Eos Energy Enterprises (EOSE) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue surged 445% year-over-year to $57M, driven by increased deliveries, higher average selling prices, and record production, with the last two quarters exceeding full-year 2025 revenue.

• Net income attributable to shareholders was $508.9M, a turnaround from prior losses, primarily due to non-cash mark-to-market adjustments; another source reports $826.6M due to fair value gains.

• Announced the launch of Frontier Power USA, a joint venture with Cerberus, including a 2 GWh capacity reservation agreement and a $100M equity commitment, targeting multi-GWh projects.

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

• Completed Factory Acceptance Testing for a second battery line at Thorn Hill, with initial production on schedule for Q2 2026.

Financial highlights

• Q1 2026 revenue: $57M, up from $10.46M in Q1 2025.

• Gross loss for Q1 was $44.4M, a 157 percentage-point margin improvement year-over-year and 16-point sequential improvement.

• Adjusted EBITDA loss was $68M, a 294 percentage-point margin improvement year-over-year.

• Operating expenses increased 23% year-over-year to $34.9M, with R&D up 57% and SG&A up 15%.

• Cash and cash equivalents at quarter end were $472M, with working capital of $464.7M.

Outlook and guidance

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

• Targeting positive adjusted gross margin and adjusted EBITDA before year-end 2026, driven by operational improvements and facility ramp.

• Capital expenditures and working capital requirements expected to increase as growth strategy is executed.