The Ledger

EOSEEos Energy Enterprises, Inc.

Industry Energy storage Updated 28 Sep 2026 Price 23 Oct 2026

If management hits its targets, one share in 12 months

Held at $1.73

If management hits its targets

from IR material and Earnings Calls

What one share would be worth today and in 12, 24 and 36 months if the company does exactly what its management has promised, next to what a share costs now. Worked out from the targets management gave in its own results decks and earnings calls.

$2 → $2

Show the math

hold today's enterprise value at about 5× management's fiscal 2026 revenue guide of $300-325M, the lower half of its $300-350M range, and grow that revenue at the rate management gives for the years after 2026 — which is none, so the company's value stays where it is today. Then take off net debt of $691M and divide by 540.6M economic shares growing at the pace of the last twelve months. Each figure management gave as a range is taken at its middle. From Oct 2027 nothing management has put a number on grows the business faster than its share count, so the figure is held where the arithmetic last had it; the arithmetic alone gives $1 at 36 months.

0$1$2Today (Oct 2026): $2, the market price$2TodayOct 202612 months (Oct 2027): $2 a share if management delivers; held at the earlier level, see the note$212 monthsOct 202724 months (Oct 2028): $2 a share if management delivers; held at the earlier level, see the note$224 monthsOct 202836 months (Oct 2029): $2 a share if management delivers; held at the earlier level, see the note$236 monthsOct 2029
SharesTodayIn 12 monthsOct 2027In 24 monthsOct 2028In 36 monthsOct 2029
Past pace: all shareseconomic shares +28% a year, Jul '25 to Aug '26, counting Cerberus's preferred and penny warrant$2$2735M sh · held$2941M sh · held$21206M sh · held
Show the math, step by step

How we got there: company value if the plan is delivered, minus debt, divided by all the shares, including the new ones they’d have to sell to pay for it.

  1. The multiple. Today's enterprise value — economic equity at $2 plus $1,035M of debt principal less about $344M of cash — over the $300-325M fiscal 2026 revenue guide, the lower half of $300-350M, in the 19 Oct '26 release: about 5×. Debt is June's plus the $87M government (DOE) loan advance the release reports; the cash includes restricted cash, which the release does not split out. Revenue is the only measure management puts a number on; gross profit is negative (-$143.8M in 2025, adjusted gross margin -62% in Q2 '26), so no profit multiple exists to hold.
  2. The years after 2026. No deck or call gives a revenue level, growth rate or factory capacity for 2027-29. The CEO calls 2027 "a volume growth year" without a number, and the only compound growth rates in the eight decks are industry forecasts by third parties. So growth is set to 0: only what has a number grows. That is a finding, not a forecast that revenue stops growing.
  3. What is not in it. The margin targets — a positive adjusted gross profit exit rate in Q4 '26 and 10%+ product adjusted gross margin by Q2 '27, on a metric first shown in Q2 '26 — are not inputs: holding the multiple on revenue already prices whatever margin the market expects. Frontier Power USA, the Cerberus joint venture that bought 80% of Q2 '26 revenue, is inside the revenue guide.
  4. Shares. 540.6M economic shares at 3 Aug 2026: 364.2M common, 131.4M common-equivalents of Cerberus's Series B preferred, the 44.4M-share warrant at $0.01 and 0.6M DOE warrants at $0.01. They grow at the pace of the twelve months to Aug '26, which carried a stock offering, a convert, a registered direct offering and a rights offering; Eos has raised equity every year since 2021. The $650M of converts and about 39M warrants at $5.481 are left out, struck above today's price.
  5. Held. Every bar is held at today's $2: from October 2027 nothing management has put a number on grows the business faster than its share count, so the figure is held where the arithmetic last had it. The arithmetic alone gives $1 at 12 months, $1 at 24 and $1 at 36.

Promises vs. what happened

15 claims · 8 decks

Every target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.

