U.S.-based energy storage solutions provider Eos Energy Enterprises reported a 58% year-over-year (YoY)increase in revenue from $6.6 million to $10.5 million in the first quarter (Q1) of 2025, missing analysts’ expectations by $1.31 million.

The company also recorded the highest quarterly revenue as it ramped production to deliver customer backlogs.

Eos’ net profit for the quarter came in $95.14 million from a net loss of $46.71 million a year ago.

It posted an Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of $23.77 million in Q1 2025 against an EBITDA loss of $36.37 million in Q1 2024.

The Earnings Per Share (EPS) loss was $0.20 compared to an EPS loss of $0.23 in the same quarter the previous year.

Due to large opportunities in Puerto Rico, Eos expanded its opportunity pipelines to ~60 GWh, amounting to $15.6 billion. The opportunity pipeline also expanded due to several eight-hour targets in CASIO, as well as new direct and indirect data center projects.

Eos Energy has surpassed its customer shipments for 2024 with seven of its Z3 projects under installation and commissioning.

The company entered an agreement with Trip Ventures for a 400 MWh utility-scale energy storage project in Puerto Rico.

It also signed a 5 GWh agreement with Frontier Power for the UK’s Long Duration Energy Storage cap and floor scheme. The company said that the partnership would also open the door to developing local manufacturing in the UK if the project volumes increased.

In March, the company also announced the San Diego Navy energy project. The California Energy Commission fully funds the project, providing essential energy resiliency to the U.S. Navy’s Western fleet.

Eos is expanding its manufacturing line from 1.25 GWh to 2 GWh by the year-end. It plans to automate subassemblies to increase its production volumes.

It completed a small microgrid order for two schools in Florida.

The company has an order book of $9.2 million and discharge energy of 5.4 GWh. It also has ~$4.9 GWh of energy in the field and $680.0 million worth of orders in the backlog. The company also has standalone storage, which amounts to 45% of its ESS.

Outlook

In 2025, Eos expects to achieve revenue between $150 million and $190 million.

In an earnings call, the company said U.S. tariffs on other countries are an upward cost pressure and have created risk within the industry. However, the company expects less exposure from the imposition of tariffs.

With tariffs driving up costs for some U.S. competitors, Eos said it is seeing a growing demand from customers seeking a U.S.-based solution.

The company said that a mandate for high domestic content will allow it to simplify supply chains and relocate supply chains according to its expansion plans.

In Q3 2024, Eos reported a revenue of $854,000, a 24.9% YoY increase from $684,000. However, this figure was lower than the expected $5.79 million due to supply chain delays affecting the delivery of new Z3 inline enclosures, its latest generation battery module.

In Q2 2024, it reported revenue of $900,000 during the Q2 of 2024, a 261% YoY increase.