EDISON, N.J., Aug. 02, 2022 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading provider of safe, scalable, efficient, and sustainable zinc-based energy storage systems, today announced financial results for the second quarter ended June 30, 2022.
Second Quarter Highlights
- $5.9 million in revenue, a 79 percent sequential increase and 28 percent higher compared to full year 2021 revenue.
- Booked orders in second quarter of $257.5 million, almost 4x higher than first quarter; year-to-date booked orders now stands at $324.7 million.
- Orders backlog more than doubled in the quarter to $457.3 million.
- Accelerating commercial pipeline with current opportunities of approximately $7 billion.
- Annualized manufacturing capacity as of June 30, 2022 of approximately 536 MWh, a 70 percent increase versus March 31, 2022.
- Cost of goods sold of $36.9 million, relatively flat versus last quarter with a 66 percent increase in energy block shipments.
- Second quarter ending energy block bill of material cost reduced by approximately 24% vs year-end 2021.
- SG&A of $19.1 million, of which $3.2 million is non-cash.
- Invested $5.5 million in R&D as the Company continues to design and develop Z3, a smaller, more powerful battery energy storage system.
- Cash balance of $16.3 million as of June 30, 2022.
Recent Business Highlights
- On August 1, 2022, the Company announced an $85 million senior secured term loan credit facility. The Company is permitted to make a one-time request for up to an additional $15 million, subject to lender consent.
- On July 25, 2022, Congressman Frank Pallone, Jr., Chairman of the House Energy and Commerce Committee, attended the unveiling of the Eos Ingenuity Lab which will expand the Company’s R&D capacity as it designs future generations of its Znyth™ aqueous battery.
- On June 30, 2022, signed two significant orders with Bridgelink Commodities, LLC and a leading Northeast solar developer totaling 1.1 GWh of energy storage capacity to be delivered over the next three years.
- On June 24, 2022, surpassed 500 MWh of cumulative energy discharged from Eos battery energy storage systems.
- On June 3, 2022, completed production of the 20,000th Eos Znyth™ battery in Turtle Creek, PA.
- On May 12, 2022, submitted Part II application for the U.S. Department of Energy’s (“DOE”) Renewable Energy and Efficient Energy Loan Program.
Eos Chief Executive Officer Joe Mastrangelo said, “Across the Company, the team continues to execute and deliver strong operating results consistent with our strategic plan. Our orders backlog has more than doubled, we achieved significant quarterly revenue growth, we surpassed a half gigawatt hour of production capacity, all while reducing product cost in a very challenging environment.”
Mastrangelo concluded, “The world needs clean energy and we expect Eos to play a critical role in the energy transition.”
Earnings Conference Call and Audio Webcast
Eos will host a conference call to discuss its second quarter 2022 financial results on August 2, 2022, at 8:30 a.m. ET. The conference call can be accessed live over the phone by dialing (877) 704-4453, or for international callers (201) 389-0920. The call will also be webcast live from Eos’s investor relations website at https://investors.eose.com.
The conference call replay will be available via webcast through Eos’s investor relations website. A telephone replay will be available from 11:30 a.m. ET on August 2, 2022, through August 9, 2022, by dialing (844) 512-2921 or for international callers (412) 317-6671. The replay passcode will be 13731532.
Eos Energy Enterprises, Inc. is accelerating the shift to clean energy with positively ingenious solutions that transform how the world stores power. Our breakthrough Znyth™ aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. Safe, scalable, efficient, sustainable—and manufactured in the U.S.—it’s the core of our innovative systems that today provide utility, industrial, commercial, and residential customers with a proven, reliable energy storage alternative for 3- to 12-hour applications. Eos was founded in 2008 and is headquartered in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com.