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Eos Energy Enterprises Records Highest Quarterly Revenue and Reports First Quarter 2025 Financial Results and Reaffirms 2025 Outlook
$10.5 million quarterly revenue, highest in Company history as production ramps to deliver customer backlog
Year-to-date shipments surpass full-year 2024 customer shipments with seven Z3 projects under installation and commissioning
Successfully achieved 15 out of 16 total Cerberus performance milestones, with a no-penalty extension granted by Cerberus for the remaining cash receipt milestone through July 31, 2025
Completed Site Acceptance Testing on first terminal sub-assembly manufacturing cell; now manufacturing production parts
Entered into an MOU with Trip Ventures for a 400 MWh utility scale energy storage project in Puerto Rico with an executable order pending final governmental NEPA review
Signed a 5 GWh MOU with Frontier Power for United Kingdom Long Duration Energy Storage cap and floor scheme along with other international markets
Recently secured a small microgrid order for two schools in Florida with a large, regulated utility
Reaffirms 2025 full-year revenue guidance range of $150 million – $190 million
EDISON, N.J., May 06, 2025 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos” or the “Company”), America’s leading innovator in designing, manufacturing, and providing zinc-based long duration energy storage (LDES) systems sourced and manufactured in the United States, today announced its financial results for the first quarter ended March 31, 2025.
First Quarter Highlights
Revenue totaled $10.5 million, a 58% increase compared to the prior year and a 44% increase compared to the prior quarter, driven by increased customer deliveries.
Gross loss of $24.5 million, a 93-point margin improvement from the prior year, on increased production volumes and lower Z3 product costs.
Operating expenses totaled $28.4 million, a 46% increase compared to prior year, with 26% of the total representing non-cash items. Non-cash items accounted for 48% of the increase such as stock compensation, depreciation, and loss from PP&E write-down, while the remaining 52% of the increase was driven by headcount growth across key business areas to support the Company’s scaling efforts.
Net income attributable to shareholders of $15.1 million, largely driven by non-cash change in fair value tied to mark-to-market adjustments related to the Company’s stock price as of March 31, 2025.
Adjusted EBITDA loss of $43.2 million, showing a 145-point margin improvement, attributable to increased customer deliveries at lower product costs partially offset by strategic headcount expansion to support the Company’s growth.
Total cash of $111.7 million, including restricted cash, as of March 31, 2025.
Commercial opportunity pipeline of $15.6 billion, an increase of 10% compared to prior quarter and 17% compared to March 31, 2024, with a $680.9 million orders backlog.
“The Eos team delivered solid operating results. We are starting to see the product cost-out benefits combined with higher manufacturing output,” said Joe Mastrangelo, Eos Chief Executive Officer. “Year-to-date, the team has already surpassed total 2024 shipments, and during Q1 the operations team set production records across all key processes showing the ability to scale operations. We continue to position the Company for long-term profitable growth and believe that American-made long duration energy storage will play a critical role in helping the country achieve energy independence.”
2025 Outlook
For the full-year 2025, Eos continues to expect to achieve revenue between $150 million and $190 million. This projected growth is expected to be driven by increased production volume on the Company’s first state-of-the-art manufacturing line as staged sub-assembly automation comes online.
Recent Business Highlights
Commercial Growth
In the first quarter, Eos grew its opportunity pipeline to $15.6 billion, an increase of $1.4 billion from the prior quarter, driven by large opportunities in Puerto Rico, multiple eight-hour potential projects in CAISO, and new direct and indirect data center projects. Post quarter end, Eos signed two new memorandums of understanding (MOUs) that expand its international presence and reinforces demand for its long-duration storage solutions.
The first MOU with Trip Ventures covers approximately 400 MWh of energy storage for a utility-scale project in Puerto Rico, partially funded through the federal government. With Eos’ support, the agreement allows the customer to advance project development, with the National Environmental Policy Act (NEPA) review being the final step before the order becomes executable. This initiative aligns with Eos’ strategic focus on delivering safe, resilient, U.S.-manufactured alternatives designed to enhance grid-scale resiliency in harsh island environments prone to extreme weather and thermal risks.
Separately, Eos signed a 5 GWh MOU with Frontier Power, a leading UK-based energy developer, marking its entry into the United Kingdom and broader international markets. While not reflected in the reported pipeline as of March 31, 2025, this agreement supports Frontier’s plans to submit multiple bids utilizing Eos’ Znyth™ battery technology in the first application window of Ofgem’s new long-duration energy storage (LDES) cap and floor scheme – a novel regulatory framework designed to provide revenue certainty and accelerate the adoption of alternative, long duration technologies focusing on 8-hour discharge duration.
Cerberus Strategic Investment
The Company successfully achieved 15 out of 16 total Cerberus performance milestones with a no-penalty extension granted by Cerberus for the remaining cash receipt milestone through July 31, 2025, tied to the reduction in 2024 sales announced last November. No additional preferred stock or warrants will be issued to Cerberus at this time. Since June 2024, the Company has surpassed these milestones across four measurement periods tied to the Delayed Draw Term Loan (DDTL), highlighting strong and consistent operational execution. This performance led to the full funding of the DDTL in January in the amount of $210.5 million, supported by advancements in its first state of the art manufacturing line, material cost reduction, improvements in Z3 technology performance and backlog cash conversion. As a result of meeting these milestones, Cerberus’ maximum equity ownership in the Company is now capped at 34% of the fully diluted share count, contingent upon meeting the extension date, which is lower than the original cap of 49% at the time the investment was first announced.
Operational Capacity Expansion
The Company set manufacturing records across all key processes and delivered its highest ever quarterly revenue in the first quarter. This strong momentum has continued into the second quarter, with 2025 year-to-date shipments already surpassing the total shipments for all of 2024. To support this growth, Eos is in the process of expanding its first manufacturing line from 1.25 GWh to 2 GWh in annualized capacity by year-end, with the initial terminal sub-assembly cell having successfully passed Site Acceptance Testing. Eos expects full implementation of its subassembly automation to be complete early in the third quarter, a crucial step toward increasing throughput and reducing labor and overhead costs. The Company is also in the process of finalizing its expansion plans as it relates to subsequent lines and sites.
Earnings Conference Call and Webcast
Eos will host a conference call to discuss its first quarter 2025 results on May 7, 2025, at 8:30 a.m. ET. The live webcast of the earnings call will be available on the “Investor Relations” page of the Company’s website at Eos Investors or may be accessed using this link (registration link). To avoid delays, we encourage participants to join the conference call fifteen minutes ahead of the scheduled start time.
The conference call replay will be available via webcast through Eos’ investor relations website for twelve months following the live presentation. The webcast replay will be available from approximately 11:30 a.m. ET on May 7, 2025, and can be accessed by visiting Eos Investors.
About Eos Energy Enterprises
Eos Energy Enterprises, Inc. is accelerating the shift to American energy independence 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. It is safe, scalable, efficient, sustainable, manufactured in the U.S., and the core of our innovative systems that today provides 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
Investors: ir@eose.com
Media: media@eose.com
Forward-Looking Statements
Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1