NASDAQ: EOSE
Eos Energy Enterprises, Inc.CIK 0001805077 · SIC 3690 · Miscellaneous Electrical Equipment
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Eos Energy pre-announces Q3 revenue of $82-83M, gross margin loss narrows, cash at $344M
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Eos Energy draws $87M third advance under DOE-guaranteed loan to fund Thorn Hill line 2
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Eos Energy appoints Michelle Buczkowski as Chief Commercial Officer; Nathan Kroeker to depart
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Eos closes $262.6M joint venture with Cerberus and Hudson Bay, issues 30M warrants at $5.481
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Revenue rose 351.4% to $68.8M in the second quarter, but the company's net loss attributable to shareholders widened to $275.7M from $222.9M a year earlier, including a loss on contingently issuable securities.
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Eos Energy reports $68.8M Q2 revenue, narrows 2026 guidance to $300M–$350M
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Eos Energy expects to receive $37.7M in proceeds in rights offering, 25% subscription rate
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Eos Energy reports record Q2 revenue of $68-69M, backlog grows 25% to $807M
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Eos Energy appoints cybersecurity expert Haiyan Song to Board, names Marie Martin CLO
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Eos Energy launches $150M rights offering at $5.48/unit to fund Frontier Power investment
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Eos Energy raises $75M in registered direct offering, issues 13.7M shares to Hudson Bay
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Eos Energy forms $300M+ joint venture with Cerberus and Hudson Bay, plans $150M rights offering
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Eos Energy Enterprises prices $75M offering at $5.48/share with warrants; proceeds to acquire Frontier units
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Eos Energy prices $5.59/share offering with warrants; proceeds to acquire Frontier units at $1.00
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Eos Energy shareholders approve 200M share increase to fund Frontier Power USA joint venture
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Eos Energy forms $100M joint venture with Cerberus, plans $150M rights offering to shareholders
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EOSE Q1 revenue surges 445% to $57.0M; net income swings positive on non-operating gain
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Eos Energy appoints Alessandro Lagi as CFO with $2M equity grant, $470K salary
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Eos Energy releases preliminary Q1 2026 results and business updates
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Eos Energy formalizes employment agreement with Chief Administration Officer
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Latest financial statements
From 10-Q filed Nov 5, 2026 (period ending Sep 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited)
(In thousands, except share and per share amounts)
| Description | Three months ended September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|---|---|
| Revenue | 14,284 | 30,512 | 84,988 | 56,205 |
| Revenue related party | 68,447 | — | 123,481 | — |
| Total revenue | 82,731 | 30,512 | 208,469 | 56,205 |
| Cost of goods sold | 126,934 | 64,437 | 345,900 | 145,622 |
| Gross profit (loss) | (44,203) | (33,925) | (137,431) | (89,417) |
| Operating expenses | ||||
| Research and development expenses | 10,910 | 6,925 | 32,134 | 20,963 |
| Selling, general and administrative expenses | 23,819 | 19,786 | 72,414 | 66,269 |
| Loss from write-down of property, plant and equipment | 108 | 585 | 184 | 1,351 |
| Restructuring expenses | 281 | — | 281 | — |
| Total operating expenses | 35,118 | 27,296 | 105,013 | 88,583 |
| Operating income (loss) | (79,321) | (61,221) | (242,444) | (178,000) |
| Other income (expense) | ||||
| Interest expense | (12,989) | (6,007) | (37,203) | (9,965) |
| Interest income (expense) related parties | — | 840 | — | (9,451) |
| Interest income | 2,930 | 1,161 | 9,371 | 2,826 |
| Change in fair value of debt related party | (4,534) | (3,570) | (13,300) | 22,112 |
| Change in fair value of warrants | 77,746 | (240,825) | 223,886 | (252,836) |
