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Mar 31, 2024
Eos Energy Q1 2024 Earnings Report
Eos Energy Enterprises reported financial results for Q1 2024 and announced the successful completion of factory acceptance testing.
Key Takeaways
Eos Energy Enterprises reported Q1 2024 revenue of $6.6 million, a decrease of 25% compared to the prior year period. The company's backlog increased by 13% year-over-year to $602.7 million. They reaffirmed their 2024 revenue outlook of $60 million to $90 million and expect positive contribution margin in Q4 2024.
Revenue totaled $6.6 million, 25% lower than prior year, due to customer revenue recognition timing.
Cost of Goods Sold totaled $28.2 million, a 5% increase compared to prior year, on 28% higher manufacturing volume.
Commercial opportunity pipeline of $13.3 billion, a 56% increase compared to prior year.
Backlog as of March 31, 2024, was $602.7 million, an increase of 13% compared to March 31, 2023.
Forward Guidance
The Company reaffirmed the following outlook for 2024.
Positive Outlook
- The Company expects to recognize $60 million to $90 million in revenue as state-of-the-art (SotA) manufacturing line 1 is expected to complete Site Acceptance Testing (SAT) in Q2 2024.
- The Company then plans to increase manufacturing volume throughout 2024 that aligns production with customer requirements as well as the planned realization of its cost-out roadmap.
- The Company forecasts positive contribution margin in Q4 2024 as multiple cost reduction actions are implemented throughout the year.
- Contribution margin is defined as sales price less direct labor and direct materials and includes the benefit of the production tax credits.
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