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Eos Energy Enterprises Q2 2026 Financial Results August 5 , 2026 eos TM
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Disclaimer 2 Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our expected revenue for the fiscal year ended December 31, 2026, our path to profitability and strategic outlook, statements regarding orders backlog, and opportunity pipeline, statements regarding the joint venture, the transactions related thereto, and any anticipated benefits of the joint venture, our ability to obtain statements regarding our expectation that we can continue to increase product volume on our state-of-the-art manufacturing lines, statements regarding our future expansion and its impact on our ability to scale up operations and increase margins, statements regarding the expected impact of DawnOSTM on efficiency operating costs, and grid-coordination, statements regarding the launch of IndensityTM and our expectations for the architecture and its expected energy density, statements regarding our expectation that we can continue to strengthen our overall supply chain, statements that refer to outlook, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on our management's beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes adversely affecting the business in which we are engaged; our ability to forecast trends accurately; our ability to generate cash, service indebtedness and incur additional indebtedness; our ability to raise financing in the future; our ability to obtain stockholder approval of an increase in our authorized common stock; associated with the joint venture, including the risk that the joint venture will not be completed on the anticipated timeline or terms, or at all, and risks associated with FPUSA’s ability to develop, finance, construct and monetize projects; risks associated with the credit agreement with Cerberus, including risks of default, and dilution of outstanding common stock; our customers’ ability to secure project financing; the amount of final tax credits available to our customers or to Eos pursuant to the Inflation Reduction Act, including potential impacts from any repeal or modification of the legislation; the timing and availability of future funding under the Department of Energy Loan Facility; risks associated with the successful execution and expected benefits of any manufacturing consolidation initiatives; our ability to continue to develop efficient manufacturing processes to scale and to forecast related costs and efficiencies accurately; fluctuations in our revenue and operating results; competition from existing or new competitors; our ability to convert firm order backlog and pipeline to revenue; risks associated with security breaches in our information technology systems; risks related to legal proceedings or claims; risks associated with evolving energy policies in the United States and other countries and the potential costs of regulatory compliance; risks associated with changes to the U.S. trade environment; our ability to maintain the listing of our shares of common stock on NASDAQ; our ability to grow our business and manage growth profitably, maintain relationships with customers and suppliers and retain our management and key employees; risks related to adverse changes in general economic conditions, including inflationary pressures and increased interest rates; risk from supply chain disruptions and other impacts of geopolitical conflict; changes in applicable laws or regulations; the possibility that Eos may be adversely affected by other economic, business, and/or competitive factors; other factors beyond our control; and other risks and uncertainties indicated in the company's most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K, including those under the heading “Risk Factors” therein, and other factors identified in Eos's prior and future SEC filings with the SEC, available at www.sec.gov. Eos cautions that the foregoing list of factors is not exclusive and not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Should one or more of these risks or uncertainties materialize or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Eos does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Industry and Market Data In this presentation, we rely on and refer to information and statistics regarding market participants in the sectors in which Eos competes and other industry data. We obtained this information and statistics from third party sources, including reports by market research firms and company filings. We have not independently verified the accuracy or completeness of, and disclaim and liability with respect to, such third-party sources and the data therein that have been included in this presentation. Trademarks This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, SM © or ® symbols, but Eos will assert, the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. Znyth, Eos Znyth, Eos Z3, DawnOS, Indensity, and Indensity Core are trademarks of Eos Energy Technology Holdings, LLC, wholly owned subsidiary of Eos Energy Enterprises, Inc. Key Metrics Backlog. Our backlog represents the amount of revenue that we expect to realize from existing agreements with our customers for the sale of our battery energy storage systems and performance of services. The backlog is calculated by adding new orders in the current fiscal period to the backlog as of the end of the prior fiscal period and then subtracting the shipments in the current fiscal period. If the amount of an order is modified or cancelled, we adjust orders in the current period and our backlog accordingly, but do not retroactively adjust previously published backlogs. There is no comparable US-GAAP financial measure to backlog. We believe that the backlog is a useful indicator regarding the future revenue of our Company. Pipeline. Our pipeline represents projects for which we have submitted technical proposals or non-binding quotes plus customers with letters of intent (“LOI”) or firm commitments. Pipeline does not include lead generation projects. Booked Orders. Booked orders are orders where we have legally binding agreements with a Purchase Order (“PO”) or Master Supply Agreement (“MSA”) executed by both parties.
