On July 16, Eos Energy Enterprises rose 8.92% in pre-market trading, trading at $4.74/share, with turnover of approximately $178,600.
On the news front, the company released preliminary Q2 financial data, forecasting revenue of $68 million to $69 million, which would mark a record quarterly high. The company also indicated that its order backlog is expected to reach an all-time record. However, FactSet analysts had previously estimated Q2 revenue at $70.1 million, meaning the preliminary figures came in slightly below consensus expectations. Despite the modest shortfall versus estimates, the market responded positively to the strong growth trajectory and record backlog signal.
For context, the company reported a surprise Q1 profit of $0.12 per share versus an expected $0.22 loss, with revenue surging to $57 million from $10.5 million a year earlier. The company maintains full-year revenue guidance of $300 million to $400 million. Needham recently initiated coverage with a Buy rating and an $11 price target.
Eos Energy Enterprises designs, manufactures, and markets zinc-based energy storage solutions for utility, commercial and industrial, and microgrid markets, with its flagship Eos Znyth DC battery system serving as an alternative to lithium-ion technology.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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