EOSE - Quick Take - Preliminary 2Q Results; Executing on the Ramp

研报英文原文证据摘录

EOSE - Quick Take - Preliminary 2Q Results; Executing on the Ramp

Truist Securities

Equity Research Report July 15, 2026

ENERGY: Clean Energy Eos Energy Enterprises, Inc. (EOSE)

EOSE - Quick Take - Preliminary 2Q Results; Executing on the Christopher Souther

212-537-9031 Ramp

christopher.souther@Research.truist.com

Patrick Hussey EOSE announced preliminary results this morning with revenue 4% ahead of our estimate

212-537-8994 and 25% q/q backlog growth, but gross margins remain a watch area. The company intends

patrick.hussey@research.truist.com to release full second quarter results on August 5, before market open, with a conference

call at 8:30 AM ET that day.

Ellen Page EOSE's preliminary 2Q26 results point to record revenue and backlog, underscoring 212-537-8782

Ellen.Page@research.truist.com commercial adoption potential and upside from FPUSA.

Revenue of $68.5M exceeded our estimate by ~4% and increased 350% Y/Y, while backlog

reached a record $807MM (+20% Y/Y; +25% Q/Q). Although adj. gross margins remained

pressured at (71.1%), revenue growth and expanding backlog provide further evidence that

Current Price (Jul. 14, $4.29 production ramp and customer demand continue to trend positively, in our view. Investors

2026) will likely focus on management's commentary around manufacturing efficiencies and the

Stock Rating BUY path to margin normalization during the upcoming earnings call. We will also look for color on startup expenses and other ramp costs from the quarter. Unchanged

Price Target $7.00 Second Production Line in Operation with Some Impact to Gross Margins. Battery Line 2 at its Thorn Hill facility started commercial production in mid-June with

Unchanged improved yields and cycle time relative to Battery Line 1. Start-up costs and lower initial