Aug. 24 at 7:45 PM
$EOSE @WantedToRetireEarly That bearish SA summary calling margins “deteriorating” ignores the trajectory.
Q2’25 → Q2’26:
• Revenue:
$15.2M →
$68.8M (+351%)
• GAAP GM: -203% → -71%
• Adj. GM: -183% → -62%
• Backlog: record
$807M
Margins are ugly, but improving ~132 points YoY is the opposite of deteriorating.
Q2 barely reflects Thorn Hill Line 2, which contributed ~1% of production. Early metrics: faster cycles, 63% lower comparable scrap $, 40% shorter lines & 86% less material travel.
EOSE is accepting 2026 disruption to consolidate at Thorn Hill and enable 2027 scale + margin expansion. The question isn’t whether margins are good—they aren’t. It’s whether the trajectory reaches breakeven.
Potential Q3 catalyst: NYSERDA bulk-storage awards to weaken the “FPUSA is the whole story” bear argument.
2026 = buildout/transition.
2027 = prove it.
If Thorn Hill delivers + NYSERDA hits, Eos entering 2027 could look VERY different.
