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The company’s cost of goods sold saw a decrease by 57% year-over-year to $21.3 million. This was primarily driven by lower volume and one-off non-cash accounting adjustments related to project commissioning and inventory reserves.
Simultaneously, Eos Energy managed to cut its operating expenses by 12%, attributed to a reduction in outside services. This strategic move resulted in a cash balance of $58.0 million as of September 30, 2023.
Despite the dip in revenue, Eos Energy had a strong performance in terms of order acquisition throughout the first nine months of fiscal year 2023. The company secured orders worth $92.7 million, leading to an order backlog of $539 million – marking a 19% YoY increase. This robust order backlog suggests potential for revenue growth in future quarters.
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