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Mar 31, 2023
Eos Energy Q1 2023 Earnings Report
Revenue increased nearly 3x and unit cost decreased by 25% compared to Q1 2022.
Key Takeaways
Eos Energy Enterprises reported a solid first quarter with revenue increasing 168% year-over-year, driven by strong manufacturing performance and backlog growth. The company booked $86.3 million in orders, resulting in an order backlog of $535.1 million. Additionally, Eos achieved 1 GWh of discharged energy from field installations and successfully completed a $40 million capital raise.
Revenue increased by 168% year-over-year, reaching $8.8 million.
Product unit cost decreased by 25% year-over-year.
Order backlog increased to $535.1 million, a 2.5x increase versus Q1 2022.
Successfully completed a $40 million capital raise to support factory automation and capacity expansion.
Eos Energy
Eos Energy
Forward Guidance
Eos is positioning itself to transition to the Z3 Energy Cube, which combines our patented electrolyte with a new mechanical design that is easier to build at a lower cost. We are continuing to scale operations to meet the world’s future energy needs.