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Disclaimer 3 Non-GAAP Financial Measures To provide investors with additional information regarding our financial results, we have disclosed in this earnings presentation non-GAAP financial measures, including adjusted EBITDA and adjusted gross profit (loss), which are non-GAAP financial measures as defined under the rules of the SEC. These non-GAAP financial measures should be considered supplemental to, not a substitute for, or superior to, the financial measures of the Company’s calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company believes adjusted EBITDA, adjusted EBITDA margin, adjusted gross profit (loss), and adjusted gross margin and are useful measures in evaluating our financial and operational performance distinct and apart from financing costs, certain non-cash expenses and non-operational expenses. We believe that non-GAAP financial information, when taken collectively may be helpful to our investors in assessing its operating performance. There are a number of limitations related to the use of these non-GAAP financial measures and their nearest GAAP equivalents. For example, the Company’s definitions of non-GAAP financial measures may differ from non-GAAP financial measures used by other companies. Below is a description of the non-GAAP financial information included herein as well as reconciliations to the most directly comparable GAAP measure. You should review the reconciliations below but not rely on any single financial measure to evaluate our business. Adjusted EBITDA is defined as earnings (net loss) attributable to Eos adjusted for interest expense, income tax, depreciation and amortization, non-cash stock-based compensation expense, change in fair value of debt and derivatives, debt extinguishment, and other non-cash or non-recurring items as determined by management which it does not believe to be indicative of its underlying business trends. Adjusted gross profit (loss) is defined as gross profit (loss) adjusted to exclude stock-based compensation, depreciation and amortization.
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4 Tightening 2026 Revenue Range 2026 Update 2025 2024 Revenue $300 - 350m $114.2m $15.6m Fiscal Year 2026 Revenue Update $300 - $350 million Revenue Visibility FPUSA + Backlog Optimize Mfg. Footprint Deliver profitable growth Consistent Delivery Maintain June run rate
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5 Operating Highlights (1) Numbers shown as of 6/30/2026 (2) For the three months ended 6/30/2026 (3) Includes cash equivalents and restricted cash Total Cash1,3 $364 million ~100% FCF from ops. conversion Q2 Revenue2 $68.8 million 351% increase vs. Q2 ‘25 Backlog1 $807 million 25% increase from prior quarter Cubes Shipped2 +207% vs. Q2 ‘25 Adj. EBITDA Margin2 +235 pts. vs. Q2 ‘25 Discharge Energy 6 .5 GWh ~78% Avg. RTE across Z3 fleet
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Growing the Eos Installed Base 200+ MWh expected to become operational within the next 6 months Discharged Energy Cumulative 6.5 GWh Over 3.9m Cycles Eos Z3 0.7 GWh Over 1.1m Cycles Z3 Metrics 72% - 91% Avg. 78% 20-100-20 SoC Includes Non-DawnOS/DawnOS 2.5 -14 hrs. Avg. 4 hr. cycle duration Z3 RTE Z3 Duration 6
