Eos Energy Enterprises (EOSE) Q4 2024 earnings summary

Executive summary

• Achieved revised 2024 guidance, with a commercial pipeline at $14.4 billion (~55 GWh), up 9% year-over-year, and a backlog of $682 million (2.6 GWh), up 28% year-over-year.

• Booked orders reached $310.7 million (~1.2 GWh), and major standalone storage wins included U.S. military and municipal projects.

• Significant progress in technology deployment, with nearly 5 GWh of discharge energy, 34,000+ cycles, and a 19.7% energy density improvement.

• Leadership transition included a new CFO, internal promotions, and strengthened executive team.

• Achieved SOX compliance, launched Factory 2 Works for capacity expansion, and secured $859 million in financing.

Financial highlights

• FY 2024 revenue was $15.6 million, down 5% year-over-year; Q4 revenue was $7.3 million, up 10% year-over-year and 8x sequentially.

• Gross margin improved by 35 percentage points year-over-year in Q4, but gross loss for the year was $83.3 million, up 13% due to labor and overhead inefficiencies.

• Net loss to shareholders was $268.1 million for Q4 and $685.9 million for the year, mainly due to non-cash mark-to-market adjustments.

• Adjusted EBITDA loss for Q4 was $44.6 million; full-year adjusted EBITDA loss was $156.6 million, up 20% year-over-year.

• Ended 2024 with $103.4 million in cash, plus $40.5 million from a Cerberus loan draw in early 2025.

Outlook and guidance

• Reiterated 2025 revenue guidance of $150–$190 million, a tenfold increase over 2024, driven by automation and capacity expansion.

• Plans for staged subassembly automation and increased containerization capacity in 2025.

• Service revenue expected to grow as installed base increases, with high margins anticipated.