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Eos Energy | 8-K: Current report

SEC announcement ·  Mar 4 17:33
Summary by Moomoo AI
On March 4, 2024, Eos Energy Enterprises, Inc., a Delaware-incorporated company listed on the Nasdaq under the symbol EOSE, filed a Form 8-K with the SEC to report its financial results for the year ended December 31, 2023. The company, which specializes in zinc-based long-duration energy storage systems, announced a 41% year-over-year improvement in full-year gross margins. For the fourth quarter, Eos Energy reported a revenue of $6.6 million, marking a 148% increase from the previous year, and a 66% gross margin improvement. Operating expenses were reduced by 10% compared to the fourth quarter of 2022. The company ended the year with a cash balance of $69.5 million and a commercial opportunity pipeline valued at $13 billion, a 77% increase from the previous year. The orders backlog...Show More
On March 4, 2024, Eos Energy Enterprises, Inc., a Delaware-incorporated company listed on the Nasdaq under the symbol EOSE, filed a Form 8-K with the SEC to report its financial results for the year ended December 31, 2023. The company, which specializes in zinc-based long-duration energy storage systems, announced a 41% year-over-year improvement in full-year gross margins. For the fourth quarter, Eos Energy reported a revenue of $6.6 million, marking a 148% increase from the previous year, and a 66% gross margin improvement. Operating expenses were reduced by 10% compared to the fourth quarter of 2022. The company ended the year with a cash balance of $69.5 million and a commercial opportunity pipeline valued at $13 billion, a 77% increase from the previous year. The orders backlog as of December 31, 2023, stood at $534.8 million, up 15% from the end of 2022. Looking ahead, Eos Energy expects to recognize $60 million to $90 million in revenue for 2024, with positive contribution margins forecasted for Q4 2024. The company's CEO, Joe Mastrangelo, highlighted the transition to the Eos Z3 Cube and the operational benefits expected from the new design. Eos Energy will host a conference call on March 5, 2024, to discuss the financial results and provide further details on the 2024 outlook.

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