run discrete manufacturing processes in the first half of the year has resulted in valuable learnings which we believe will result in both time and capital efficiencies as we develop our state-of-the art manufacturing line and begin to scale our production.” Mastrangelo continued, “There is still a lot of hard work ahead of us and we are excited to build out our future manufacturing line and continue the Z3 transition to deliver, at scale, what the market needs so badly – a commercially available alternative to lithium-ion technology that we believe is safe, durable, flexible, non-flammable, non-corrosive and easily recycled.” Earnings Conference Call and Audio Webcast Eos will host a c...