Eos Energy Enterprises (EOSE) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $57.0 million, a 445% year-over-year increase, with record production and shipments, driven by increased deliveries and higher average selling prices.

• Net income attributable to shareholders was $826.6 million, primarily due to significant non-cash gains from changes in fair value of warrants and derivatives.

• Announced formation of Frontier Power USA with Cerberus to accelerate long-duration storage deployment, including a 2 GWh firm capacity reservation agreement.

• Expanded commercial pipeline to $24.3 billion (107 GWh), up 56% year-over-year, and ended Q1 with a $645 million backlog representing 2.6 GWh.

• Manufacturing output and operational efficiency improved, with sequential gains in gross margin and adjusted EBITDA.

Financial highlights

• Q1 2026 revenue: $57.0 million, up from $10.46 million in Q1 2025.

• Gross loss was $44.4 million, a 157 percentage-point margin improvement year-over-year and 16-point sequential improvement.

• Adjusted gross loss was $39.0 million, a 133 percentage-point margin improvement from the prior year.

• Adjusted EBITDA loss was $68.0 million, a 294 percentage-point margin improvement year-over-year.

• Cash and cash equivalents at quarter end were $472.4 million, with $61.7 million in restricted cash.

Outlook and guidance

• Reaffirmed 2026 revenue guidance of $300 million to $400 million, supported by expanded manufacturing capacity and customer delivery schedules.

• Targeting positive adjusted gross margin and adjusted EBITDA before the end of 2026, driven by operational improvements and scaling at the Thornhill facility.

• Frontier Power USA targets a multi-GWh project pipeline across data center, utility, and industrial markets.