Summary by Futu AI
Eos Energy, a provider of innovative Znyth™ technology battery energy storage systems (BESS), reported mixed financial results for the third quarter of 2024. Revenue for the quarter increased by 25% year-over-year to $854,000, while the nine-month period saw a 14% decrease to $8.35 million. The company's cost of goods sold rose by 21% for the quarter and 15% for the nine-month period, primarily due to inventory reserve adjustments and increased project commissioning costs. Research and development expenses surged by 130% for the quarter, reflecting higher spending on materials and supplies for the automated line. Selling, general, and administrative expenses also increased by 36% for the quarter. Eos Energy recognized a gain on debt extinguishment of $68.5 million from the payoff of the Senior Secured Term...Show More