Eos Energy Enterprises revenues fall in Q4 while order backlog reaches nearly 2GWh

LinkedIn
Twitter
Reddit
Facebook
Email

Zinc battery firm Eos Energy Enterprises had a disappointing Q4 2022 with revenue falling both year-on-year and quarter-on-quarter, although its orders booked and order backlog continue to grow strongly.

In its full-year results for 2022, the company said revenue reached US$17.9 million, nearly four times higher than the US$4.6 million the prior year. But the final quarter of the year did not follow the same trend, and perhaps should come as no surprise after the company warned in November that it would not achieve its initial guidance for full-year 2022 revenues.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Q4 2022 revenue of US$2.7 million was less than half that of the previous quarter – US$6 million in Q3 2022 – and 13% lower than the US$3.1 million reported for Q4 2021.

The full-year figure was 64% lower than the US$50 million in 2022 revenue Eos was initially guiding for before announcing in November that target would not be achieved, hinting that supply chain issues were the cause. Supply chain has been an issue across the sector and was a major talking point at Energy Storage Summit last week.

Q4 revenue was mainly driven by the completion of an 80MWh project for developer Pine Gate Renewables. A major order booked during the period was a 3MW/35MWh system for a hybrid renewables microgrid in California part-funded by the California Public Utilities Commission.

Eos sells a stackable energy storage system based on proprietary zinc hybrid cathode technology configured for different applications. Its main product is the Eos Cube for the commercial and industrial (C&I) or utility-scale sectors.

Eos has grown its ‘booked orders’ by 146% to 1.4GWh, worth US$338.6 million in revenues. Booked orders means deals with legally binding agreements executed by both parties. Its ‘orders backlog’ meanwhile grew even faster at 214% to 1.9GWh and its pipeline, which includes technical proposals and non-binding quotes, is now at 29GWh.

CEO Joe 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 Inflation Reduction Act and our progression through the DOE loan due diligence phase provides the growth catalysts to expand our increasingly commercially viable technology.”

The firm is mainly targeting California, Texas and New York.

The company’s share price sits at US$2.19 at the time of writing and does not appear to have been materially affected by the results which were within the new guidance. See all previous Energy-Storage.news coverage of Eos Energy Enterprises here.

Energy-Storage.news’ publisher Solar Media will host the 5th Energy Storage Summit USA, 28-29 March 2023 in Austin, Texas. Featuring a packed programme of panels, presentations and fireside chats from industry leaders focusing on accelerating the market for energy storage across the country. For more information, go to the website.

18 March 2025
Sydney, Australia
As we move into 2025, Australia is seeing real movement in emerging as a global ‘green’ superpower, with energy storage at the heart of this. This Summit will explore in-depth the ‘exponential growth of a unique market’, providing a meeting place for investors and developers’ appetite to do business. The second edition will shine a greater spotlight on behind-the-meter developments, with the distribution network being responsible for a large capacity of total energy storage in Australia. Understanding connection issues, the urgency of transitioning to net zero, optimal financial structures, and the industry developments in 2025 and beyond.
26 March 2025
Austin, Texas
The Energy Storage Summit USA is the only place where you are guaranteed to meet all the most important investors, developers, IPPs, RTOs and ISOs, policymakers, utilities, energy buyers, service providers, consultancies and technology providers in one room, to ensure that your deals get done as efficiently as possible. Book your ticket today to join us in 2025!

Read Next

February 13, 2025
The Moss Landing BESS fire has focused attention on safety, as Aaron Marks at Clean Energy Associates (CEA), takes a closer look.
February 11, 2025
Virtual power plants (VPPs) are networks of small-scale, distributed energy resources, such as solar panels or batteries (and in some instances vehicles) which can together function as a single power plant, providing stability to the electric grid.
February 11, 2025
Fluence has reported a year-on-year fall in quarterly revenues and lowered its 2025 guidance but sees ‘robust’ global demand for battery storage.  
Premium
February 6, 2025
BrightNight has kicked off the permitting process for one of its hybrid solar and BESS projects located in Wasco County, Oregon.
February 6, 2025
EDF Renewables North America has begun operations on a 375MW/600MWh solar-plus-storage project in California, US.

Most Popular

Email Newsletter