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Jun 30, 2021
Eos Energy Q2 2021 Earnings Report
Reported financial results for the second quarter of 2021 and updated guidance for full year 2021.
Key Takeaways
Eos Energy Enterprises reported $0.6 million in revenue for Q2 2021. The company had cash and cash equivalents of $75 million as of June 30, 2021. They are revising their 2021 revenue target to $5 million.
Booked orders of $79.2 million year-to-date resulting in backlog of $95.6 million, as of August 11, 2021; current backlog delivers 100% coverage on 2021 $50 million revenue target
$2 million in product shipped, as of August 11, 2021
Successfully completed UL certification on August 10, 2021
On July 7, 2021, Eos announced $100 million investment from Koch Strategic Platforms, a subsidiary of Koch Investments Group, to support the Company’s strategic growth initiatives
Eos Energy
Eos Energy
Forward Guidance
Eos lowers revenue guidance with delays in UL certification, manufacturing ramp-up, and overall project readiness impacting delivery timing.
Positive Outlook
- $300 million in booked orders; focus on building 2022+ orders backlog
- Ship fully certified UL product in Q3
- Initiate CE mark (Europe) testing, ISO certifications, UL 9540
- Expand manufacturing capacity to 800 MWh
- Finalize Gen 3.0 (Z3) product design and production plan
Challenges Ahead
- $5 million in expected 2021 shipments and revenue recognized.
- Remaining deliveries pushed to 2022