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Opportunity Pipeline 1 Capitalizing on a Growing Market Opportunity Expanding backlog and strategic partnerships position Eos for sustained long-duration energy storage growth Pipeline Discharge Duration $807M ~3.4 GWh $24.6B ~112 GWh ~52% Standalone storage Orders Backlog 1 20% 31% YoY Change 4 hours 6 hours 8 hours > 8 hours +6 Customers 4 New, 2 Repeat 8% 46% 3% 43% ~51% 8 hr.+ duration Awarded Golden Dome for America Contract 750 MWh MSA DACH Region 2 GWh Capacity Reservation Agreement ~32% Data Center related YoY Change 7 Post 2Q (1) Numbers shown as of 6/30/2026
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Frontier Power USA: A Long-Term Operating Asset LDES projects stall on capital, not technology INITIAL CAPITAL ~$263M Gross proceeds committed ~$1B Estimated project deployment FPUSA OPPORTUNITY 16 GWh Opportunity pipeline 5 GWh Acquired, selected, under active diligence OPERATING ASSETS Q3 2027 First projects expected to go online 1.8 GWh Under construction or approaching NTP FPUSA Impact Operate the asset for recurring revenue Generate stable, repeatable revenue steams Eos shares in recurring cashflows Eos Impact LTSA counterparty Long term service revenue across the installed fleet Up to 25 – 30% of total capex over 20 years Future value per economic ownership Individual projects expected to deliver mid-teen returns Eos expected to initially own ~36% of FPUSA EOS REVENUE ATTRIBUTABLE TO FPUSA FPUSA is contractually required to purchase capacity under the 2 GWh reservation Q2 2026 $55M 1 ~80% of revenue Eos Backlog 49% 2 FPUSA volume 8 Sell the project and recycle capital Monetize developed projects and reinvest proceeds into new growth opportunities Eos participates in project sale proceeds Scale for platform monetization Grow FPUSA into a valuable platform for a future strategic sale Eos captures upside from future sale Growing installed base Expanded deployments create increased reference hours Eos receives accelerated bankability 1) Revenue tied to a related third party prior to the formation of Frontier Power USA 2) Backlog as of 6/30/2026 Illustrative strategic rationale only. Actual value creation and monetization opportunities are subject to risks and uncertainties
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9 FY 25 vs. 1H ‘26 Production Sequential Quarter Highlights Cube Output +20% • ~1.5 GWh annualized run rate in June Material Cost -10% • Negotiated volume savings Direct Labor Cost per Cube -20% • Increased output with flat labor Manufacturing Ove rhead per Cube -4% • Thorn Hill, 15 days w/ 1 partial shift 2025 1H ’26 +17% Thorn Hill Metrics Battery cycle time +10% Improvement vs. Line 1 Bi-polar cycle time +11% Improvement vs. Line 1 Output 1% Q2 Production Mfg. Footprint Potential Consolidation Line 1 Move Benefits Est. Annual Conversion Cost 10 – 15% Payback Period ~9 months Scaling Long Duration Energy Storage Advancing operations to deliver profitable growth • Removes non-production inefficiencies • 2027 focused on volume delivery and margin expansion • Final assembly automation moved to Thorn Hill -1% excluding tariff rebate -16% excluding Thorn Hill
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Second Quarter 2026 Financials ($ in millions) Q2 ’26 Q2 ‘25 % Change Q1 ’26 % Change Revenue 68.8 15.2 351% 57.0 21% Gross Profit (Loss) (48.8) (31.0) (58%) (44.4) (10%) Margin % (71%) (203%) +132 pts. (78%) +7 pts. Operating Expenses 35.0 32.9 6% 34.9 0% Net Income (Loss) Attributable to Shareholders (275.7) (222.9) (24%) 508.9 (154%) Adjusted Gross Profit (Loss) 1 (42.9) (27.8) (54%) (39.0) (10%) Margin %2 (62%) (183%) +120 pts. (69%) +6 pts. Adjusted EBITDA (Loss) 1 (71.4) (51.6) (38%) (68.0) (5%) Margin %3 (104%) (339%) +235 pts. (119%) +16 pts. Revenue 1H’26 > greater than FY ’25 revenue 207%+ shipments YoY Adjusted Gross Margin YoY improvement driven by improved conversion costs and normalized pricing Adjusted EBITDA Margin YoY SG&A down 4%; R&D up 46% for continued technology investment (1) See non-GAAP reconciliation in appendix (2) Adjusted Gross Profit Margin is Adjusted Gross Profit as a percentage of Revenue (3) Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of Revenue Note: Some calculations may not foot due to rounding 10
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11 -183% -62% Product -1,336% 10%+ Year Over Year Adjusted Gross Margin 0.9 $15.2 $68.8 Area Impact Driver Materials Costs ~25 pts ▪ Supplier volume agreements + cost-out initiative funnel Conversion Costs ~20 pts ▪ Higher volume across optimized footprint Projects ~20 pts ▪ Complete DawnOS upgrades and insource third party labor Scrap ~8 pts ▪ Sub-assembly yield improvement with equip. design upgrades $150+Total Revenue Product Adj. Gross Profit1 (983%) (160%) (40%) 10%+ Memo ($ millions) Q2 ‘24 Q2 ‘25 Q2 ‘26 Q2 ’27 Targeting 72+ pts Margin Improvement over next 12 Months Estimate + 823 pts. +120 pts. +50 pts. Roadmap to Positive Adjusted Gross Margin 72+ pts (1) Product Adjusted Gross Profit is defined as gross profit attributable to our battery energy storage system products, adjusted to exclude non-cash stock-based compensation, depreciation and amortization. Targeting Q4’ 26 adjusted gross profit positive exit run rate
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Thornhill 12
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13 Appendix
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Appendix ($ In thousands) Q2' 24 Q2' 25 Q3' 25 Q4' 25 Q1' 26 Q2' 26 Revenue $ 898 $ 15,236 $ 30,512 $ 57,998 $ 56,963 $ 68,775 Cost of Goods Sold 14,121 46,189 64,437 112,418 101,390 117,576 Gross profit (loss) (13,223) (30,953) (33,925) (54,420) (44,427) (48,801) add: Stock based compensation 185 503 505 549 507 516 add: Depreciation and amortization 1,045 2,632 3,012 4,739 4,880 5,416 Adjusted gross profit (loss) $ (11,993) $ (27,818) $ (30,408) $ (49,132) $ (39,040) $ (42,869) Adjust Gross Margin % -1336% -183% -100% -85% -69% -62% Non-GAAP Financial Measures & Reconciliations 14
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Appendix ($ In thousands) Q2' 24 Q2' 25 Q3' 25 Q4' 25 Q1' 26 Q2' 26 Net income (loss) attributable to shareholders $ (28,172) $ (222,937) $ (641,393) $ (120,453) $ 508,883 $ (275,710) add: Interest expense 8,427 6,639 4,006 6,665 9,455 8,318 add: Income tax expense 8 6 4 9 5 13 add: Depreciation and amortization 1,371 2,935 3,365 5,203 5,394 6,067 EBITDA (18,366) (213,357) (634,018) (108,576) 523,737 (261,312) add: Stock based compensation 1,857 7,127 4,963 5,212 5,902 6,183 add (deduct): Change in fair value of derivatives 55,668 134,390 568,666 (35,877) (601,890) 143,578 add (deduct): Change in fair value of debt 240 (31,615) 3,570 4,059 4,232 4,534 (deduct) add: (Gain) loss on debt extinguishment (68,478) 49,063 3,589 - — — add: Other non-cash or non-recurring — 2,766 540 63,646 — 35,662 Adjusted EBITDA loss $ (29,079) $ (51,626) $ (52,690) $ (71,536) $ (68,019) $ (71,355) Adjusted EBITDA Margin % -3238% -339% -173% -123% -119% -104% Quarter end stock price $1.27 $5.12 $11.39 $11.46 $4.96 $5.88 % change from prior quarter 23% 35% 122% 1% -57% 19% Non-GAAP Financial Measures & Reconciliations 15