Eos Energy Enterprises Reports $15.6M Revenue and $685.9M Net Loss for Fiscal Year 2024

Eos Energy Enterprises, Inc. reported a revenue of $15.6 million for the fiscal year ending December 31, 2024, a decrease of 5% from $16.4 million in 2023. The company experienced a significant net loss of $685.9 million, compared to a loss of $229.5 million in the previous year. This increase in losses was attributed to higher costs associated with the commissioning of a new manufacturing line, increased research and development expenses, and a write-down of property, plant, and equipment. The cost of goods sold rose by 10% to $98.9 million, primarily due to increased project commissioning costs and inventory revaluations.

Strategically, Eos has made notable advancements, including the completion of its first state-of-the-art manufacturing line, which began commercial production in June 2024. The company also secured a $303.5 million loan facility from the U.S. Department of Energy, aimed at expanding its manufacturing capacity to 8 GWh by 2027. Additionally, Eos entered into several supply agreements with key partners, including TETRA Technologies and SABIC, to enhance its supply chain for battery components. The company has also focused on transitioning to its new Z3 battery technology, which is expected to improve efficiency and reduce costs.

Operationally, Eos reported a total employee count of 430 as of December 31, 2024, with a significant portion of its workforce involved in production and maintenance. The company has seen a rise in contract assets, which increased to $14.1 million, reflecting revenue recognition for which invoicing has not yet occurred. However, contract liabilities also surged to $26.3 million, indicating advance payments received from customers for future performance obligations. The company’s customer base remains concentrated, with two customers accounting for over 83% of total revenue.

Looking ahead, Eos Energy Enterprises anticipates continued challenges in achieving profitability, as it expects to incur further losses while scaling production and enhancing its manufacturing capabilities. The company is focused on leveraging the Inflation Reduction Act's tax credits to bolster its competitive position in the energy storage market. Eos aims to meet its financial covenants under its loan agreements, particularly as it transitions to a more sustainable operational model. The management has expressed optimism about future growth, contingent on successfully executing its strategic initiatives and expanding its market presence.