Financial Data and Key Metrics Changes - The company reported a revenue of $7.3 million for Q4 2024, which is 10% higher than the previous year and eight times the revenue from the most recent sequential quarter [68] - For the full year, revenue was $15.6 million, slightly down from $16.4 million in 2023, primarily due to supply chain challenges [72] - The net loss attributable to shareholders in 2024 was $685 million, significantly impacted by mark-to-market adjustments on fair valued debt [75] Business Line Data and Key Metrics Changes - The commercial pipeline stood at $14.4 billion, reflecting a 9% year-over-year improvement, with 36% of this being standalone storage [45] - The backlog at the end of the year was $682 million, representing 2.6 gigawatt hours of storage [53] - The company achieved a 122% increase in projects with durations of five hours or more, indicating a shift towards longer-duration storage solutions [49] Market Data and Key Metrics Changes - The company is seeing a 25% CAGR in the long-duration energy storage market over the next 10 years, positioning itself to benefit from this growth [14] - The company is focusing on both domestic and international markets, with particular attention to the UK, Latin America, Germany, and Italy as growth areas [52] Company Strategy and Development Direction - The company is committed to scaling operations in a high-growth environment, with plans to build additional capacity to meet increasing demand [11][29] - A strategic focus on subassembly automation and containerization is underway to enhance production efficiency and reduce costs [24][31] - The company aims to position itself as a leader in long-duration energy storage by leveraging its American-made technology and local sourcing [15][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to scale operations and manage supply chain challenges, with a revenue guidance of $150 million to $190 million for the upcoming year [79] - The company is optimistic about the future, citing strong demand for its technology and the ability to meet customer needs in a changing regulatory environment [12][17] Other Important Information - The company has achieved SOX compliance and remediated its material weakness, which is crucial for long-term growth [63] - The company ended the year with $103 million in cash, bolstered by successful funding efforts [64] Q&A Session Summary Question: What is the potential revenue cadence for the year? - Management indicated that both backlog composition and subassembly automation will influence revenue growth, with expectations for a ramp-up in the second and third quarters [90][92] Question: How is the supply chain for enclosures progressing? - The company has diversified its supply chain for enclosures and is ramping up production capacity, which will take time to scale effectively [104][105] Question: Can you provide more details on backlog growth? - Management noted that the backlog includes a significant portion of standalone storage projects and emphasized the importance of understanding the segmentation of the backlog [108]

Core Insights - Eos Energy Enterprises (EOSE) reported a wider loss of $2.20 per share in Q4 2024 compared to the Zacks Consensus Estimate of a loss of 25 cents, and a loss of 25 cents per share in Q4 2023 [1] - The company achieved net revenues of $7.3 million in the reported quarter, reflecting a 10% year-over-year growth and surpassing the Zacks Consensus Estimate of $6.5 million [2] - Eos Energy's gross loss remained flat at $23.5 million year-over-year, attributed to lower Z3 material costs offset by higher project execution costs [3] Financial Performance - The cost of sales for the quarter was $30.8 million, up 1.3% from the previous year [3] - Eos Energy reported an operating income of $28.2 million, which is a 52% increase from the year-ago quarter [3] - For the full year 2024, the company reported a loss of $4.55 per share, wider than the loss of $1.81 in 2023, with total revenues of $15.6 million, down 4.7% from $16.4 million in 2023 [5] Cash Position - As of December 31, 2024, Eos Energy had cash and cash equivalents of $74.3 million, an increase from $69.5 million as of December 31, 2023 [4] - The company utilized approximately $154 million in cash for operating activities in 2024, compared to $145 million in 2023 [4] Future Outlook - Eos Energy anticipates revenues between $150 million and $190 million for 2025, driven by increased production volume from its first manufacturing line [6] Stock Performance - Over the past year, Eos Energy's shares have increased by 255%, contrasting with a 10.9% decline in the industry [7]

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) Q4 2024 - Earnings Conference Call March 5, 2025 8:30 AM ET Company Participants Liz Higley - Director, IR Joe Mastrangelo - CEO Nathan Kroeker - Chief Commercial Officer Conference Call Participants Thomas Boyes - TD Cowen Stephen Gengaro - Stifel Chip Moore - ROTH Capital Partners Tom Curran - Seaport Research Martin Malloy - Johnson Rice and Company Operator Good morning, and welcome to the Eos Energy Enterprise Fourth Quarter 2024 Conference Call. As a reminder ...

Eos Energy Enterprises FY 2024 Financial Results March 05, 2025 Disclaimer Forward-Looking Statements This presentation includes "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 regarding expected revenue for the fiscal years ended December 31, 2025, our path to profitability and strategic outlook, statements regarding orders backlog, and opportunity ...

