0001805077false12-31Q22025P2Yxbrli:sharesiso4217:USDiso4217:USDxbrli:shareseose:segmenteose:installmentxbrli:pureeose:trancheeose:milestoneeose:businessDayeose:customereose:vendoreose:tradingDayeose:draw_dateeose:vote00018050772025-01-012025-06-300001805077us-gaap:CommonStockMember2025-01-012025-06-300001805077us-gaap:WarrantMember2025-01-012025-06-3000018050772025-07-2500018050772025-04-012025-06-3000018050772025-06-3000018050772024-12-310001805077us-gaap:NonrelatedPartyMember2025-06-300001805077us-gaap:NonrelatedPartyMember2024-12-310001805077us-gaap:RelatedPartyMember2025-06-300001805077us-gaap:RelatedPartyMember2024-12-310001805077us-gaap:SeriesBPreferredStockMember2025-06-300001805077us-gaap:SeriesBPreferredStockMember2024-12-3100018050772024-04-012024-06-3000018050772024-01-012024-06-300001805077us-gaap:NonrelatedPartyMember2025-04-012025-06-300001805077us-gaap:NonrelatedPartyMember2024-04-012024-06-300001805077us-gaap:NonrelatedPartyMember2025-01-012025-06-300001805077us-gaap:NonrelatedPartyMember2024-01-012024-06-300001805077us-gaap:RelatedPartyMember2025-04-012025-06-300001805077us-gaap:RelatedPartyMember2024-04-012024-06-300001805077us-gaap:RelatedPartyMember2025-01-012025-06-300001805077us-gaap:RelatedPartyMember2024-01-012024-06-300001805077us-gaap:CommonStockMember2024-03-310001805077us-gaap:AdditionalPaidInCapitalMember2024-03-310001805077us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001805077us-gaap:RetainedEarningsMember2024-03-3100018050772024-03-310001805077us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300001805077us-gaap:CommonStockMember2024-04-012024-06-300001805077us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300001805077us-gaap:RetainedEarningsMember2024-04-012024-06-300001805077us-gaap:CommonStockMember2024-06-300001805077us-gaap:AdditionalPaidInCapitalMember2024-06-300001805077us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001805077us-gaap:RetainedEarningsMember2024-06-3000018050772024-06-300001805077us-gaap:CommonStockMember2025-03-310001805077us-gaap:AdditionalPaidInCapitalMember2025-03-310001805077us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001805077us-gaap:RetainedEarningsMember2025-03-3100018050772025-03-310001805077us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001805077us-gaap:CommonStockMember2025-04-012025-06-300001805077us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300001805077us-gaap:RetainedEarningsMember2025-04-012025-06-300001805077us-gaap:CommonStockMember2025-06-300001805077us-gaap:AdditionalPaidInCapitalMember2025-06-300001805077us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300001805077us-gaap:RetainedEarningsMember2025-06-300001805077us-gaap:CommonStockMember2023-12-310001805077us-gaap:AdditionalPaidInCapitalMember2023-12-310001805077us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001805077us-gaap:RetainedEarningsMember2023-12-3100018050772023-12-310001805077us-gaap:AdditionalPaidInCapitalMember2024-01-012024-06-300001805077us-gaap:CommonStockMember2024-01-012024-06-300001805077us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-06-300001805077us-gaap:RetainedEarningsMember2024-01-012024-06-300001805077us-gaap:CommonStockMember2024-12-310001805077us-gaap:AdditionalPaidInCapitalMember2024-12-310001805077us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001805077us-gaap:RetainedEarningsMember2024-12-310001805077us-gaap:AdditionalPaidInCapitalMember2025-01-012025-06-300001805077us-gaap:CommonStockMember2025-01-012025-06-300001805077us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-06-300001805077us-gaap:RetainedEarningsMember2025-01-012025-06-300001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:SecuredDebtMember2024-06-210001805077us-gaap:RevolvingCreditFacilityMembereose:CreditFacilityMemberus-gaap:LineOfCreditMember2024-06-210001805077eose:EOSEnergyEnterprisesInc.Membereose:DelayedDrawTermLoanDDTLMembereose:CCMDenaliDebtHoldingsLPMemberus-gaap:SecuredDebtMember2024-06-210001805077eose:DOELoanFacilityMemberus-gaap:LineOfCreditMember2024-11-260001805077eose:DOELoanFacilityMembersrt:MinimumMemberus-gaap:LineOfCreditMember2024-11-260001805077eose:DOELoanFacilityMembersrt:MaximumMemberus-gaap:LineOfCreditMember2024-11-260001805077eose:DOELoanFacilityTranche1Membereose:DOELoanFacilityMember2024-11-260001805077eose:DOELoanFacilityTranche2Membereose:DOELoanFacilityMember2024-11-260001805077eose:DOELoanFacilityTranche3Membereose:DOELoanFacilityMember2024-11-260001805077eose:DOELoanFacilityTranche4Membereose:DOELoanFacilityMember2024-11-260001805077eose:DOELoanFacilityMembereose:DOELoanFacilityTranche1Member2025-04-160001805077eose:DOELoanFacilityMembereose:DOELoanFacilityTranche2Member2025-04-160001805077eose:DOELoanFacilityMembereose:DOELoanFacilityTranche3Member2025-04-160001805077eose:DOELoanFacilityMembereose:DOELoanFacilityTranche4Member2025-04-160001805077eose:DOELoanFacilityTranche1Membereose:DOELoanFacilityMemberus-gaap:LineOfCreditMember2025-01-012025-06-300001805077us-gaap:ScenarioPlanMemberus-gaap:PrivatePlacementMember2025-05-292025-05-290001805077us-gaap:ScenarioPlanMemberus-gaap:PrivatePlacementMember2025-05-290001805077us-gaap:ScenarioPlanMemberus-gaap:OverAllotmentOptionMember2025-05-292025-05-290001805077us-gaap:PrivatePlacementMember2025-05-292025-05-290001805077us-gaap:PrivatePlacementMember2025-06-022025-06-020001805077eose:A2025ConvertibleNotesDue2030Memberus-gaap:ConvertibleDebtMember2025-06-030001805077eose:A2025ConvertibleNotesDue2030Member2025-06-032025-06-030001805077eose:DelayedDrawTermLoanDDTLInitialDrawMemberus-gaap:SecuredDebtMember2024-06-210001805077eose:DelayedDrawTermLoanDDTLInitialDrawMemberus-gaap:SecuredDebtMember2024-06-212024-06-210001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:SecuredDebtMember2024-06-200001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:SecuredDebtMember2024-08-292024-08-290001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:SecuredDebtMember2024-10-312024-10-310001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:SecuredDebtMember2025-01-242025-01-240001805077eose:DOELoanFacilityMemberus-gaap:LineOfCreditMember2024-11-262025-06-300001805077eose:DOELoanFacilityTranche1Membereose:DOELoanFacilityMember2025-06-300001805077eose:DOELoanFacilityMemberus-gaap:LineOfCreditMemberus-gaap:SubsequentEventMember2025-07-012025-07-010001805077eose:FirstAmendmentToCreditAndGuarantyAgreementMember2025-04-302025-04-300001805077eose:A2021ConvertibleNotesMemberus-gaap:ConvertibleNotesPayableMember2025-05-282025-05-280001805077eose:SecondCreditAgreementAmendmentMemberus-gaap:SecuredDebtMember2025-05-270001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:SecuredDebtMember2025-05-280001805077us-gaap:SecuredDebtMember2025-05-282025-05-280001805077us-gaap:RelatedPartyMembereose:AFGConvertibleNotesMemberus-gaap:ConvertibleDebtMember2025-05-290001805077us-gaap:SecuredDebtMemberus-gaap:SubsequentEventMember2025-07-292025-07-290001805077eose:CerberusWarrantsMemberus-gaap:SubsequentEventMember2025-07-290001805077eose:SPAWarrantMemberus-gaap:RelatedPartyMemberus-gaap:CommonStockMember2024-06-210001805077eose:SPAWarrantMembereose:CCMDenaliEquityHoldingsLPMemberus-gaap:RelatedPartyMemberus-gaap:CommonStockMember2024-06-210001805077eose:SPAWarrantMemberus-gaap:RelatedPartyMemberus-gaap:CommonStockMember2024-06-212024-06-210001805077eose:ContingentWarrantsMembereose:CCMDenaliEquityHoldingsLPMemberus-gaap:RelatedPartyMemberus-gaap:CommonStockMember2024-06-210001805077eose:CreditAgreementMembereose:SeriesA1PreferredStockMember2024-06-210001805077eose:SeriesA1PreferredStockMember2024-06-212024-06-210001805077eose:SeriesA1PreferredStockMember2024-06-210001805077eose:CreditAgreementMembereose:SeriesA2PreferredStockMember2024-08-292024-08-290001805077eose:CreditAgreementMembereose:SeriesA2PreferredStockMember2024-08-290001805077eose:SeriesB1PreferredStockMember2024-09-110001805077eose:SeriesB1PreferredStockMember2025-06-300001805077eose:SeriesB1PreferredStockMember2025-01-012025-06-300001805077eose:SeriesB2PreferredStockMember2025-06-300001805077eose:SeriesB2PreferredStockMember2025-01-012025-06-300001805077eose:SeriesB3PreferredStockMember2025-06-300001805077eose:SeriesB3PreferredStockMember2025-01-012025-06-300001805077eose:SeriesB4PreferredStockMember2025-06-300001805077eose:SeriesB4PreferredStockMember2025-01-012025-06-3000018050772024-09-112024-09-110001805077eose:SeriesB4PreferredStockMember2025-06-290001805077us-gaap:SeriesBPreferredStockMember2024-06-212024-06-210001805077eose:AtlasCreditAgreementMembereose:SeniorSecuredTermLoanAgreementMemberus-gaap:SecuredDebtMember2024-06-210001805077eose:AtlasCreditAgreementMembereose:SeniorSecuredTermLoanAgreementMemberus-gaap:SecuredDebtMember2024-06-212024-06-210001805077eose:InsurerLetterAgreementMembereose:SeniorSecuredTermLoanAgreementMemberus-gaap:SecuredDebtMember2024-12-312024-12-310001805077eose:InsurerLetterAgreementMembereose:SeniorSecuredTermLoanAgreementMemberus-gaap:SecuredDebtMember2025-06-302025-06-300001805077us-gaap:TransferredAtPointInTimeMember2025-04-012025-06-300001805077us-gaap:TransferredAtPointInTimeMember2024-04-012024-06-300001805077us-gaap:TransferredAtPointInTimeMember2025-01-012025-06-300001805077us-gaap:TransferredAtPointInTimeMember2024-01-012024-06-300001805077us-gaap:TransferredOverTimeMember2025-04-012025-06-300001805077us-gaap:TransferredOverTimeMember2024-04-012024-06-300001805077us-gaap:TransferredOverTimeMember2025-01-012025-06-300001805077us-gaap:TransferredOverTimeMember2024-01-012024-06-300001805077us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-04-012025-06-300001805077eose:ThreeCustomersMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-04-012025-06-300001805077us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-01-012025-06-300001805077eose:FiveCustomersMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-01-012025-06-300001805077us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-04-012024-06-300001805077eose:Customer1Memberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-04-012024-06-300001805077us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-01-012024-06-300001805077eose:Customer1Memberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-01-012024-06-3000018050772025-07-012025-06-300001805077eose:DOECleanEnergyFinancingProgramMember2025-06-300001805077eose:DOECleanEnergyFinancingProgramMember2025-01-012025-06-300001805077eose:DOECleanEnergyFinancingProgramMemberus-gaap:SecuredDebtMember2024-06-300001805077srt:MinimumMemberus-gaap:EquipmentMember2025-06-300001805077srt:MaximumMemberus-gaap:EquipmentMember2025-06-300001805077us-gaap:EquipmentMember2025-06-300001805077us-gaap:EquipmentMember2024-12-310001805077eose:FinanceLeaseMember2025-06-300001805077eose:FinanceLeaseMember2024-12-310001805077srt:MinimumMemberus-gaap:FurnitureAndFixturesMember2025-06-300001805077srt:MaximumMemberus-gaap:FurnitureAndFixturesMember2025-06-300001805077us-gaap:FurnitureAndFixturesMember2025-06-300001805077us-gaap:FurnitureAndFixturesMember2024-12-310001805077us-gaap:LeaseholdImprovementsMember2025-06-300001805077us-gaap:LeaseholdImprovementsMember2024-12-310001805077srt:MinimumMemberus-gaap:ToolsDiesAndMoldsMember2025-06-300001805077srt:MaximumMemberus-gaap:ToolsDiesAndMoldsMember2025-06-300001805077us-gaap:ToolsDiesAndMoldsMember2025-06-300001805077us-gaap:ToolsDiesAndMoldsMember2024-12-310001805077us-gaap:ConstructionInProgressMember2025-06-300001805077us-gaap:ConstructionInProgressMember2024-12-310001805077us-gaap:PatentsMember2025-06-300001805077us-gaap:PatentsMember2025-04-012025-06-300001805077us-gaap:PatentsMember2024-04-012024-06-300001805077us-gaap:PatentsMember2025-01-012025-06-300001805077us-gaap:PatentsMember2024-01-012024-06-300001805077eose:SoftwareMember2025-06-300001805077us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-12-310001805077us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-06-300001805077eose:ProductionTaxCreditsMember2025-04-012025-06-300001805077eose:ProductionTaxCreditsMember2024-04-012024-06-300001805077eose:ProductionTaxCreditsMember2025-01-012025-06-300001805077eose:ProductionTaxCreditsMember2024-01-012024-06-300001805077eose:ProductionTaxCreditsMember2025-06-300001805077eose:ProductionTaxCreditsMember2024-12-310001805077eose:A2021ConvertibleNotesMemberus-gaap:RelatedPartyMember2021-07-310001805077eose:A2021ConvertibleNotesMemberus-gaap:RelatedPartyMember2021-07-012021-07-310001805077us-gaap:RelatedPartyMembereose:AFGConvertibleNotesMemberus-gaap:ConvertibleDebtMember2023-01-310001805077eose:ManufacturingCostsMemberus-gaap:RelatedPartyMember2025-04-012025-06-300001805077eose:ManufacturingCostsMemberus-gaap:RelatedPartyMember2025-01-012025-06-300001805077eose:AdvisoryFeesMemberus-gaap:RelatedPartyMember2025-04-012025-06-300001805077eose:AdvisoryFeesMemberus-gaap:RelatedPartyMember2025-01-012025-06-300001805077eose:A2021ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2025-06-300001805077eose:A2021ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2024-12-310001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:SecuredDebtMember2025-06-300001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:SecuredDebtMember2024-12-310001805077eose:AFGConvertibleNoteMemberus-gaap:ConvertibleDebtMember2025-06-300001805077eose:AFGConvertibleNoteMemberus-gaap:ConvertibleDebtMember2024-12-310001805077eose:NotesPayableRelatedPartyMember2025-06-300001805077eose:NotesPayableRelatedPartyMember2024-12-310001805077eose:A2025ConvertibleNotesDue2030Memberus-gaap:ConvertibleDebtMember2025-06-300001805077eose:A2025ConvertibleNotesDue2030Memberus-gaap:ConvertibleDebtMember2024-12-310001805077eose:EquipmentFinancingFacilityMemberus-gaap:LineOfCreditMember2025-06-300001805077eose:EquipmentFinancingFacilityMemberus-gaap:LineOfCreditMember2024-12-310001805077eose:DOELoanFacilityMemberus-gaap:LineOfCreditMember2025-06-300001805077eose:DOELoanFacilityMemberus-gaap:LineOfCreditMember2024-12-310001805077eose:A2025ConvertibleNotesDue2030Memberus-gaap:ConvertibleDebtMember2025-06-032025-06-030001805077eose:A2025ConvertibleNotesDue2030Memberus-gaap:ConvertibleDebtMember2025-04-012025-06-300001805077eose:A2025ConvertibleNotesDue2030Memberus-gaap:ConvertibleDebtMember2025-01-012025-06-300001805077eose:A2025ConvertibleNotesDue2030Memberus-gaap:ConvertibleDebtMember2025-06-130001805077eose:A2025ConvertibleNotesDue2030Memberus-gaap:ConvertibleDebtMember2025-06-110001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:SecuredDebtMember2024-06-212024-06-210001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:SecuredDebtMember2025-01-012025-06-300001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:SecuredDebtMember2024-08-310001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:SecuredDebtMember2024-10-310001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:SecuredDebtMember2025-01-310001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:SecuredDebtMember2025-04-012025-06-300001805077eose:DelayedDrawTermLoanDDTLMember2025-05-282025-05-280001805077eose:DelayedDrawTermLoanDDTLMember2025-05-280001805077eose:ModificationOfTheDDTLMember2025-05-280001805077eose:ModificationOfTheDDTLMember2025-05-282025-05-280001805077eose:A2021ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2021-07-060001805077eose:A2021ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2025-04-012025-06-300001805077eose:A2021ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2024-04-012024-06-300001805077eose:A2021ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2025-01-012025-06-300001805077eose:A2021ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2024-01-012024-06-300001805077eose:A2021ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2025-06-030001805077eose:A2021ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2025-06-032025-06-030001805077eose:A2021ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2025-06-302025-06-300001805077eose:DOELoanFacilityMemberus-gaap:LineOfCreditMember2024-11-262024-11-260001805077eose:DOELoanFacilityMemberus-gaap:LineOfCreditMember2025-04-012025-06-300001805077eose:DOELoanFacilityMemberus-gaap:LineOfCreditMember2025-01-012025-06-300001805077eose:DOELoanFacilityMembereose:PIKInterestMember2025-06-300001805077eose:DOELoanFacilityMembereose:PIKInterestMember2024-12-310001805077us-gaap:UsTreasuryUstInterestRateMembereose:DOELoanFacilityMemberus-gaap:LineOfCreditMember2024-11-262024-11-260001805077us-gaap:RelatedPartyMembereose:AFGConvertibleNotesMemberus-gaap:ConvertibleDebtMember2023-01-180001805077eose:AFGConvertibleNotesMemberus-gaap:ConvertibleDebtMember2023-01-180001805077us-gaap:RelatedPartyMembereose:AFGConvertibleNotesMemberus-gaap:ConvertibleDebtMember2025-06-300001805077us-gaap:RelatedPartyMembereose:AFGConvertibleNotesMemberus-gaap:ConvertibleDebtMember2024-12-310001805077us-gaap:RelatedPartyMembereose:AFGConvertibleNotesMemberus-gaap:ConvertibleDebtMember2025-04-012025-06-300001805077us-gaap:RelatedPartyMembereose:AFGConvertibleNotesMemberus-gaap:ConvertibleDebtMember2024-04-012024-06-300001805077us-gaap:RelatedPartyMembereose:AFGConvertibleNotesMemberus-gaap:ConvertibleDebtMember2025-01-012025-06-300001805077us-gaap:RelatedPartyMembereose:AFGConvertibleNotesMemberus-gaap:ConvertibleDebtMember2024-01-012024-06-300001805077eose:AFGConvertibleNotesMemberus-gaap:RelatedPartyMember2025-06-300001805077eose:AFGConvertibleNotesMemberus-gaap:RelatedPartyMember2024-12-310001805077eose:SeniorSecuredTermLoanAgreementMemberus-gaap:SecuredDebtMember2022-07-290001805077eose:SeniorSecuredTermLoanAgreementMemberus-gaap:SecuredDebtMember2022-07-292022-07-290001805077us-gaap:SecuredOvernightFinancingRateSofrMembereose:SeniorSecuredTermLoanAgreementMembersrt:MinimumMember2022-07-292022-07-290001805077eose:FederalReserveBankOfNewYorkFinancingRateNYFRBMembereose:SeniorSecuredTermLoanAgreementMembersrt:MinimumMember2022-07-292022-07-290001805077eose:SeniorSecuredTermLoanAgreementMembereose:SOFRLoansMember2022-07-292022-07-290001805077eose:SeniorSecuredTermLoanAgreementMembereose:ABRLoansMember2022-07-290001805077eose:AtlasCreditAgreementMembereose:SeniorSecuredTermLoanAgreementMemberus-gaap:SecuredDebtMember2024-06-200001805077us-gaap:NonrelatedPartyMembereose:SeniorSecuredTermLoanAgreementMemberus-gaap:SecuredDebtMember2024-04-012024-06-300001805077us-gaap:NonrelatedPartyMembereose:SeniorSecuredTermLoanAgreementMemberus-gaap:SecuredDebtMember2024-01-012024-06-300001805077eose:EquipmentFinancingFacilityMemberus-gaap:LineOfCreditMember2021-09-300001805077eose:EquipmentFinancingFacilityMemberus-gaap:LineOfCreditMember2021-09-012021-09-300001805077eose:EquipmentFinancingFacilityMemberus-gaap:LineOfCreditMember2022-09-012022-09-300001805077eose:EquipmentFinancingFacilityMemberus-gaap:LineOfCreditMember2022-09-300001805077eose:EquipmentFinancingFacilityMemberus-gaap:LineOfCreditMember2021-09-012025-06-300001805077eose:EquipmentFinancingFacilityMember2025-06-300001805077eose:EquipmentFinancingFacilityMember2024-12-310001805077eose:EquipmentFinancingFacilityMember2025-04-012025-06-300001805077eose:EquipmentFinancingFacilityMember2025-01-012025-06-300001805077eose:EquipmentFinancingFacilityMember2024-04-012024-06-300001805077eose:EquipmentFinancingFacilityMember2024-01-012024-06-300001805077eose:IPOWarrantsMemberus-gaap:NonrelatedPartyMemberus-gaap:CommonStockMember2025-06-300001805077eose:IPOWarrantsMemberus-gaap:NonrelatedPartyMemberus-gaap:CommonStockMember2024-12-310001805077eose:April2023PrivateWarrantsMemberus-gaap:NonrelatedPartyMemberus-gaap:CommonStockMember2025-06-300001805077eose:April2023PrivateWarrantsMemberus-gaap:NonrelatedPartyMemberus-gaap:CommonStockMember2024-12-310001805077eose:May2023PrivateWarrantsMemberus-gaap:NonrelatedPartyMemberus-gaap:CommonStockMember2025-06-300001805077eose:May2023PrivateWarrantsMemberus-gaap:NonrelatedPartyMemberus-gaap:CommonStockMember2024-12-310001805077eose:December2023WarrantsMemberus-gaap:NonrelatedPartyMemberus-gaap:CommonStockMember2025-06-300001805077eose:December2023WarrantsMemberus-gaap:NonrelatedPartyMemberus-gaap:CommonStockMember2024-12-310001805077us-gaap:NonrelatedPartyMemberus-gaap:CommonStockMember2025-06-300001805077us-gaap:NonrelatedPartyMemberus-gaap:CommonStockMember2024-12-310001805077eose:SPAWarrantMemberus-gaap:RelatedPartyMemberus-gaap:CommonStockMember2025-06-300001805077eose:SPAWarrantMemberus-gaap:RelatedPartyMemberus-gaap:CommonStockMember2024-12-310001805077eose:ContingentWarrantsMemberus-gaap:RelatedPartyMemberus-gaap:CommonStockMember2025-06-300001805077eose:ContingentWarrantsMemberus-gaap:RelatedPartyMemberus-gaap:CommonStockMember2024-12-310001805077us-gaap:RelatedPartyMemberus-gaap:CommonStockMember2025-06-300001805077us-gaap:RelatedPartyMemberus-gaap:CommonStockMember2024-12-310001805077eose:IPOWarrantsMemberus-gaap:RelatedPartyMemberus-gaap:CommonStockMember2025-01-012025-03-310001805077eose:April2023PrivateWarrantsMemberus-gaap:RelatedPartyMemberus-gaap:CommonStockMember2023-04-012023-04-300001805077eose:April2023PrivateWarrantsMemberus-gaap:RelatedPartyMemberus-gaap:CommonStockMember2023-04-300001805077eose:May2023PrivateWarrantsMemberus-gaap:RelatedPartyMemberus-gaap:CommonStockMember2023-05-012023-05-310001805077eose:May2023PrivateWarrantsMemberus-gaap:RelatedPartyMemberus-gaap:CommonStockMember2023-05-310001805077eose:December2023WarrantsMemberus-gaap:RelatedPartyMemberus-gaap:CommonStockMember2023-12-012023-12-310001805077eose:December2023WarrantsMemberus-gaap:RelatedPartyMemberus-gaap:CommonStockMember2025-04-012025-06-300001805077eose:December2023WarrantsMemberus-gaap:RelatedPartyMemberus-gaap:CommonStockMember2025-01-012025-06-300001805077eose:SPAWarrantMemberus-gaap:RelatedPartyMemberus-gaap:CommonStockMember2024-06-200001805077eose:ContingentWarrantsMembereose:CCMDenaliEquityHoldingsLPMemberus-gaap:RelatedPartyMemberus-gaap:CommonStockMember2024-06-200001805077eose:SPAWarrantMemberus-gaap:FairValueInputsLevel1Member2025-06-300001805077eose:SPAWarrantMemberus-gaap:FairValueInputsLevel2Member2025-06-300001805077eose:SPAWarrantMemberus-gaap:FairValueInputsLevel3Member2025-06-300001805077eose:SPAWarrantMemberus-gaap:FairValueInputsLevel1Member2024-12-310001805077eose:SPAWarrantMemberus-gaap:FairValueInputsLevel2Member2024-12-310001805077eose:SPAWarrantMemberus-gaap:FairValueInputsLevel3Member2024-12-310001805077eose:ContingentWarrantsMemberus-gaap:FairValueInputsLevel1Member2025-06-300001805077eose:ContingentWarrantsMemberus-gaap:FairValueInputsLevel2Member2025-06-300001805077eose:ContingentWarrantsMemberus-gaap:FairValueInputsLevel3Member2025-06-300001805077eose:ContingentWarrantsMemberus-gaap:FairValueInputsLevel1Member2024-12-310001805077eose:ContingentWarrantsMemberus-gaap:FairValueInputsLevel2Member2024-12-310001805077eose:ContingentWarrantsMemberus-gaap:FairValueInputsLevel3Member2024-12-310001805077eose:IPOAprilMayAndDecember2023WarrantsMemberus-gaap:FairValueInputsLevel1Member2025-06-300001805077eose:IPOAprilMayAndDecember2023WarrantsMemberus-gaap:FairValueInputsLevel2Member2025-06-300001805077eose:IPOAprilMayAndDecember2023WarrantsMemberus-gaap:FairValueInputsLevel3Member2025-06-300001805077eose:IPOAprilMayAndDecember2023WarrantsMemberus-gaap:FairValueInputsLevel1Member2024-12-310001805077eose:IPOAprilMayAndDecember2023WarrantsMemberus-gaap:FairValueInputsLevel2Member2024-12-310001805077eose:IPOAprilMayAndDecember2023WarrantsMemberus-gaap:FairValueInputsLevel3Member2024-12-310001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:FairValueInputsLevel1Member2025-06-300001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:FairValueInputsLevel2Member2025-06-300001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:FairValueInputsLevel3Member2025-06-300001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:FairValueInputsLevel1Member2024-12-310001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:FairValueInputsLevel2Member2024-12-310001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:FairValueInputsLevel3Member2024-12-310001805077us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:FairValueInputsLevel1Member2025-06-300001805077us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:FairValueInputsLevel2Member2025-06-300001805077us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:FairValueInputsLevel3Member2025-06-300001805077us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:FairValueInputsLevel1Member2024-12-310001805077us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:FairValueInputsLevel2Member2024-12-310001805077us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:FairValueInputsLevel3Member2024-12-310001805077eose:April2023PrivateWarrantsMemberus-gaap:MeasurementInputExpectedTermMember2025-06-300001805077eose:April2023PrivateWarrantsMemberus-gaap:MeasurementInputExpectedTermMember2024-12-310001805077eose:April2023PrivateWarrantsMemberus-gaap:MeasurementInputSharePriceMember2025-06-300001805077eose:April2023PrivateWarrantsMemberus-gaap:MeasurementInputSharePriceMember2024-12-310001805077eose:April2023PrivateWarrantsMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2025-06-300001805077eose:April2023PrivateWarrantsMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2024-12-310001805077eose:April2023PrivateWarrantsMemberus-gaap:MeasurementInputPriceVolatilityMember2025-06-300001805077eose:April2023PrivateWarrantsMemberus-gaap:MeasurementInputPriceVolatilityMember2024-12-310001805077eose:May2023PrivateWarrantsMemberus-gaap:MeasurementInputExpectedTermMember2025-06-300001805077eose:May2023PrivateWarrantsMemberus-gaap:MeasurementInputExpectedTermMember2024-12-310001805077eose:May2023PrivateWarrantsMemberus-gaap:MeasurementInputSharePriceMember2025-06-300001805077eose:May2023PrivateWarrantsMemberus-gaap:MeasurementInputSharePriceMember2024-12-310001805077eose:May2023PrivateWarrantsMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2025-06-300001805077eose:May2023PrivateWarrantsMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2024-12-310001805077eose:May2023PrivateWarrantsMemberus-gaap:MeasurementInputPriceVolatilityMember2025-06-300001805077eose:May2023PrivateWarrantsMemberus-gaap:MeasurementInputPriceVolatilityMember2024-12-310001805077eose:December2023PrivateWarrantsMemberus-gaap:MeasurementInputExpectedTermMember2025-06-300001805077eose:December2023PrivateWarrantsMemberus-gaap:MeasurementInputExpectedTermMember2024-12-310001805077eose:December2023PrivateWarrantsMemberus-gaap:MeasurementInputSharePriceMember2025-06-300001805077eose:December2023PrivateWarrantsMemberus-gaap:MeasurementInputSharePriceMember2024-12-310001805077eose:December2023PrivateWarrantsMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2025-06-300001805077eose:December2023PrivateWarrantsMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2024-12-310001805077eose:December2023PrivateWarrantsMemberus-gaap:MeasurementInputPriceVolatilityMember2025-06-300001805077eose:December2023PrivateWarrantsMemberus-gaap:MeasurementInputPriceVolatilityMember2024-12-310001805077eose:A2021ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2024-01-012024-12-310001805077eose:A2021ConvertibleNotesMemberus-gaap:MeasurementInputExpectedDividendRateMemberus-gaap:ConvertibleDebtMember2025-06-030001805077eose:A2021ConvertibleNotesMemberus-gaap:MeasurementInputExpectedDividendRateMemberus-gaap:ConvertibleDebtMember2024-12-310001805077eose:A2021ConvertibleNotesMemberus-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:ConvertibleDebtMember2025-06-030001805077eose:A2021ConvertibleNotesMemberus-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:ConvertibleDebtMember2024-12-310001805077eose:A2021ConvertibleNotesMemberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:ConvertibleDebtMember2025-06-030001805077eose:A2021ConvertibleNotesMemberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:ConvertibleDebtMember2024-12-310001805077eose:A2021ConvertibleNotesMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:ConvertibleDebtMember2025-06-030001805077eose:A2021ConvertibleNotesMