Revenue grew to $82.7M in 2026Q3 from $58.0M in 2025Q4, yet gross margin stayed at -53.4% and operating margin at -95.9%, indicating that cost of goods sold still exceeds revenue even at record volumes.
Eos Energy Enterprises, Inc. (EOSE) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 266.47M | 114.2M | 15.61M | 16.38M | 17.92M | 4.6M | 219K | 496K | 0 |
| Revenue Growth % | 319.91% | 631.79% | -4.71% | -8.63% | 289.82% | 1999.54% | -55.85% | - | - |
| Cost of Goods Sold | 458.32M | 258.04M | 98.87M | 89.8M | 153.26M | 46.48M | 5.51M | 8.33M | 9.18M |
| COGS % of Revenue | - | 225.95% | 633.52% | 548.28% | 855.05% | 1010.94% | 2515.53% | 1679.84% | - |
| Gross Profit | -191.85M | -143.84M | -83.26M | -73.42M | -135.34M | -41.88M | -5.29M | -7.84M | -9.18M |
| Gross Margin % | -72% | -125.95% | -533.52% | -448.28% | -755.05% | -910.94% | -2415.53% | -1579.84% | - |
| Gross Profit Growth % | - | -72.75% | -13.4% | 45.75% | -223.11% | -691.78% | 32.49% | 14.64% | - |
| Operating Expenses | 131.36M | 113.65M | 91.94M | 79.52M | 85.92M | 92.84M | 33.39M | 19M | 19.2M |
| OpEx % of Revenue | - | 99.52% | 589.12% | 485.51% | 479.37% | 2019.12% | 15246.12% | 3829.84% | - |
| Selling, General & Admin | 91.25M | 85.11M | 0 | 0 | 0 | 43M | 17.62M | 6.59M | 7.69M |
| SG&A % of Revenue | - | 74.53% | - | - | - | 935.15% | 8046.12% | 1328.43% | - |
| Research & Development | 39.71M | 28.54M | 22.76M | 18.71M | 18.47M | 19.15M | 13.59M | 11.76M | 14.57M |
| R&D % of Revenue | - | 24.99% | 145.83% | 114.23% | 103.04% | 416.57% | 6206.85% | 2369.96% | - |
| Other Operating Expenses | 394K | 0 | 69.18M | 60.81M | 67.45M | 30.69M | 2.17M | 652K | 0 |
| Operating Income | -323.21M | -257.49M | -175.2M | -152.94M | -221.26M | -134.72M | -38.68M | -26.83M | -32.86M |
| Operating Margin % | -121.3% | -225.47% | -1122.64% | -933.8% | -1234.42% | -2930.06% | -17661.64% | -5409.68% | - |
| Operating Income Growth % | - | -46.97% | -14.56% | 30.88% | -64.23% | -248.31% | -44.15% | 18.34% | - |
| EBITDA | -85.59M | -241.42M | -166.07M | -142.16M | -213.58M | -131.19M | -37.12M | -24.71M | -30.44M |
| EBITDA Margin % | -32.12% | -211.39% | -1064.12% | -868.01% | -1191.58% | -2853.13% | -16950.23% | -4981.65% | - |
| EBITDA Growth % | 60.47% | -45.37% | -16.81% | 33.44% | -62.8% | -253.4% | -50.23% | 18.83% | - |
| D&A (Non-Cash Add-back) | 18.8M | 16.07M | 9.13M | 10.77M | 7.68M | 3.54M | 1.56M | 2.12M | 2.42M |
| EBIT | 646.6M | -946.37M | -166.07M | -145.78M | -214.41M | -119.02M | -46.82M | -29.77M | -32.86M |
| Net Interest Income | -37.43M | -23.25M | -28.22M | -56.24M | -18.81M | -5.2M | -23.82M | -49.71M | 0 |
| Interest Income | 6.44M | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 116K |
| Interest Expense | 43.87M | 23.25M | 28.22M | 56.24M | 18.81M | 5.2M | 23.82M | 49.71M | 0 |
| Other Income/Expense | 562.47M | -712.13M | -510.65M | -76.54M | -8.5M | 10.51M | -31.96M | -52.65M | 4.36M |
| Pretax Income | 239.25M | -969.62M | -685.85M | -229.47M | -229.76M | -124.22M | -70.64M | -79.48M | -28.5M |
| Pretax Margin % | 89.79% | -849.03% | -4394.78% | -1401.12% | -1281.87% | -2701.52% | -32257.08% | -16024.8% | - |
| Income Tax | 1.49M | 24K | 21K | 31K | 51K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0.62% | -0% | -0% | -0.01% | -0.02% | 0% | 0% | 0% | 0% |
| Net Income | 237.76M | -969.65M | -685.87M | -229.51M | -229.81M | -124.22M | -70.64M | -79.48M | -28.5M |
| Net Margin % | 89.23% | -849.06% | -4394.91% | -1401.31% | -1282.15% | -2701.52% | -32257.08% | -16024.8% | - |
| Net Income Growth % | 121.28% | -41.37% | -198.85% | 0.13% | -85.01% | -75.84% | 11.12% | -178.91% | - |
| Net Income (Continuing) | 237.76M | -969.65M | -685.87M | -229.51M | -229.81M | -124.22M | -70.64M | -79.48M | -28.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.43 | -6.69 | -4.55 | -1.81 | -3.68 | -2.71 | -1.37 | -33.86 | 0.00 |
| EPS Growth % | 73.74% | -47.03% | -151.38% | 50.82% | -35.79% | -97.81% | 95.95% | - | - |
| EPS (Basic) | - | -6.69 | -4.55 | -1.81 | -3.68 | -2.71 | -1.37 | -2.26 | 0.00 |
| Diluted Shares Outstanding | 553.27M | 260.83M | 212.04M | 126.97M | 62.44M | 52.66M | 48.94M | 59M | 0 |
| Basic Shares Outstanding | 361.8M | 260.83M | 212.04M | 126.97M | 62.44M | 52.66M | 48.94M | 59M | 0 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying EOSE stock.
