Eos Energy Enterprises (EOSE) Q4 2025 earnings summary

Executive summary

• Achieved record FY 2025 revenue of $114.2 million, a 7x year-over-year increase, with Q4 revenue of $58 million surpassing the combined total of the first three quarters.

• Orders backlog reached $701.5 million (2.8 GWh), and the commercial pipeline expanded to $23.6 billion (99 GWh), reflecting strong market demand.

• Expanded installed base to 20 projects across 20% of the U.S., with plans to reach 25% and expand into Europe.

• Launched Indensity™, a next-generation modular product for improved serviceability, cost, and site energy density, and secured selection for NYSERDA projects.

• Removed going concern language from SEC filings, reflecting improved financial stability.

Financial highlights

• Q4 2025 revenue reached $58 million, nearly double Q3, and up 700% year-over-year.

• Full-year 2025 revenue was $114.2 million, a 7x increase year-over-year, with 609% more customer deliveries.

• Gross loss for 2025 was $143.8 million, a 408-point margin improvement year-over-year; adjusted gross loss was $128.5 million.

• Adjusted EBITDA loss for 2025 was $219.1 million, with an 812-point margin improvement.

• Ended 2025 with $624.6 million in cash, the strongest position in company history.

• Net loss for 2025 was $969.6 million, including $746.8 million in non-cash impacts from fair value adjustments and refinancing.

Outlook and guidance

• 2026 revenue guidance set at $300–$400 million, with the midpoint representing 3x 2025 revenue.

• Gross margin profitability expected in the second half of 2026, delayed from Q1 due to material costs.

• Targeting 4 GWh of annualized manufacturing nameplate capacity by end of 2026, with flexibility to expand as demand grows.

• Focus for 2026 is on disciplined scaling, margin improvement, and converting backlog into high-quality revenue.