$EOSE

Eos Energy Enterprises, Inc.

CIK:0001805077|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Revenue	$ 68,775	$ 15,236	$ 125,738	$ 25,693
Cost of goods sold	117,576	46,189	218,966	81,185
Gross profit (loss)	(48,801)	(30,953)	(93,228)	(55,492)
Operating expenses
Research and development expenses	10,505	7,201	21,224	14,038
Selling, general and administrative expenses	24,500	25,488	48,595	46,483
Loss from write-down of property, plant and equipment	5	205	76	766
Total operating expenses	35,010	32,894	69,895	61,287
Operating income (loss)	(83,811)	(63,847)	(163,123)	(116,779)
Other income (expense)
Interest expense	(11,972)	(7,490)	(24,214)	(14,249)
Interest income	3,654	851	6,441	1,665
Change in fair value of debt - related party	(4,534)	31,615	(8,766)	25,682
Change in fair value of warrants	(22,585)	(57,936)	146,140	(12,011)
Loss on debt extinguishment	0	(49,063)	0	(49,063)
Loss on contingently issuable securities	(35,662)	0	(35,662)	0
Other income (expense)	206	(606)	203	(1,166)
(Loss) income before income taxes	(275,697)	(222,931)	233,191	(207,790)
Income tax expense	13	6	18	11
Net (loss) income attributable to shareholders	(275,710)	(222,937)	233,173	(207,801)
Remeasurement of Preferred Stock - related party	(130,558)	(21,385)	648,320	58,612
Down round deemed dividend	0	(4,456)	0	(4,456)
Net (loss) income applicable to common stock	(406,268)	(248,778)	881,493	(153,645)
Other comprehensive (loss) income
Change in fair value of debt - credit risk - related party	(45,629)	(6,224)	(4,090)	(6,224)
Foreign currency translation adjustment	(3)	14	(13)	21
Comprehensive (loss) income attributable to common shareholders	(451,900)	(254,988)	877,390	(159,848)
Net (loss) income available to common shareholders	$ (406,268)	$ (248,778)	$ 566,165	$ (153,645)
Basic and diluted (loss) income per share attributable to common shareholders
Basic (in dollars per share)	$ (1.20)	$ (1.05)	$ 1.67	$ (0.66)
Diluted (in dollars per share)	$ (1.20)	$ (1.05)	$ (0.26)	$ (0.66)
Weighted average shares of common stock
Basic (in shares)	339,799,132	237,741,328	339,920,441	231,616,540
Diluted (in shares)	339,799,132	237,741,328	531,673,873	231,616,540
Related Party
Revenue
Revenue	$ 55,034	$ 0	$ 55,034	$ 0
Other income (expense)
Interest expense	0	(4,510)	0	(10,291)
Change in fair value of derivatives	(50,546)	(76,455)	216,684	(41,869)
Nonrelated Party
Revenue
Revenue	13,741	15,236	70,704	25,693
Other income (expense)
Interest expense	(11,972)	(2,980)	(24,214)	(3,958)
Change in fair value of derivatives	$ (70,447)	$ 0	$ 95,488	$ 0