Group 1 - Eos Energy Enterprises, Inc. reported a quarterly loss of $2.20 per share, significantly worse than the Zacks Consensus Estimate of a loss of $0.25, representing an earnings surprise of -780% [1] - The company posted revenues of $7.3 million for the quarter ended December 2024, exceeding the Zacks Consensus Estimate by 12.39%, compared to revenues of $6.61 million a year ago [2] - Eos Energy shares have declined approximately 18% since the beginning of the year, while the S&P 500 has only decreased by -0.5% [3] Group 2 - The earnings outlook for Eos Energy Enterprises is mixed, with the current consensus EPS estimate for the coming quarter at -$0.20 on revenues of $11.07 million, and -$0.45 on revenues of $166.17 million for the current fiscal year [7] - The Zacks Industry Rank indicates that the Industrial Services sector is currently in the bottom 41% of over 250 Zacks industries, suggesting potential challenges for stocks in this sector [8]

Revenue and Financial Performance - The Company reported revenue of $15,606,000 for the year ended December 31, 2024, a decrease of 5% compared to $16,378,000 in 2023[210]. - The company incurred a net loss of $685.9 million for the year ended December 31, 2024, with negative cash flows from operations of $153.9 million[231]. - The Company reported a net loss of $685.9 million for the year ended December 31, 2024, with net cash used in operating activities amounting to $153.9 million[241]. Costs and Expenses - Cost of goods sold increased by 10% to $98,867,000 in 2024 from $89,798,000 in 2023, primarily due to direct costs associated with labor, materials, and overhead[212]. - Cost of goods sold increased by $9.1 million, or 10%, from $89.8 million in 2023 to $98.9 million in 2024[213]. - Research and development expenses rose by $4.1 million, or 22%, from $18.7 million in 2023 to $22.8 million in 2024[215]. - Selling, general and administrative expenses increased by $6.4 million, or 12%, from $53.7 million in 2023 to $60.0 million in 2024[217]. - The company incurred losses of $9.1 million from write-downs of property, plant, and equipment in 2024, compared to $7.2 million in 2023[218]. Debt and Financing - The Company recognized a gain on debt extinguishment of $68.5 million from the payoff of the Senior Secured Term Loan in June 2024[208]. - Interest expense, net decreased by $10.1 million from $18.8 million in 2023 to $8.7 million in 2024, primarily due to the extinguishment of the Senior Secured Term Loan[220]. - The Company recognized a gain on debt extinguishment of $68.5 million in 2024, compared to a loss of $3.5 million in 2023[223]. - The Company entered into a $210.5 million secured multi-draw facility and a $105.0 million revolving credit facility with Cerberus on June 21, 2024[229]. - The DOE Loan Facility provides up to $303.5 million in funding, with $68.3 million drawn down under Tranche 1 as of December 31, 2024[230]. - The Company drew down $68.3 million under the DOE Loan Facility at an interest rate of 4.791% for eligible project costs incurred through December 6, 2024[235]. - Net cash provided by financing activities was $205.8 million for the year ended December 31, 2024, primarily from the Credit and Securities Purchase Transaction and the DOE Loan[245]. Capital Expenditures and Investments - Total capital expenditures increased to $33.2 million in 2024 from $29.3 million in 2023, primarily driven by costs for Phase 2 production of the Z3™ battery system[236]. - Cash flows used in investing activities for 2024 were primarily for property, plant, and equipment purchases totaling $33.2 million[243]. - The Company anticipates an increase in capital expenditures and working capital requirements as it executes its growth strategy[236]. - A strategic investment of up to $315.5 million from Cerberus was secured, including a $210.5 million Delayed Draw Term Loan funded in four installments[234]. - The Company raised $14.1 million through the sale of 16,627,523 shares at an average price of $0.87 per share under the ATM offering program[234]. Future Outlook and Risks - The Company expects to utilize approximately $741.2 million of Federal Net Operating Loss Carryforwards, with the majority available for use by December 31, 2029[209]. - The Company expects to face challenges in complying with Minimum Consolidated EBITDA and Minimum Consolidated Revenue financial covenants starting December 31, 2025[233]. - The company faces substantial doubt about its ability to continue as a going concern, relying on outside capital for its cost structure[255]. - The company has historically been successful in raising outside capital but cannot assure future success or acceptable terms[255]. - Liquidity risk is managed by continuously monitoring actual and forecasted working capital requirements[255]. - The company expects to eventually reach a scale of profitability to sustain operations, but this is uncertain[255]. - Equity price risk arises from security price volatility due to warrants issued, measured at fair value[256]. Strategic Initiatives - The DOE Loan Facility aims to expand the Company's manufacturing capacity to 8 GWh by 2027 to meet growing demand for longer duration battery energy storage systems[201]. - The Company entered into a supply agreement with TETRA Technologies, Inc. to supply electrolyte products for the Eos Z3™ long duration energy storage cube[207]. - The Company achieved "Power On" status of all motion systems on its first state-of-the-art manufacturing line in February 2024[207]. - The Company announced a new customer agreement with City Utilities to provide 216 MWh of energy storage for two project sites in Missouri in November 2024[208]. - The Inflation Reduction Act of 2022 offers a 10-year term tax credit for energy storage projects, which could provide a strategic advantage for the Company[204].

