Eos Energy Enterprises (NASDAQ:EOSE) reported a significant dip in its third-quarter revenue for the fiscal year 2023, with figures falling to $0.7 million from $6.1 million in the same period last year. This decline came despite the company's commencement of commercial production and delivery of its Eos Z3 energy storage systems.
The company's cost of goods sold saw a decrease by 57% year-over-year to $21.3 million. This was primarily driven by lower volume and one-off non-cash accounting adjustments related to project commissioning and inventory reserves.
Simultaneously, Eos Energy managed to cut its operating expenses by 12%, attributed to a reduction in outside services. This strategic move resulted in a cash balance of $58.0 million as of September 30, 2023.
Despite the dip in revenue, Eos Energy had a strong performance in terms of order acquisition throughout the first nine months of fiscal year 2023. The company secured orders worth $92.7 million, leading to an order backlog of $539 million - marking a 19% YoY increase. This robust order backlog suggests potential for revenue growth in future quarters.
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