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 all prior quarters and years since going public.

• Orders backlog reached $701.5 million (~2.8 GWh), with commercial pipeline expanding to $23.6 billion (99 GWh), and annual production capacity increased to 2 GWh.

• Ended 2025 with a record cash position of $624.6 million, following major capital raises and refinancing, removing going concern language from filings.

• Launched Indensity™, a modular, high-density energy storage product, and DawnOS™, an advanced control software, expanding product offerings and market reach.

• Operational scaling and automation drove significant increases in production, shipments, and customer deliveries, with 609% more deliveries year-over-year.

Financial highlights

• FY 2025 revenue: $114.2 million, up 632% from $15.6 million in 2024; Q4 revenue: $58 million, up 700% year-over-year.

• Full-year gross loss: $143.8 million, with a 408-point margin improvement; Q4 gross loss: $54.4 million, 230-point margin improvement year-over-year.

• Adjusted EBITDA loss: $219.1 million, with an 812-point margin improvement and 632% revenue growth.

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

• Year-end cash: $624.6 million, up $521 million year-over-year.

Outlook and guidance

• 2026 revenue guidance: $300–$400 million, with the midpoint representing 3x 2025 revenue, supported by expanded manufacturing and delivery schedules.

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

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

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

• Disciplined execution and operational improvements are key to achieving guidance.