In This Article:
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Revenue: $0.9 million for Q3 2024, unchanged from the prior quarter and 25% higher than the prior year.
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Cost of Goods Sold (COGS): $25.8 million, including $9.8 million in noncash items.
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Operating Loss: $53.3 million, with an adjusted operating loss of $35.0 million excluding noncash items.
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Net Loss to Shareholders: $342.9 million, compared to net income of $14.9 million in the prior year.
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Adjusted EBITDA: Negative $46.1 million.
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Adjusted EPS: Negative 44.
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Backlog: $589 million, up 9% from last year.
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Commercial Pipeline: $14.2 billion, up $400 million from the prior quarter.
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Cash Position: $23 million at quarter end, not including $7.06 million in restricted cash.
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Revenue Guidance for 2024: Reduced to approximately $15 million due to supply chain challenges.
Release Date: November 06, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Eos Energy Enterprises Inc (NASDAQ:EOSE) secured a significant $73 million order from City Utilities of Springfield, Missouri, marking their largest energy storage system order to date.
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The company achieved a milestone by securing $65 million in funding from Cerberus, enhancing their financial capacity to scale operations.
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Eos Energy Enterprises Inc (NASDAQ:EOSE) has made substantial progress in their commercial pipeline, which now stands at $14.2 billion, reflecting a 13% increase in storage capacity.
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The company has successfully implemented automation in their manufacturing process, achieving a 97% first-pass yield and reducing cycle times to less than ten seconds.
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Eos Energy Enterprises Inc (NASDAQ:EOSE) is actively working on diversifying their supply chain and has already started implementing automation to increase output by five times.
Negative Points
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The company faced supply chain challenges, particularly with the delivery of steel enclosures, impacting their revenue and production schedules.
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Eos Energy Enterprises Inc (NASDAQ:EOSE) reported a third-quarter revenue of only $0.9 million, significantly lower than expectations due to supply chain disruptions.
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The company experienced an operating loss of $53.3 million in the quarter, driven by increased costs and supply chain issues.
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There was a significant net loss to shareholders of $342.9 million, primarily due to non-cash movements related to derivatives and share price adjustments.
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Eos Energy Enterprises Inc (NASDAQ:EOSE) had to reduce their full-year revenue guidance to approximately $15 million due to ongoing supply chain constraints.