Eos Energy Enterprises, Inc. (EOSE)

Price$3.61Cached quoteAs of 2026-09-04 16:23 UTC

AI: Overvalued

Price checkThe market value assumes a major profit turnaround that the company has not yet demonstrated.

Using the latest reported share count plus post-quarter issuance, the shares value Eos near $1.4 billion; adding roughly $335 million of net debt puts the business value near $1.8 billion. That is about 5.4 times the midpoint of 2026 sales guidance. Yet second-quarter gross margin was negative 71%, meaning production costs exceeded revenue before overhead. With no positive earnings or cash flow anchoring value, an illustrative two-times-sales valuation would require roughly $900 million of annual sales—almost three times guidance—to support that business value.

Big pictureSales are scaling quickly, but the company still consumes cash at an unsustainable rate.

Revenue rose from $15.6 million in 2024 to $114.2 million in 2025, then reached $125.7 million in the first half of 2026. First-half operating cash use was $191.8 million and factory spending was $70.5 million, producing negative $262.3 million of free cash flow—cash left after running and investing in the business. Unrestricted cash was $305.5 million, versus $640.8 million of debt, although current assets covered current bills more than three times. That cash covers roughly seven months at the first-half burn rate; this is only a stress test because project receipts are uneven.

Business strengthRecord orders and strong sales growth show demand, but manufacturing economics remain the weak link.

Second-quarter revenue increased 351% to $68.8 million, while backlog—contracted orders not yet recorded as sales—reached $807 million, about two and a half times the midpoint of annual guidance. Eos also reports 6.5 gigawatt-hours of cumulative energy discharged, evidence that its batteries work beyond prototypes. However, $55.0 million, about 80% of quarterly revenue, came from a project involving an affiliated party, and Frontier Power USA represented 49% of backlog volume. Gross loss widened to $48.8 million. Demand is real, but concentration and negative production economics make results lumpy and currently value-destroying.

What could change the storyLower factory costs could unlock value, while another funding round would deepen shareholder dilution.

The bull case needs the Thorn Hill ramp and consolidation to work: management expects 10%–15% lower manufacturing costs from 2027 and about four gigawatt-hours of designed annual capacity. The clearest proof would be positive gross profit while delivering the $807 million backlog without renewed cash burn. The bear case is financing. Shares outstanding rose from 221.8 million at 2024 year-end to 340.6 million by June 2026, followed by roughly 20.6 million newly issued shares and numerous warrants—rights to buy shares later. If margins stay negative, debt and further issuance could absorb much of the operating upside.

AI: News

Google-Linked Storage ProjectA Google-backed storage project gives Eos a marquee customer, but meaningful delivery remains years away.

On September 2, MN8 Energy named Eos for a 10-megawatt, 100-megawatt-hour zinc battery system supporting Google’s regional data-center power needs. Google will buy the project’s energy and capacity, while Eos equipment is scheduled after the solar and lithium storage components, with long-duration storage targeted for 2030. Shares closed 18.8% higher that day; the timing suggests the announcement influenced trading but does not prove causation. The project validates commercial interest, yet its disclosed scale is modest and no Eos contract value was provided.

Factory ConsolidationCombining battery lines may lower costs, but the move adds execution risk during the production ramp.

On August 27, Eos said it would move battery manufacturing into its 432,000-square-foot Thorn Hill site, starting in the fourth quarter and finishing in early 2027. Management expects manufacturing costs to fall 10%–15% from 2027, with designed capacity around four gigawatt-hours once both lines operate. About 250 employees are affected, though each is expected to receive another role. Savings would directly narrow gross losses; delays, worker disruption, or missed deliveries would postpone the path to positive margins.

Record Sales, Persistent LossesQuarterly sales hit a record, yet weaker guidance and heavy losses kept the turnaround uncertain.

On August 5, Eos reported $68.8 million of second-quarter revenue, up 351% from a year earlier, and backlog of $807 million, up 25% from the prior quarter. Gross margin remained negative 71%, so the company still lost money on production before overhead. Management narrowed 2026 sales guidance to $300 million–$350 million from $300 million–$400 million. Moreover, an affiliated-party project supplied $55.0 million of quarterly revenue and Frontier Power USA represented 49% of backlog volume, raising concentration risk despite rapid headline growth.

Project Funding and DilutionNew project funding expanded growth options, while fresh shares and warrants increased dilution for existing owners.

