Eos Energy Enterprises ( NASDAQ: EOSE ) is trading around -22% on Wednesday after guiding to $30M-$50M in revenue for 2023, below the consensus estimate of $54.14M.
For 2022 as well, revenue fell below expectations to $17.9M, although it was 4x year-over-year. Eos managed to increase its urrent opportunity pipeline by 83% Y/Y to $7.5B, including 4GWH in LOIs.
Eos CEO Joe Mastrangelo said: "We were able to scale our factory and ramp up production with a 335% increase in shipments while developing and producing a less capital intensive, more efficient, denser, and lower-cost battery, the Eos Z3."
Booked orders were up 2.5x to $338.6M, with a backlog of $463.8M at the end of 2022. For 2023, Eos estimates $600M-$800M in booked orders and a 15% product cost reduction with the launch of the Z3.
Mastrangelo concluded: "Heading into 2023, we believe we are in one of the strongest positions in our company’s history as we continue to see a shift in the demand for longer duration energy storage. The passage of the IRA and our progression through the DOE loan due diligence phase provides the growth catalysts to expand our increasingly commercially viable technology."
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Eos Energy plummets as 2023 outlook falls below estimates