Eos Energy Enterprises Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
The light is red on substance, not on price: shareholders' deficit of −$868.4 million against $799.3 million of total assets (March 31, 2026), operating cash flow of −$211.2 million in 2025, cash plus all restricted cash down from $624.6 million to roughly $364 million in six months, and financing that hangs on a single counterparty whose preferred stock ranks ahead of every common share. Whoever holds today is betting on one number: that the $1.69 to $1.73 of cost per $1 of revenue keeps falling until it passes $1.00 — and that it gets there before the EBITDA and revenue covenants bite with the quarter ending March 31, 2027 and before the next financing round is needed. The curve has bent for four straight years, so that bet has a real basis. Whoever buys new pays roughly 11 to 17 times 2025 revenue for a business with negative gross margins, and buys behind a preferred stock that grows its claim precisely when the news is good — being right about the factory is not sufficient to be right about the stock. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Eos Energy is the rare case where the pictures do not lie and the arithmetic still does not work. The factory in Turtle Creek is real, the zinc chemistry is real, the DOE loan is the first of its kind — and in 2025 the production ramp finally arrived, revenue rising more than sevenfold to $114.2 million with the cost of $1 of revenue falling from $10.11 (2021) to $2.26. The going-concern doubt that defined this stock for years is formally gone. What has not been solved is the economics: cost of goods sold of $258.0 million against that revenue, an audited order book of $45.8 million, a shareholders' deficit of −$868.4 million (March 31, 2026), and a Series B Preferred held by Cerberus that ranks ahead of every common share, was carried at $1,361.5 million against $885.2 million of total assets, and cost common shareholders $770.7 million of remeasurement in one year. In July 2026 the company's own shareholders subscribed for only a quarter of the rights offered. Not investment advice.
Technology & market position
A genuine niche with policy tailwind: zinc-based Znyth systems with a water-based electrolyte — non-flammable, no lithium, cobalt or rare earths, primarily domestic raw materials — built for 3- to 12-hour storage. The annual report (10-K for 2025) describes the Z3 as the only U.S.-designed and manufactured module offering utilities an alternative to lithium-ion and lead-acid for that duration; the DOE facility is the first Title XVII battery loan ever closed.
Production ramp
The thing Eos had failed to prove for five years, it proved in 2025: revenue from $15.6 million (2024) to $114.2 million (+632 percent), $57.0 million in the first quarter of 2026 against $10.5 million a year earlier, and a preliminary $68 million to $69 million in the second quarter (8-K of July 15, 2026) — after revenue had gone sideways and then down from 2022 to 2024. Cost per $1 of revenue fell from $10.11 (2021) to $2.26 (2025), $1.78 in Q1 2026 and a preliminary $1.69 to $1.73 in Q2 2026.
Unit economics
Nothing is earned per battery. Cost of goods sold of $258.0 million against $114.2 million of revenue in 2025 (gross loss $143.8 million), and a further $44.4 million gross loss in the first quarter of 2026. Until the cost of $1 of revenue passes below $1.00, every additional order deepens the loss; the company itself declines to promise the crossing: "we may be unable to sustain or increase our profitability in the future" (10-K for 2025, Item 1A).
Capital structure & Cerberus
The Series B Preferred issued to Cerberus ranks ahead of every common share and is remeasured to its redemption value: $770.7 million charged against common shareholders in 2025 alone (2024: $278.3 million), turning the $969.6 million net loss into $1,744.8 million attributable to common (−$6.69 per share). The preferred was carried at $1,361.5 million on December 31, 2025 — against total assets of $885.2 million. 159,587,654 shares underlie the Cerberus securities, about 29 percent fully diluted.
Financing & liquidity
The going-concern doubt is formally lifted in the 10-K for 2025 after roughly $1 billion raised — a real change, and preliminary total cash of roughly $364 million (June 30, 2026) sits far above the $15.0 million minimum liquidity covenant. But shareholders' deficit stays at −$868.4 million against $799.3 million of total assets (March 31, 2026), the burn continues (operating cash flow −$211.2 million in 2025; cash plus all restricted cash down from $624.6 million to roughly $364 million in six months), the minimum EBITDA and revenue covenants first bite with the quarter ending March 31, 2027, and the July 2026 rights offering brought in $37.7 million instead of $150 million (8-K of July 23, 2026).