PromiseMade inWhat happened
FY24 revenue about $15M, after the Nov '24 cutQ3 '24$15.6MHeld
FY26 revenue $300-400MQ4 '25cut to the lower half of $300-350M; 9 months about $208MLate
Sub-assembly automation, 4.8x throughput, 2H '25Q2 '25done; 4.8x never shownLate
Backlog to roughly double from 2.3 GWhQ3 '243.4 GWh in Q2, half the JV; 3.2 GWh in Q3Late
Contribution margin positive by end '24Q3 '24never reported againDropped
Project AMAZE, 8 GWh a yearQ4 '24dropped; one plant of about 4 GWhDropped
The DOE loan funds the expansionQ3 '24dropped; stock and converts did, $87M more drawn Q3 '26Dropped
5.4 GWh of MOUs, 5 GWh in the UKQ1 '25no UK order reportedDropped
Line 2 producing by mid-'26, full in Q4 '26Q3 '25started; ~17% of Q3 output, partial shiftOpen
Positive adjusted gross profit exit rate, Q4 '26Q2 '26open; -62% in Q2, GAAP about -54% in Q3Open
Joint venture's first projects online, Q3 '27Q2 '26openOpen
FY25 revenue $150-190M, at least 10xQ4 '24$114.2M, 7.3xMissed
FY25 cut to $150-160M, Nov '25Q3 '25$114.2M, 24% below the floorMissed
2 GWh a year of capacity by end '25Q4 '24~1.5 GWh run rate, Jun '26Missed
Enough capital for profitable growthQ3 '24$1.4B raised within a yearMissed

What they’re pitching

the headline page, deck by deck

The headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.

Q3
'24
Q4
'24
Q1
'25
Q2
'25
Q3
'25
Q4
'25
Q1
'26
Q2
'26

PipelinePage one since Q3 '24

Cost-outFirst seen Q3 '24

CapacityOff page one Q3 '25

MarginsOff page one Q2 '26

BankabilityFirst seen Q3 '24

Data centresFirst seen Q1 '25

PolicyFirst seen Q4 '24

FinancingFirst seen Q3 '24

The JVOff page one Q4 '25

on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.

Pipeline and backlog on the highlights slide

Q3 '24 · headline page

“$14.2 billion”

Deck Eos Energy Enterprises Q3 2024 Financial Results · p. 4 ·

Pipeline and backlog on the highlights slide

Q4 '24 · headline page

“$ 14.4 billion”

Deck Eos Energy Enterprises Q4 2024 Financial Results · p. 4 ·

Pipeline and backlog on the highlights slide

Q1 '25 · headline page

“$ 15.6 billion”

Deck Eos Energy Enterprises Q1 2025 Financial Results · p. 4 ·

Pipeline and backlog on the highlights slide

Q2 '25 · headline page

“$ 18.8 billion”

Deck Eos Energy Enterprises Q2 2025 Financial Results · p. 4 ·

Pipeline and backlog on the highlights slide

Q3 '25 · headline page

“$ 22.6 billion”

Deck Eos Energy Enterprises Q3 2025 Financial Results · p. 4 ·

Pipeline and backlog on the highlights slide

Q4 '25 · headline page

“$ 23.6 billion”

Deck Eos Energy Enterprises Q4 2025 Financial Results · p. 4 ·

Pipeline and backlog on the highlights slide

Q1 '26 · headline page

“$24 billion”

Deck Eos Energy Enterprises Q1 2026 Financial Results · p. 4 ·

Pipeline and backlog on the highlights slide

Q2 '26 · headline page

“$807 million 25% increase from prior quarter”

Deck Eos Energy Enterprises Q2 2026 Financial Results · p. 5 ·

Cost-out and sub-assembly automation

Q3 '24 · further in the deck

“Delivering on Cost-Out & Optimizing Production Ramp”

Deck Eos Energy Enterprises Q3 2024 Financial Results · p. 7 ·

Cost-out and sub-assembly automation

Q4 '24 · further in the deck

“Realized 56% cost-out from launch; 77% volume adjusted cost-out”

Deck Eos Energy Enterprises Q4 2024 Financial Results · p. 7 ·

Cost-out and sub-assembly automation

Q1 '25 · further in the deck

“Subassembly Automation Update”

Deck Eos Energy Enterprises Q1 2025 Financial Results · p. 8 ·

Cost-out and sub-assembly automation

Q2 '25 · further in the deck

“Sub-Assembly Automation Enabling Scale & Cost-Out”

Deck Eos Energy Enterprises Q2 2025 Financial Results · p. 7 ·

Cost-out and sub-assembly automation

Q3 '25 · further in the deck

“Removing production bottlenecks”

Deck Eos Energy Enterprises Q3 2025 Financial Results · p. 8 ·

Cost-out and sub-assembly automation

Q4 '25 · further in the deck

“Operational Scaling Driving Throughput Growth”

Deck Eos Energy Enterprises Q4 2025 Financial Results · p. 7 ·

Cost-out and sub-assembly automation

Q1 '26 · further in the deck

“Targeted Process Improvement Driving Record Output”

