U.S.-based Eos Energy Enterprises, a sustainable zinc-based energy storage solutions provider, has announced the results for the first quarter (Q1) of the calendar year (CY) 2022.
The company reported a revenue of $3.1 million, up 6.5% compared to $3.1 million in Q4 2021.
The company produces long-duration (3-12 hours) energy storage solutions that provide reliable power to applications across the energy supply chain, including utilities, industrial & commercial, and military market segments
The increase in revenues was attributed to the first energy block deliveries for the 80 MWh Pine Gate Renewables’ Eastover project and a 69% sequential increase in energy block volume, on a revenue recognition basis, versus the prior quarter.
The company registered a net loss of $45.1 million, up by nearly 47% compared to $30.6 million in Q4 2021.
The company booked orders of $67 million, resulting in an orders backlog of $212 million with a current opportunity pipeline of over $6 billion.
Source: Eos Energy
In two months, the company also achieved 65 MWh of a 550 MWh annualized battery manufacturing capacity expansion plan.
Speaking on the results, CEO Joe Mastrangelo said, “Every day, we achieve important milestones in our company’s development. Our technology is positioned to fulfill a rapidly growing demand in the world’s future energy mix. I am proud that our team recently shipped the 100th Energy Block from our facility in Turtle Creek, PA, in this challenging global macro environment. The timing of our capacity expansion fits nicely with our orders backlog growth and commercial opportunity pipeline acceleration.”
The company registered a 69% sequential increase in energy block output and a 50% increase in test-fill line output.
The company invested $5 million in research and development to improve battery performance, reduce the product’s cost and lifetime operating cost of our battery system, and develop future generation technology. It reported a cash balance of $55 million as of March 31, 2022.
Last October, Eos Energy Enterprises announced that its wholly-owned subsidiary HI-POWER had signed a $25 million equity financing agreement with Trinity Capital. The funding will be utilized to acquire equipment that will expand the production of its proprietary aqueous Znyth batteries.
The company went public on the Nasdaq Capital Market in a rare battery energy storage listing. The company was renamed Eos Energy Enterprise.