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					</table><p>Energy storage solutions provider<a href="https://www.eose.com/" target="_blank" rel="noopener"> Eos Energy Enterprises</a> reported a 148% surge in revenue in the fourth quarter (Q4) of 2023 to $6.6 million, driven by higher production volumes on the semi-automated manufacturing line for the Z3 Cube.</p>
<p>The Z3 Cube is a self-contained energy storage system built using the company’s Z3 battery modules and standard shipping containers. It was launched in September last year, helping Eos significantly reduce production cycle times and scrap rates, the company said.</p>
<p>“Eos transitioned its entire manufacturing capacity from Gen 2.3 to the new Eos Z3 Cube. We’ve already begun seeing the anticipated operational benefits associated with the Z3 battery design that provides improved power density along with lower unit costs from its simpler mechanical design,” said CEO Joe Mastrangelo.</p>
<p>The Nasdaq-listed company’s gross margins in Q4 improved by 66% year-over-year (YoY), reflecting the streamlined manufacturing process. Meanwhile, cost of goods sold came in at $30.4 million, while operating costs fell by 10%.</p>
<p>The order backlog stood at $534.8 million as of December 31, 2023, up 15% from a year ago, as commercial demand remained robust. The company said its overall commercial opportunity pipeline surged 77% to $13 billion.</p>
<p><strong>Full Year 2023</strong></p>
<p>Eos reported revenue of $16.4 million for the full year (FY) 2023, down 8.4% from $17.9 million in 2022 as the company transitioned manufacturing to the new Z3 Cube battery system.</p>
<p>However, the cost of goods sold declined sharply by $63.5 million, or 41%, to $89.8 million. This led to significantly improved gross margins driven by lower raw material costs and initial benefits from the Z3 program.</p>
<p>The net loss for 2023 was $229.5 million, nearly unchanged from $229.8 million in the prior year, as higher operating expenses offset improved gross margins.</p>
<p>“There continues to be strong demand signals for longer duration energy storage,” said  Mastrangelo.</p>
<p>He also said that the company is in talks with two large Indian corporations to incorporate its battery storage solutions. Eos is working with the U.S., Italy and Australia to take advantage of long-duration energy storage needs of the countries.</p>
<p>The company <a href="https://www.mercomindia.com/eos-q3-revenues-decrease-89-yoy-sales-drop" target="_blank" rel="noopener">recorded</a> an 89% drop in revenue in the third quarter as lower sales hurt its top line. In the quarter prior, revenue <a href="https://www.mercomindia.com/interest-expense-dents-eos-earnings-q2-23" target="_blank" rel="noopener">fell</a> 96% as the company transitioned to the Eos Z3 battery module.</p>


Eos Energy’s Q4 Revenue Surges 148% on Higher Storage System Volumes


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					</table><p>Energy storage solutions provider <a href="https://www.eose.com/" target="_blank" rel="noopener">Eos Energy Enterprises</a> recorded a revenue of $684,000 in the third quarter (Q3) of 2023, an 89% year-over-year (YoY) drop from $6.07 million, primarily due to lower sales during the period.</p>
<p>The company’s net income, however, was boosted to $14.93 million profit, a 121% improvement from the $70.72 million of losses reported in Q3 2022. The profits were mainly due to the one-time non-cash accounting adjustments for project commissioning and inventory reserves, which helped reduce $61.80 million from the overall operating expenses and net taxes.</p>
<p>The total operating expenses dropped by 45% YoY from $69.63 million to $38.52 million, driven by a reduction in services.</p>
<p>The cost of goods sold decreased by 57% YoY to $21.3 million on lower sales volume.</p>
<p>In August 2023, Eos Energy also announced the issuance of conditional commitment from the U.S. Department of Energy Loans Program Office for a Title XVII loan of $399 million to support the company’s plans to scale annual production to 8 GWh of storage by 2026.</p>
<p>The company also began commercial production and shipped its first EoS Z3 energy storage systems.</p>
<p>Eos Chief Executive Officer Joe Mastrangelo said, “In just 12 months, we completed the design and developed, manufactured, and shipped our first Eos Z3 cube, incorporating our time-tested 15-year chemistry in a simpler manufacturing process, along with a streamlined energy system configuration. The team is focused on providing stationary storage solutions that are fully manufactured in the United States and provide both the flexibility and safety the market requires.”</p>
<p><strong>First Nine Months </strong></p>
<p>For the first nine months (9M) of 2023, Eos Energy’s revenues dropped to $9.77 million, a 36% YoY drop from $15.26 million.</p>
<p>The net loss for the period also went up 8.7% YoY from $173.2 million to $188.3 million.</p>
<p>The total operating expenses for the period decreased to $120.47 million, a 36% drop from $187.91 million.</p>
<p>The company booked orders of $92.7 million during 9M 2023, increasing the order backlog by 19% YoY to $539 million.</p>
<p>Dominion Energy Virginia also selected Eos Energy to provide longer-duration energy storage for a regional pilot project.</p>
<p>The company has proposed a manufacturing capacity expansion program for the upcoming quarters.</p>
<p>Eos Chief Financial Officer Nathan Kroeker said, “The capacity expansion consists of four state-of-the-art manufacturing lines that would be added over time as supported by customer demand, financial and production forecasts, as well as construction costs. We are currently building out the first line, which we expect to come online in the second quarter of 2024, with additional lines to follow thereafter. Each of the lines are capable and expected to produce over 2 gigawatt hours of storage annually when run at capacity, but we plan to run the first line at 1.25 gigawatt hours annually, which is less than the anticipated nameplate capacity until we implement subassembly automation in the future.”</p>
<p>Eos Energy’s net loss <a href="https://www.mercomindia.com/interest-expense-dents-eos-earnings-q2-23" target="_blank" rel="noopener">widened</a> to $131.6 million for Q2 2023 from $56.7 million YoY, mainly due to higher interest and other expenses, even though the cost of goods came down.</p>
<p>According to Mercom Capital Group’s <a href="https://mercomcapital.com/product/9m-q3-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">9M and Q3 2023 Funding and M&amp;A Report for Storage and Grid</a>, the global corporate funding in the energy storage sector witnessed a 31% YoY decrease during the 9M 2023, with a total of $15.2 billion raised across 94 deals.</p>


Eos Energy Q3 Revenues Decrease by 89% YoY as Sales Drop

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