| Change in fair value of derivatives | 13,222 | — | 108,710 | — |
| Change in fair value of derivatives related parties | 129,551 | (327,841) | 346,235 | (369,710) |
| Loss on debt extinguishment | — | (3,589) | — | (52,652) |
| Loss on contingently issuable securities | — | — | (35,662) | — |
| Other expense | (100) | (337) | 103 | (1,503) |
| Income (loss) before income taxes | 126,505 | (641,389) | 359,696 | (849,179) |
| Income tax expense | 1,462 | 4 | 1,480 | 15 |
| Net income (loss) attributable to shareholders | 125,043 | (641,393) | 358,216 | (849,194) |
| Remeasurement of Preferred Stock related party | 249,476 | (691,094) | 897,796 | (632,483) |
| Down round deemed dividend | (13,802) | — | (13,802) | (4,456) |
| Net income (loss) applicable to common stock | 360,717 | (1,332,487) | 1,242,210 | (1,486,133) |
| Other comprehensive income (loss) | ||||
| Change in fair value of debt credit risk - related party | 58,607 | (17,784) | 54,517 | (24,008) |
| Foreign currency translation adjustment | (1) | (3) | (14) | 18 |
| Comprehensive income (loss) attributable to common shareholders | 419,323 | (1,350,274) | 1,296,713 | (1,510,123) |
| Net income (loss) available to common shareholders (NOTE 20) | 232,570 | (1,332,487) | 798,919 | (1,486,133) |
| Basic and diluted income (loss) per share attributable to common shareholders | ||||
| Basic | 0.64 | (4.88) | 2.30 | (6.04) |
| Diluted | (0.17) | (4.88) | (0.44) | (6.04) |
| Weighted average shares of common stock | ||||
| Basic | 361,795,384 | 272,839,188 | 347,292,217 | 246,192,674 |
| Diluted | 553,269,340 | 272,839,188 | 541,260,031 | 246,192,674 |
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except share and per share amounts)
| Description | September 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 271,162 | 567,992 |
| Restricted cash | 57,923 | 34,636 |
| Accounts receivable, net | 8,673 | 6,779 |
| Accounts receivable related party | 109 | — |
| Inventory | 86,404 | 59,026 |
| Vendor deposits | 20,797 | 11,756 |
| Contract assets, current | 18,156 | 13,972 |
| Contract assets, current related party | 4,405 | — |
| Prepaid expenses | 4,128 | 2,701 |
| Grant receivable, net | 39,308 | 11,028 |
| Other current assets | 2,976 | 590 |
| Total current assets | 514,041 | 708,480 |
| Property, plant and equipment, net | 190,515 | 114,415 |
| Intangible assets, net | 1,657 | 979 |
| Goodwill | 4,331 | 4,331 |
| Operating lease right-of-use asset, net | 27,347 | 20,420 |
| Long-term restricted cash | 15,000 | 21,938 |
| Investment in joint venture | 297,642 | — |
| Other assets, net | 17,952 | 14,634 |
| Total assets | 1,068,485 | 885,197 |
| LIABILITIES | ||
| Current liabilities: | ||
| Accounts payable | 90,478 | 99,915 |
| Accrued expenses | 45,215 | 25,794 |
| Operating lease liability, current | 2,065 | 1,960 |
| Long-term debt, current | — | 372 |
| Contract liabilities, current | 7,521 | 14,975 |
| Contract liabilities, current related party | 9,756 | — |
| Other current liabilities | 153 | 524 |
| Total current liabilities | 155,188 | 143,540 |
| Long-term liabilities: | ||
| Operating lease liability | 28,804 | 19,182 |
| Long-term debt | 546,547 | 662,467 |
| Notes payable related party | 109,210 | 150,427 |
| Contract liabilities, long-term | 3,723 | 2,506 |
| Warrants liability | 57,616 | 313,253 |
| Warrants liability related party | 135,750 | 470,715 |
| Deferred tax liability | 4,671 | — |
| Other liabilities | 542 | 427 |
| Other liabilities related party | 22,700 | — |
| Total long-term liabilities | 909,563 | 1,618,977 |
| Total liabilities | 1,064,751 | 1,762,517 |
| COMMITMENTS AND CONTINGENCIES (NOTE 15) | ||
| SERIES B PREFERRED STOCK related party | 463,746 | 1,361,542 |
| SHAREHOLDERS' DEFICIT | ||
| Common stock, $0.0001 par value, 800,000,000 shares authorized, 365,758,222 and 337,132,374 shares outstanding on September 30, 2026 and December 31, 2025, respectively | 34 | 32 |
| Additional paid in capital | 1,809,917 | 427,722 |
| Accumulated deficit | (2,193,669) | (2,535,819) |
| Accumulated other comprehensive loss related party | (76,290) | (130,807) |
| Accumulated other comprehensive (loss) income | (4) | 10 |
| Total shareholders' deficit | (460,012) | (2,238,862) |
| Total liabilities, preferred stock and shareholders' deficit | 1,068,485 | 885,197 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands, except share and per share amounts)
| Description | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|