On July 23, Eos reported that only 6.9 million of 27.4 million offered packages were subscribed, raising $37.7 million versus the offering’s $150 million capacity. Together with Hudson Bay and Cerberus commitments, funding for Frontier Power USA reached about $263 million, intended to support more than $1 billion of project capital. Post-quarter issuances added roughly 20.6 million common shares and nine million warrants, while the August joint-venture closing added warrants covering 30 million more shares. The financing supports project development, but future warrant exercises would dilute existing owners.

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Revenue

2019

2020

2021

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2023

2024

2025

Net income

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2022

2023

2024

2025

Free cash flow

2019

2020

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2025

Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$114.2M	$15.6M	$16.4M	$17.9M	$4.6M	$219,000	$496,000
Gross profit	−$143.8M	−$83.3M	−$73.4M	−$135.3M	−$41.9M	−$5.3M	−$7.8M
Gross margin	−125.95%	−533.52%	−448.28%	−755.05%	−910.94%	−2,415.53%	−1,579.84%
Research & development	$28.5M	$22.8M	$18.7M	$18.5M	$19.2M	$13.6M	$11.8M
Operating expenses	$115.4M	$91.9M	$169.3M	$239.2M	$139.3M	$38.9M	$27.3M
Operating income	−$259.3M	−$175.2M	−$152.9M	−$221.3M	−$134.7M	−$38.7M	−$26.8M
Operating margin	−227.03%	−1,122.64%	−933.80%	−1,234.42%	−2,930.06%	−17,661.64%	−5,409.68%
EBITDA	−$245.1M	−$167.3M	−$143.2M	−$214.4M	−$132.1M	−$37.1M	−$24.7M
EBITDA margin	−214.61%	−1,072.02%	−874.26%	−1,196.41%	−2,873.23%	−16,950.23%	−4,981.65%
Net income	−$969.6M	−$685.9M	−$229.5M	−$229.8M	−$124.2M	−$70.6M	−$79.5M
Net profit margin	−849.06%	−4,394.91%	−1,401.31%	−1,282.15%	−2,701.52%	−32,257.08%	−16,024.80%
Basic EPSper basic share	-$6.69	-$4.55	-$1.81	-$0.00	-$0.00	-$0.00	-$0.00
Diluted EPSper diluted share	-$6.69	-$4.55	-$1.81	-$0.00	-$0.00	-$0.00	-$0.00

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

7.97%of listed shares

BlackRock, Inc.27.13M shares · Jun 30, 2026

View holders

Top 20 reported holders of EOSE
Holder	% owned
BlackRock, Inc.	7.97%27.13M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.41%15.02M shares
Hudson Bay Capital Management LP	4.02%13.68M shares
Driehaus Capital Management LLC	3.98%13.56M shares
TWO SIGMA INVESTMENTS, LP	3.75%12.78M shares
STATE STREET CORP	2.98%10.15M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	2.84%9.68M shares
GEODE CAPITAL MANAGEMENT, LLC	2.61%8.89M shares
Electron Capital Partners, LLC	1.96%6.68M shares
MORGAN STANLEY	1.56%5.31M shares
STIFEL FINANCIAL CORP	1.30%4.42M shares
Crystal Cove Asset Management, LLC	1.26%4.29M shares
UBS Group AG	1.15%3.91M shares
Legal & General Group Plc	1.15%3.9M shares
Graham Capital Management, L.P.	1.05%3.57M shares
CITADEL ADVISORS LLC	0.97%3.31M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	0.97%3.29M shares
NORTHERN TRUST CORP	0.85%2.91M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	0.83%2.83M shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A.	0.76%2.57M shares

Percentages use 340.59M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys8$777.5K disclosed value

Sells (SEC code S)33$23.60M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 30, 2026Form 4 · 10b5-1	Puri SumeetChief Accounting Officer	SellCommon Stock	8.8K	$5.86	$51.7K	173.1K
Jun 30, 2026Form 4 · 10b5-1	Buczkowski MichelleChief Administration Officer	SellCommon Stock	11.5K	$5.87	$67.3K	59.2K
Jun 30, 2026Form 4 · 10b5-1	Silberman Michael WChief Legal Officer	SellCommon Stock	15.0K	$5.87	$88.0K	298.3K
Jun 30, 2026Form 4 · 10b5-1	Kroeker NathanCCO and Interim CFO	SellCommon Stock	35.3K	$5.86	$206.8K	697.8K
May 28, 2026Form 4	Walters MarianDirector	SellCommon Stock	30.0K	$9.18	$275.4K	158.4K