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:ConvertibleDebtMember2024-12-310001805077eose:A2021ConvertibleNotesMembereose:MeasurementInputDebtYieldMemberus-gaap:ConvertibleDebtMember2025-06-030001805077eose:A2021ConvertibleNotesMembereose:MeasurementInputDebtYieldMemberus-gaap:ConvertibleDebtMember2024-12-310001805077eose:AFGConvertibleNotesMemberus-gaap:ConvertibleDebtMember2025-01-012025-06-300001805077eose:AFGConvertibleNotesMemberus-gaap:ConvertibleDebtMember2024-01-012024-12-310001805077eose:AFGConvertibleNotesMemberus-gaap:MeasurementInputExpectedDividendRateMemberus-gaap:ConvertibleDebtMember2025-06-300001805077eose:AFGConvertibleNotesMemberus-gaap:MeasurementInputExpectedDividendRateMemberus-gaap:ConvertibleDebtMember2024-12-310001805077eose:AFGConvertibleNotesMemberus-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:ConvertibleDebtMember2025-06-300001805077eose:AFGConvertibleNotesMemberus-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:ConvertibleDebtMember2024-12-310001805077eose:AFGConvertibleNotesMemberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:ConvertibleDebtMember2025-06-300001805077eose:AFGConvertibleNotesMemberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:ConvertibleDebtMember2024-12-310001805077eose:AFGConvertibleNotesMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:ConvertibleDebtMember2025-06-300001805077eose:AFGConvertibleNotesMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:ConvertibleDebtMember2024-12-310001805077eose:AFGConvertibleNotesMembereose:MeasurementInputDebtYieldMemberus-gaap:ConvertibleDebtMember2025-06-300001805077eose:AFGConvertibleNotesMembereose:MeasurementInputDebtYieldMemberus-gaap:ConvertibleDebtMember2024-12-3100018050772024-06-200001805077eose:DelayedDrawTermLoanInitialDrawMember2024-06-210001805077eose:SPAWarrantMember2024-06-210001805077eose:ContingentWarrantsMember2024-06-210001805077eose:DelayedDrawTermLoanAugustDrawMember2024-08-290001805077eose:DelayedDrawTermLoanOctoberDrawMember2024-10-310001805077eose:JanuaryDrawOfTheDelayedDrawTermLoanMember2025-01-240001805077us-gaap:FairValueInputsLevel3Membereose:DelayedDrawTermLoanDDTLMembereose:MeasurementInputDebtYieldMember2024-06-210001805077us-gaap:FairValueInputsLevel3Membereose:DelayedDrawTermLoanDDTLMembereose:MeasurementInputDebtYieldMember2024-12-310001805077us-gaap:FairValueInputsLevel3Membereose:DelayedDrawTermLoanDDTLMembereose:MeasurementInputDebtYieldMember2025-06-300001805077eose:ContingentWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMember2024-06-210001805077eose:ContingentWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMember2024-12-310001805077eose:SPAWarrantMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMember2024-06-210001805077eose:SPAWarrantMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMember2024-12-310001805077eose:SPAWarrantMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMember2025-06-300001805077us-gaap:FairValueInputsLevel3Membereose:DelayedDrawTermLoanDDTLMembereose:MeasurementInputDebtYieldMember2024-08-310001805077us-gaap:FairValueInputsLevel3Membereose:DelayedDrawTermLoanDDTLMembereose:MeasurementInputDebtYieldMember2024-10-310001805077us-gaap:FairValueInputsLevel3Membereose:DelayedDrawTermLoanDDTLMembereose:MeasurementInputDebtYieldMember2025-01-240001805077us-gaap:FairValueInputsLevel3Membereose:DelayedDrawTermLoanDDTLMembereose:MeasurementInputDebtYieldMember2025-06-040001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:DebtMember2025-03-310001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:DebtMember2024-03-310001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:DebtMember2024-12-310001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:DebtMember2023-12-310001805077us-gaap:DebtMembereose:DelayedDrawTermLoanDDTLMembereose:DrawOneMember2025-04-012025-06-300001805077us-gaap:DebtMembereose:DelayedDrawTermLoanDDTLMembereose:DrawOneMember2024-04-012024-06-300001805077us-gaap:DebtMembereose:DelayedDrawTermLoanDDTLMembereose:DrawOneMember2025-01-012025-06-300001805077us-gaap:DebtMembereose:DelayedDrawTermLoanDDTLMembereose:DrawOneMember2024-01-012024-06-300001805077us-gaap:DebtMembereose:DelayedDrawTermLoanDDTLMembereose:DrawTwoMember2025-04-012025-06-300001805077us-gaap:DebtMembereose:DelayedDrawTermLoanDDTLMembereose:DrawTwoMember2024-04-012024-06-300001805077us-gaap:DebtMembereose:DelayedDrawTermLoanDDTLMembereose:DrawTwoMember2025-01-012025-06-300001805077us-gaap:DebtMembereose:DelayedDrawTermLoanDDTLMembereose:DrawTwoMember2024-01-012024-06-300001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:DebtMember2025-04-012025-06-300001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:DebtMember2024-04-012024-06-300001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:DebtMember2025-01-012025-06-300001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:DebtMember2024-01-012024-06-300001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:DebtMember2025-06-300001805077eose:DelayedDrawTermLoanDDTLMemberus-gaap:DebtMember2024-06-300001805077eose:SPAWarrantsAndContingentWarrantsMemberus-gaap:WarrantMember2025-03-310001805077eose:SPAWarrantsAndContingentWarrantsMemberus-gaap:WarrantMember2024-03-310001805077eose:SPAWarrantsAndContingentWarrantsMemberus-gaap:WarrantMember2024-12-310001805077eose:SPAWarrantsAndContingentWarrantsMemberus-gaap:WarrantMember2023-12-310001805077eose:SPAWarrantsAndContingentWarrantsMemberus-gaap:WarrantMember2025-04-012025-06-300001805077eose:SPAWarrantsAndContingentWarrantsMemberus-gaap:WarrantMember2024-04-012024-06-300001805077eose:SPAWarrantsAndContingentWarrantsMemberus-gaap:WarrantMember2025-01-012025-06-300001805077eose:SPAWarrantsAndContingentWarrantsMemberus-gaap:WarrantMember2024-01-012024-06-300001805077eose:SPAWarrantsAndContingentWarrantsMemberus-gaap:WarrantMember2025-06-300001805077eose:SPAWarrantsAndContingentWarrantsMemberus-gaap:WarrantMember2024-06-300001805077eose:AprilMayAndDecember2023WarrantsMemberus-gaap:WarrantMember2025-03-310001805077eose:AprilMayAndDecember2023WarrantsMemberus-gaap:WarrantMember2024-03-310001805077eose:AprilMayAndDecember2023WarrantsMemberus-gaap:WarrantMember2024-12-310001805077eose:AprilMayAndDecember2023WarrantsMemberus-gaap:WarrantMember2023-12-310001805077eose:AprilMayAndDecember2023WarrantsMemberus-gaap:WarrantMember2025-04-012025-06-300001805077eose:AprilMayAndDecember2023WarrantsMemberus-gaap:WarrantMember2024-04-012024-06-300001805077eose:AprilMayAndDecember2023WarrantsMemberus-gaap:WarrantMember2025-01-012025-06-300001805077eose:AprilMayAndDecember2023WarrantsMemberus-gaap:WarrantMember2024-01-012024-06-300001805077eose:AprilMayAndDecember2023WarrantsMemberus-gaap:WarrantMember2025-06-300001805077eose:AprilMayAndDecember2023WarrantsMemberus-gaap:WarrantMember2024-06-300001805077us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2025-03-310001805077us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-03-310001805077us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