Eos Energy Stock Plunges On Missing Q2 Estimates, Lowered FY21 Revenue Outlook

Eos Energy Enterprises Inc EOSE reported second-quarter revenue of $0.612 million, missing the consensus of $2.75 million.
Total operating loss widened to $(49.19) million from $(4.19) million a year ago.
Loss per share of $(1.04) missed the consensus of $(0.20).
Eos Energy used cash in operating activities year-to-date of $48.89 million, compared to $1.01 million a year ago.
Last month, Eos Energy secured a $100 million investment from Koch Strategic Platforms to support its strategic growth initiatives.
Eos Energy had cash and cash equivalents of $75 million at the end of the quarter.
Booked orders of $79.2 million year-to-date resulted in a backlog of $95.6 million as of August 11, 2021.
Outlook: Eos Energy lowers revenue guidance with delays in UL certification, manufacturing ramp-up, and overall project readiness impacting delivery timing.
Eos Energy revised its 2021 revenue target to $5 million. It had earlier estimated 2021 revenue of $50 million.
The remaining deliveries pushed to 2022.
Price Action: EOSE shares traded lower by 18.2% at $12.72 on the last check Wednesday.

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