Summary by Moomoo AI
Eos Energy Enterprises, Inc., a leading energy storage system provider, announced its preliminary financial results for the first quarter ended March 31, 2024, on April 23, 2024. The company reported expected revenue of approximately $6.6 million, driven by the completion of shipments for its first Texas project owned by a large North American infrastructure fund. Eos also highlighted a projected 5-10% gross margin improvement quarter over quarter and disclosed an ending cash balance of about $31.8 million with a substantial orders backlog of $602.7 million. These preliminary results are part of a broader update, which includes the company's progress on cost reduction initiatives and the scaling of Z3 production. Eos also announced the successful testing of its automated manufacturing line in collaboration with ACRO Automation, which is expected...Show More