-12-310001805077us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2023-12-310001805077us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2025-04-012025-06-300001805077us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-04-012024-06-300001805077us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2025-01-012025-06-300001805077us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-01-012024-06-300001805077us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2025-06-300001805077us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-06-300001805077us-gaap:NotesReceivableMember2025-06-300001805077us-gaap:NotesReceivableMemberus-gaap:FairValueInputsLevel3Member2025-06-300001805077us-gaap:NotesReceivableMember2024-12-310001805077us-gaap:NotesReceivableMemberus-gaap:FairValueInputsLevel3Member2024-12-310001805077eose:LoanCommitmentAssetsMember2025-06-300001805077eose:LoanCommitmentAssetsMemberus-gaap:FairValueInputsLevel3Member2025-06-300001805077eose:LoanCommitmentAssetsMember2024-12-310001805077eose:LoanCommitmentAssetsMemberus-gaap:FairValueInputsLevel3Member2024-12-310001805077eose:A2021ConvertibleNotesMember2025-06-300001805077eose:A2021ConvertibleNotesMemberus-gaap:FairValueInputsLevel3Member2025-06-300001805077eose:A2021ConvertibleNotesMember2024-12-310001805077eose:A2021ConvertibleNotesMemberus-gaap:FairValueInputsLevel3Member2024-12-310001805077eose:A2025ConvertibleNotesDue2030Member2025-06-300001805077eose:A2025ConvertibleNotesDue2030Memberus-gaap:FairValueInputsLevel3Member2025-06-300001805077eose:A2025ConvertibleNotesDue2030Member2024-12-310001805077eose:A2025ConvertibleNotesDue2030Memberus-gaap:FairValueInputsLevel3Member2024-12-310001805077eose:AFGConvertibleNotesMember2025-06-300001805077eose:AFGConvertibleNotesMemberus-gaap:FairValueInputsLevel3Member2025-06-300001805077eose:AFGConvertibleNotesMember2024-12-310001805077eose:AFGConvertibleNotesMemberus-gaap:FairValueInputsLevel3Member2024-12-310001805077eose:EquipmentFinancingFacilityMemberus-gaap:FairValueInputsLevel3Member2025-06-300001805077eose:EquipmentFinancingFacilityMemberus-gaap:FairValueInputsLevel3Member2024-12-310001805077eose:SeriesA1PreferredStockMember2025-06-300001805077eose:SeriesA1PreferredStockMemberus-gaap:FairValueInputsLevel3Member2025-06-300001805077eose:SeriesA1PreferredStockMember2024-12-310001805077eose:SeriesA1PreferredStockMemberus-gaap:FairValueInputsLevel3Member2024-12-310001805077eose:DOELoanFacilityMember2025-06-300001805077eose:DOELoanFacilityMemberus-gaap:FairValueInputsLevel3Member2025-06-300001805077eose:DOELoanFacilityMember2024-12-310001805077eose:DOELoanFacilityMemberus-gaap:FairValueInputsLevel3Member2024-12-310001805077us-gaap:FairValueInputsLevel3Member2025-06-300001805077us-gaap:FairValueInputsLevel3Member2024-12-3100018050772024-10-012024-12-310001805077us-gaap:RestrictedStockUnitsRSUMember2025-04-012025-06-300001805077us-gaap:RestrictedStockUnitsRSUMember2024-04-012024-06-300001805077us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-06-300001805077us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-06-300001805077us-gaap:PerformanceSharesMember2025-04-012025-06-300001805077us-gaap:PerformanceSharesMember2024-04-012024-06-300001805077us-gaap:PerformanceSharesMember2025-01-012025-06-300001805077us-gaap:PerformanceSharesMember2024-01-012024-06-300001805077us-gaap:EmployeeStockOptionMember2025-04-012025-06-300001805077us-gaap:EmployeeStockOptionMember2024-04-012024-06-300001805077us-gaap:EmployeeStockOptionMember2025-01-012025-06-300001805077us-gaap:EmployeeStockOptionMember2024-01-012024-06-300001805077us-gaap:RestrictedStockUnitsRSUMember2025-06-300001805077srt:MinimumMemberus-gaap:PerformanceSharesMember2024-07-012024-09-300001805077srt:MaximumMemberus-gaap:PerformanceSharesMember2024-07-012024-09-300001805077eose:A2025TSRAwardsMember2024-07-012024-09-300001805077eose:A2024TSRAwardsMember2024-07-012024-09-300001805077us-gaap:PerformanceSharesMember2025-06-3000018050772020-05-220001805077eose:PublicWarrantsMember2024-01-012024-06-300001805077eose:PublicWarrantsMember2025-04-012025-06-300001805077eose:PublicWarrantsMember2024-04-012024-06-300001805077eose:PublicWarrantsMember2025-01-012025-06-300001805077eose:IPOWarrantsMemberus-gaap:RelatedPartyMemberus-gaap:CommonStockMember2025-01-012025-06-300001805077eose:PublicWarrantsMember2025-06-300001805077eose:PublicWarrantsMember2024-12-310001805077eose:AtTheMarketProgramMember2025-06-300001805077eose:AtTheMarketProgramMember2024-04-012024-06-300001805077eose:AtTheMarketProgramMember2024-01-012024-06-300001805077eose:AtTheMarketProgramMember2025-01-012025-06-300001805077eose:AtTheMarketProgramMember2025-04-012025-06-300001805077us-gaap:ScenarioPlanMembereose:PublicOfferingMember2025-05-292025-05-290001805077us-gaap:ScenarioPlanMembereose:PublicOfferingMember2025-05-290001805077eose:PublicOfferingMember2025-05-292025-05-290001805077eose:PublicOfferingMember2025-06-022025-06-020001805077us-gaap:StockCompensationPlanMember2025-01-012025-06-300001805077us-gaap:StockCompensationPlanMember2025-04-012025-06-300001805077us-gaap:StockCompensationPlanMember2024-04-012024-06-300001805077us-gaap:StockCompensationPlanMember2024-01-012024-06-300001805077us-gaap:WarrantMember2025-04-012025-06-300001805077us-gaap:WarrantMember2025-01-012025-06-300001805077us-gaap:WarrantMember2024-04-012024-06-300001805077us-gaap:WarrantMember2024-01-012024-06-300001805077us-gaap:ConvertibleDebtSecuritiesMember2025-04-012025-06-300001805077us-gaap:ConvertibleDebtSecuritiesMember2025-01-012025-06-300001805077us-gaap:ConvertibleDebtSecuritiesMember2024-01-012024-06-300001805077us-gaap:ConvertibleDebtSecuritiesMember2024-04-012024-06-300001805077us-gaap:SeriesBPreferredStockMember2025-01-012025-06-300001805077us-gaap:SeriesBPreferredStockMember2025-04-012025-06-300001805077us-gaap:SeriesBPreferredStockMember2024-01-012024-06-300001805077us-gaap:SeriesBPreferredStockMember2024-04-012024-06-300001805077us-gaap:ProductMembereose:ReportableSegmentMember2025-04-012025-06-300001805077us-gaap:ProductMembereose:ReportableSegmentMember2024-04-012024-06-300001805077us-gaap:ProductMembereose:ReportableSegmentMember2025-01-012025-06-300001805077us-gaap:ProductMembereose:ReportableSegmentMember2024-01-012024-06-300001805077us-gaap:ServiceMembereose:ReportableSegmentMember2025-04-012025-06-300001805077us-gaap:ServiceMembereose:ReportableSegmentMember2024-04-012024-06-300001805077us-gaap:ServiceMembereose:ReportableSegmentMember2025-01-012025-06-300001805077us-gaap:ServiceMembereose:ReportableSegmentMember2024-01-012024-06-300001805077eose:ReportableSegmentMember2025-04-012025-06-300001805077eose:ReportableSegmentMember2024-04-012024-06-300001805077eose:ReportableSegmentMember2025-01-012025-06-300001805077eose:ReportableSegmentMember2024-01-012024-06-300001805077eose:FirstAmendmentToCreditAndGuarantyAgreementMemberus-gaap:SubsequentEventMember2025-07-292025-07-290001805077eose:AFGConvertibleNotesMemberus-gaap:SubsequentEventMember2025-07-292025-07-29