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income (loss)	$ 233,173	$ (207,801)
Adjustment to reconcile net income to net cash used in operating activities
Stock-based compensation	12,085	14,701
Depreciation and amortization	11,461	5,615
Loss on debt extinguishment	0	49,063
Loss from write-down of property, plant and equipment	76	766
Amortization of right-of-use assets	1,522	805
Change in fair value of debt - related party	8,766	(25,682)
Change in fair value of warrants	(146,140)	12,011
Loss on contingently issuable securities	35,662	0
Other	669	(6,317)
Changes in operating assets and liabilities:
Prepaid expenses	(542)	(1,067)
Inventory	(16,577)	(90)
Vendor deposits	(5,925)	(5,093)
Contract assets	(7,369)	(2,776)
Grant receivable	(22,798)	(4,306)
Accounts payable	12,461	10,165
Accrued expenses	7,450	(1,273)
Operating lease liabilities	736	(961)
Contract liabilities	(7,595)	13,188
Other	(7,018)	(1,556)
Net cash used in operating activities	(191,753)	(95,046)
Cash flows from investing activities
Investment in internally developed software	(76)	0
Purchases of property, plant and equipment	(70,475)	(11,959)
Net cash used in investing activities	(70,551)	(11,959)
Cash flows from financing activities
Principal payments on finance lease obligations	(45)	(22)
Proceeds from exercise of stock options	74	319
Proceeds from exercise of warrants	3,280	7,829
Proceeds received from Credit and Securities Purchase Transaction, net - related party	0	38,475
Payment of debt issuance costs	(566)	(2,836)
Payoff of notes payable - related parties	0	(180,940)
Payment of debt extinguishment costs	0	(680)
Return of debt repurchase premium	0	5,000
Repayment of equipment financing facility	(122)	(912)
Proceeds from issuance of common stock	0	81,075
Repurchase of shares from employees for income tax withholding purposes	(813)	(488)
Net cash provided by financing activities	1,808	186,820
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0	(2)
Net (decrease) increase in cash, cash equivalents and restricted cash	(260,496)	79,813
Cash, cash equivalents and restricted cash, beginning of the period	624,566	103,362
Cash, cash equivalents and restricted cash, end of the period	364,070	183,175
Non-cash investing and financing activities
Accrued and unpaid capital expenditures	21,919	13,872
Accrued and unpaid investment in internally developed software	632	0
Accrued direct costs for equity-method investment	530	0
Warrants issuable for formation of joint venture	151,034	0
Paid-in kind interest added to principal	2,217	4,576
Accrued and unpaid debt issuance costs	28	2,797
Accrued and unpaid equity issuance costs	2,188	0
Down round deemed dividend	0	4,456
Remeasurement of preferred stock - related party	(648,320)	(58,612)
Fixed assets acquired with finance lease	24	0
Right-of-use operating lease assets in exchange for lease liabilities	1,829	520
Reclassification of embedded derivative to additional paid in capital	133,231	0
Supplemental disclosures
Cash paid for interest	7,147	127
May 2025 Convertible Notes
Cash flows from financing activities
Proceeds from the issuance of May 2025 Convertible Notes, net of discount	0	240,000
Related Party
Adjustment to reconcile net income to net cash used in operating activities
Non-cash interest expense	0	10,291
Change in fair value of derivatives	(216,684)	41,869
Changes in operating assets and liabilities:
Accounts receivable	(5,516)	0
Nonrelated Party
Adjustment to reconcile net income to net cash used in operating activities
Non-cash interest expense	17,236	3,826
Change in fair value of derivatives	(95,488)	0
Changes in operating assets and liabilities:
Accounts receivable	$ (1,398)	$ (424)

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 305,491	$ 567,992
Restricted cash	43,579	34,636
Inventory	74,990	59,026
Vendor deposits	16,118	11,756
Contract assets, current	15,877	13,972
Prepaid expenses	3,243	2,701
Grant receivable, net	33,826	11,028
Other current assets	7,243	590
Total current assets	514,000	708,480
Property, plant and equipment, net	177,453	114,415
Intangible assets, net	1,507	979
Goodwill	4,331	4,331
Operating lease right-of-use asset, net	20,727	20,420
Long-term restricted cash	15,000	21,938
Other assets, net	173,761	14,634
Total assets	906,779	885,197
Current liabilities:
Accounts payable	105,598	99,915
Accrued expenses	42,469	25,794
Operating lease liability, current	1,781	1,960
Long-term debt, current	0	372
Contract liabilities, current	7,912	14,975
Other current liabilities	126	524
Total current liabilities	157,886	143,540
Long-term liabilities:
Operating lease liability	21,926	19,182
Long-term debt	453,835	662,467
Notes payable - related party	163,283	150,427
Contract liabilities, long-term	1,974	2,506
Other liabilities	36,044	427
Total long-term liabilities	1,066,455	1,618,977
Total liabilities	1,224,341	1,762,517
COMMITMENTS AND CONTINGENCIES (NOTE 15)
SHAREHOLDERS' DEFICIT
Common stock, $0.0001 par value, 800,000,000 shares authorized, 340,592,001 and 337,132,374 shares outstanding on June 30, 2026 and December 31, 2025, respectively	32	32
Additional paid in capital	1,406,730	427,722
Accumulated deficit	(2,302,646)	(2,535,819)
Total shareholders' deficit	(1,030,784)	(2,238,862)
Total liabilities, preferred stock and shareholders' deficit	906,779	885,197
Series B Preferred Stock
Long-term liabilities:
SERIES B PREFERRED STOCK - related party	713,222	1,361,542
Nonrelated Party
Current assets:
Accounts receivable, net	8,117	6,779
Long-term liabilities:
Warrants liability	135,362	313,253
SHAREHOLDERS' DEFICIT
Accumulated other comprehensive (loss) income	(3)	10
Related Party
Current assets:
Accounts receivable, net	5,516	0
Current liabilities:
Accounts payable	729	285
Long-term liabilities:
Warrants liability	254,031	470,715
SHAREHOLDERS' DEFICIT
Accumulated other comprehensive (loss) income	$ (134,897)	$ (130,807)