Revenue surged 631% year-over-year to $68.8M in 2026Q2, but gross margin remains deeply negative at -71.0%, indicating production costs still far exceed selling prices.
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 | 214.25M | 114.2M | 15.61M | 16.38M | 17.92M | 4.6M | 219K | 496K | 0 |
| Revenue Growth % | 533.87% | 631.79% | -4.71% | -8.63% | 289.82% | 1999.54% | -55.85% | - | - |
| Cost of Goods Sold | 395.82M | 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 | -181.57M | -143.84M | -83.26M | -73.42M | -135.34M | -41.88M | -5.29M | -7.84M | -9.18M |
| Gross Margin % | -84.75% | -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 | 123.54M | 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 | 67.44M | 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 | 35.73M | 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 | 1M | 0 | 69.18M | 60.81M | 67.45M | 30.69M | 2.17M | 652K | 0 |
| Operating Income | -305.11M | -257.49M | -175.2M | -152.94M | -221.26M | -134.72M | -38.68M | -26.83M | -32.86M |
| Operating Margin % | -142.41% | -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 | -283.7M | -241.42M | -167.35M | -143.23M | -214.44M | -131.19M | -37.12M | -24.71M | -30.44M |
| EBITDA Margin % | -132.42% | -211.39% | -1072.34% | -874.52% | -1196.41% | -2853.13% | -16950.23% | -4981.65% | - |
| EBITDA Growth % | -34.68% | -44.26% | -16.84% | 33.21% | -63.46% | -253.4% | -50.23% | 18.83% | - |
| D&A (Non-Cash Add-back) | 21.41M | 16.07M | 7.85M | 9.71M | 6.81M | 3.54M | 1.56M | 2.12M | 2.42M |
| EBIT | -130.28M | -946.37M | -166.07M | -145.78M | -214.41M | -119.02M | -46.82M | -29.77M | -32.86M |
| Net Interest Income | -28.44M | -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 | 34.88M | 23.25M | 28.22M | 56.24M | 18.81M | 5.2M | 23.82M | 49.71M | 0 |
| Other Income/Expense | -223.53M | -712.13M | -510.65M | -76.54M | -8.5M | 10.51M | -31.96M | -52.65M | 4.36M |
| Pretax Income | -528.64M | -969.62M | -685.85M | -229.47M | -229.76M | -124.22M | -70.64M | -79.48M | -28.5M |
| Pretax Margin % | -246.74% | -849.03% | -4394.78% | -1401.12% | -1281.87% | -2701.52% | -32257.08% | -16024.8% | - |
| Income Tax | 31K | 24K | 21K | 31K | 51K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.01% | -0% | -0% | -0.01% | -0.02% | 0% | 0% | 0% | 0% |
| Net Income | -528.67M | -969.65M | -685.87M | -229.51M | -229.81M | -124.22M | -70.64M | -79.48M | -28.5M |
| Net Margin % | -246.76% | -849.06% | -4394.91% | -1401.31% | -1282.15% | -2701.52% | -32257.08% | -16024.8% | - |
| Net Income Growth % | 35.43% | -41.37% | -198.85% | 0.13% | -85.01% | -75.84% | 11.12% | -178.91% | - |
| Net Income (Continuing) | -528.67M | -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) | -1.56 | -6.69 | -4.55 | -1.81 | -3.68 | -2.71 | -1.37 | -33.86 | 0.00 |
| EPS Growth % | -30.34% | -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 | -0.42 |
| Diluted Shares Outstanding | 339.8M | 260.83M | 212.04M | 126.97M | 62.44M | 52.66M | 48.94M | 59M | 0 |
| Basic Shares Outstanding | 339.8M | 260.83M | 212.04M | 126.97M | 62.44M | 52.66M | 48.94M | 59M | 68.19M |
| 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 Surge Masks Structural Losses
EOSE's revenue jumped 631% year-over-year to $68.8M in 2026Q2, per the latest financials, yet each quarter's growth is decelerating sequentially, suggesting the initial scaling burst may be tapering.
