U.S.-based energy storage solutions provider Eos Energy Enterprises posted revenue of $57 million in the first quarter (Q1) of 2026, up 444.7% year-over-year (YoY) from $10.5 million, exceeding analysts’ expectations by $563,000.

The company attributed the revenue growth to full automation of battery modules and 5.7x higher cube deliveries.

The company’s net income attributable to shareholders increased by 3,262% YoY to $508.9 million, up from $15.1 million.

The profits were driven by a non-cash change in fair value from mark-to-market adjustments, which were affected by the company’s end-of-quarter stock price.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) also increased by 2,104% to $523.7 million from $23.8 million the previous year.

However, adjusted EBITDA for the quarter was a $68 million loss, compared with a $43.2 million loss the previous year.

Diluted income per share stood at $0.12, compared to a diluted loss per share of $0.20 during the same period the previous year.

During the quarter, Eos expanded its commercial pipeline to $24.3 billion and ended with a backlog of $644.6 million. The pipeline increased by 56% YoY, reflecting rising demand among energy, infrastructure, and hyperscale customers.

Joe Mastrangelo, Chief Executive Officer at Eos, said, “The market needs long-duration storage that is safe, American-made, and financeable at scale. We have the technology, manufacturing, controls, and planned capital to accelerate project deployment. Q1 showed the business scaling: record output, improved margins, and more than 6 GWh of energy discharged on Eos technology. The work ahead is conversion: turning a $24 billion pipeline into installations discharging energy.”

Operational Highlights

Eos and Cerberus announced the formation of Frontier Power USA, an independent development and investment company established to build, own, and operate a diversified portfolio of long-duration battery energy storage projects that deploy Eos’ proprietary zinc bromide Z3 technology, with a strategy to become an independent power producer.

The platform is anchored by a $100 million equity commitment from Cerberus, subject to closing conditions, alongside a targeted contribution by Eos of approximately $150 million, subject to the ability to raise funding and certain other third-party approvals. Concurrently, Cerberus is extending its existing Eos lock-up through year-end 2026.

After quarter-end, Eos and Frontier Power USA entered into a 2 GWh firm Capacity Reservation Agreement, expanding Eos’ backlog. This agreement provides Frontier Power USA with a capacity planning mechanism to accelerate project timelines.

“Cash flow generated by Frontier’s operating projects is designed to be reinvested back into the platform, which will fund new project origination, accelerate Eos equipment deployment, and compound the value of the integrated tech stack. DawnOS performance data sharpens our technology underwriting. Project returns, fund expansion and the operating track record build the basis for the next financing round. The equity recycles, debt capacity grows, and the platform continues to scale,” Mastrangelo said.

Eos also announced a Joint Development Agreement with TURBINE-X Energy to deliver a fully integrated energy solution combining gas-fired generation with Eos’ Indensity battery technology. The partnership targets deployments of up to 2 GWh of storage, accelerated by demand driven by high-powered computing.

“I think looking at the pipeline is the best indication of where we see longer-term trends, and it’s really driven by larger-scale projects that we’re currently quoting with Indensity Core and the associated efficiencies gained with those larger-scale projects,” Mastrangelo noted.

Eos continues to expand its manufacturing capacity with its second battery module line, which is on schedule to begin initial production by the end of the second quarter.

For the full year 2026, Eos expects to achieve revenue between $300 million and $400 million.

The company reported revenue of $58 million in Q4 2025, up 699.6% YoY from $7.25 million in Q4 2024.