Eos Energy Enterprises, a US-based energy storage player specialising in zinc technology, reported quarterly revenue of $15.2mn, nearly matching its total for 2024. This performance is driven by a 46% increase in revenues compared to the previous quarter, as well as 122% growth in factory shipments, half of which were allocated to a strategic project.
Rapid expansion of the commercial pipeline
The commercial opportunity pipeline stands at $18.8bn, an increase of $3.2bn over the previous quarter. This momentum is supported by the development of data centres and rising demand for long-duration storage solutions. Eos Energy recently signed a 5 GWh memorandum of understanding with UK-based developer Frontier Power, which subsequently submitted more than 10 GWh of projects using Eos technology to the UK Cap & Floor scheme.
At the same time, more than half of the pipeline now relates to stand-alone storage projects, eligible for the Investment Tax Credit (ITC) under the One Big Beautiful Bill Act (OBBBA). The company stands out with a domestic content ratio exceeding 90%, thus meeting US Foreign Entity of Concern (FEOC) requirements and allowing clients to maximise national tax incentives.
Strengthened balance sheet and debt reduction
In the second quarter, Eos Energy raised $336mn through oversubscribed offerings of common stock and convertible senior notes, reflecting strong investor confidence. The company now benefits from increased flexibility to accelerate its industrial growth and meet growing long-duration energy storage demand. The cash balance stands at $183.2mn, including restricted cash.
Additionally, Eos Energy extended the maturity of its 26.5% convertible bonds to 30 September 2034 and lowered the interest rate to 7.0% from 30 June 2026. The company also received $22.7mn from the US Department of Energy’s Loan Programmes Office, bringing total funding received to $91mn since the loan closing in November 2024.
Ongoing industrial expansion and 2025 outlook
The company continues to ramp up production capacity, with sub-assembly automation scheduled for the third quarter and the installation of a second advanced manufacturing line underway. Eos Energy expects to reach an annual production rate of 2 GWh by the end of the year. Full-year revenue guidance for 2025 remains between $150mn and $190mn.
“Our team delivered our strongest operational quarter to date, with production ramping up even before sub-assembly automation was fully online,” said Joe Mastrangelo, Chief Executive Officer of Eos Energy Enterprises. The company highlights the growing interest from grid operators in storage solutions capable of absorbing network volatility and ensuring supply, especially for data centre-related projects.