Valuation & signals
Between roughly $1.3 billion (fundamental data, July 27/28, 2026) and just over $1.9 billion (the documented $5.55 price of July 1, 2026 times about 353.2 million shares) sits a price-to-sales ratio of about 11 to 17 on 2025 revenue — a software-like multiple on a business with negative gross margins, with $582.7 million of preferred ranking ahead of the common. Analysts lean constructive (4 strong buy, 5 hold, target ~$9.11), but the scanner's structural readings stay red: equity ratio −35.8 percent, Altman Z-double-prime −3.95 (thresholds 1.1 / 2.6), stage 4, and 4 insider purchases against 16 sales (data as of July 8 and July 15, 2026).
Worth Noting
EOSE reached our research list via the Reddit hype scanner (ApeWisdom, 2 mentions in 24 hours, as of July 16, 2026) — the forums are barely watching this one. Scanner metrics carry the July 8, 2026 data cut-off and rotate daily.
A note on one figure you may see quoted differently elsewhere: some data providers report Eos's equity as about −$877 million for December 31, 2025. That nets the Series B Preferred into equity. The filing itself separates them: total shareholders' deficit of −$2,238.9 million, with $1,361.5 million of Series B Preferred shown above it as mezzanine (10-Q as of 03/31/2026, balance sheet). We follow the filing.
The reported bottom line is not a performance measure at this company: warrants and conversion rights are carried as liabilities and remeasured each period, so a rising share price produces losses and a falling one produces profits. Read gross profit and operating loss instead — and note that both critical audit matters in the 2025 audit concern exactly these instruments, not the manufacturing.
On valuation: the market value from fundamental data (roughly $1.3 billion, July 27/28, 2026) differs by more than a fifth from "documented filing price times documented share count" ($5.55 on July 1, 2026 times about 353.2 million shares = just over $1.9 billion). The reason is the share-price decline over those four weeks, not a data defect: the same data set carries a share price of $3.61 and a one-month performance of −40.7 percent. We therefore name both anchors with their dates and give the multiples as a range across those two dates instead of presenting either as the single right number. Analyses are evergreen, daily prices are not a buy argument.
Eos has announced full second-quarter 2026 results for August 5, 2026; the Q2 figures used here are the preliminary ones from the Form 8-K of July 15, 2026.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at EOSE since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 3.00 $ to 19.20 $ · Last price: 4.00 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Electrical Equipment & Parts
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Eos Energy Enterprises Inc EOSE | 1.5 | – | -2.0 | -84.8 | -139.1 | 631.8 | -53.2 |
| Vertiv Holdings Co VRT | 104.3 | 55.5 | 38.8 | 38.0 | 16.4 | 27.7 | 76.7 |
| Bloom Energy Corp BE | 79.9 | – | 232.5 | 31.7 | 9.6 | 37.3 | 252.4 |
| nVent Electric PLC NVT | 24.5 | 48.7 | 23.6 | 36.4 | 16.0 | 29.5 | 54.5 |
| Hubbell Inc HUBB | 23.7 | 26.3 | 19.4 | 35.3 | 17.8 | 3.8 | 2.1 |
