Revenue: $0.9 million for Q3 2024, unchanged from the prior quarter and 25% higher than the prior year.
Cost of Goods Sold (COGS): $25.8 million, including $9.8 million in noncash items.
Operating Loss: $53.3 million, with an adjusted operating loss of $35.0 million excluding noncash items.
Net Loss to Shareholders: $342.9 million, compared to net income of $14.9 million in the prior year.
Adjusted EBITDA: Negative $46.1 million.
Adjusted EPS: Negative 44.
Backlog: $589 million, up 9% from last year.
Commercial Pipeline: $14.2 billion, up $400 million from the prior quarter.
Cash Position: $23 million at quarter end, not including $7.06 million in restricted cash.
Revenue Guidance for 2024: Reduced to approximately $15 million due to supply chain challenges.
Release Date: November 06, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Eos Energy Enterprises Inc (NASDAQ:EOSE) secured a significant $73 million order from City Utilities of Springfield, Missouri, marking their largest energy storage system order to date.
The company achieved a milestone by securing $65 million in funding from Cerberus, enhancing their financial capacity to scale operations.
Eos Energy Enterprises Inc (NASDAQ:EOSE) has made substantial progress in their commercial pipeline, which now stands at $14.2 billion, reflecting a 13% increase in storage capacity.
The company has successfully implemented automation in their manufacturing process, achieving a 97% first-pass yield and reducing cycle times to less than ten seconds.
Eos Energy Enterprises Inc (NASDAQ:EOSE) is actively working on diversifying their supply chain and has already started implementing automation to increase output by five times.
The company faced supply chain challenges, particularly with the delivery of steel enclosures, impacting their revenue and production schedules.
Eos Energy Enterprises Inc (NASDAQ:EOSE) reported a third-quarter revenue of only $0.9 million, significantly lower than expectations due to supply chain disruptions.
The company experienced an operating loss of $53.3 million in the quarter, driven by increased costs and supply chain issues.
There was a significant net loss to shareholders of $342.9 million, primarily due to non-cash movements related to derivatives and share price adjustments.
Eos Energy Enterprises Inc (NASDAQ:EOSE) had to reduce their full-year revenue guidance to approximately $15 million due to ongoing supply chain constraints.
