Eos Energy Enterprises Achieves “Power On” Status of all Motion Systems on its First State-of-the-Art Manufacturing Line and Provides Preliminary Results
13 Fevereiro 2024 - 10:30AM
Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos” or the
“Company”), a leading provider of safe, scalable, efficient, and
sustainable zinc-based energy storage systems, today announced that
it achieved “Power On” status of all motion systems on its first
state-of-the-art manufacturing line and expects to record revenue
of $6.6 million for the fourth quarter, a 148% increase versus
fourth quarter 2022. Full year 2023 revenue is expected to be $16.4
million as the Company transitioned manufacturing to the Eos Z3TM
Cube and ramped up its semi-automated manufacturing facility. As a
result of this transition, full year 2023 gross margin is expected
to improve by 30% to 50% over the prior year. The Company had an
ending cash balance (excluding restricted cash) of $69.5 million
and an orders backlog of $534.8 million as of December 31, 2023.
The Company also provided further details on its
first state-of-the-art manufacturing line and its preliminary
fourth quarter and full year 2023 revenue.
State-of-the-Art Manufacturing Line
Update At the end of January, the Company, and its
automation partner, ACRO Automation, achieved a significant
milestone towards Factory Acceptance Testing in ACRO’s Wisconsin
facility. ACRO recently fully powered on the core Eos Z3
battery assembly section of the state-of-the-art manufacturing
line. This begins equipment commissioning, along with
controls configuration and uploading software into programmable
logic controllers (PLCs) to operate conveyors, indexers, robots,
and pneumatic devices. During the week of February 5, the Company
successfully powered on the second half of the line that performs
final Eos Z3 battery module assembly and testing, achieving “Power
On” of all motion systems on the line. The Company is on track for
the first state-of-the-art manufacturing line to be installed and
commissioned in Eos’s Turtle Creek facility in Q2 2024.
Fourth Quarter 2023 Revenue Q4
2023 Revenue is expected to be $6.6 million, up 148% compared
to Q4 2022 revenue of $2.7 million and up 866% compared
to Q3 2023 revenue of $0.7 million. The year-over-year growth
in revenue was a result of the Company’s transition from Gen 2.3 to
the Eos Z3 Cube while the sequential growth was driven by higher
production volumes off its semi-automated production line. The Eos
Z3 Cube has higher power density than Gen 2.3 with a streamlined
manufacturing process driven by the Eos Z3 battery module design
that incorporates 50% fewer cells, weighs 79% less and has 98% less
welds that takes current manufacturing cycle time to below 4
minutes versus the Gen 2.3 which took 90 minutes to fully
manufacture. The Company shipped its first Eos Z3 Cubes at the end
of September to two different customers and is currently in the
process of delivering a project owned by a large North American
Infrastructure Fund in Orchard, Texas.
Full Year 2023 Revenue Full
year 2023 Revenue is expected to be $16.4 million, a decrease
compared to full year 2022 revenue of $17.9 million as the Company
reduced and concluded Gen 2.3 production in the first half of 2023,
while simultaneously standing up the Eos Z3 iterative manufacturing
processes. The Company’s strategy to scale is centered
on expanding capacity with a disciplined and iterative
approach to ensure capital efficiency designed around a three
phased approach: Discrete Manufacturing Operations, Semi-Automation
Production, and State-of-the-Art Manufacturing. To achieve this,
the Company is jointly working with customers to understand
delivery timelines based on customer site readiness while producing
at volumes that optimize its cost-out roadmap. As previously
communicated, the Company expects to implement various
cost-reduction initiatives throughout 2024 with the first benefits
being realized in late Q1 2024 and the majority of the expected
cost-reduction benefits being realized in the fourth quarter. The
Company believes this prudent approach ensures that critical
deliveries and customer relationships are prioritized while
optimizing capital.
Expected Q4 and Full Year 2023
Revenue
Eos will provide further commentary on its
fourth quarter performance in connection with the release of its
full year and fourth quarter 2023 financial results in March with
conference call timing and details to follow.