| Forgent Power Solutions, Inc. FPS | 11.6 | 1,906.0 | 68.3 | 34.3 | 10.4 | 315.4 | – |
| Advanced Energy Industries Inc AEIS | 10.8 | 50.1 | 31.6 | 40.0 | 14.3 | 21.4 | 61.5 |
| Acuity Brands Inc AYI | 9.1 | 20.1 | 11.7 | 48.7 | 16.1 | 13.1 | -11.6 |
| Enersys ENS | 6.7 | 22.6 | 11.4 | 29.8 | 13.4 | 3.7 | 63.7 |
| Median of companies shown | 11.6 | 48.7 | 23.6 | 35.3 | 14.3 | 27.7 | 58.0 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2018 | – | -33 | -29 | – | -25 | 1 | 15 |
| 2019 | 1 | -27 | -79 | -1.35 | -24 | -74 | 13 |
| 2020 | 0 | -39 | -67 | -1.37 | -27 | 121 | 138 |
| 2021 | 5 | -135 | -124 | -2.36 | -116 | 32 | 169 |
| 2022 | 18 | -221 | -230 | -3.68 | -197 | -133 | 107 |
| 2023 | 16 | -153 | -230 | -1.81 | -145 | -111 | 186 |
| 2024 | 16 | -175 | -686 | -3.23 | -154 | -1,070 | 260 |
| 2025 | 114 | -257 | -970 | -3.72 | -211 | -877 | 885 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -1.24 | – | 7 | 9.70 | -3,696.70 | -43 | -56 |
| 2025: Q1 | 0.03 | – | 11 | 58.40 | 144.70 | -29 | -34 |
| 2025: Q2 | -0.94 | – | 15 | 1,596.70 | -1,463.20 | -66 | -73 |
| 2025: Q3 | -2.36 | – | 31 | 3,472.80 | -2,102.10 | -66 | -83 |
| 2025: Q4 | -0.46 | – | 58 | 699.60 | -207.70 | -50 | -75 |
| 2026: Q1 | 0.93 | 2,592.80 | 57 | 444.70 | 893.40 | -120 | -155 |
| 2026: Q2 | -1.20 | -27.70 | 69 | 352.60 | -400.70 | -72 | -107 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Growth
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.09 | -1.41 – 0.89 | 307 | 97.8% | 5 |
| 12/31/2027 | -0.17 | -0.21 – -0.07 | 576 | -96.5% | 5 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 16.07.2026 gegen die Geschäftsberichte (10-K) 2025 (eingereicht 26.02.2026) und 2024 (04.03.2025) sowie die vier jüngsten Quartalsberichte (10-Q) bis 31.03.2026: Eos Energy verdient sein Geld ausschließlich mit zinkbasierten Batteriespeichersystemen (Znyth/Z3) fürs Stromnetz — 2025 entfielen 112,0 von 114,2 Mio. $ Umsatz auf Produktverkäufe, kein Cent auf KI-Produkte oder -Dienste. KI kommt in den Filings in drei Rollen vor, von denen keine den Kriterienkatalog erfüllt: (1) als Nachfragetreiber im Endmarkt — der 10-K 2025 nennt „incremental load growth associated with the expansion of artificial intelligence (“AI”), high-performance computing (“HPC”) and data center infrastructure“ als Grund für steigenden Speicherbedarf, und Kooperationen mit Talen Energy (10/2025) sowie TURBINE-X Energy (04/2026) zielen auf Stromversorgung für KI-Rechenzentren; das ist ein KI-nahes Endmarkt-Narrativ, kein Verkauf eigener KI-Produkte (Endmarkt-Exponierung allein begründet kein „verkauft“). (2) als generische Risiko-Floskel im Item 1A des 10-K 2025 („As with many new and emerging technologies, AI presents numerous risks and challenges that could adversely affect our business“) ohne konkreten Bezug aufs eigene Geschäftsmodell — nach Vorrang-Regel 3 kein „bedroht“-Beleg. (3) als hypothetische Cybersecurity-Erwähnung; der 10-K 2024 enthält überhaupt nur eine einzige KI-Nennung dieser Art. Operativer KI-Einsatz ist in keinem der ausgewerteten Filings belegt — damit kein „nutzt“. Ergebnis: neutral (dokumentierter Negativ-Befund).
