On November 5, 2024, Eos Energy Enterprises, Inc. reported its financial results for the third quarter ending September 30, 2024, and updated its 2024 revenue and contribution margin outlook. The company experienced lower-than-expected revenue of $0.9 million due to a supply chain delay impacting the delivery of new Z3 inline enclosures from a key supplier. Despite this, the delay did not affect Eos Energy's total committed backlog, and the company is coordinating with customers on revised delivery schedules. The cost of goods sold increased by 21% to $25.8 million, attributed to larger customer projects and higher labor costs, which are expected to decrease with further automation. Other operating expenses rose by 65% to $28.4 million, mainly due to costs associated with the new manufacturing line, legal and professional...Show More

On November 5, 2024, Eos Energy Enterprises, Inc. reported its financial results for the third quarter ending September 30, 2024, and updated its 2024 revenue and contribution margin outlook. The company experienced lower-than-expected revenue of $0.9 million due to a supply chain delay impacting the delivery of new Z3 inline enclosures from a key supplier. Despite this, the delay did not affect Eos Energy's total committed backlog, and the company is coordinating with customers on revised delivery schedules. The cost of goods sold increased by 21% to $25.8 million, attributed to larger customer projects and higher labor costs, which are expected to decrease with further automation. Other operating expenses rose by 65% to $28.4 million, mainly due to costs associated with the new manufacturing line, legal and professional fees, and non-cash equipment write-downs. The net loss attributable to shareholders was $342.9 million, with an adjusted EBITDA loss of $46.1 million. The company's cash balance stood at $23.0 million as of September 30, 2024. Eos Energy's commercial pipeline grew to $14.2 billion, with a 23% increase in signed letters of intent, and an orders backlog of $588.9 million. The company continues to forecast a positive contribution margin by year-end and expects to recognize approximately $15 million in revenue for the full year 2024. Eos Energy also announced a 216 MWh order with City Utilities of Springfield, Missouri, marking its largest municipal order to date, with shipments expected to begin in 2025. The company is working closely with Cerberus and the Department of Energy's Loan Programs Office, expecting a loan closing in 2024, and has signed an agreement with Cerberus Technology Solutions to develop integrated AI-driven software for energy management.