Eos Energy Q2 2023 Earnings Report
Key Takeaways
Eos Energy Enterprises reported $0.2 million in revenue for Q2 2023, a decrease compared to $5.9 million in Q2 2022, due to the strategic transition to the Eos Z3™ energy storage system. The company's order backlog reached $533.6 million as of June 30, 2023, a 17% increase compared to June 30, 2022.
Revenue was $0.2 million, compared to $5.9 million in 2Q 2022, as the company strategically transitions manufacturing to the Eos Z3™ energy storage system.
Cost of Goods Sold was $11.2 million, a 69% decrease compared to 2Q 2022, driven by a decrease in volume partially offset by commissioning related expenses.
Operating expenses were $23.6 million, an 11% decrease compared to 2Q 2022, primarily driven by reduced professional services partially offset by a non-cash Gen 2.3 equipment write down.
Cash balance was $23.2 million on June 30, 2023, compared to $16.1 million on March 31, 2023.
Booked $86.9 million in orders during the first half of 2023, resulting in an order backlog of $533.6 million as of June 30, 2023, a 17% increase compared to June 30, 2022.
Eos Energy
Eos Energy
Forward Guidance
Eos is focused on the transition to Z3 and scaling production.