For fiscal year 2025, Eos Energy Enterprises, Inc. (EOSE) reported total revenue of $114.2M.
Eos Energy Enterprises, Inc. (EOSE) reported a net loss of $969.6M for the fiscal year ending 2025.
Eos Energy Enterprises, Inc. (EOSE) reported an operating income of $-257.5M, resulting in an operating profit margin of -225.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Eos Energy Enterprises, Inc. (EOSE) generated $-143.8M in gross profit for the year, representing a gross profit margin of -125.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent negative gross margins
Metrics are mathematically derived from official filings.
Revenue Scaling From a Sub-Scale Base
Based on the reported quarterly figures, Eos's revenue climbed from $0.85M in 2024Q3 to $82.7M in 2026Q3, a rise that appears to reflect rapid volume ramp from a near-zero starting point rather than a durable growth curve yet established across multiple periods. The recent acceleration is notable but remains concentrated in few quarters.
The steep sequential increase suggests that delivery milestones on early utility and commercial contracts are now being recognized, which may indicate improving backlog conversion. However, the lumpy quarter-to-quarter pattern, including a drop to $15.2M in 2025Q2 after a $10.5M print, implies revenue timing is highly sensitive to project delivery schedules. Investors should monitor whether subsequent quarters sustain this level before extrapolating the growth rate.
Gross Losses Persist Despite Volume Gains
As reported in financial statements, Eos's gross margin remained negative at -53.4% in 2026Q3 and averaged roughly -70% across the last four quarters, indicating that cost of goods sold continues to exceed revenue even at record volumes.
The fact that margins have not turned positive as revenue scaled suggests that unit economics are not yet being driven primarily by volume absorption. The sequential improvement from -78.0% in 2026Q1 to -53.4% in 2026Q3 is directionally encouraging, but it starts from a deeply negative base and does not yet demonstrate structural pricing power or cost parity with peers. Margin trajectory, rather than any single quarter, will determine whether this business model is viable.
Operating Losses Widen Relative to Revenue
Based on the reported figures, operating margin was -95.9% in 2026Q3, with operating losses of -$79.3M against $82.7M of revenue, showing that fixed overhead and R&D continue to outweigh gross profit contribution.
Operating expenses of roughly $35M per quarter in recent periods are large relative to the company's gross loss, which suggests that operating leverage is currently negative rather than favorable. Revenue growth has not yet translated into proportionally smaller operating losses across the series. This pattern appears consistent with a high fixed-cost structure that will require sustained volume and margin gains to reverse.
Net Income Distorted by Non-Operating Items
As reported in the income statement, Eos's reported net income swung from a $508.9M gain in 2026Q1 to a -$641.4M loss in 2025Q3, with EPS ranging from -4.91 to 0.22, figures that appear driven largely by non-operating and non-cash items rather than core operations.
Net income moves that are several multiples of operating loss suggest that fair-value adjustments, financing-related items, or other non-operating charges are materially influencing reported results. The stock-based compensation figure of roughly $5M to $10M per quarter is modest relative to these swings, so it does not appear to be the primary explanation. Given the volatility, investors may find operating loss a more stable signal of underlying performance, though the underlying drivers of these non-operating swings warrant further investigation.
Growth Narrative Lacks Margin Confirmation
The strongest challenge to the income statement narrative is that Eos's 631% year-over-year revenue growth is not yet accompanied by any sustained gross margin improvement, which may indicate that growth is being bought with negative unit economics.
If variable costs or production inefficiencies scale alongside volume, rapid revenue expansion could deepen cumulative losses rather than resolve them, a risk that short-sellers would likely emphasize. The sequential gross margin gain in the most recent quarter rests on one data point from a deeply negative base and does not yet establish a trend. Until gross margin turns durably positive, the revenue trajectory may be interpreted as an expensive form of market-share acquisition rather than evidence of a scalable business.