Eos Energy Enterprises (EOSE) Q3 2026 earnings summary

Executive summary

• Record Q3 revenue of $82.7M, up 171% YoY and 20% QoQ; adjusted gross and EBITDA margins improved with higher volume and manufacturing gains.

• FY26 revenue guidance was $300M-$325M; consolidation is expected to temporarily constrain Q4 capacity and shipment timing.

Financial highlights

• Q3 revenue was $82.7M versus $30.5M YoY; nine-month revenue was $208.5M versus $56.2M.

• Q3 gross loss was $44.2M versus $33.9M; gross margin improved to -53%, up 58 points YoY and 18 points QoQ.

• Adjusted gross loss was $36.8M, with adjusted gross margin of -44%; adjusted gross loss improved $6.1M sequentially.

• Adjusted EBITDA loss was $63.8M, versus $71.4M in Q2; adjusted EBITDA margin improved to -77%, up 96 points YoY and 27 points QoQ.

• Net income attributable to shareholders was $125.0M, while nine-month net income was $358.2M; fair-value changes materially affected reported results.

Outlook and guidance

• FY26 revenue guidance was $300M-$325M; Q4 revenue estimate was $92M-$117M.

• Product adjusted gross margin guidance was -37% to -35% for FY26 and -15% to -10% for Q4'26.

• Q4 margin drivers include higher backlog ASP, material bundle buys, labor utilization, Thorn Hill efficiencies and Turtle Creek overhead.

• Thorn Hill production line is anticipated to be operational in Q1 2027; Turtle Creek cleanup is expected to finish in Q2 2027.

• Consolidation is expected to temporarily affect production and shipments in Q4, with conversion-cost savings expected beginning in 2027; one-time restructuring charges of $16M-$18M are anticipated.