Eos Energy Enterprises, Inc.

Listed Company

EOSECIK 0001805077NasdaqNon-AcceleratedMiscellaneous Electrical Machinery, Equipment & SuppliesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$114.20M

Net Income

$-969.65M

Total Assets

$885.20M

Equity

$-2.24B

Shares Out

339.43M

Op. Cash Flow

$-211.19M

Business

Eos Energy Enterprises, Inc. designs, develops, manufactures and markets zinc-based battery energy storage systems (BESS) as safe, non-flammable alternatives to lithium-ion for long-duration applications. Its main products and services include the Znyth™ Z3™ battery modules and turnkey DC BESS, a proprietary battery management system (BMS) with remote monitoring and predictive analytics, project management, commissioning and long-term maintenance plans. The company operates one reportable segment focused on manufacturing and selling integrated battery systems and related services. Its primary market is North America, selling directly to utilities and through channels to commercial, industrial and renewable developers.

Summary from filing dated 2025-03-04

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	114	16	16	18	5
Cost of goods sold	258	99	90	153	46
Gross profit (loss)	−144	−83	−73	—	—
Research and development expenses	29	23	19	18	19
Selling, general and administrative expenses	85	60	54	—	—
Loss from write-down of property, plant and equipment	2	9	7	7	50,000
Total operating expenses	115	92	169	239	139
Operating income (loss)	−259	−175	−153	−221	−135
Change in fair value of debt - related party	18	34	0	—	—
Change in fair value of warrants	−280	−171	−25	848,000	2
(Loss) gain on debt extinguishment	−53	68	−4	−942,000	1
Induced conversion expense	−63	0	—	—	—
Other expense	−2	−8	−2	−477,000	2
Loss before income taxes	−970	−686	−229	−230	−124
Income tax expense	24,000	21,000	31,000	51,000	0
Net loss attributable to shareholders	−970	−686	−230	−230	−124
Remeasurement of Preferred Stock - related party	−771	−278	—	—	—
Down round deemed dividend	−4	0	—	—	—
Net loss attributable to common shareholders	−1,745	−964	−230	—	—
Change in fair value of debt - credit risk - related party	−87	−43	0	—	—
Foreign currency translation adjustment	16,000	−13,000	1,000	6,000	0
Comprehensive loss attributable to common shareholders	−1,832	−1,008	−230	−230	−124
Basic (in dollars per share)	−6.69	−4.55	−1.81	−3.68	−2.36
Diluted (in dollars per share)	−6.69	−4.55	−1.81	−3.68	−2.36
Basic (in shares)	261	212	127	62	53
Diluted (in shares)	261	212	127	62	53

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	568	74	69	17	105
Restricted cash	35	14	3	3	861,000
Loan commitment assets - related party	0	22	0	—	—
Accounts receivable, net	7	3	3	2	2
Inventory	59	33	17	23	13
Vendor deposits	12	17	7	5	17
Contract assets, current	14	13	6	2	1
Prepaid expenses	3	938,000	1	2	3
Grant receivable, net	11	2	3	263,000	—
Other current assets	590,000	219,000	4	1	1
Total current assets	708	180	122	55	143
Property, plant and equipment, net	114	46	38	27	13
Intangible assets, net	979,000	240,000	295,000	240,000	280,000
Goodwill	4	4	4	4	4
Operating lease right-of-use asset, net	20	3	4	4	3
Long-term restricted cash	22	15	12	11	0
Other assets, net	15	12	6	4	2
Total assets	885	260	186	107	169
Accounts payable	100	17	21	35	13
Accrued expenses	26	22	32	15	8
Operating lease liability, current	2	2	1	1	1
Long-term debt, current	372,000	2	3	3	2
Contract liabilities, current	15	22	3	4	849,000
Other current liabilities	524,000	288,000	100,000	32,000	9,000
Total current liabilities	144	65	61	61	30
Operating lease liability	19	2	3	4	3
Long-term debt	662	66	88	87	5
Notes payable - related party	150	249	113	0	14
Contract liabilities, long-term	3	4	4	956,000	0
Other liabilities	427,000	69,000	2	3	17,000
Total long-term liabilities	1,619	777	236	179	107
Total liabilities	1,763	842	297	239	137
COMMITMENTS AND CONTINGENCIES (NOTE 17)	—	—	—	—	—
Common Stock, $0.0001 par value, 600,000,000 shares authorized, 337,132,374 and 221,791,205 shares outstanding at December 31, 2025 and 2024, respectively	32,000	23,000	21,000	9,000	5,000
Additional paid in capital	428	535	765	514	449
Accumulated deficit	−2,536	−1,562	−876	−646	−417
Total shareholders' deficit	−2,239	−1,070	−111	−133	32
Total liabilities, preferred stock and shareholders' deficit	885	260	186	107	169

