Eos Energy Enterprises Inc · Q3 2021 earnings

Briefing

Eos Energy announced financial results for the third quarter ended September 30, 2021.

Eos Energy Enterprises reported $0.7 million in revenue for Q3 2021. The company booked orders of $137.4 million year-to-date, resulting in a backlog of $151.8 million as of November 10, 2021. They are updating their guidance for booked orders at year-end to a range of $175 million to $300 million.

• Booked orders of $137.4 million year-to-date resulting in backlog of $151.8 million, as of November 10, 2021
• $3.4 million in product shipped, as of November 10, 2021
• Announced a $25 million equipment financing agreement with Trinity Capital to enhance manufacturing operations and further scale production
• Announced a commitment from Blue Ridge Power to purchase 300 MWh of energy storage systems over the next two years for projects developed by Pine Gate Renewables

Headline financials

Revenue & EPS history

Eos expects to continue to focus on building 2022+ orders backlog, initiate CE mark (Europe) testing, ISO certifications, UL 9540, expand manufacturing capacity to 800 MWh and finalize Gen 3.0 (Z3) product design and production plan. They reiterate $5 million in expected 2021 shipments and revenue recognized and provides a range for booked orders from $175 million to $300 million as of December 31, 2021