Financial Results - The company announced preliminary results for the year ended December 31, 2024, with a revenue outlook for 2025[5] - The press release detailing these results was issued on January 16, 2025[5] Company Information - The company is listed on The Nasdaq Stock Market LLC under the trading symbol EOSE[2] - The company has not elected to use the extended transition period for complying with new financial accounting standards[3] Report Format - The report includes a cover page formatted in Inline XBRL[8]

Core Insights - Eos Energy Enterprises, Inc. reported significant financial results for Q4 and full-year 2024, highlighting a 10% year-over-year revenue increase to $7.3 million and a staggering 749% increase compared to the previous quarter [6][5] - The company achieved a gross loss of $23.5 million, consistent with the prior year, while operating expenses rose by 52% to $28.2 million, primarily due to non-cash items [6][5] - Eos has a robust commercial opportunity pipeline valued at $14.4 billion, reflecting a 9% increase from the previous year, and a customer orders backlog of $682 million, up 28% year-over-year [6][5] Fourth Quarter Highlights - Revenue for Q4 2024 was $7.3 million, marking a 10% increase year-over-year and a 749% increase from Q3 2024 [6] - The company reported a gross loss of $23.5 million, with operating expenses totaling $28.2 million, a 52% increase compared to the prior year [6] - Net loss attributable to shareholders was $268.1 million, largely due to non-cash changes in fair value related to stock price adjustments [6] Full-Year 2024 Highlights - Total revenue for 2024 was $15.6 million, slightly below the revised guidance, with a gross loss of $83.3 million, a 13% increase from the previous year [6][5] - Operating expenses for the year reached $91.9 million, a 16% increase year-over-year, driven by strategic investments [6] - The net loss attributable to shareholders for the year was $685.9 million, significantly impacted by non-cash fair value changes [6] Strategic Developments - Eos secured $40.5 million from Cerberus Capital Management and a $303.5 million loan guaranteed by the U.S. Department of Energy, enhancing its financial stability [5][8] - The company launched Factory 2 Works, responding to Requests for Proposals from eight states, and plans to procure three additional manufacturing lines to support increased production capacity [11][12] - Eos aims to achieve revenue between $150 million and $190 million in 2025, driven by increased production volume and operational efficiencies [7] Operational Capacity Expansion - The company is expanding its first manufacturing line from 1.25 GWh to 2 GWh annualized capacity, with full implementation expected in the second and early third quarters of 2025 [12] - Eos is actively pursuing additional manufacturing lines to meet the growing demand for reliable energy storage solutions [11] - The expansion is crucial for scaling operations and enhancing the company's ability to fulfill larger orders [11]

Core Insights - Eos Energy Enterprises has appointed Nathan Kroeker as Chief Commercial Officer and Eric Javidi as Chief Financial Officer to enhance its growth strategy and market position [1][4] - Nathan Kroeker has secured over $850 million in financing over the past two years, which has positioned Eos for significant operational expansion [2] - Eric Javidi brings over 15 years of experience in the energy sector and has a proven track record in driving performance and growth through strategic decision-making [3] Leadership Changes - Nathan Kroeker will transition from Chief Financial Officer to Chief Commercial Officer, focusing on expanding into new geographies and driving customer project financing [1][2] - Eric Javidi's appointment as Chief Financial Officer is expected to maximize profitability and shareholder value, leveraging his extensive industry experience [3][4] Strategic Focus - The leadership changes are aimed at scaling operations and achieving long-term strategic growth in the American-made energy storage market [4] - Eos is focusing on enhancing its financial strength and customer-centric approach as it expands its domestic and international footprint [4][6] Company Background - Eos Energy Enterprises specializes in zinc-based long duration energy storage systems, designed to overcome limitations of conventional lithium-ion technology [6] - The company was founded in 2008 and is headquartered in Edison, New Jersey, emphasizing its commitment to American energy independence [6]

Core Insights - Eos Energy Enterprises, Inc. has secured an $8 million standalone Battery Energy Storage System (BESS) order for the Naval Base of San Diego, fully funded by a grant from the California Energy Commission (CEC) [1][2] - This project aims to enhance energy resilience for the U.S. Navy's western fleet, thereby supporting national security and operational reliability [2][4] - Eos' Z3™ Cubes, known for their safety and low operational costs, will be utilized in this project, reinforcing the company's commitment to American manufacturing and energy independence [3][5] Company Overview - Eos Energy Enterprises specializes in zinc-based long-duration energy storage systems, designed and manufactured in the U.S., and aims to transform energy storage solutions [1][5] - The company’s Znyth™ aqueous zinc battery technology is positioned as a safer and more efficient alternative to conventional lithium-ion batteries [5] - Eos was founded in 2008 and is headquartered in Edison, New Jersey, focusing on utility, industrial, and commercial energy storage applications [5] Strategic Partnerships - The order with the CEC signifies an ongoing partnership aimed at improving grid resilience in California and supporting military infrastructure [2][4] - Eos has recently announced other successful projects in the defense and energy sectors, indicating a growing presence in these critical areas [4]