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.

Shares	Today	In 12 monthsOct 2027	In 24 monthsOct 2028	In 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.

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.
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.
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.
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.
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.

Promise	Made in	What happened
FY24 revenue about $15M, after the Nov '24 cut	Q3 '24	$15.6M	Held
FY26 revenue $300-400M	Q4 '25	cut to the lower half of $300-350M; 9 months about $208M	Late
Sub-assembly automation, 4.8x throughput, 2H '25	Q2 '25	done; 4.8x never shown	Late
Backlog to roughly double from 2.3 GWh	Q3 '24	3.4 GWh in Q2, half the JV; 3.2 GWh in Q3	Late
Contribution margin positive by end '24	Q3 '24	never reported again	Dropped
Project AMAZE, 8 GWh a year	Q4 '24	dropped; one plant of about 4 GWh	Dropped
The DOE loan funds the expansion	Q3 '24	dropped; stock and converts did, $87M more drawn Q3 '26	Dropped
5.4 GWh of MOUs, 5 GWh in the UK	Q1 '25	no UK order reported	Dropped
Line 2 producing by mid-'26, full in Q4 '26	Q3 '25	started; ~17% of Q3 output, partial shift	Open
Positive adjusted gross profit exit rate, Q4 '26	Q2 '26	open; -62% in Q2, GAAP about -54% in Q3	Open
Joint venture's first projects online, Q3 '27	Q2 '26	open	Open
FY25 revenue $150-190M, at least 10x	Q4 '24	$114.2M, 7.3x	Missed
FY25 cut to $150-160M, Nov '25	Q3 '25	$114.2M, 24% below the floor	Missed
2 GWh a year of capacity by end '25	Q4 '24	~1.5 GWh run rate, Jun '26	Missed
Enough capital for profitable growth	Q3 '24	$1.4B raised within a year	Missed

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
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'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 · 6 Nov 2024

Pipeline and backlog on the highlights slide

Q4 '24 · headline page

“$ 14.4 billion”

Deck Eos Energy Enterprises Q4 2024 Financial Results · p. 4 · 5 Mar 2025

Pipeline and backlog on the highlights slide

Q1 '25 · headline page

“$ 15.6 billion”

Deck Eos Energy Enterprises Q1 2025 Financial Results · p. 4 · 7 May 2025

Pipeline and backlog on the highlights slide

Q2 '25 · headline page

“$ 18.8 billion”

Deck Eos Energy Enterprises Q2 2025 Financial Results · p. 4 · 31 Jul 2025

Pipeline and backlog on the highlights slide

Q3 '25 · headline page

“$ 22.6 billion”

Deck Eos Energy Enterprises Q3 2025 Financial Results · p. 4 · 6 Nov 2025

Pipeline and backlog on the highlights slide

Q4 '25 · headline page

“$ 23.6 billion”

Deck Eos Energy Enterprises Q4 2025 Financial Results · p. 4 · 26 Feb 2026

Pipeline and backlog on the highlights slide

Q1 '26 · headline page

“$24 billion”

Deck Eos Energy Enterprises Q1 2026 Financial Results · p. 4 · 13 May 2026

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 · 5 Aug 2026