Eos Energy cuts FY24 revenue view to $15M from $60M-$90M, consensus $62.33M
The Fly

Eos Energy cuts FY24 revenue view to $15M from $60M-$90M, consensus $62.33M

The company said, “The Company continues to forecast positive contribution margin by year end. Contribution margin is defined as sales price less direct labor and direct materials and includes the benefit of the production tax credits. As a result of the enclosure supply chain bottleneck and its impact on Eos’ second half 2024 shipments, the Company expects to recognize approximately $15 million in revenue for the full year 2024. The difference between Eos’ prior and current guidance is expected to be shipped and recognized in the first half of 2025. The Company has secured a no fee waiver on the September 30 revenue covenant under the credit and guaranty agreement with its strategic partner, Cerberus. The Company anticipates a similar waiver or amendment for its December 31 revenue covenant.”

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App