Eos Energy Enterprises (EOSE) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $68.8 million, a 351% year-over-year increase, with first-half 2026 revenue of $125.7 million surpassing full-year 2025 revenue.

• Backlog grew to a record $807 million (3.4 GWh), up 25% sequentially and 20% year-over-year, with a $24.6 billion commercial opportunity pipeline.

• Major operational improvements included the launch of Line 2 at Thorn Hill, improving battery cycle times by 10% and expanding manufacturing capacity.

• Frontier Power USA (FPUSA) joint venture accelerated project execution, contributed $55 million in Q2 revenue, and raised $263 million to support over $1 billion in deployments.

• Awarded strategic contracts, including a $100 million Blanquilla order, a 750 MWh master supply agreement for the DACH region, and a defense partnership under the Golden Dome for America program.

Financial highlights

• Q2 2026 revenue was $68.8 million, gross loss $48.8 million, and gross margin -71%, a 132-point improvement year-over-year.

• Adjusted gross loss was $42.9 million, with adjusted gross margin at -62%, and adjusted EBITDA loss was $71.4 million, margin improving 235 points year-over-year.

• Net loss attributable to shareholders was $275.7 million, mainly due to non-cash fair value adjustments.

• Total cash as of June 30, 2026, was $364 million, with nearly 100% free cash flow conversion from operations.

• Six-month gross loss was $93.2 million; recognized $22.8 million in production tax credits as a reduction of cost of goods sold.

Outlook and guidance

• Full-year 2026 revenue guidance tightened to $300–$350 million, with H2 expected to exceed H1 and Q4 higher than Q3.

• Targeting positive adjusted gross margin by Q4 2026 and margin expansion in 2027, driven by manufacturing consolidation and operational leverage.

• Clear path to over 72 points of adjusted gross margin improvement over the next 12 months, assuming execution of cost reduction plans.