Eos Energy Enterprises (EOSE) just gave investors a sneak peek at what could be its best quarter ever, and the market is loving it. Shares surged nearly 10% in premarket trading Thursday after the company said it expects second-quarter revenue between $68 million and $69 million — a record for the zinc-based battery maker.
Shipments more than tripled from a year ago, and here's a stat that puts the growth in perspective: first-half 2026 revenue alone already exceeds the company's total revenue for all of 2025. That's not just growth; that's a breakout.
The backlog is also looking healthy. As of June 30, Eos expects a record backlog of about $807 million, up roughly 25% from the previous quarter. New orders continued to outpace shipments, which is a good sign for future revenue visibility. Cash and restricted cash should come in around $364 million, and customer collections of roughly $78 million actually surpassed quarterly revenue — meaning customers are paying up.
Battery Line 2: The Margin Squeeze That Might Be Worth It
Here's the catch: gross margin is expected to be a loss of 69% to 73%. That sounds awful, but it's by design. Eos started commercial production on Battery Line 2 during the quarter, now running two commercial production lines across two facilities. Start-up costs and lower initial volumes are crushing near-term margins, but management says the expansion should improve unit economics over time. Think of it as paying the upfront cost for a much bigger engine.
CEO Joe Mastrangelo summed it up: "Our preliminary second quarter results reflect a quarter of disciplined execution and continued progress across the business. We expect to deliver record quarterly revenue and record backlog, demonstrating that the investments we have made in our manufacturing platform continue to translate into stronger topline and commercial performance."
Eos will release full second-quarter results on August 5. For now, the numbers are pointing in the right direction — even if the margin picture is still a work in progress.