The 631% YoY growth is impressive, but quarter-over-quarter growth slowed to 3.5% in 2026Q2 from 4.4% in Q1, indicating a potential plateau. This deceleration, combined with the fact that revenue is still tiny relative to the cost base, suggests the company is transitioning from a startup phase to a more mature, but still unprofitable, commercial stage. Investors should monitor whether the backlog conversion can sustain this pace or if the lumpy project-based revenue will cause volatility.
Gross Margin Deeply Negative
Gross margin improved from -111.2% in 2025Q3 to -71.0% in 2026Q2, as reported in the income statement, but remains deeply negative, indicating that production costs still far exceed selling prices.
The improvement in gross margin is a positive sign, but the absolute level is unsustainable. The negative gross margin implies that Eos is selling each battery system at a significant loss, likely due to high fixed costs and low production volumes. The company's ability to achieve positive gross margins will depend on scaling production and improving manufacturing yields, which are not yet evident in the data. Until then, each sale deepens the operating loss.
Operating Leverage Absent
Operating losses have widened from -$29.0M in 2024Q2 to -$83.8M in 2026Q2, per the financial statements, despite a 76x revenue increase, indicating that SG&A and R&D costs are scaling with revenue rather than being absorbed.
The lack of operating leverage is concerning. While revenue has grown dramatically, operating expenses (R&D and SG&A) have also increased, and the operating margin remains deeply negative at -121.9% in 2026Q2. This suggests that the company is not yet benefiting from economies of scale, and that fixed costs are still dominating. The path to profitability requires not only revenue growth but also disciplined cost control, which has not yet materialized.
Net Income Volatility Masks Core Losses
Net income swung from a $508.9M gain in 2026Q1 to a -$275.7M loss in 2026Q2, as per the income statement, driven by non-operating items, while the underlying operating loss remains consistently around -$80M.
The extreme volatility in net income is primarily due to non-operating items, such as changes in fair value of warrants or other one-time gains/losses. The core operating loss is relatively stable, indicating that the company's fundamental profitability has not improved. Investors should focus on operating income rather than net income to gauge the health of the business. The large positive net income in Q1 2026 is likely a non-cash gain and not indicative of sustainable profitability.
COGS Outpaces Revenue Growth
COGS grew from $14.1M in 2024Q2 to $117.6M in 2026Q2, as reported, far exceeding the revenue increase, indicating that variable costs are scaling disproportionately with production.
The cost of goods sold is the primary driver of the negative gross margin. The fact that COGS is growing faster than revenue suggests that the company is facing significant production inefficiencies or that the cost of materials and labor is high relative to the selling price. This could be due to the early stage of automated manufacturing, where yields are low and scrap rates are high. Management's focus on 'Project Resilience' to automate production is critical to reducing these costs, but the data shows no improvement yet.
2025Q3 Marks a Turning Point
The quarter ending 2025Q3 saw revenue jump to $30.5M from $7.3M in 2024Q4, per the financials, signaling the start of commercial scaling, but it also brought a massive -$641.4M net loss due to non-cash charges.
2025Q3 appears to be the inflection point where Eos transitioned from a development-stage company to one generating meaningful revenue. However, this transition was accompanied by a significant net loss, likely due to warrant revaluations or other non-cash items. The subsequent quarters show continued revenue growth but also persistent operating losses, indicating that the company has not yet reached the scale needed to cover its fixed costs. The lasting impact is that Eos is now a commercial entity, but its profitability remains elusive.
Unsustainable Unit Economics
Despite a 631% revenue surge, gross margin remains at -71.0% in 2026Q2, per the income statement, implying that Eos loses $0.71 on every dollar of sales, a condition that cannot persist without severe dilution.
The most critical challenge to the bull case is the deeply negative gross margin. If the company cannot achieve positive gross margins, it will continue to burn cash at an alarming rate, requiring constant capital raises that dilute existing shareholders. The revenue growth is impressive, but it is not translating into profitability. Short-sellers would argue that the company's technology may never achieve the cost structure needed to compete with lithium-ion, and that the current valuation is based on unrealistic expectations. Investors should monitor the trajectory of gross margin closely; any failure to improve would validate these concerns.