Eos Energy Enterprises, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 06, 2023 at 04:53 pm EST
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Eos Energy Enterprises, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 0.684 million compared to USD 6.07 million a year ago. Net income was USD 14.93 million compared to net loss of USD 70.72 million a year ago. Basic earnings per share from continuing operations was USD 0.11 compared to basic loss per share from continuing operations of USD 1.12 a year ago. Diluted loss per share from continuing operations was USD 0.05 compared to USD 1.12 a year ago.
For the nine months, sales was USD 9.77 million compared to USD 15.26 million a year ago. Net loss was USD 188.3 million compared to USD 173.2 million a year ago. Basic loss per share from continuing operations was USD 1.65 compared to USD 3 a year ago. Diluted loss per share from continuing operations was USD 1.65 compared to USD 3 a year ago.
Eos Energy Enterprises, Inc. designs, develops, manufactures, and markets zinc-based energy storage solutions for utility-scale, microgrid, and commercial and industrial applications. The Company has developed a range of intellectual property with multiple patents covering battery chemistry, mechanical product design, energy block configuration and a software operating system (Battery Management System or BMS). The BMS software uses proprietary Eos-developed algorithms and includes ambient and battery temperature sensors, as well as voltage and electric current sensors for the electrical strings and the system. It focuses on manufacturing and selling turn-key direct current (DC) battery energy storage systems. It also plans to develop a turn-key alternating current (AC) system. The Company offers an advanced Znyth technology battery energy storage system (BESS) designed to provide the operating flexibility to manage increased grid complexity. Its primary market is North America.