Eos Energy Enterprises Inc (EOSE)
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Eos Energy builds zinc batteries in a real American factory, and in 2025 the ramp finally arrived: revenue grew more than sevenfold to $114.2 million. We read the annual report (10-K) for 2025 and the quarterly report (10-Q) as of March 31, 2026 — and found the two numbers the ribbon-cutting photos leave out: cost of goods sold of $258.0 million against that revenue, and a preferred stock held by Cerberus that was carried at $1,361.5 million while the company's entire assets came to $885.2 million. The good news is in there too, and it is real. Not investment advice — just a careful look at what a factory can prove, and what it cannot.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
NeutralGeprüft am 16.07.2026 gegen die Geschäftsberichte (10-K) 2025 (eingereicht 26.02.2026) und 2024 (04.03.2025) sowie die vier jüngsten Quartalsberichte (10-Q) bis 31.03.2026: Eos Energy verdient sein Geld ausschließlich mit zinkbasierten Batteriespeichersystemen (Znyth/Z3) fürs Stromnetz — 2025 entfielen 112,0 von 114,2 Mio. $ Umsatz auf Produktverkäufe, kein Cent auf KI-Produkte oder -Dienste. KI kommt in den Filings in drei Rollen vor, von denen keine den Kriterienkatalog erfüllt: (1) als Nachfragetreiber im Endmarkt — der 10-K 2025 nennt „incremental load growth associated with the expansion of artificial intelligence (“AI”), high-performance computing (“HPC”) and data center infrastructure“ als Grund für steigenden Speicherbedarf, und Kooperationen mit Talen Energy (10/2025) sowie TURBINE-X Energy (04/2026) zielen auf Stromversorgung für KI-Rechenzentren; das ist ein KI-nahes Endmarkt-Narrativ, kein Verkauf eigener KI-Produkte (Endmarkt-Exponierung allein begründet kein „verkauft“). (2) als generische Risiko-Floskel im Item 1A des 10-K 2025 („As with many new and emerging technologies, AI presents numerous risks and challenges that could adversely affect our business“) ohne konkreten Bezug aufs eigene Geschäftsmodell — nach Vorrang-Regel 3 kein „bedroht“-Beleg. (3) als hypothetische Cybersecurity-Erwähnung; der 10-K 2024 enthält überhaupt nur eine einzige KI-Nennung dieser Art. Operativer KI-Einsatz ist in keinem der ausgewerteten Filings belegt — damit kein „nutzt“. Ergebnis: neutral (dokumentierter Negativ-Befund).
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-13 · 10-K 2026-02-26 · 10-Q 2025-11-05 · 10-Q 2025-07-30 · 10-Q 2025-05-06 · 10-K 2025-03-04
Rated on July 16, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -1.24 | – | 7 | 9.70 | -3,696.70 | -43 | -56 |
| 2025: Q1 | 0.03 | – | 11 | 58.40 | 144.70 | -29 | -34 |
| 2025: Q2 | -0.94 | – | 15 | 1,596.70 | -1,463.20 | -66 | -73 |
| 2025: Q3 | -2.36 | – | 31 | 3,472.80 | -2,102.10 | -66 | -83 |
| 2025: Q4 | -0.46 | – | 58 | 699.60 | -207.70 | -50 | -75 |
| 2026: Q1 | 0.93 | 2,592.80 | 57 | 444.70 | 893.40 | -120 | -155 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
A genuine niche with policy tailwind: zinc-based Znyth systems with a water-based electrolyte — non-flammable, no lithium, cobalt or rare earths, primarily domestic raw materials — built for 3- to 12-hour storage. The annual report (10-K for 2025) describes the Z3 as the only U.S.-designed and manufactured module offering utilities an alternative to lithium-ion and lead-acid for that duration; the DOE facility is the first Title XVII battery loan ever closed.
The thing Eos had failed to prove for five years, it proved in 2025: revenue from $15.6 million (2024) to $114.2 million (+632 percent), and $57.0 million in the first quarter of 2026 alone against $10.5 million a year earlier — after revenue had gone sideways and then down from 2022 to 2024. Cost per $1 of revenue fell from $10.11 (2021) to $2.26 (2025) and $1.78 in Q1 2026, backed by cost-out and cycle-time detail in the filing.
Nothing is earned per battery. Cost of goods sold of $258.0 million against $114.2 million of revenue in 2025 (gross loss $143.8 million), and a further $44.4 million gross loss in the first quarter of 2026. Until the cost of $1 of revenue passes below $1.00, every additional order deepens the loss; the company itself declines to promise the crossing: "we may be unable to sustain or increase our profitability in the future" (10-K for 2025, Item 1A).