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation	25	19	14	14	15
Depreciation and amortization	14	8	10	7	3
Loss from write-down of property, plant and equipment	2	9	7	7	—
Amortization of right-of-use assets	2	1	1	865,000	924,000
Change in fair value of debt - related party	−18	−34	0	—	—
Other	−96,000	13	2	−397,000	3
Prepaid expenses	−2	144,000	1	304,000	−284,000
Inventory	−22	−20	6	−10	−10
Accounts receivable	−4	349,000	−2	234,000	−2
Vendor deposits	−3	350,000	−2	7	−7
Contract assets	−2	−6	−6	−631,000	−1
Grant receivable	−9	973,000	−3	0	—
Accounts payable	62	−5	−11	20	6
Accrued expenses	3	−15	19	5	3
Operating lease liabilities	−2	−1	−1	−785,000	−846,000
Contract liabilities	−9	20	2	4	772,000
Other receivables	0	8	−8	0	—
Other	−1	640,000	−5	−1	−2
Net cash used in operating activities	−211	−154	−145	−197	−116
Investment in internally developed software	−913,000	−34,000	—	—	—
Purchases of property, plant and equipment	−54	−33	−29	−20	−16
Net cash used in investing activities	−55	−33	−29	−17	−23
Proceeds received from Credit and Securities Purchase Transaction, net - related party	38	160	0	98	0
Proceeds received from DOE Loan, net of fees paid to lender	23	67	—	—	—
Payoff of Senior Secured Term Loan	0	−20	0	—	—
Payoff of Notes Payable - related party	−181	0	—	−304,000	0
Repurchase of May 2025 Convertible Notes	−558	0	—	—	—
Return of debt repurchase premium	5	0	—	—	—
Principal payments on finance lease obligations	−57,000	−99,000	−96,000	−14,000	−11,000
Repayment of equipment financing facility	−2	−3	−3	−2	—
Proceeds from issuance of common stock	539	14	93	—	—
Proceeds from exercise of stock options	3	56,000	462,000	0	1
Proceeds from exercise of warrants	109	7	0	7,000	20
Repurchase of shares from employees for income tax withholding purposes	−488,000	−1	−633,000	−978,000	−353,000
Net cash provided by financing activities	787	206	228	140	123
Effect of foreign exchange on cash, cash equivalents and restricted cash	−3,000	−17,000	5,000	14,000	0
Net increase in cash, cash equivalents and restricted cash	521	19	53	−74	−16
Right-of-use operating lease assets in exchange for lease liabilities	19	109,000	718,000	2	4
Fixed assets acquired with finance lease	252,000	0	125,000	147,000	21,000
Accrued and unpaid debt issuance costs	519,000	3	0	6	0
Accrued and unpaid capital expenditures	22	1	548,000	3	576,000
Remeasurement of preferred stock - related party	771	278	—	—	—
Issuance of convertible notes for interest paid-in-kind - related parties	3	12	10	6	—
Issuance of common stock upon settlement of AFG Convertible Notes	148	0	51	8	0
Paid-in kind interest added to principal	4	0	—	—	—
Issuance of DOE Warrants	7	0	—	—	—
Cash paid for interest	8	4	15	6	157,000

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