Energy storage solutions provider Eos Energy Enterprises reported revenue of $900,000 during the second quarter (Q2) of 2024, a 261% year-over-year (YoY) increase.

Higher component and commissioning revenues drove the revenue growth.

The company reduced its net loss to $28.17 million, a YoY improvement of 78.5% from $131.63 million.

The cost of goods sold was $14.1 million, a 26% YoY increase from the previous year. This increase was primarily due to commissioning costs related to prior period shipments, a Z3 micro-grid demonstration project, and lower labor utilization and overhead absorption.

Other operating expenses totaled $15.8 million, a 33% decrease from the prior-year period.

The company had a cash balance of $52.5 million (excluding $5.1 million in restricted cash) as of June 30, 2024.

Eos terminated its $100 million Senior Secured Term loan for $27 million, resulting in a gain on debt extinguishment of $68.5 million.

The commercial opportunity pipeline increased to $13.8 billion, up nearly $0.5 billion from the first quarter. As of June 30, 2024, the orders backlog was $586.8 million.

During the quarter, Eos expanded its agreement with Indian Energy, adding 25 MWh of storage to the existing 35 MWh order.

Eos recently signed a 960 MWh letter of intent with a solar plus storage integrator and developer, expected to convert to backlog upon customer financial closing.

Joe Mastrangelo, CEO of Eos Energy Enterprises, said, “The operational momentum behind Project AMAZE continues to build with the strategic investment and partnership with Cerberus and the recent commissioning of our state-of-the-art (SotA) manufacturing line. Having Cerberus as a strategic partner allows us to leverage their extensive expertise and resources, enabling Eos to drive innovation and growth and enhance our market position. We continue to work toward converting our pipeline to firm orders and delivering on our backlog. I am incredibly proud of the entire Eos team for their dedication and commitment to our mission.”

In June, Eos launched commercial production from its first SotA manufacturing line at its Turtle Creek, Pennsylvania facility. This line is expected to ramp up manufacturing capacity over the next six months to 1.25 GWh of annualized capacity, with plans to expand to 2 GWh with further capital investment.

During the quarter, Eos also entered into tax credit purchase agreements to sell its 2023 and first quarter 2024 production tax credits, receiving $3.4 million in cash. This represents a 10% discount on the value of its credits.

EoS narrowed its Q1 2024 net loss by 34.7% to $46.71 from $71.6 million in the same quarter of 2023.

The company recorded an 89% drop in revenue in Q3 2023 as lower sales hurt its top line.