Business
Eos Energy Enterprises Reports Third Quarter 2022 Financial Results
Company has delivered 258 Energy Blocks since manufacturing inception; shifting strategy to maximize IRA benefits for Eos and its customers EDISON, N.J. ,
About this update from Eos Energy Enterprises, Inc.
[{"type":"text","content":"Company has delivered 258 Energy Blocks since manufacturing inception; shifting strategy to maximize IRA benefits for Eos and its customers\nEDISON, N.J. , Nov. 07, 2022 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (\"Eos\"), a leading provider of safe, scalable, efficient, and sustainable zinc-based long duration energy storage systems, today announced financial results for the third quarter ended September 30, 2022. Third Quarter Financial Highlights Revenue of $6.1 million, $5.3 million higher than same period last year and slightly higher sequentially; 15% increase in Energy Block units revenue recognized vs. last quarter.Current opportunity pipeline of $7.3 billion, a 5% increase quarter over quarter, with year-to-date booked orders of $324.8 million and orders backlog of $452.2 million.Cost of goods sold of $50 million driven by increased unit volume, higher logistics costs, and inefficiencies driven by capacity expansion delays.SG&A expense of $14.7 million, $4.5 million lower than last quarter attributable to reduced legal and outside services expense.R&D Investment of $4.5 million, a decrease of $1.0 million vs. last quarter, as Eos Z3™ battery development transitioned from component development and prototype testing to building first battery modules.Cash balance of $38.4 million as of September 30, 2022. Recent Business Highlights On November 2, 2022, completed production and shipped the 184th and final Energy Block for the 80+ MWh Pine Gate Renewables Eastover Project.On October 31, 2022, the State of Pennsylvania notified the Company of its selection to enter into an agreement for a $2 million grant from the Pennsylvania Redevelopment Assistance Capital Program for expansion of the Company’s manufacturing facility.On October 31, 2022, outlined a strategy shift and issued revised full year 2022 revenue expectation of $17-$20 million, shifting remaining 2022 revenue into 2023 to better realize customer and Eos’ Inflation Reduction Act of 2022 benefits.On October 28, 2022, produced the 250th Energy Block in Turtle Creek, PA; the 200th Energy Block was produced on September 9, 2022, and the 100th on May 2, 2022.On October 27, 2022, signed a $13.5 million order with Indian Energy as part of the California Energy Commission’s Long-Duration Energy Storage Program to fulfill a 35 MWh storage project.On Sep...