Eos Energy Enterprises, Inc. Provides Revenue Guidance for the Fourth Quarter and Full Year 2023
February 13, 2024 at 08:30 am EST
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Eos Energy Enterprises, Inc. provided revenue guidance for the fourth quarter and full year 2023. For the quarter, the company's revenue is expected to be $6.6 million, up 148% compared to fourth quarter of 2022 revenue of $2.7 million and up 866% compared to third quarter 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.
Full year 2023 Revenue is expected to be $16.4 million, a decrease compared to full year 2022 revenue of $17.9 million as the Company reduced and concluded Gen 2.3 production in the first half of 2023, while simultaneously standing up the Eos Z3 iterative manufacturing processes.
Eos Energy Enterprises, Inc. designs, develops, manufactures, and markets zinc-based energy storage solutions for utility-scale, microgrid, and commercial and industrial applications. The Company has developed a range of intellectual property with multiple patents covering battery chemistry, mechanical product design, energy block configuration and a software operating system (Battery Management System or BMS). The BMS software uses proprietary Eos-developed algorithms and includes ambient and battery temperature sensors, as well as voltage and electric current sensors for the electrical strings and the system. It focuses on manufacturing and selling turn-key direct current (DC) battery energy storage systems. It also plans to develop a turn-key alternating current (AC) system. The Company offers an advanced Znyth technology battery energy storage system (BESS) designed to provide the operating flexibility to manage increased grid complexity. Its primary market is North America.