Eos Energy Enterprises, Inc.

Revenue increased to a record $68.8 million, up 351% year over year and 21% sequentially, driven by cube deliveries up 207% year over year and 20% sequentially. Gross loss was $48.8 million, with gross margin improving 132 points year over year and 7 points sequentially; adjusted gross loss was $42.9 million and adjusted gross margin was negative 62%. Adjusted EBITDA loss was $71.4 million, a margin of negative 104%, improving 235 points year over year and 16 points sequentially. Cash ended at $364 million. For 2026, Eos tightened revenue guidance to $300 million-$350 million; management said the low end assumes continuing June run-rate and the high end assumes Thorn Hill reaches full 24/7 operation by the end of Q4.

Joe Mastrangelo framed the quarter as proof that Eos is scaling operationally while also making a strategic tradeoff: consolidate manufacturing now to lower the cost base and set up margin expansion in 2027. He emphasized record backlog, record shipments, stronger field performance, and the idea that the company is moving from technology validation toward bankable operating references. His tone was confident and constructive, but he repeatedly stressed execution and said the company must keep improving profitability and cash generation.

Alessandro Lagi highlighted the financial inflection point: revenue of $68.8 million, gross loss of $48.8 million, adjusted EBITDA loss of $71.4 million, and cash of $364 million. He said adjusted gross margin has improved from approximately negative 983% in Q2 2024 to negative 40% this quarter, and outlined a path to more than 72 points of adjusted gross margin improvement over the next 12 months if the plan and volume targets are achieved. He also noted operating cash flow was close to adjusted EBITDA, working capital did not consume incremental cash despite 21% sequential revenue growth, and the company expects to close the second-year tranche by quarter end, subject to loan conditions.

Analysts focused heavily on the lowered 2026 revenue guidance, the degree of Thorn Hill ramp needed to hit the range, and whether Line 1 needs to come back online; management said the low end is basically the June run-rate through year-end, while the high end depends on Thorn Hill reaching full 24/7 operation by year-end, not necessarily Line 1 ramping back up fully. Questions also probed customer concentration, with management acknowledging a large portion of Q2 revenue came from a project tied to Frontier Power USA, but saying the goal is to grow the overall pie and diversify over time through new wins in Europe, government, and data centers. Another thread was data centers and shorter-duration demand; management said they are seeing multiple cycles and shorter durations that can add up to longer discharge and reiterated that Eos can serve that use case, while declining to narrowly characterize the market split between onsite and grid-level projects.