Eos Energy Enterprises Inc · Q3 2022 earnings

Briefing

Eos Energy's financial performance for Q3 2022 reflected increased revenue and a growing opportunity pipeline, offset by higher costs of goods sold due to increased unit volume and expansion inefficiencies.

Eos Energy Enterprises reported Q3 2022 financial results with revenue of $6.1 million, a significant increase from the same period last year. The company's opportunity pipeline grew to $7.3 billion, with a backlog of $452.2 million. However, the cost of goods sold was $50 million, impacted by increased unit volume and capacity expansion delays, and the company reported a net loss of $70.7 million.

• Revenue reached $6.1 million, exceeding the previous year's and prior quarter's figures, with a 15% rise in Energy Block unit revenue.
• The opportunity pipeline increased to $7.3 billion, marking a 5% growth from the previous quarter, with year-to-date booked orders totaling $324.8 million and a backlog of $452.2 million.
• Cost of goods sold amounted to $50 million, influenced by higher unit volume, increased logistics expenses, and inefficiencies stemming from delays in capacity expansion.
• The company produced 258 Energy Blocks since the factory opened in August 2019.

Headline financials

Revenue & EPS history

Eos Energy Enterprises has revised its full year 2022 revenue expectation to $17-$20 million, shifting remaining 2022 revenue into 2023 to better realize customer and Eos’ Inflation Reduction Act of 2022 benefits.