Eos Energy Enterprises
EOSE on Nasdaq. Eos Energy Enterprises sells batteries for storing electricity to utilities and businesses. Market value $1.2bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-35.48 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -446 cents a year. Above 10 is good.
Quality score: 20 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$3.26 a share, 10% above its 1-year low
Over the past year the price has ranged from $2.96 to $19.86.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $421 million in the past 12 months, a shortfall of $266 million in the year to December 2025.
| Revenue | |||||
| Revenue | $5m | $18m | $16m | $16m | $114m |
| Operating margin | |||||
| Operating margin | -2930.1% | -1234.4% | -933.8% | -1122.6% | -227.0% |
| Debt to equity | |||||
| Debt to equity | 3.37 | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.07bn | 0.16bn | 0.22bn | 0.29bn | 0.36bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Warning signs
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsStrong, 249.6% a year
- Buying back its own sharesNo, 391% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $69 million last quarter, up 351% on a year ago.
- A loss of $276 million, compared with a loss of $223 million a year ago.
- It loses 143 cents on each $1 of sales, compared with 656 cents a year earlier.
- Over the past 12 months it spent $421 million more cash than it brought in, compared with $217 million a year earlier.
- 43% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $312 million more than cash, down from $325 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $854,000 |
| December 2024 | $7m |
| March 2025 | $10m |
| June 2025 | $15m |
| September 2025 | $31m |
| December 2025 | $58m |
| March 2026 | $57m |
| June 2026 | $69m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$343m |
| December 2024 | -$268m |
| March 2025 | $15m |
| June 2025 | -$223m |
| September 2025 | -$641m |
| December 2025 | -$120m |
| March 2026 | $509m |
| June 2026 | -$276m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 348 funds in all.
- First Manhattan Co.First Manhattan partners
- Value
- $135,240
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Manhattan Co.First Manhattan partners | $135,240 | <0.1% |
Largest holders overall
- BlackRock$160mAdded
- Vanguard Capital Management$88m
- Hudson Bay Capital Management LP$80mNew
- Driehaus Capital Management$80mCut
- TWO Sigma Investments, LP$75mCut
- State Street$60mAdded
- Susquehanna International Group, LLP$57mAdded
- Geode Capital Management$52mAdded
- Electron Capital Partners$39mAdded
- Morgan Stanley$31mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Cerberus Capital Management II, L.P.Strategic holderat least 32.6%+1.5 pts(filed with 6 related holders)Since 4 August 2026
What they said
Item 4 is hereby amended and supplemented by the addition of the following: Pursuant to the previously disclosed A&R Term Sheet, on August 4, 2026, the Issuer, CCM Frontier, and HBC MSF Capital Solutions Blocker II LLC, an affiliate of Hudson Bay Capital Management LP ("HBC"),…
Read the filing - BlackRock, Inc.Passive investor7.6%+1.1 ptsSince 30 June 2026
- Vanguard Capital ManagementPassive investor5.1%Since 31 March 2026
- Capital Ventures InternationalPassive investorat least 4.5%−1.3 pts(filed with 4 related holders)Since 31 December 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Legal & General Group PlcPassive investorSold down below 5%Since 31 December 2022
| Holder | Stake | Since | |
|---|---|---|---|
Cerberus Capital Management II, L.P. Strategic holder | at least 32.6%+1.5 pts (filed with 6 related holders) | 4 August 2026 | What they saidItem 4 is hereby amended and supplemented by the addition of the following: Pursuant to the previously disclosed A&R Term Sheet, on August 4, 2026, the Issuer, CCM Frontier, and HBC MSF Capital Solutions Blocker II LLC, an affiliate of Hudson Bay Capital Management LP ("HBC"),… Read the filing |
BlackRock, Inc. Passive investor | 7.6%+1.1 pts | 30 June 2026 | |
Vanguard Capital Management Passive investor | 5.1% | 31 March 2026 | |
Capital Ventures International Passive investor | at least 4.5%−1.3 pts (filed with 4 related holders) | 31 December 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Legal & General Group Plc Passive investor | Sold down below 5% | 31 December 2022 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 4 insiders bought $751,662 of shares on the open market. 8 sold $18m, $4m of it under preset trading plans.
- Puri SumeetChief Accounting OfficerSoldunder a preset trading plan
- Date
- 16 September 2026
- Shares
- 43,750
- Price
- $3.92
- Value
- $171,500
- Mastrangelo JoeChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 16 September 2026
- Shares
- 250,000
- Price
- $3.92
- Value
- $980,000
- Song HaiyanDirectorBought
- Date
- 14 September 2026
- Shares
- 5,000
- Price
- $3.84
- Value
- $19,200
- Song HaiyanDirectorBought
- Date
- 11 September 2026
- Shares
- 10,000
- Price
- $3.95
- Value
- $39,500
- Puri SumeetChief Accounting OfficerSoldunder a preset trading plan
- Date
- 9 September 2026
- Shares
- 34,167
- Price
- $4.13
- Value
- $141,110
- Puri SumeetChief Accounting OfficerSoldunder a preset trading plan
- Date
- 28 July 2026
- Shares
- 29,167
- Price
- $3.36
- Value
- $98,001
- Kroeker NathanChief Commercial OfficerSoldunder a preset trading plan
- Date
- 28 July 2026
- Shares
- 110,417
- Price
- $3.36
- Value
- $371,001
- Mastrangelo JoeChief Executive Officer, DirectorSold
- Date
- 27 July 2026
- Shares
- 159,154
- Price
- $3.61
- Value
- $574,546
- Kroeker NathanCCO and Interim CFOSoldunder a preset trading plan
- Date
- 7 July 2026
- Shares
- 79,309
- Price
- $4.68
- Value
- $371,166
- Puri SumeetChief Accounting OfficerSoldunder a preset trading plan
- Date
- 30 June 2026
- Shares
- 8,823
- Price
- $5.86
- Value
- $51,703
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 16 September 2026 | Puri Sumeet Chief Accounting Officer | Sold under a preset trading plan | 43,750 | $3.92 | $171,500 |
| 16 September 2026 | Mastrangelo Joe Chief Executive Officer, Director | Sold under a preset trading plan | 250,000 | $3.92 | $980,000 |
| 14 September 2026 | Song Haiyan Director | Bought | 5,000 | $3.84 | $19,200 |
| 11 September 2026 | Song Haiyan Director | Bought | 10,000 | $3.95 | $39,500 |
| 9 September 2026 | Puri Sumeet Chief Accounting Officer | Sold under a preset trading plan | 34,167 | $4.13 | $141,110 |
| 28 July 2026 | Puri Sumeet Chief Accounting Officer | Sold under a preset trading plan | 29,167 | $3.36 | $98,001 |
| 28 July 2026 | Kroeker Nathan Chief Commercial Officer | Sold under a preset trading plan | 110,417 | $3.36 | $371,001 |
| 27 July 2026 | Mastrangelo Joe Chief Executive Officer, Director | Sold | 159,154 | $3.61 | $574,546 |
| 7 July 2026 | Kroeker Nathan CCO and Interim CFO | Sold under a preset trading plan | 79,309 | $4.68 | $371,166 |
| 30 June 2026 | Puri Sumeet Chief Accounting Officer | Sold under a preset trading plan | 8,823 | $5.86 | $51,703 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 16 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 51.5% last year. Losing that customer would hurt.
“During fiscal year 2025, two customers individually accounted for 51.5% and 18.8% of our total revenue.”
From the 10-K filed 26 February 2026, Item 1. Business. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
- Its accounts show patterns that sometimes come before companies have to correct past results (Beneish score).
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.