The Series B Preferred issued to Cerberus ranks ahead of every common share and is remeasured to its redemption value: $770.7 million charged against common shareholders in 2025 alone (2024: $278.3 million), turning the $969.6 million net loss into $1,744.8 million attributable to common (−$6.69 per share). The preferred was carried at $1,361.5 million on December 31, 2025 — against total assets of $885.2 million. 159,587,654 shares underlie the Cerberus securities, about 29 percent fully diluted.
The going-concern doubt is formally lifted in the 10-K for 2025 after roughly $1 billion raised — a real change, and cash of $410.7 million (March 31, 2026) sits far above the $15.0 million minimum liquidity covenant. But the burn continues (operating cash flow −$211.2 million in 2025; cash down $157.3 million in Q1 2026), the minimum EBITDA and revenue covenants first bite with the quarter ending March 31, 2027, and the DOE tranches are use-it-or-lose-it with $90.9 million of $303.5 million drawn.
Roughly $1.5 billion of market value equals about 13.6 times 2025 revenue (9.6 times trailing twelve-month revenue) — a software-like multiple on a business with negative gross margins, with $582.7 million of preferred ranking ahead of the common. Analysts lean constructive (4 strong buy, 5 hold, target ~$9.11), but the scanner's structural readings stay red: equity ratio −35.8 percent, Altman Z −3.95, stage 4, and 4 insider purchases against 16 sales (data as of July 8 and July 15, 2026).
Eos Energy is the rare case where the pictures do not lie and the arithmetic still does not work. The factory in Turtle Creek is real, the zinc chemistry is real, the DOE loan is the first of its kind — and in 2025 the production ramp finally arrived, revenue rising more than sevenfold to $114.2 million with the cost of $1 of revenue falling from $10.11 (2021) to $2.26. The going-concern doubt that defined this stock for years is formally gone. What has not been solved is the economics: cost of goods sold of $258.0 million against that revenue, an audited order book of $45.8 million, and a Series B Preferred held by Cerberus that ranks ahead of every common share, was carried at $1,361.5 million against $885.2 million of total assets, and cost common shareholders $770.7 million of remeasurement in one year. Not investment advice.
- EOSE reached our research list via the Reddit hype scanner (ApeWisdom, 2 mentions in 24 hours, as of July 16, 2026) — the forums are barely watching this one. Scanner metrics carry the July 8, 2026 data cut-off and rotate daily.
- A note on one figure you may see quoted differently elsewhere: some data providers report Eos's equity as about −$877 million for December 31, 2025. That nets the Series B Preferred into equity. The filing itself separates them: total shareholders' deficit of −$2,238.9 million, with $1,361.5 million of Series B Preferred shown above it as mezzanine (10-Q as of 03/31/2026, balance sheet). We follow the filing.
- The reported bottom line is not a performance measure at this company: warrants and conversion rights are carried as liabilities and remeasured each period, so a rising share price produces losses and a falling one produces profits. Read gross profit and operating loss instead — and note that both critical audit matters in the 2025 audit concern exactly these instruments, not the manufacturing.
- Valuation figures are dated to July 15, 2026 (market value roughly $1.5 billion on about 354.8 million shares); analyses are evergreen, daily prices are not a buy argument.
About the Company
Eos Energy Enterprises, Inc. entwirft, entwickelt, fertigt und vermarktet Energiespeicherlösungen für Anwendungen im Versorgungsmaßstab, Microgrids sowie Gewerbe und Industrie in den USA.
| Employees | 787 |
|---|---|
| Headquarters | Edison, NJ |
| Website | eose.com |
| IPO Date | 3. Jun 2020 |
| Next Earnings | 29. Jul 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Joseph R. Mastrangelo Jr. | CEO & Director | 1969 |
| Michelle Buczkowski | Chief Administration Officer | 1985 |
| Nathan G. Kroeker CPA | Chief Commercial Officer | 1974 |
| Alessandro Lagi | Chief Financial Officer | – |
| John Mahaz | Chief Operating Officer | 1988 |
| Sumeet Puri | Chief Accounting Officer | 1974 |
| Francis Richey | Chief Technology Officer | – |
| Elizabeth Higley | Director of Investor Relations | – |
| Michael Willis Silberman | Chief Legal Officer, Chief Compliance Officer & Corporate Secretary | 1971 |
| Erik Todd | Executive Vice President of Sales | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 20, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.