February 23, 2024

EDISON, N.J., Feb. 13, 2024 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos” or the “Company”), a leading provider of safe, scalable, efficient, and sustainable zinc-based energy storage systems, today announced that it achieved “Power On” status of all motion systems on its first state-of-the-art manufacturing line and expects to record revenue of $6.6 million for the fourth quarter, a 148% increase versus fourth quarter 2022. Full year 2023 revenue is expected to be $16.4 million as the Company transitioned manufacturing to the Eos Z3TM Cube and ramped up its semi-automated manufacturing facility. As a result of this transition, full year 2023 gross margin is expected to improve by 30% to 50% over the prior year. The Company had an ending cash balance (excluding restricted cash) of $69.5 million and an orders backlog of $534.8 million as of December 31, 2023.

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