Eos Energy reports a 148% Q4 revenue surge

07 Mar 2024 CW Team

Eos Energy Enterprises, an energy storage solutions provider, announced a remarkable 148% surge in revenue for the fourth quarter (Q4) of 2023, reaching $6.6 million. This surge was fueled by heightened production volumes on the semi-automated manufacturing line for their Z3 Cube, a self-contained energy storage system utilising the company's Z3 battery modules and standard shipping containers.

CEO Joe Mastrangelo noted the transition of the entire manufacturing capacity to the new Eos Z3 Cube, citing anticipated operational benefits, including improved power density and lower unit costs. The company's gross margins in Q4 improved by 66% year-over-year (YoY), reflecting enhanced manufacturing efficiency. Despite this growth, the cost of goods sold totalled $30.4 million, with operating expenses declining by 10%. As of December 31, 2023, the order backlog reached $534.8 million, up 15% from the previous year, with a surge of 77% in the overall commercial opportunity pipeline to $13 billion.

In full-year 2023, Eos reported revenue of $16.4 million, marking an 8.4% decline from 2022 as the company transitioned manufacturing to the new Z3 Cube battery system. However, a sharp decrease in the cost of goods sold by $63.5 million, or 41%, to $89.8 million led to significantly improved gross margins driven by lower raw material costs and initial benefits from the Z3 program. Despite these gains, the net loss for 2023 remained nearly unchanged from the prior year at $229.5 million, as higher operating expenses offset improved gross margins. Mastrangelo emphasised the existence of strong demand signals for longer-duration energy storage.

The company experienced an 89% drop in revenue in the third quarter due to lower sales and a 96% drop in the preceding quarter as it transitioned to the Eos Z3 battery module.

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