Eos Energy Enterprises Inc (EOSE)
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symbol.quality_heading
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
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.
symbol.quality_note
Eos Energy builds zinc batteries in a real American factory, and in 2025 the ramp finally arrived: revenue grew more than sevenfold to $114.2 million. We read the annual report (10-K) for 2025, the quarterly report (10-Q) as of March 31, 2026 and every filing since — through the preliminary second-quarter numbers of July 15 and the rights-offering result of July 23, 2026. Out came the figures the ribbon-cutting photos leave out: cost of goods sold of $258.0 million against that revenue, a preferred stock held by Cerberus that ranks ahead of every common share, and a capital raise in which the company's own shareholders left three-quarters of the offering on the table. The good news is in there too, and it is real. Not investment advice — just a careful look at what a factory can prove, and what it cannot.
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Stock Watch
This analysis is as of July 16, 2026. Stock Watch will tell you what's changed at EOSE since then.
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Appears in These Scanners
This stock currently matches 3 of our scanner strategies — each hit links to the scanner.
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Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 3.40 $ — 2% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
NeutralGeprüft 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
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.
Analysts & Price Target
The price target sits 132.1% above the current price.
- Consensus
- Sell
- Analyst Ratings
- 9
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.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 1.12 | 0.65 – 1.60 | 311 | 128.3% | 4 |
| 12/31/2027 | -0.04 | -0.07 – 0.05 | 593 | -103.6% | 4 |
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.
Next Reporting Date
- Expected Earnings per Share
- -0.27 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -1.24 | – | 7 | 9.70 | -3,696.70 | -43 | -56 |
| 2025: Q1 | 0.03 | – | 11 | 58.40 | 144.70 | -29 | -34 |
| 2025: Q2 | -0.94 | – | 15 | 1,596.70 | -1,463.20 | -66 | -73 |
| 2025: Q3 | -2.36 | – | 31 | 3,472.80 | -2,102.10 | -66 | -83 |
| 2025: Q4 | -0.46 | – | 58 | 699.60 | -207.70 | -50 | -75 |
| 2026: Q1 | 0.93 | 2,592.80 | 57 | 444.70 | 893.40 | -120 | -155 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($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 |
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.
Assessment: Opportunities & Risks
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.
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.
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).
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.
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).
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).
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.
- 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.
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 | Edison, NJ |
| Address | 3920 Park Avenue, 08820 Edison, United States |
| Phone | 732 225 8400 |
| Website | eose.com |
| IPO Date | 3. Jun 2020 |
| ISIN | US29415C1018 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Joseph R. Mastrangelo Jr. | CEO & Director | 1969 |
| Michelle Buczkowski | Chief Administration Officer | 1985 |
| Nathan G. Kroeker CPA | Chief Commercial Officer | 1974 |
| 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 | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Insider Transactions
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 28. Jul 2026 | Puri Sumeet | Chief Accounting Officer | Sell | 29,167 | 3.36 | 98,001 |
| 28. Jul 2026 | Kroeker Nathan | Chief Commercial Officer | Sell | 110,417 | 3.36 | 371,001 |
| 27. Jul 2026 | Mastrangelo Joe | Chief Executive Officer | Sell | 159,154 | 3.61 | 574,546 |
| 25. Jul 2026 | Puri Sumeet | Chief Accounting Officer | Other | 58,334 | 0.00 | – |
| 25. Jul 2026 | Kroeker Nathan | Chief Commercial Officer | Other | 220,834 | 0.00 | – |
| 25. Jul 2026 | Mastrangelo Joe | Chief Executive Officer | Other | 333,334 | 0.00 | – |
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.
View all insider transactions →Chart
Interactive price chart (TradingView).
Data as of: July 31, 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.