Deck Eos Energy Enterprises Q1 2026 Financial Results · p. 9 ·

Cost-out and sub-assembly automation

Q2 '26 · further in the deck

“Advancing operations to deliver profitable growth”

Deck Eos Energy Enterprises Q2 2026 Financial Results · p. 9 ·

Capacity expansion (Project AMAZE, Thorn Hill, Line 2)

Q4 '24 · further in the deck

“Expanding American-Made Energy Storage Capacity”

Deck Eos Energy Enterprises Q4 2024 Financial Results · p. 6 ·

Capacity expansion (Project AMAZE, Thorn Hill, Line 2)

Q2 '25 · headline page

“Line 2 ordered 4”

Deck Eos Energy Enterprises Q2 2025 Financial Results · p. 4 ·

Capacity expansion (Project AMAZE, Thorn Hill, Line 2)

Q3 '25 · further in the deck

“Line 2 production expected mid 2026”

Deck Eos Energy Enterprises Q3 2025 Financial Results · p. 5 ·

Capacity expansion (Project AMAZE, Thorn Hill, Line 2)

Q4 '25 · further in the deck

“Building Readiness End of Q1”

Deck Eos Energy Enterprises Q4 2025 Financial Results · p. 7 ·

Capacity expansion (Project AMAZE, Thorn Hill, Line 2)

Q1 '26 · further in the deck

“Building Readiness Complete”

Deck Eos Energy Enterprises Q1 2026 Financial Results · p. 9 ·

Capacity expansion (Project AMAZE, Thorn Hill, Line 2)

Q2 '26 · further in the deck

“Mfg. Footprint Potential Consolidation”

Deck Eos Energy Enterprises Q2 2026 Financial Results · p. 9 ·

Margin trajectory and path to profitability

Q2 '25 · further in the deck

“Positioning For Scale & Profitability”

Deck Eos Energy Enterprises Q2 2025 Financial Results · p. 6 ·

Margin trajectory and path to profitability

Q3 '25 · further in the deck

“Clear line of sight to profitable growth”

Deck Eos Energy Enterprises Q3 2025 Financial Results · p. 8 ·

Margin trajectory and path to profitability

Q4 '25 · further in the deck

“Operating leverage beginning to emerge”

Deck Eos Energy Enterprises Q4 2025 Financial Results · p. 6 ·

Margin trajectory and path to profitability

Q1 '26 · headline page

“Gross loss improved by $10m sequentially 17% higher output”

Deck Eos Energy Enterprises Q1 2026 Financial Results · p. 4 ·

Margin trajectory and path to profitability

Q2 '26 · further in the deck

“Roadmap to Positive Adjusted Gross Margin 72+ pts”

Deck Eos Energy Enterprises Q2 2026 Financial Results · p. 11 ·

Bankability, safety and field performance

Q3 '24 · further in the deck

“Now quoting RTE in alignment with industry standards 60 65 70 75 80 85 90 95 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100”

Deck Eos Energy Enterprises Q3 2024 Financial Results · p. 9 ·

Bankability, safety and field performance

Q4 '24 · further in the deck

“Launched Full Bankability Offering”

Deck Eos Energy Enterprises Q4 2024 Financial Results · p. 9 ·

Bankability, safety and field performance

Q2 '25 · further in the deck

“Eos Systems Built for Resiliency”

Deck Eos Energy Enterprises Q2 2025 Financial Results · p. 5 ·

Bankability, safety and field performance

Q3 '25 · further in the deck

“Eos Z3 Field Performance as of October 28, 2025 3 major utilities actively cycling and 1 Department of Defense site in operation”

Deck Eos Energy Enterprises Q3 2025 Financial Results · p. 7 ·

Bankability, safety and field performance

Q1 '26 · further in the deck

“delivers improved consistent performance”

Deck Eos Energy Enterprises Q1 2026 Financial Results · p. 8 ·

Bankability, safety and field performance

Q2 '26 · further in the deck

“Growing the Eos Installed Base 200+ MWh expected to become operational within the next 6 months”

Deck Eos Energy Enterprises Q2 2026 Financial Results · p. 6 ·

Data-center and hyperscaler demand

Q1 '25 · further in the deck

“Eos Provides Differentiated Performance for Data Centers”

Deck Eos Energy Enterprises Q1 2025 Financial Results · p. 11 ·

Data-center and hyperscaler demand

Q2 '25 · further in the deck

“Data Center demand adding large project volume to pipeline”

