Eos Energy Results Presentation Deck
Financial Results
Third Quarter 2023 Eos Income Statement
18
($ in millions)
Revenue
Cost of Goods Sold
Gross Profit
R&D expense
SG&A expense
Loss from write-off of PP&E
Grant expense, net
Operating Loss
Interest expense, net
Change in fair value of derivatives
Loss on debt extinguishment
Other (income) / expense
Income tax expense
Net Income (Loss)
Q3 2023 Q3 2022
0.7
6.1
21.3
50.0
(20.6) (43.9)
3.2
13.1
1.0
(37.8)
9.4
(61.8)
(0.4)
0.0
14.9
4.5
14.7
0.5
(63.6)
5.7
0.4
0.9
I
0.1
(70.7)
6.1
+
Revenue
$ in millions
-89%
Q3 2022
0.7
Q3 2023
COGS
$ in millions
50.0
Q3 2022
-57%
21.3
Q3 2023
Business Highlights:
+ Revenue of $0.7M, as the company began delivering initial shipments of its next generation
product, Eos Z3™
Costs of Goods Sold of $21.3M driven by lower Z3 product costs, remaining Gen 2.3 spare
battery production and $11.2M non-cash items for inventory adjustments, project
commissioning timing and depreciation
+ Operating expenses of $17.3M, a 12% decrease vs. prior year driven by insourcing along
with reduced outside services spend
+ Interest expense increased $3.7 million vs. prior year driven by new debt
+ Net Income of $14.9 million, primarily resulting from mark to market derivative adjustments
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