Eos Energy Q3 2025 slides: revenue doubles amid continued losses

Introduction & Market Context

Eos Energy Enterprises (NASDAQ:EOSE) presented its third quarter 2025 financial results on November 6, showing significant revenue growth amid continued profitability challenges. The energy storage company, which focuses on long-duration battery solutions, doubled its quarterly revenue sequentially while reporting substantial losses primarily attributed to non-cash adjustments.

Despite missing analyst expectations with revenue of $30.5 million versus forecasts of $39.62 million, Eos shares rose 6.19% in premarket trading to $15.78, suggesting investors remain focused on the company’s growth trajectory rather than current profitability.

Quarterly Performance Highlights

Eos reported Q3 2025 revenue of $30.5 million, representing a 100% increase from the previous quarter’s $15.2 million and a dramatic improvement from just $0.9 million in Q3 2024. This continues a pattern of accelerating quarterly revenue growth throughout 2025.

As shown in the following chart detailing the company’s revenue progression and margin improvement:

However, profitability remains elusive. The company reported a gross loss of $33.9 million, representing a negative margin of 111%. While this marks a 92-point improvement from the previous quarter’s -203% margin, it indicates Eos is still far from breaking even on a gross profit basis.

The company’s net loss attributable to shareholders was $641.4 million, with $569 million tied to non-cash mark-to-market adjustments driven by the 122% stock price increase during the quarter. Adjusted EBITDA loss was $52.7 million, representing a negative margin of 173%, though this reflects a 166-point improvement from the previous quarter.

The following slide presents the detailed financial results for the quarter:

Commercial and Operational Progress

Eos reported significant commercial momentum with a growing pipeline and backlog. The company’s commercial pipeline reached $22.6 billion, representing approximately 91 GWh of potential storage capacity, a 20% increase quarter-over-quarter. Orders backlog stood at $644.4 million, representing approximately 2.5 GWh.

The company highlighted its key operating metrics in the following slide:

Eos also reported encouraging field performance data for its Z3 energy storage system. As of October 28, 2025, the company had three major utilities actively cycling its technology and one Department of Defense site in operation. Performance metrics showed 23.4 MWh of discharged energy with an average discharge duration of 4.6 hours and average round trip efficiency of 84.6%.

The following slide details the Z3 field performance metrics:

Manufacturing Expansion Plans

A significant portion of Eos’s presentation focused on its manufacturing expansion strategy. The company is developing a 432,000 square foot facility in Marshall Township, Pennsylvania, with up to 8 GWh of production capacity. Line 2 production is expected by mid-2026. Additionally, Eos is establishing a 41,000 square foot software hub in Pittsburgh for its DawnOST™ software and analytics development.

The expansion is supported by $24 million in commonwealth and county incentives, as illustrated in the following slide:

Eos also highlighted operational improvements in its manufacturing processes, including a 45% reduction in scrap, 18% improvement in labor and overhead absorption, and a 179% increase in October shipments versus July. The company reported a safety injury rate of 1.53, which it claims is 41% better than the industry average.

The following slide details these operational improvements:

Market Positioning and Forward-Looking Guidance

Eos positions its technology as particularly well-suited for the "energy supercycle," highlighting applications across generation, transmission/distribution, and end-use cases. The company emphasized that 65% of its pipeline consists of long-duration storage applications (6+ hours), which aligns with market trends toward longer duration energy storage needs.

The company’s value proposition across the energy ecosystem is illustrated in this comprehensive slide:

For full-year 2025, Eos provided revenue guidance of $150-$160 million. According to the earnings call transcript, the company anticipates achieving a positive contribution margin in the fourth quarter and a positive gross margin by Q1 2026.

Conclusion

Eos Energy Enterprises’ Q3 2025 presentation reveals a company experiencing rapid revenue growth while still navigating significant financial challenges. The doubling of quarterly revenue demonstrates commercial traction for its energy storage solutions, yet the substantial losses and negative margins highlight the ongoing struggle to achieve profitability.

The company’s expansion of manufacturing capacity and improving operational metrics suggest confidence in future demand, while the growing commercial pipeline provides some validation for this optimism. However, investors should note the significant gap between current financial performance and profitability, as well as the revenue miss compared to analyst expectations.

With $126.8 million in cash and approximately $43 million in customer receipts in October, Eos appears to have sufficient liquidity to continue executing its growth strategy in the near term, though the path to sustainable profitability remains a key question for investors.

Full presentation:

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