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For release Eos Energy Enterprises Reports First Quarter 2021 Financial Results Continues to make strong progress against strategic initiatives ; Reiterates 2021 financial outlook eos May 12 , 2021- EDISON , N.J. Eos Energy Enterprises , Inc. ( NASDAQ : EOSE ) ( " Eos " ) , a leading provider of safe , scalable , efficient , and sustainable zinc - based energy storage systems , today announced financial results for the first quarter ended March 31 , 2021 . Recent Business Highlights + Booked orders of $ 33 million year - to - date resulting in backlog of $ 50.5 million , as of May 11 , 2021 + Successfully shipped our second and third commercial orders , as of May 11 , 2021 + On April 9 , 2021 , Eos acquired the remaining 51 % ownership stake in Hi - Power , LLC , a manufacturing joint venture with Holtec International + Successfully attained UL certification for 9540A and on track for full UL certification in the second quarter 2021 Eos Chief Executive Officer Joe Mastrangelo said , “ We have made excellent progress in executing against our strategic initiatives during the first quarter . Our technology has successfully completed 265 MWh of operation , our factory is consistently delivering production and our next generation product , the Z3 , is performing well in prototype testing . " Mastrangelo concluded , " The growth we have achieved in our booked orders year to date validates that Eos's differentiated technology is meeting a key customer need in the marketplace that other technologies are struggling to fill . We are pleased with our positive sales momentum and we believe we are on pace to achieve our targets for the year . ” First Quarter 2021 Financial Highlights + We recognized $ 0.2 million of revenue from our first Gen 2.3 container shipped to the Shell ( Nayo ) microgrid solar storage solution in Nigeria . Cost of Sales of $ 0.1 million include $ 1.7 million of costs incurred in the current quarter . These costs were partially offset by a $ 1.6 million reversal of a reserve for losses on firm purchase commitments that we had recorded in 4Q '20 . We reversed this accrual because the batteries that we acquired under the purchase commitment in Q1 were ultimately used for R & D purposes , and therefore were expensed within R & D expense in the first quarter . + + Research and Development costs of $ 5.1 million were $ 2.2 million higher related to testing UL certifications partially offset by the accrual reversal in cost of sales . Additionally , we invested in development expenses specific to Z3 technology . + General and administrative expenses of $ 16.7 million include a $ 7.8 million expense associated with the acquisition of the remaining 51 % interest in Hi - Power . Furthermore , we incurred a $ 2.9 million increase in professional fees related to operating as a public company , including $ 1 million of non - recurring expenses and $ 2.5 million of higher stock compensation expenses . Eos . Positively ingenious . Please consider the environment before printing .