Eos Energy Enterprises Inc · Q1 2022 earnings

Briefing

Eos Energy Enterprises reported financial results for the first quarter ended March 31, 2022.

Eos Energy Enterprises reported $3.3 million in revenue, with a backlog of $212 million and a cash balance of $55 million as of March 31, 2022. The company achieved 65 MWh of annualized battery manufacturing capacity and reduced Energy Block bill of material cost by approximately 14% compared to year-end 2021.

• Continued commercial pipeline growth; booked orders of $67 million year-to-date resulting in orders backlog of $212 million with a current opportunity pipeline of over $6 billion.
• Achieved 65 MWh of a 550 MWh annualized battery manufacturing capacity expansion plan in two months.
• $3.3 million in revenue from four customer projects, including first Energy Block deliveries for the 80 MWh Pine Gate Renewables’ Eastover Project.
• Q1 ‘22 ending Energy Block bill of material cost reduced by approximately 14% vs year end 2021.

Headline financials

Revenue & EPS history

Eos is building a company ready to deliver safe, scalable, flexible, and affordable energy storage. The company's manufacturing capacity expansion is on plan, and they are seeing improved first-pass production yields.