Tue, May 14, 8:22 PM (73 days ago)
Eos Energy Enterprises, Inc. reported a net loss of $46.7 million for Q1 2024, compared to a net loss of $71.6 million in Q1 2023. Revenue decreased by 25% to $6.6 million, primarily due to reduced production and deliveries as the company transitions to its next-generation Z3™ technology. Cost of goods sold increased slightly by 5% to $28.2 million. The company recognized a $1.5 million grant from the Inflation Reduction Act’s Production Tax Credit. Operating expenses remained relatively stable, with a slight increase in SG&A expenses. Cash and cash equivalents decreased to $31.8 million from $69.5 million at the end of 2023, reflecting ongoing operational losses and capital expenditures. The company faces significant liquidity challenges, relying heavily on external capital and is progressing through the Department of Energy loan process for up to $398.6 million. Substantial doubt exists regarding the company's ability to continue as a going concern without securing additional funding.