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					</table><p>Energy storage solutions provider<a href="https://www.eose.com/" target="_blank" rel="noopener"> Eos Energy Enterprises</a>’ net loss widened to $71.6 million for the first quarter (Q1) of the financial year 2023 compared to $45.8 million year-over-year (YoY), mainly due to higher interest and other expenses even though the cost of goods came down by a quarter.</p>
<p>The cost of goods sold during the January-March quarter totaled $26.9 million, a 25% reduction in per unit cost from $35.6 million YoY. It helped narrow the operational losses for the quarter to $38.3 million compared with $51.7 million YoY.</p>
<p>Eos posted a 168% YoY increase in revenue at $8.8 million, primarily fueled by 208 MWh of total shipments of its new products for the Pine Gate Eastover system.</p>
<p>The U.S.-based company produces long-duration (3-12 hours) energy storage solutions that provide reliable power to applications across the energy supply chain, including utilities, industrial and commercial, and military market segments.</p>
<p>The company booked orders worth $86.3 million, resulting in an order backlog of $535.1 million, up by 152% compared to the backlog of $212 million in the same quarter a year ago.</p>
<p>Eos’ CEO Joe Mastrangelo said, &#8220;The Eos team delivered a solid first quarter, with continued backlog growth, strong manufacturing performance, and 1 GWh of discharged energy in the field, all while raising additional capital that enables us to scale operations and accelerate our market competitiveness. We are positioning ourselves 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.”</p>
<p>During Q1, Eos signed a 300 MWh master supply agreement with Carson Hybrid Energy Storage. The company substantially completed due diligence for the U.S. Department of Energy Title XVII loan application, actively negotiating the final provisions of a term sheet with the Loan Program Office.</p>
<p>Eos Energy <a href="https://www.mercomindia.com/energy-storage-solutions-provider-eos-energy-revenue" target="_blank" rel="noopener">posted</a> a 6.5% YoY increase in its revenue for Q1 2022 at $3.3 million. The company said that the increase was mainly due to the first energy block deliveries for the 80 Mwh Pine Gate Renewables’ Eastover project.</p>
<p>The net loss of Eos for the financial year 2022 <a href="https://www.mercomindia.com/eos-energys-q4-loss-on-higher-interest-expenses" target="_blank" rel="noopener">widened</a> to $229.8 million from $124.2 million in the previous year, significantly driven by higher expenses. The company’s revenue increased by 289% YoY to $17.9 million, supported by higher energy block shipments.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Interest Expense Wipes Eos Energy’s Q1 Gains from Lower Cost of Goods Sold


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					</table><p>The net loss of <a href="https://www.eose.com/" target="_blank" rel="noopener">Eos Energy</a>, a sustainable zinc-based energy storage solutions provider, widened to $56.6 million for the fourth quarter (Q4) of the financial year (FY) 2022 compared to the net loss of $30.6 million in the same quarter of the previous year.</p>
<p>The company said that the total interest expense increased by 485% year-over-year (YoY) to $7.6 million due to increased borrowing from the senior secured term loan, resulting in a net loss for Q4.</p>
<p>The total loss for the period includes a $4.4 million write-down of property, plant, and equipment that are long-term assets.</p>
<p>Eos posted a revenue of $2.7 million for Q4, driven by the delivery of the 184th and final energy block for the 80 MWh Pine Gate Renewables Eastover Project.</p>
<p>The company said sales decreased as it postponed production for 2023 to realize benefits from the Inflation Reduction Act.</p>
<p>CEO of Eos Energy, Joe Mastrangelo, said, “2022 was a year of continued growth. We were able to scale our factory and ramp up production with a 335% increase in shipments while developing and producing a less capital-intensive, more efficient, denser, and lower-cost battery, the Eos Z3.”</p>
<p><strong>Full Year 2022</strong></p>
<p>The company’s net loss for FY 2022 widened to $229.8 million from $124.2 million in the previous year, mainly driven by increased expenses.</p>
<p>The total selling, general, and administration expenses for the year increased 41% to $60.6 million compared to $43 million in FY 2021.</p>
<p>Eos said its interest expense increased by 262% or $13.6 million to $18.8 million in FY 2022 compared to $5.2 million in 2021. The company attributed the increase to more borrowings.</p>
<p>The company recorded a revenue of $17.9 million for the year, up 289% from $4.6 million in 2021, driven by record 258 energy blocks of 129 MWh capacity as of December 2022. Eos said it discharged 836.9 MWh of energy in the year, up 102% compared to 415 MWh in FY 2021.</p>
<p>The revenue growth was due to a 230% rise in the costs of goods sold in 2022, at $153.6 million compared to $46.5 million in 2021.</p>
<p>CEO Mastrangelo said, “Heading into 2023, we believe we are in one of the strongest positions in our company’s history as we continue to see a shift in the demand for longer-duration energy storage. The passage of the IRA and our progression through the Department of Energy loan due diligence phase provides the growth catalysts to expand our increasingly commercially viable technology.”</p>
<p>Eos Energy <a href="https://mercomindia.com/zinc-battery-maker-eos-70-7-million-loss-in-q3/" target="_blank" rel="noopener">reported</a> a net loss of $70.7 million for the third quarter of 2022 due to the production ramp-up of Z3 batteries, higher logistics costs, supply chain constraints, and staffing shortages.</p>
<p>In 2021, Eos’ wholly-owned subsidiary HI-POWER <a href="https://mercomindia.com/eos-energy-expand-production/" target="_blank" rel="noopener">signed</a> a $25 million equity financing agreement with Trinity Capital to acquire equipment that will expand the production of its proprietary aqueous Znyth batteries.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Eos Energy’s Q4 Loss Widens YoY to $56.6 Million on Higher Interest Expenses

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