Deck Eos Energy Enterprises Q2 2025 Financial Results · p. 9 ·

Data-center and hyperscaler demand

Q3 '25 · further in the deck

“Pipeline growth driven by accelerating hyperscaler demand Orders Backlog 1”

Deck Eos Energy Enterprises Q3 2025 Financial Results · p. 10 ·

Data-center and hyperscaler demand

Q4 '25 · further in the deck

“Growing presence across energy infrastructure & hyperscalers”

Deck Eos Energy Enterprises Q4 2025 Financial Results · p. 9 ·

Data-center and hyperscaler demand

Q2 '26 · further in the deck

“Data Center related”

Deck Eos Energy Enterprises Q2 2026 Financial Results · p. 7 ·

Policy, tax credits and tariffs

Q4 '24 · further in the deck

“Short-term regulatory uncertainties”

Deck Eos Energy Enterprises Q4 2024 Financial Results · p. 5 ·

Policy, tax credits and tariffs

Q1 '25 · further in the deck

“Tariffs exerting upward cost pressure”

Deck Eos Energy Enterprises Q1 2025 Financial Results · p. 5 ·

Policy, tax credits and tariffs

Q2 '25 · further in the deck

“Preserves Eos PTC; FEOC creates new demand for American – made LDES”

Deck Eos Energy Enterprises Q2 2025 Financial Results · p. 8 ·

Financing and capital structure

Q3 '24 · further in the deck

“Enhancing Capital Flexibility”

Deck Eos Energy Enterprises Q3 2024 Financial Results · p. 12 ·

Financing and capital structure

Q2 '25 · further in the deck

“June 2025 Offering Sources and Uses”

Deck Eos Energy Enterprises Q2 2025 Financial Results · p. 11 ·

Financing and capital structure

Q4 '25 · further in the deck

“November 2025 Offering Sources & Uses”

Deck Eos Energy Enterprises Q4 2025 Financial Results · p. 14 ·

Financing and capital structure

Q1 '26 · further in the deck

“Overview of a Rights Offering”

Deck Eos Energy Enterprises Q1 2026 Financial Results · p. 7 ·

Frontier Power and FPUSA

Q1 '25 · further in the deck

“Deploy LDES across the UK & international markets”

Deck Eos Energy Enterprises Q1 2025 Financial Results · p. 10 ·

Frontier Power and FPUSA

Q3 '25 · headline page

“Frontier Power”

Deck Eos Energy Enterprises Q3 2025 Financial Results · p. 4 ·

Frontier Power and FPUSA

Q1 '26 · further in the deck

“Formation of Frontier Power USA”

Deck Eos Energy Enterprises Q1 2026 Financial Results · p. 5 ·

Frontier Power and FPUSA

Q2 '26 · further in the deck

“Frontier Power USA: A Long-Term Operating Asset”

Deck Eos Energy Enterprises Q2 2026 Financial Results · p. 8 ·

What they keep talking about · 11

The themes that show up deck after deck, and the ones that disappear.

Pipeline
Led every highlights slide from Q3 '24 to Q1 '26 as it grew from $14.2B to $24.6B, while backlog sat at $0.59-0.70B for seven quarters. In Q2 '26 backlog took the lead at $807M — half of it the joint venture — and the Q3 '26 release has it at $765M.
Cost-out
In all eight decks. The $/kWh cost-out bars last appear in Q1 '25; later decks give per-cube changes instead.
Capacity
Project AMAZE and 8 GWh are last named in Q4 '24. By Q2 '26 the story is moving Line 1 into Thorn Hill, not adding lines; the Q3 '26 release puts the one plant at about 4 GWh a year.
Margins
A margin-trend chart in every deck from Q2 '25, and a dated target from Q2 '26 on a new product-only metric.
Bankability
Cumulative discharge on the highlights slide; Q1 '26 splits it, showing Z3, today's product, at about 0.5 GWh of the 6+ GWh total.
Data centres
First in Q1 '25; Q2 '26 puts it at about 32% of the pipeline. None of the backlog is named as data-centre business.
Policy
A full tax-credit slide in Q2 '25 when the law passed; no policy slide after it.
Financing
Cerberus and DOE loans in 2024, converts and stock in 2025, then a rights offering to fund the joint venture in 2026.
The JV
A 5 GWh UK MOU in Q1 '25 becomes a US joint venture with Cerberus in Q1 '26, holding a 2 GWh capacity reservation; by Q2 '26 it is 49% of backlog.
New
Q4 '25: adjusted gross margin. Q2 '26: product adjusted gross profit, a June run rate, and the joint venture's committed capital.
Quiet
Contribution margin after Q3 '24, $/kWh cost-out after Q1 '25, dollar bookings and DOE loan draws after Q2 '25, adjusted EPS from Q1 '26.
Every quarterly report we’ve saved · 9

The press releases and shareholder letters behind this page.

