Eos Energy Enterprises on May 13 said it is forming Frontier Power USA with Cerberus, a stand-alone entity designed to develop, finance and operate long-duration energy storage projects, and signed a 2 GWh firm capacity reservation agreement with the new venture. The company also said its first-quarter revenue jumped to $57.0 million, a 445% increase from a year earlier.
For investors tracking eose stock, the update tied new financing structure to a quarter that looked materially stronger on the operating side. Eos said the last two quarters together surpassed its full-year 2025 revenue, while it posted record quarterly performance for shipments, battery output and bipolar manufacturing. The company also completed Factory Acceptance Testing for its second battery line, with installation and power-on at Thorn Hill underway and initial production expected by the end of the second quarter of 2026.
The earnings report gave a mixed financial picture. Eos said gross loss was $44.4 million in the first quarter ended March 31, 2026, while net income attributable to shareholders reached $508.9 million and adjusted EBITDA loss was $68.0 million on a non-GAAP basis. Total cash, including restricted cash, stood at $472.4 million at the end of the period.
Eos, which describes itself as a U.S.-sourced and U.S.-manufactured maker of zinc-based long-duration energy storage systems, has been trying to turn manufacturing progress into revenue at scale. The company said it surpassed 6.0 GWh of discharged energy from Eos technology, and that DawnOS was showing consistent operating performance and better round trip efficiency. It also expanded an existing Southeast utility project from a 4-hour to a 10-hour discharge system and upgraded that project to DawnOS software.
That larger commercial backdrop is part of the pitch. Eos said its commercial opportunity pipeline rose to $24.3 billion as of March 31, 2026, while orders backlog reached $644.6 million, or 2.6 GWh. The company reaffirmed full-year 2026 revenue guidance of $300 million to $400 million, but it also made clear that the next step is execution: turning interest into installations and then into energy delivered on the grid.