For the transition period from   to

(Exact name of registrant as specified in its charter)

Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes  ☒  No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes   ☐     No  ☒

The registrant had outstanding 259,853,606 shares of common stock as of July 25, 2025.

•changes adversely affecting the business in which we are engaged;

•our ability to forecast trends accurately;

•our ability to generate cash, service indebtedness and incur additional indebtedness;

•our ability to raise financing in the future;

•our customer’s ability to secure project financing;

•risks associated with the Credit Agreement (defined below), including risks of default, dilution of outstanding common stock, consequences for failure to meet milestones and contractual lockup of shares;

•the amount of final tax credits available to our customers or to Eos pursuant to the Inflation Reduction Act;

•the timing and availability of future funding under the Department of Energy Loan Facility;

•our ability to continue to develop efficient manufacturing processes to scale and to forecast related costs and efficiencies accurately;

•fluctuations in our revenue and operating results;

•competition from existing or new competitors;

•our ability to convert firm order backlog and pipeline to revenue;

•risks associated with security breaches in our information technology systems;

•risks related to legal proceedings or claims;

•risks associated with evolving energy policies in the United States and other countries and the potential costs of regulatory compliance;

•risks associated with changes to the U.S. trade environment;

•our ability to maintain the listing of our shares of common stock on NASDAQ;

•our ability to grow our business and manage growth profitably, maintain relationships with customers and suppliers and retain our management and key employees;

•risks related to adverse changes in general economic conditions, including inflationary pressures and increased interest rates;

•risk from supply chain disruptions and other impacts of geopolitical conflict;

•changes in applicable laws or regulations; and

•other factors detailed under the section titled “Risk Factors” herein.

Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. See also Part I, Item 1A, “Risk Factors” disclosures contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 for additional discussion of the risks and uncertainties that could cause the Company’s actual results to differ materially from those expressed or implied in its forward-looking statements.

						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
Revenue						$	15,236					$	898					$	25,693					$	7,499
Cost of goods sold						46,189						14,121						81,185						42,350
Gross profit (loss)						(30,953)						(13,223)						(55,492)						(34,851)
Operating expenses
Research and development expenses						7,201						4,250						14,038						9,450
Selling, general and administrative expenses						25,488						11,293						46,483						25,535
Loss from write-down of property, plant and equipment						205						271						766						336
Total operating expenses						32,894						15,814						61,287						35,321
Operating Loss						(63,847)						(29,037)						(116,779)						(70,172)
Other (expense) income
Interest expense, net						(2,129)						(3,515)						(2,293)						(7,782)
Interest expense - related party						(4,510)						(4,912)						(10,291)						(9,763)
Change in fair value of debt - related party						31,615						(240)						25,682						(240)
Change in fair value of warrants						(57,936)						(7,941)						(12,011)						(5,041)
Change in fair value of derivatives - related parties						(76,455)						(47,727)						(41,869)						(47,193)
(Loss) gain on debt extinguishment						(49,063)						68,478						(49,063)						68,478
Other expense						(606)						(3,270)						(1,166)						(3,134)
Loss before income taxes						$	(222,931)					$	(28,164)					$	(207,790)					$	(74,847)
Income tax expense						6						8						11						33
Net Loss attributable to shareholders						$	(222,937)					$	(28,172)					$	(207,801)					$	(74,880)
Remeasurement of Preferred Stock - related party						(21,385)						(23,671)						58,612						(23,671)
Down round deemed dividend						(4,456)						—						(4,456)						—
Net Loss attributable to common shareholders						$	(248,778)					$	(51,843)					$	(153,645)					$	(98,551)
Other Comprehensive Loss
Change in fair value of debt - credit risk - related party						$	(6,224)					$	—					$	(6,224)					$	—
Foreign currency translation adjustment						14						1						21						(4)
Comprehensive Loss attributable to common shareholders						$	(254,988)					$	(51,842)					$	(159,848)					$	(98,555)
Basic and diluted Loss per share attributable to common shareholders
Basic						$	(1.05)					$	(0.25)					$	(0.66)					$	(0.48)
Diluted						$	(1.05)					$	(0.25)					$	(0.66)					$	(0.48)
Weighted average shares of common stock
Basic						237,741,328						211,137,189						231,616,540						206,225,126
Diluted						237,741,328						211,137,189						231,616,540						206,225,126

			Common Stock												Additional Paid in capital						Accumulated Other Comprehensive Income (Loss)						Accumulated Deficit						Total
			Shares						Amount
Balances on December 31, 2023			199,133,827						$	21					$	765,018					$	7					$	(875,846)					$	(110,800)
Stock-based compensation			—						—						4,798						—						—						4,798
Release of restricted stock units			1,028,191						—						—						—						—						—
Cancellation of shares used to settle payroll tax withholding			(298,326)						—						(351)						—						—						(351)
Issuance of common stock			16,627,523						2						14,087						—						—						14,089
Remeasurement of Preferred Stock			—						—						(23,671)						—						—						(23,671)
Foreign currency translation adjustment			—						—						—						(4)						—						(4)
Net loss			—						—						—						—						(74,880)						(74,880)
Balances on June 30, 2024			216,491,215						$	23					$	759,881					$	3					$	(950,726)					$	(190,819)
Balances on December 31, 2024			221,791,205						$	23					$	534,726					$	(43,496)					$	(1,561,716)					$	(1,070,463)
Stock-based compensation			—						—						14,111						—						—						14,111
Exercise of warrants			4,893,102						—						28,232						—						—						28,232
Exercise of stock options			198,398						—						319						—						—						319
Release of restricted stock units and performance-based restricted stock units			8,113,754						—						—						—						—						—
Cancellation of shares used to settle payroll tax withholding			(82,438)						—						(488)						—						—						(488)
Issuance of common stock			21,562,500						2						80,712						—						—						80,714
Remeasurement of Preferred Stock			—						—						58,612						—						—						58,612
Foreign currency translation adjustment			—						—						—						21						—						21
Change in fair value of debt - credit risk - related party			—						—						—						(6,224)						—						(6,224)
Down round deemed dividend			—						—						4,456						—						(4,456)						—
Net loss			—						—						—						—						(207,801)						(207,801)
Balances on June 30, 2025			256,476,521						$	25					$	720,680					$	(49,699)					$	(1,773,973)					$	(1,102,967)