| Cash flows from operating activities | ||
| Net income (loss) | 358,216 | (849,194) |
| Adjustment to reconcile net income to net cash used in operating activities | ||
| Stock-based compensation | 19,027 | 19,664 |
| Depreciation and amortization | 18,989 | 8,980 |
| Loss on debt extinguishment | — | 52,652 |
| Loss from write-down of property, plant and equipment | 184 | 1,351 |
| Amortization of right-of-use assets | 2,189 | 1,270 |
| Non-cash interest expense | 26,712 | 4,263 |
| Non-cash interest expense related parties | — | 9,204 |
| Change in fair value of debt related party | 13,300 | (22,112) |
| Change in fair value of warrants | (223,886) | 252,836 |
| Change in fair value of derivatives | (108,710) | — |
| Change in fair value of derivatives related parties | (346,235) | 369,710 |
| Loss on contingently issuable securities | 35,662 | — |
| Other | (8,738) | (6,133) |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses | (1,427) | (1,440) |
| Inventory | (21,809) | (6,704) |
| Accounts receivable | (1,954) | (1,991) |
| Accounts receivable related parties | (109) | — |
| Vendor deposits | (5,069) | (4,958) |
| Contract assets | (9,455) | (945) |
| Contract assets related parties | (4,405) | — |
| Grant receivable | (28,280) | (9,965) |
| Accounts payable | 3,688 | 22,166 |
| Accrued expenses | 16,721 | 9,132 |
| Interest payable related parties | — | 247 |
| Operating lease liabilities | 611 | (1,587) |
| Contract liabilities | (6,237) | (7,166) |
| Contract liabilities related parties | 9,756 | — |
| Deferred tax liabilities | 4,671 | — |
| Other | (5,003) | (206) |
| Net cash used in operating activities | (261,591) | (160,926) |
| Cash flows from investing activities | ||
| Purchases of property, plant and equipment | (105,717) | (28,804) |
| Investment in equity method investment | (112,638) | — |
| Investment in internally developed software | (232) | (912) |
| Other investments | (368) | — |
| Net cash used in investing activities | (218,955) | (29,716) |
| Cash flows from financing activities | ||
| Principal payments on finance lease obligations | (69) | (39) |
| Proceeds from exercise of stock options | 74 | 758 |
| Proceeds from exercise of warrants | 3,280 | 14,215 |
| Proceeds received from DOE Loan | 87,019 | 22,666 |
| Proceeds from the issuance of May 2025 Convertible Notes, net of discount | — | 240,000 |
| Proceeds received from Credit and Securities Purchase Transaction, net related party | — | 38,475 |
| Payment of debt and equity issuance costs | (854) | (4,607) |
| Payoff of notes payable related parties | — | (180,940) |
| Payment of debt extinguishment costs | — | (781) |
| Return of debt repurchase premium | — | 5,000 |
| Repayment of equipment financing facility | (122) | (1,255) |
| Proceeds from issuance of common stock | 112,738 | 81,075 |
| Repurchase of shares from employees for income tax withholding purposes | (2,001) | (488) |
| Net cash provided by financing activities | 200,065 | 214,079 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | — | — |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (280,481) | 23,437 |
| Cash, cash equivalents and restricted cash, beginning of the period | 624,566 | 103,362 |
| Cash, cash equivalents and restricted cash, end of the period | 344,085 | 126,799 |
| Non-cash investing and financing activities | ||
| Accrued and unpaid capital expenditures | 11,291 | 12,441 |
| Accrued and unpaid investment in internally developed software | 718 | — |
| Warrants issued for formation of joint venture | 151,034 | — |
| HBC Exchange Right/CCM Call Option for formation of joint venture | 33,970 | — |
| Paid-in-kind interest added to principal | 3,416 | 5,433 |
| Accrued and unpaid debt issuance costs | 388 | 1,910 |
| Down round deemed dividend | 13,802 | 4,456 |
| Remeasurement of preferred stock related party | (897,796) | 632,483 |
| Fixed assets acquired with finance lease | 24 | 181 |
| Right-of-use operating lease assets in exchange for lease liabilities | 9,116 | 672 |
| Reclassification of Contingently Issuable securities to equity | 21,496 | — |
| Reclassification of embedded derivative to additional paid in capital | 133,231 | — |
| Issuance of Rights | 2,264 | — |
| Issuance of common stock from conversion of AFG Notes | — | 102,457 |
| Supplemental disclosures | ||
| Cash paid for interest | 7,147 | 166 |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except share and per share amounts). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