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-13 · 10-K 2026-02-26 · 10-Q 2025-11-05 · 10-Q 2025-07-30 · 10-Q 2025-05-06 · 10-K 2025-03-04
Rated on July 16, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 85.4%
- More than 10% revenue growth is expected for the coming year 98.7%
- Share count grows by less than 3% a year 61.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 399.8%
- Gross margin at 40% or higher and without meaningful erosion -126.0%
- Goodwill from acquisitions does not grow faster than revenue 0.5%
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years 1,375 m
- Return on capital at 15% or higher, or up versus two years ago -34.7%
- Insiders hold at least 10% or are net buyers 1.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 147.2%
- Exp. sales growth 3Y > 5% 124.6%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 124.6%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% –
- ROCE > 15% -34.7%
- Expected return > 10% 85.8%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 16, 2026 | Puri Sumeet | Chief Accounting Officer | Sell | 43,750 | 3.92 | 171,500 |
| Sep 16, 2026 | Mastrangelo Joe | Chief Executive Officer | Sell | 250,000 | 3.92 | 980,000 |
| Sep 14, 2026 | Puri Sumeet | Chief Accounting Officer | Other | 87,500 | 0.00 | – |
| Sep 14, 2026 | Mastrangelo Joe | Chief Executive Officer | Other | 500,000 | 0.00 | – |
| Sep 14, 2026 | Song Haiyan | Director | Buy | 5,000 | 3.84 | 19,200 |
| Sep 11, 2026 | Song Haiyan | Director | Buy | 10,000 | 3.95 | 39,500 |
| Sep 9, 2026 | Puri Sumeet | Chief Accounting Officer | Sell | 34,167 | 4.13 | 141,110 |
| Sep 5, 2026 | Puri Sumeet | Chief Accounting Officer | Other | 68,333 | 0.00 | – |
| Jul 28, 2026 | Puri Sumeet | Chief Accounting Officer | Sell | 29,167 | 3.36 | 98,001 |
| Jul 28, 2026 | Kroeker Nathan | Chief Commercial Officer | Sell | 110,417 | 3.36 | 371,001 |
The company
About the Company
Eos Energy Enterprises, Inc. entwirft, entwickelt, fertigt und vermarktet Energiespeicherlösungen für Anwendungen im Versorgungsmaßstab, Microgrids sowie Gewerbe und Industrie in den USA.
- Employees
- 787
- Headquarters
- Pittsburgh, PA
- Address
- Two Allegheny Center, 15212 Pittsburgh, United States
- Phone
- 732 225 8400
- Website
- eose.com
- IPO Date
- 06/03/2020
- ISIN
- US29415C1018
Management
| Name | Title | Birth Year |
|---|---|---|
| Joseph R. Mastrangelo Jr. | CEO & Director | 1969 |
| Nathan G. Kroeker C.P.A. | Executive Officer | 1974 |
| Michelle Buczkowski | Chief Commercial Officer | 1985 |
| Alessandro Lagi | Chief Financial Officer | – |
| John Mahaz | Chief Operating Officer | 1988 |
| Sumeet Puri | Chief Accounting Officer | 1974 |
| Francis Richey | Chief Technology Officer | – |
| Elizabeth Higley | Director of Investor Relations | – |
| Marie Batz Martin | Chief Legal Officer | – |
| Erik Todd | Executive Vice President of Sales | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/14/2026 Eos Energy Enterprises, Inc. (EOSE): Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/25/2026 Eos Energy Enterprises, Inc. (EOSE): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/06/2026 Eos Energy Enterprises, Inc. (EOSE): Entry into a Material Definitive Agreement; Unregistered Sales of Equity Securities; Financial Statements and Exhibits SEC ↗
- 08/05/2026 Eos Energy Enterprises, Inc. (EOSE): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/23/2026 Eos Energy Enterprises, Inc. (EOSE): Other Events; Financial Statements and Exhibits SEC ↗
- 07/15/2026 Eos Energy Enterprises, Inc. (EOSE): Results of Operations and Financial Condition; Regulation FD Disclosure; Other Events; Financial Statements and Exhibits SEC ↗
- 07/09/2026 Eos Energy Enterprises, Inc. (EOSE): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Other Events; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.