U.S.-based energy storage solutions provider Eos Energy Enterprises posted revenue of $82.73 million in the third quarter (Q3) of 2026, up 171% year-over-year (YoY) from $30.51 million. The revenue exceeded analysts’ expectations by $1.55 million.

The company attributed the increase to higher shipments of its Cube energy storage system, which rose 23% sequentially.

The company reported a profit of $125.04 million during the quarter, compared to a loss of $641.39 million in the same period the previous year.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were $144.09 million, compared to a loss of $634.02 million the previous year.

Earnings per share was a loss of $0.17, compared to a loss of $4.88 the previous year.

Backlog totaled $765 million, representing 3.2 GWh, up 19% YoY and down 5% from the prior quarter, reflecting backlog conversion into record quarterly revenue of $82.7 million, partially offset by new bookings during the quarter.

“Our third quarter shows operating model improvement. We delivered our highest quarterly revenue, improved gross margin by 18 points sequentially, and brought Line 2 first-pass yield equal to Line 1 four times faster,” said Joe Mastrangelo, Chief Executive Officer at Eos. “While the transition to Thorn Hill lowers fourth-quarter capacity, it positions us to reduce cost per cube and improve manufacturing efficiency in future quarters. We remain on track to achieve the lower half of our full-year revenue outlook.”

9M 2026

The company posted revenue of $208.47 million in the first nine months (9M) of 2026, up 270.9% YoY from $56.21 million.

Eos posted profits of $358.22 million, compared to a loss of $849.19 million during the corresponding period the previous year.

Earnings per share came in at a loss of $0.44, compared to a loss of $6.04 the prior year.

Business Highlights 

During the quarter, the company booked six orders from four new customers and two existing customers. This included a previously announced $100 million purchase order that converted under an existing capacity reservation agreement and, as a result, did not contribute to quarter-over-quarter backlog growth. Demand continued across the commercial, industrial, and data center markets.

Eos announced an agreement with MN8 Energy and Google to deliver 10 MW/100 MWh of Z3 zinc-based LDES in West Virginia, serving Google’s data centers in the region.

Eos continued to scale production at its Thorn Hill facility during the third quarter, its first full quarter with both battery lines in commercial production. Shipments increased 23% sequentially, driven by higher utilization at Thorn Hill and continued productivity gains at Turtle Creek. Line 2 contributed 17% of total battery output, up from about 1% in the second quarter, while operating on a partial shift schedule and delivering about 20% higher battery output per shift than Line 1. Line 2 also reached first-pass yield parity with Line 1 within three months, demonstrating the design enhancements and manufacturing learnings built into the second line.

Eos began consolidating manufacturing operations into Thorn Hill. Line 1 disassembly at Turtle Creek began in late October, and the full line is expected to resume production near the end of the first quarter of 2027 with upgraded capabilities based on Line 2 enhancements. Once complete, Thorn Hill is expected to have about 4 GWh of annual nameplate capacity across two production lines.

In July this year, Eos Energy announced a $75 million equity investment from Hudson Bay Capital Management to support its investment in Frontier Power USA, a vertically integrated long-duration energy storage developer and independent power producer.

The company expects full-year 2026 revenue in the lower half of its $300 million to $350 million range.

Eos Energy reported revenue of $68.8 million in Q2 2026, a 351% YoY increase from $15.24 million.