# Eos Energy Enterprises, Inc. (EOSE)

> Source: Nexqual · https://nexqual.com/EOSE · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Eos Energy Enterprises, Inc. (EOSE), nexqual.com/EOSE" · informational, not investment advice.

**Price:** USD 1.71 (+1.79% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 1.68 · day 1.59–1.73 · 52w 1.59–19.86 · market cap $618M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $214M, net income -$529M (-246.8% margin), free cash flow -$420M (SEC filings).
- Insider open-market sales, last ~7 months: 14 Form 4 filings, $3.6M; 4 not under a Rule 10b5-1 plan ($1.1M); 2 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $59K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.55 on a 1–5 scale) (11 analysts), mean target USD 6.19 (range 4–10).
- Total return with dividends: 1Y -88.1% vs S&P 500 +14.9%; 5Y -84.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -0.34, revenue estimate $81.1M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.6M | $17.9M | $16.4M | $15.6M | $114M | $214M |
| Gross profit | -$41.9M | -$135M | -$73.4M | -$83.3M | -$144M | — |
| Operating income | -$135M | -$221M | -$153M | -$175M | -$259M | -$306M |
| Net income | -$124M | -$230M | -$230M | -$686M | -$970M | -$529M |
| EPS (diluted) | -$2.36 | -$3.68 | -$1.81 | -$4.55 | -$6.69 | — |
| Free cash flow | -$132M | -$217M | -$174M | -$187M | -$265M | -$420M |
| Gross margin | -910.9% | -755.1% | -448.3% | -533.5% | -125.9% | — |
| Operating margin | -2930.1% | -1234.4% | -933.8% | -1122.6% | -227.0% | -142.6% |
| Net margin | -2701.5% | -1282.2% | -1401.3% | -4394.9% | -849.1% | -246.8% |
| Revenue growth | +1999.5% | +289.8% | -8.6% | -4.7% | +631.8% | — |
| Cash + short-term investments | $105M | $17.1M | $69.5M | $74.3M | $568M | — |
| Total debt | $109M | $176M | $204M | $317M | $813M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 2.9x · EV/Sales 4.3x · FCF yield -67.94% · Earnings yield -85.48% · Net debt $312M · EV $930M

## Insider sales (SEC Form 4, open-market, last ~7 months)
10 of 14 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-16 | Puri Sumeet | Chief Accounting Officer | 43,750 | $172K | 13.5% | Yes (adopted September 15, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-16 | Mastrangelo Joe | Chief Executive Officer | 250,000 | $980K | 9.8% | Yes (adopted September 15, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-09 | Puri Sumeet | Chief Accounting Officer | 34,167 | $141K | 12.6% | Yes (adopted September 15, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-28 | Puri Sumeet | Chief Accounting Officer | 29,167 | $98K | 12.6% | Yes (adopted September 15, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-28 | Kroeker Nathan | Chief Commercial Officer | 110,417 | $371K | 11.1% | Yes (adopted September 15, 2025) | Too little history (no open-market trades in 2024) |
| 2026-07-27 | Mastrangelo Joe | Chief Executive Officer | 159,154 | $575K | 7.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-07 | Kroeker Nathan | CCO and Interim CFO | 79,309 | $371K | 9.3% | Yes (adopted September 15, 2025) | Too little history (no open-market trades in 2024) |
| 2026-06-30 | Puri Sumeet | Chief Accounting Officer | 8,823 | $52K | 4.8% | Yes (adopted September 12, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-30 | Buczkowski Michelle | Chief Administration Officer | 11,469 | $67K | 16.2% | Yes (adopted December 11, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-30 | Silberman Michael W | Chief Legal Officer | 14,998 | $88K | 4.8% | Yes (adopted September 15, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-30 | Kroeker Nathan | CCO and Interim CFO | 35,289 | $207K | 4.8% | Yes (adopted September 15, 2025) | Too little history (no open-market trades in 2024) |
| 2026-05-28 | Walters Marian | Director | 30,000 | $275K | 15.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-20 | Walters Marian | Director | 22,319 | $161K | 12% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-19 | Walters Marian | Director | 7,681 | $54K | 4.5% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $59K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-11…2026-09-14 | Song Haiyan | Director | 15,000 | $59K | 3.91 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Hold (mean 2.55 on a 1–5 scale), 11 analysts; mean target USD 6.19 (low 4, high 10).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Needham | Target lowered | Buy | $10 → $6 |
| 2026-09-15 | Needham | Target lowered | Buy | $11 → $10 |
| 2026-09-10 | Roth Capital | Target raised | Neutral | $4 → $4.5 |
| 2026-08-14 | B. Riley Securities | Target lowered | Neutral | $8 → $5 |
| 2026-08-06 | TD Cowen | Target lowered | Hold | $8 → $4 |
| 2026-08-06 | Stifel | Target lowered | Buy | $10 → $9 |
| 2026-07-14 | Truist Securities | Initiated | Buy | $7 |
| 2026-07-13 | Stifel | Target lowered | Buy | $12 → $10 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -88.1% | -84.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -88.2% | -30.9% |
| Volatility (annualized) | 119.5% | 112.8% |
| Max drawdown | -91.3% (Nov 2025→Oct 2026) | -93.9% (Nov 2021→Jun 2024) |