About Eos
Eos Energy Enterprises, Inc. is accelerating the shift to clean
energy with positively ingenious solutions that transform how the
world stores power. Our breakthrough Znyth™ aqueous zinc battery
was designed to overcome the limitations of conventional
lithium-ion technology. Safe, scalable, efficient, sustainable—and
manufactured in the U.S—it's the core of our innovative systems
that today provide utility, industrial, and commercial customers
with a proven, reliable energy storage alternative for 3- to
12-hour applications. Eos was founded in 2008 and is headquartered
in Edison, New Jersey. For more information about Eos (NASDAQ:
EOSE), visit eose.com.
Contacts |
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Investors: |
ir@eose.com |
Media: |
media@eose.com |
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Forward-Looking Statements / Disclaimer
This press release includes certain statements
that may constitute "forward-looking statements" within the meaning
of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include,
but are not limited to, statements that refer to our expected
revenue for the fourth quarter and full year 2023, expected margins
for full year 2023, and cash balance and orders backlog as of
December 31, 2023. The words "anticipate," "believe," "continue,"
"could," "estimate," "expect," "intends," "may," "might," "plan,"
"possible," "potential," "predict," "project," "should," "would"
and similar expressions may identify forward-looking statements,
but the absence of these words does not mean that a statement is
not forward-looking. Factors which may cause actual results to
differ materially from current expectations include, but are not
limited to: the preliminary financial information remains subject
to changes and finalization based upon management’s ongoing review
of results for the fourth quarter and full year 2023 and the
completion of all quarter closing procedures; changes adversely
affecting the business in which we are engaged; our ability to
forecast trends accurately; our ability to secure final approval of
a loan from the Department of Energy or the final amount of any
loan; our ability to generate cash, service indebtedness and incur
additional indebtedness; our ability to secure financing to
continue expansion; our customer’s ability to secure project
financing; our ability to develop efficient manufacturing processes
to scale and to forecast related costs and efficiencies accurately,
and to secure labor; fluctuations in our revenue and operating
results; competition from existing or new competitors; the failure
to convert firm order backlog and pipeline to revenue; the failure
to sufficiently reduce manufacturing costs, potential delays in the
launch of our Eos Z3 battery; inefficient implementation of the
Inflation Reduction Act of 2022; the amount of final tax credits
available to our customers or to Eos pursuant to the Inflation
Reduction Act; risks associated with security breaches in our
information technology systems; risks related to legal proceedings
or claims; risks associated with evolving energy policies in the
United States and other countries and the potential costs of
regulatory compliance; risks associated with changes in federal,
state, or local laws; risks associated with potential costs of
regulatory compliance; risks associated with changes to U.S. trade
policies; risks resulting from the impact of global pandemics,
including the novel coronavirus, Covid-19; our ability to maintain
the listing of our shares of common stock on NASDAQ; our ability to
grow our business and manage growth profitably, maintain
relationships with customers and suppliers and retain our
management and key employees; risks related to the adverse changes
in general economic conditions, including inflationary pressures
and increased interest rates; risk from supply chain disruptions
and other impacts of geopolitical conflict; changes in applicable
laws or regulation; the possibility that Eos may be adversely
affected by other economic, business, and/or competitive factors;
other factors beyond our control; and other risks and
uncertainties. The forward-looking statements contained in this
press release are also subject to additional risks, uncertainties,
and factors, including those more fully described in Eos’s most
recent filings with the Securities and Exchange Commission,
including Eos’s most recent Annual Report on Form 10-K and
subsequent reports on Forms 10-Q and 8-K. Further information on
potential risks that could affect actual results will be included
in the subsequent periodic and current reports and other filings
that Eos makes with the Securities and Exchange Commission from
time to time. Moreover, Eos operates in a very competitive and
rapidly changing environment, and new risks and uncertainties may
emerge that could have an impact on the forward-looking statements
contained in this press release. Forward-looking statements speak
only as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and, except as
required by law, Eos assumes no obligation and does not intend to
update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise.
A photo accompanying this announcement is available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/bd40da2a-b2e9-4fc8-9f2d-f52e79f74529
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