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Eos Energy Enterprises Achieves “Power On” Status of all Motion Systems on its First State-of-the-Art Manufacturing Line and Provides Preliminary Results
Eos Energy Enterprises, Inc.
Tue, Feb 13, 2024, 8:30 AM EST8 min read
Eos Energy Enterprises, Inc.
Figure 1:
Expected Q4 and Full Year 2023 Revenue
EDISON, N.J., Feb. 13, 2024 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos” or the “Company”), a leading provider of safe, scalable, efficient, and sustainable zinc-based energy storage systems, today announced that it achieved “Power On” status of all motion systems on its first state-of-the-art manufacturing line and expects to record revenue of $6.6 million for the fourth quarter, a 148% increase versus fourth quarter 2022. Full year 2023 revenue is expected to be $16.4 million as the Company transitioned manufacturing to the Eos Z3TMCube and ramped up its semi-automated manufacturing facility. As a result of this transition, full year 2023 gross margin is expected to improve by 30% to 50% over the prior year. The Company had an ending cash balance (excluding restricted cash) of $69.5 million and an orders backlog of $534.8 million as of December 31, 2023.
The Company also provided further details on its first state-of-the-art manufacturing line and its preliminary fourth quarter and full year 2023 revenue.
State-of-the-Art Manufacturing Line Update
At the end of January, the Company, and its automation partner, ACRO Automation, achieved a significant milestone towards Factory Acceptance Testing in ACRO’s Wisconsin facility. ACRO recently fully powered on the core Eos Z3 battery assembly section of the state-of-the-art manufacturing line. This begins equipment commissioning, along with controls configuration and uploading software into programmable logic controllers (PLCs) to operate conveyors, indexers, robots, and pneumatic devices. During the week of February 5, the Company successfully powered on the second half of the line that performs final Eos Z3 battery module assembly and testing, achieving “Power On” of all motion systems on the line. The Company is on track for the first state-of-the-art manufacturing line to be installed and commissioned in Eos’s Turtle Creek facility in Q2 2024.
Fourth Quarter 2023 Revenue
Q4 2023 Revenue is expected to be $6.6 million, up 148% compared to Q4 2022 revenue of $2.7 million and up 866% compared to Q3 2023 revenue of $0.7 million. The year-over-year growth in revenue was a result of the Company’s transition from Gen 2.3 to the Eos Z3 Cube while the sequential growth was driven by higher production volumes off its semi-automated production line. The Eos Z3 Cube has higher power density than Gen 2.3 with a streamlined manufacturing process driven by the Eos Z3 battery module design that incorporates 50% fewer cells, weighs 79% less and has 98% less welds that takes current manufacturing cycle time to below 4 minutes versus the Gen 2.3 which took 90 minutes to fully manufacture. The Company shipped its first Eos Z3 Cubes at the end of September to two different customers and is currently in the process of delivering a project owned by a large North American Infrastructure Fund in Orchard, Texas.
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