Eos Energy Enterprises, Inc. (NASDAQ: EOSE), a leader in zinc-based long-duration energy storage systems, has announced its financial results for the fourth quarter and full year ended December 31, 2025. The company reported an extraordinary year marked by significant revenue growth and operational advancements, setting a strong foundation for 2026.

1. Fourth Quarter Highlights

Eos Energy Enterprises experienced a record quarterly revenue of $58.0 million, representing a 90% increase from the prior quarter and approximately 8x year-over-year growth. This remarkable growth was fueled by efficiency and quality improvements in operations, alongside the implementation of subassembly automation.

Key Metrics:

Gross Loss: The company reported a gross loss of $54.4 million, which reflects a 230-point margin improvement over the previous year, primarily due to enhanced product margins. The adjusted gross loss, excluding stock-based compensation and depreciation, stood at $49.1 million.

Net Loss: Eos reported a net loss attributable to shareholders totaling $120.5 million. On a non-GAAP basis, the adjusted EBITDA loss was $71.5 million, widening from $44.6 million in the prior year but showcasing a 492-point margin improvement.

Cash Position: As of December 31, 2025, Eos held total cash of $624.6 million, including restricted cash, indicating a robust liquidity position.

Order Backlog: The total order backlog increased to $701.5 million, equivalent to 2.8 GWh, marking a 9% sequential quarter rise and reflecting strong commercial momentum.

Commercial Opportunity Pipeline: The commercial opportunity pipeline reached $23.6 billion, a 64% increase compared to December 31, 2024.

2. Full Year 2025 Highlights

For the full year 2025, Eos reported a total revenue of $114.2 million, representing more than 7x growth compared to 2024. This growth was largely attributed to the scaling of production via the company's first-generation highly automated manufacturing process, along with a 609% increase in customer deliveries.

Financial Metrics:

Gross Loss: The full year gross loss was $143.8 million, with a margin improvement of 408 points as manufacturing volumes rose and production costs declined.

Net Loss: The net loss attributable to shareholders for the year was $969.6 million, driven primarily by $746.8 million in non-cash items related to fair value accounting and stock-based compensation.

Adjusted EBITDA Loss: The adjusted EBITDA loss for the year was $219.1 million, compared to $156.6 million in 2024, highlighting an 812-point margin improvement due to ongoing operational efficiencies.

3. CEO Comments on Performance

Joe Mastrangelo, Eos Chief Executive Officer, stated, “2025 was a structural turning point for Eos. We accelerated production, expanded annual capacity to 2 GWh, delivered record quarterly revenue, strengthened our cash position to over $600 million, and secured more than $240 million in fourth-quarter bookings across diversified markets.”

Mastrangelo acknowledged the disappointment of not meeting revenue expectations but expressed confidence in the company’s operational improvements and momentum exiting 2025.

4. 2026 Outlook

Looking ahead, Eos Energy expects to achieve revenues between $300 million and $400 million for the full year 2026. This optimistic guidance reflects the company's commitment to disciplined scale and margin improvement, focusing on driving manufacturing efficiency and converting backlog into high-quality revenue.

5. Recent Business Highlights

Record Operational Performance

Eos concluded 2025 with an annualized production capacity of 2 GWh, achieved through ongoing automation and process optimization. Although this milestone was reached later than planned, operational execution improved significantly, resulting in record production levels.

Launch of Eos Indensity™

The company introduced Eos Indensity™, a next-generation stackable energy storage architecture that offers up to 1 GWh of storage per acre, significantly enhancing site flexibility and safety. Indensity’s design aims to be cost-competitive with existing technologies while providing long-duration performance.

Commercial Growth

In 2025, Eos solidified its commercial relationships, ending the year with a backlog of $701.5 million. The fourth quarter alone saw over $240 million in new orders across multiple projects and clients, showcasing broad-based demand.

Strengthened Balance Sheet

In the fourth quarter, Eos enhanced its liquidity through a convertible senior notes offering and a direct common stock offering, generating approximately $580.5 million in proceeds. Key outcomes included retiring $200 million of 2030 convertible notes and extending corporate debt maturities.

6. Conclusion

Eos Energy Enterprises' financial results demonstrate a robust growth trajectory and enhanced operational capabilities. With a strong cash position, a growing order backlog, and innovative technology offerings, Eos is well-positioned to navigate the evolving energy landscape in 2026 and beyond. The confidence expressed by leadership and the ambitious outlook for the coming year suggests a promising path towards sustainable value creation.

Original press release