1. Eos listed its shares on the Nasdaq exchange in 2020 through a merger with a SPAC.
2. Despite a reduction in revenues, Eos achieved a 35% reduction in net loss to US$46.7 million in Q1 2023.
3. Eos aims to open a “state-of-the-art” manufacturing line and expects to earn revenues of US$60-90 million for 2024 with plans to increase production capacity.
In 2020, Eos listed its shares on the Nasdaq through a merger with a SPAC. Quarter revenues were down 25% from Q1 2023 due to timing of customer revenue recognition, despite a 28% increase in unit volume. The company reduced operating expenses by 3% and net loss by 35% to US$46.7 million.
Eos plans to open a ‘state of the art’ manufacturing line, aiming for 80% cost reduction for its Z3 battery. As of now, Eos shares are trading at US$0.79, down from a high of US$28.83 in January 2021, but the company claims demand for its products is strong.
Eos has an order backlog for 2.4GWh of systems worth US$602.7 million and has received LOIs for a further US$1.3 billion. It is also eyeing opportunities for 43GW of sales. The company is working towards profitability through cost reduction and automated production lines.
Eos expects revenues of US$60-90 million in 2024, with a positive contribution margin in Q4 and annual production capacity of 1.25GWh. The company is also seeking a US Department of Energy loan for its American Made Zinc Manufacturing plan. Despite challenges, Eos remains optimistic about its future prospects in the energy storage market.