## Peers (Electrical Equipment & Parts)
KE (Kimball Electronics, Inc.) USD 25.01 -5.57% · TE (T1 Energy Inc.) USD 2.31 -2.94% · ADSE (ADS-TEC ENERGY PLC) USD 9.55 +0.53% · FCEL (FuelCell Energy, Inc.) USD 11.58 -12.27% · AMPX (Amprius Technologies, Inc.) USD 7.91 -4.81% · FOIL (Londian Wason New Energy Tech I) USD 17.32 -0.17%

## More
Full page: https://nexqual.com/EOSE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in EOSE's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1805077/000162828026011961/eose-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | Panasonic | "Our Znyth™ battery system competes with products from traditional Li-ion battery manufacturers and solution providers such as Fluence Energy, Panasonic, Samsung Electronics Co. Ltd., LG Chem Ltd., Tesla, BYD, Sungrow and…" |
| Competitor | Samsung Electronics | "Our Znyth™ battery system competes with products from traditional Li-ion battery manufacturers and solution providers such as Fluence Energy, Panasonic, Samsung Electronics Co. Ltd., LG Chem Ltd., Tesla, BYD, Sungrow and…" |
| Competitor | Tesla (TSLA) | "Our Znyth™ battery system competes with products from traditional Li-ion battery manufacturers and solution providers such as Fluence Energy, Panasonic, Samsung Electronics Co. Ltd., LG Chem Ltd., Tesla, BYD, Sungrow and…" |
| Competitor | BYD | "Our Znyth™ battery system competes with products from traditional Li-ion battery manufacturers and solution providers such as Fluence Energy, Panasonic, Samsung Electronics Co. Ltd., LG Chem Ltd., Tesla, BYD, Sungrow and…" |
| Competitor | CATL | "Our Znyth™ battery system competes with products from traditional Li-ion battery manufacturers and solution providers such as Fluence Energy, Panasonic, Samsung Electronics Co. Ltd., LG Chem Ltd., Tesla, BYD, Sungrow and…" |

Other companies that name EOSE in their own reports (relationship from EOSE's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | TETRA TECHNOLOGIES INC (TTI) | 10-K 2026-02-25 | "In January 2024, we entered into a preferred supply agreement through December 31, 2027 in which Eos has agreed to purchase 100% of its requirement of zinc bromide products, including TETRA PureFlow z…" |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $68.5M | 99.6% | +349.4% |
| Other | $302,000 | 0.4% | — |
| Total revenue | $68.8M | 100% | — |

## Customer concentration

Period ended 2025-03-31: 96.2% of revenue from unnamed direct customers (10-Q, filed 2026-05-13).

## Company outlook (8-K filed 2026-10-19)

- "Based on preliminary financial information, Eos currently expects:  Revenue of $82 to $83 million, representing approximately 19% to 21% sequential growth and approximately 169% to 172% year-over-year growth."
- "Quarter-end cash was supported by approximately $114 million of operating cash inflows driven primarily by customer deposits, project milestone receipts, and tax credit collections, as well as an additional $87 million advance under the DOE loan facility."
- "During the quarter, Eos announced key projects supporting the Golden Dome initiative for mission-critical defense applications and, alongside MN8, a project with Google, highlighting the growing demand for long-duration energy storage systems in data center applications."
- "The Company currently expects full-year 2026 revenue in the lower half of its $300 million to $350 million range."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.34 | $-0.21 | +57.3% | $81.1M | 5 |
| Next quarter (ends 2026-12-31) | $-0.29 | $-0.17 | +67.0% | $97.8M | 5 |
| Current fiscal year (ends 2026-12-31) | $-0.09 | $1.12 | -108.1% | $308.2M | 5 |
| Next fiscal year (ends 2027-12-31) | $-0.17 | $-0.04 | +337.6% | $574.2M | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±24.9%; earnings reaction alone ±13.4%; last 8 reports averaged ±13.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 127.4% | ±18.7% |
| 2026-11-06 | 14 | 148.7% | ±24.9% |
| 2026-11-13 | 21 | 142.4% | ±26.0% |
| 2026-11-20 | 28 | 139.4% | ±31.0% |
| 2026-11-27 | 35 | 121.3% | ±30.1% |
| 2026-12-04 | 42 | 118.5% | ±31.9% |
| 2026-12-18 | 56 | 116.9% | ±35.7% |
| 2027-01-15 | 84 | 121.5% | ±44.2% |