Eos Energy Enterprises Inc · Q1 2023 earnings

Briefing

Revenue increased nearly 3x and unit cost decreased by 25% compared to Q1 2022.

Eos Energy Enterprises reported a solid first quarter with revenue increasing 168% year-over-year, driven by strong manufacturing performance and backlog growth. The company booked $86.3 million in orders, resulting in an order backlog of $535.1 million. Additionally, Eos achieved 1 GWh of discharged energy from field installations and successfully completed a $40 million capital raise.

• Revenue increased by 168% year-over-year, reaching $8.8 million.
• Product unit cost decreased by 25% year-over-year.
• Order backlog increased to $535.1 million, a 2.5x increase versus Q1 2022.
• Successfully completed a $40 million capital raise to support factory automation and capacity expansion.

Headline financials

Revenue & EPS history

Eos is positioning itself to transition to the Z3 Energy Cube, which combines our patented electrolyte with a new mechanical design that is easier to build at a lower cost. We are continuing to scale operations to meet the world’s future energy needs.