Archived as text; the links open the copies filed on EDGAR or the investor-relations site.

What analysts asked them

8 calls · Q3 24 – Q2 26

The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.

Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.

Share of questions about…Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26
Demand & customers70%60%16%56%43%27%36%40%
Growth & sales30%50%11%56%29%18%9%20%
Pricing & margins·30%16%11%43%27%9%30%
Guidance & outlook20%20%26%33%14%18%18%20%
Capacity & supply30%40%26%22%14%9%45%50%
Capital & financing20%10%··14%9%36%·
Competition·····9%9%·
Products & technology30%·5%22%14%9%27%10%
Macro & regulation·10%5%·····
Other·10%47%11%29%36%··
Questions10101997111110
How much the CEO talked69%50%80%28%55%87%76%100%

Who’s in charge, who’s selling

read from the filings · 23 Oct 2026

Shareholder votes against the board and pay, plus which executives have been selling their own shares.

  1. Tier 1 · worsening

    Cerberus is the lender, a third of the equity, three directors and the controller of the biggest customer

    A $201M secured loan, preferred and a penny warrant worth 175.8M shares (32.5% of the economic count), three directors the common holders cannot vote on, advisory fees, and control of Frontier Power USA: $55.0M of Q2 '26's $68.8M of revenue and 49% of backlog. Every raise re-sets Cerberus's conversion terms upward; July's added 16.2M shares.

  2. Tier 1 · worsening

    The share count is how the business is paid for

    Economic shares 419M to 541M in a little over a year; weighted shares 52.7M in 2021, 260.8M in 2025. The authorisation went from 600M to 800M in June '26. About 39M warrants at $5.481 and $650M of converts sit behind it, and 56.5M shares are on a resale shelf.

  3. Tier 2 · live

    A class action and two derivative suits over what was said about manufacturing

    Filed March '26 against the company, the CEO and the acting CFO; the derivative suits, naming nine directors, are consolidated and stayed. A short-seller report alleging DOE-loan misuse and cost above price is unanswered in the filings.

  4. Tier 2 · worsening

    Four people in the finance seat in eighteen months; chair and legal chief gone too

    Kroeker, Javidi, Kroeker again as interim, then Lagi from Jun '26. Kroeker leaves 20 Oct '26 with every unvested RSU accelerated. The chair resigned in Dec '25 three weeks after selling $11.5M of stock.

  5. Tier 2 · stable

    No auditor opinion on internal control

    A non-accelerated filer needs none. The auditor's two hardest areas are the valuation of the converts, warrants and Cerberus instruments — the marks that turned H1 '26 into a $233M profit.

Where shareholders voted no

At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.

20252026Share 2026
Say on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one.7.7M43.2M24.7%
Share plan amendmentStock to pay staff and executives. Lets the company create new shares to hand out as pay. Every new share makes each existing share a slightly smaller slice of the company, so a no says shareholders think the dilution is too much.24.5M43.9M25.2%
Demby (director)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off.—40.9M23.3%
Dimitrief (director)A board seat.23.8M—31.4% ('25)
Authorised shares to 800MPermission to create more shares. The company may then sell new shares later, for deals or to raise cash. New shares dilute the existing ones, so each shareholder owns a smaller share of the company. A no says shareholders want that door kept narrower.—8.6M3.3%
Auditor (Deloitte)The auditor. Keeping the outside accounting firm that checks the company's books. This almost always passes; a sizeable no means shareholders doubt the audit or think the firm has been in place too long.0.1M1.6M0.6%

Insiders who sold the most stock

Reported sales by executives and directors, biggest first.

Form 4s, Oct 2025-Sep 2026SoldNote
Stidolph, chair to Dec '25$11.5M766,134 shares in Dec '25, no plan; resigned that month
Kroeker, commercial chief$1.8Munder a plan; leaves 20 Oct '26
Mastrangelo, CEO$1.6M$0.6M outside a plan in Jul '26; bought $0.5M in Mar '26
Walters, director$1.3MDec '25 and May '26, no plan