Eos Energy Enterprises, Inc. (NASDAQ: EOSE) a company specializing to manufacture clean energy storage equipment for utility, industrial, and commercial customers, announced Joe Mastrangelo, Chief Executive Officer, and Sagar Kurada, Chief Financial Officer, will participate in several investor conferences.
At last check-in after-market trading, shares of Eos Energy Enterprises Inc. (EOSE) were down -0.2% at $15.0. EOSE stock closed the last session at $15.03, increasing 13.35% or $1.77. Shares of the company fluctuated between $13.30 and $15.14 throughout the day. The shares of Eos Energy Enterprises Inc. have advanced 41.79% in the last five days; however, they have gained 14.65% over the last month.
EOSE first quarter Financial report
Cost of Sales of $0.1 million was inclusive of $1.7 million of costs incurred in the present quarter. These costs were primarily due to a $1.6 million reversal of a reserve for losses on firm purchase commitments that were recorded in the fourth quarter of 2020.
EOS reversed this accrual as the batteries bought under the purchase commitment in the first quarter were ultimately used for research and development purposes, hence they were expensed within R&D expense in Q1.
Research and Development expense of $5.1 million saw $2.2 million rise linked to testing UL certifications partly due to the accrual reversal in cost of sales. Furthermore, EOSE invested in development cost specifically to Z3 technology.
General and administrative cost of $16.7 million was inclusive of a $7.8 million expense related to the acquisition of the 51% interest left in Hi-Power. EOSE also incurred a $2.9 million rise in professional fees linked to operating as a public company, inclusive of $1 million of non-recurring cost and $2.5 million of increased stock compensation cost.
Eos has forecasted its financial report for full-year 2021 to produce a Revenue of $50 million and orders of $300 million by December 31, 2021, to meet company commitments in 2022.
Eos anticipates to further make investments in its capabilities, technology, and organization. Several other company objectives include to Achieve complete UL certification and extend manufacturing capacity to 800 MWh. EOSE also plans to release Gen 3.0 (Z3) system technology and Invest capital in people and culture
Participation of Chief Executive Officer of EOS in various investor conferences failed to produce adequate investor interest with, EOSE stock price slightly plummeting at last check.