Eos Energy Enterprises Inc · Q4 2022 earnings

Briefing

Eos Energy reported strong growth, highlighted by a 4.4x increase in Energy Block shipments compared to FY 2021.

Eos Energy Enterprises reported Q4 revenue of $2.7 million driven by the delivery of the final Energy Block for the Pine Gate Renewables Eastover Project. The company deferred production into 2023 to realize Inflation Reduction Act benefits. The company's cash balance as of December 31, 2022, was $17.1 million.

• Revenue reached $2.7 million, driven by the delivery of the final Energy Block for the Pine Gate Renewables Eastover Project.
• Production was deferred into 2023 to better realize Inflation Reduction Act benefits.
• Cost of Goods Sold decreased by 38% compared to Q3 2022, totaling $30.8 million due to lower sales volume.
• SG&A expense decreased by $2.1 million compared to Q3 2022, amounting to $12.6 million.

Headline financials

Revenue & EPS history

Heading into 2023, the company believes they are in one of the strongest positions in their company’s history as they continue to see a shift in the demand for longer duration energy storage. The passage of the IRA and their progression through the DOE loan due diligence phase provides the growth catalysts to expand their increasingly commercially viable technology.