2024-03-05 11:37:07 ET
Eos Energy Enterprises, Inc. (EOSE)
Q4 2023 Earnings Conference Call
March 05, 2024 08:30 AM ET
Company Participants
Liz Higley - Director of IR
Joseph Mastrangelo - CEO
Nathan Kroeker - CFO
Conference Call Participants
Christopher Souther - B. Riley Securities
Chip Moore - ROTH MKM
Martin Malloy - Johnson Rice & Company
Thomas Boyes - TD Cowen
Thomas Curran - Seaport Research Partners
Joseph Osha - Guggenheim Securities
Presentation
Operator
Good morning, and welcome to Eos Energy Enterprises Fourth Quarter and Full Year 2023 Conference Call. As a reminder, today's call is being recorded and your participation implies consent to such recording. At this time, all participants are in listen-only mode. A brief question-and-answer session will follow the formal presentation.
With that, I would like to turn the call over to Liz Higley, Director of Investor Relations. You may begin.
Liz Higley
Good morning, everyone, and thank you for joining us for Eos's financial results and conference call for the fourth quarter and full year 2023. On the call today we have Eos’s CEO, Joe Mastrangelo; and CFO, Nathan Kroeker.
Before we begin, allow me to provide a disclaimer regarding forward-looking statements. This call, including the Q&A portion of the call, may include forward-looking statements, including, but not limited to current expectations with respect to future results and outlook for our company and statements regarding our ability to secure final approval of a loan from the Department of Energy, LPO, or our anticipated use of proceeds from any loan facility provided by the U.S. Department of Energy which are subject to certain risks, uncertainties, and assumptions. Should any of these risks materialize or should our assumptions prove to be incorrect, our actual results may differ materially from our expectation or those implied by these forward-looking statements. The risks and uncertainties that forward-looking statements are subject to are described in our SEC filings. Forward-looking statements represent our beliefs and assumptions only as the date such statements are made. We undertake no obligation to update any forward-looking statements made during this call to reflect events or circumstances after today, or to reflect new information or the occurrence of unanticipated events, except as required by law.
This conference call will be available for replay via webcast through Eos's investor relations website at investors.eose.com. Joe and Nathan will walk you through the company highlights, financial results, and business priorities before we proceed to Q&A.
With that, I'll now turn the call over to Eos CEO, Joe Mastrangelo.
Joseph Mastrangelo
Thanks Liz, and welcome, everybody. Great to have everyone on the call here this morning. Let's jump right to Page 3 and go through some highlights from last year. First, I think the first place I’d start off is just the improvement that we've seen on gross margins as we've launched the Z3 product. Now year-over-year, we see a 41% improvement in the fourth quarter alone, when we really saw production of the Z3 ramp, we had a 66% gross margin improvement versus the prior year period. It just goes to show all the things that we've been saying about the Z3 are starting to show themselves in the financials as we move forward and start putting product out into the field....
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Eos Energy Enterprises, Inc. (EOSE) Q4 2023 Earnings Call Transcript