Eos Energy Enterprises, Inc. Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Eos Energy Enterprises Q1 2026 Earnings Summary

  • Revenue: $57 million in Q1 2026, more than 5x Q1 2025 ($445% YoY growth). Combined Q4 2025 + Q1 2026: $115 million, exceeding full-year 2025 revenue. Revenue was flat QoQ due to project mix shift (more cubes delivered, less AC scope).
  • Production & Operations: Cube output up 17% sequentially and 467% vs. Q1 2025. Direct labor per cube down 47% YoY and 25% QoQ. Material costs up 4% YoY (DawnOS transition) but down 5% QoQ. Manufacturing overhead per cube down 43% YoY but up 10% sequentially.
  • Margins & Profitability: Gross loss improved $10 million QoQ and 18% sequentially on higher volume. Adjusted gross loss: $39 million (133 percentage point margin improvement YoY). Adjusted EBITDA loss: $68 million (294 percentage point margin improvement YoY). Reported net income: $509 million (driven by non-cash warrant/derivative fair value adjustments).
  • Balance Sheet: Ended Q1 with $472 million cash. Expect ~$60 million to return via DOE loan, PTC monetization, and invoicing.
  • Backlog & Pipeline: $645 million backlog (2.6 GWh) at quarter end. Pipeline: $24 billion / 107 GWh (up 3% sequentially, 56% YoY). 55% of pipeline at 8+ hour duration.
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Operator: Good morning, and welcome to Eos Energy Enterprises' First Quarter 2026 Conference Call. As a reminder, today's call is being recorded, and your participation implies consent to such recording. [Operator Instructions] With that, I would like to turn the call over to Liz Higley, Head of Investor Relations. Thank you. You may begin. Elizabeth Higley: Good morning, everyone, and welcome to Eos' First Quarter 2026 Conference Call. Today, I'm joined by Eos' CEO, Joe Mastrangelo; COO, John Mahaz; and CCO and Interim CFO, Nathan Kroeker. This call may include forward-looking statements, including, but not limited to, current expectations with respect to future results and outlook for our company. Should any of these risks materialize or should our assumptions prove to be incorrect, our actual results may differ materially from our expectations or those implied by these forward-looking statements. The risks and uncertainties that forward-looking statements are subject to are described in our SEC filings. Forward-looking statements represent our beliefs and assumptions only as of the date such statements are made. We undertake no obligation to update these statements made during this call to reflect events or circumstances after today or to reflect new information or the occurrence of unanticipated events, except as required by law. Today's remarks will also include references to non-GAAP financial measures. Additional information, including reconciliation between non-GAAP f
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