Battery maker Eos says 2022 revenue meets guidance

US zinc-based batteries manufacturer Eos Energy Enterprises Inc (NASDAQ:EOSE) last week said it expects to report annual revenues consistent with its prior guidance, while also making a forecast for 2023, and announcing a new agreement that extends its pipeline.

More specifically, the company unveiled it has received an order for a 47-MWh initial renewables-plus-storage project from an unnamed customer described as “one of the largest operators of energy storage in the US.” In addition, it has entered into a letter of intent outlining a framework agreement for up to 4 GWh of energy storage to be provided over the next six years.

For 2022, Eos anticipates posting record revenue of between USD 17 million (EUR 15.8m) and USD 20 million, along with a cash balance, excluding restricted cash, of USD 17 million as of December 31, 2022.

For this year, Eos foresees generating USD 30 million-50 million in revenue. The company is getting ready to launch an automated production line for its next-generation Z3 batteries in the third quarter of the year. It expects the gross margins of those products to be better than the current Gen 2.3 model, which, in turn, should lead to positive operating cash flow in the second half of 2024.

Eos has scheduled the release of its full-year and fourth-quarter financial results for early March.

“With implementation of the 2022 Inflation Reduction Act taking place this year, we foresee continued market expansion. We continue to progress through the Department of Energy Loan Programs Office’s due diligence process, and we expect that our loan amount could be at least USD 250 million, if successfully approved,” commented CEO Joe Mastrangelo.

On February 1, the company also issued and sold a convertible promissory note worth USD 5 million in a private placement to an affiliate of Yorkville Advisors.

(USD 1.0 = EUR 0.929)

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