Eos Energy Enterprises, Inc. reported record Q2 2025 GAAP revenue of $15.2 million on July 30, 2025, marking a 1597% increase year-over-year and 46% quarter-over-quarter. Despite this growth, the revenue fell short of consensus expectations by approximately $9.0 million, or 37.2%.
For the first half of 2025, total revenue reached $25.7 million, a 243% increase from the prior year period. The company reported a Non-GAAP loss per share of $(0.37), which was wider than both Q2 2024 and analyst forecasts, and an Adjusted EBITDA loss of $(51.6) million, compared to $(29.1) million in Q2 2024.
Gross loss improved by 32 percentage points from the prior quarter, largely due to increased production volumes absorbing fixed costs, though a strategic project delivered at a lower selling price impacted overall gross margins. The company ended Q2 2025 with $183.2 million in total cash, cash equivalents, and restricted cash, reflecting a strengthened liquidity position from recent funding activities.
Eos reaffirmed its full-year 2025 revenue guidance of $150 million to $190 million, a target that requires a significant increase in the second half of the year. The company aims for positive contribution margin by Q4 2025 and positive gross margin by Q1 2026, driven by continued cost-out initiatives and increased manufacturing throughput.
The commercial pipeline expanded to $18.8 billion, representing 77 GWh, a 21% increase quarter-over-quarter, with data centers now accounting for over 20% of opportunities. The company also noted a 122% increase in factory shipments quarter-over-quarter in Q2 2025, achieved with the same processes and labor as Q1.
Key financial maneuvers in June 2025 included a $336 million capital raise through common stock and convertible notes offerings, which refinanced $180.9 million of 2021 Convertible Notes and prepaid $50 million of the Cerberus term loan, reducing its interest rate from 15% to 7%. These actions are estimated to result in $400 million in total interest savings over the terms of the company's debt.
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