1.Overview

Eos Energy Enterprises, Inc. (the “Company,” “we,” “us,” “our,” and “Eos”) designs, develops, manufactures and markets innovative energy storage solutions for utility-scale, microgrid and commercial & industrial (“C&I”) applications. Eos developed a broad range of intellectual property with multiple patents covering unique battery chemistry, mechanical product design, energy block configuration and a software operating system (Battery Management System). The Company has only one operating and reportable segment.

As disclosed in Note 3, Credit and Securities Purchase Transaction, on June 21, 2024, the Company entered into a financing transaction with CCM Denali Debt Holdings, LP, an affiliate of Cerberus Capital Management LP (herein after referred to as “Cerberus”, “Denali”, “Lender”, “Holder”). As a result of this transaction, Cerberus agreed to provide a $210,500 secured multi-draw facility, to be made in four installments (the “Delayed Draw Term Loan”) as well as a $105,000 revolving credit facility (“Revolving Facility”), to be made available beginning June 21, 2026, at Cerberus’ sole discretion and only if the Delayed Draw Term Loan is fully funded. As of the date the accompanying Unaudited Condensed Consolidated Financial Statements were issued (the “issuance date”), the Delayed Draw Term Loan was fully funded. As part of the Credit and Securities Purchase Transaction, Cerberus received warrants and preferred stock resulting in a 33% ownership position in the Company, as of January 24, 2025, the most recent milestone measurement date.

As disclosed in Note 13, Borrowings, on November 26, 2024, the Company successfully closed on the DOE Loan Facility, which provides the Company with up to $303,450 in funding, including capitalized interest, subject to the achievement of certain funding conditions. The DOE Loan Facility provides for a multi draw term loan facility under a series of at least two tranches and, if the Company elects, up to four tranches, subject to the achievement of certain conditions. Each tranche corresponds to the production, maintenance and development, and operation of a given production line to be funded using the proceeds of such tranche. The DOE Loan Facility specifies the maximum amount subject to each tranche (Tranche 1: $101,979; Tranche 2: $117,326; Tranche 3: $71,836; and Tranche 4: $12,309), and any amounts which are not withdrawn under a specified tranche cannot be allocated to another tranche. On April 16, 2025, the Company amended the DOE Loan Facility in order to clarify the maximum Tranche Commitment principal amounts by excluding capitalized interest (Tranche 1: $90,945; Tranche 2: $106,733; Tranche 3: $67,529; and Tranche 4: $12,290). The Amendment does not materially alter rights, obligations, or meaning of the DOE Loan Facility. Through June 30, 2025, the Company had drawn down $68,279 under Tranche 1. See Note 22, Subsequent Events, for further discussion of Tranche 1 funding.

As disclosed in Note 19, Shareholders’ Deficit, the Company entered into an underwriting agreement on May 29, 2025, with Jefferies LLC and J.P. Morgan Securities LLC as representatives of the several underwriters (collectively, the “Underwriters”) pursuant to which the Company agreed to sell 18,750,000 shares of the Company’s common stock at a public offering price of $4.00 per share. In addition, the Company granted the Underwriters an option, exercisable within 30 days after May 29, 2025, to purchase up to an additional 2,812,500 shares of the Company’s common stock. On May 30, 2025, the Underwriters exercised such option to purchase additional shares in full. The issuance and sale of 21,562,500 shares of the Company’s common stock was completed on June 2, 2025, raising proceeds of $81,075, net of fees paid to Jefferies LLC and J.P. Morgan Securities LLC.

As disclosed in Note 13, Borrowings, on June 3, 2025, the Company issued $225,000 principal amounts of Convertible Notes due 2030 (herein after referred to as the “2025 Convertible Notes”). The Company granted initial purchasers an option to purchase, for settlement within a period of thirteen days from the date the 2025 Convertible Notes were first issued, up to an additional $25,000 principal amounts, which was exercised in full. The 2025 Convertible Notes accrues interest at a rate of 6.75% per annum, payable semi-annually in arrears on June 15 and December 15. The 2025 Convertible Notes will mature on June 15, 2030, subject to earlier conversion, redemption or repurchase.

•Since its inception, the Company has incurred significant losses and negative cash from operations in order to fund its development. During the six months ended June 30, 2025, the Company had incurred a net loss of $207,801. Adjustments to reconcile net loss to cash used in operations are primarily from non-cash items on the Unaudited Condensed Consolidated Statements of Cash Flows. The non-cash items totaled $106,948. During the six months ended June 30, 2025, the Company incurred negative cash flows from operations of $95,046 and had an accumulated deficit of $1,773,973 as of June 30, 2025.

•As of June 30, 2025, the Company had $120,225 of unrestricted cash and cash equivalents available to fund the Company’s operations and working capital of $128,025.

•On June 21, 2024, upon closing of the Credit and Securities Purchase Transaction, Cerberus funded the Company $75,000 of the initial draw, and the Company received $71,250 net of the 5.0% original issue discount. On August 29, 2024, Cerberus funded the Company $30,000 (“August Draw”), and the Company received $28,500, net of the 5.0% original issue discount. On November 1, 2024, Cerberus funded the Company $65,000 related to the October 31, 2024 tranche (“October Draw” or “October Tranche”), and the Company received $61,750, net of the 5.0% original issue discount. On January 24, 2025, Cerberus funded the Company the final $40,500 and the Company received $38,475, net of the 5.0% original issue discount, related to the January 31, 2025 tranche (“January 2025 Draw”). Subsequent to the January 2025 Draw, the Delayed Draw Term Loan has been fully funded.

•Through June 30, 2025, under the DOE Loan Facility, the Company drew down $68,279 for the eligible project cost that the Company had incurred through December 6, 2024. These costs are a portion of Tranche 1 of the DOE Loan Facility. Tranche 1 provides up to $90,945 for eligible costs in connection with the design, construction, installation, startup and shakedown of a battery automation line and related tools. In the event the Company does not achieve certain funding milestone conditions and the DOE chooses not to continue funding, the Company would need to seek alternative sources of capital, which may not be available on favorable terms or at all. On June 12, 2025, the Company delivered to the DOE and the FFB a second advance request, and on July 1, 2025, the FFB funded $22,666 under the DOE Loan Facility (the “second loan advance”). See Note 22, Subsequent Events, for further discussion of Tranche 1 funding.

•The Credit and Securities Purchase Transaction and the DOE Loan Facility contain certain quarterly financial covenants which include (a) Minimum Liquidity, (b) Minimum Consolidated EBITDA, and (c) Minimum Consolidated Revenue (collectively, the “financial covenants”). As of June 30, 2025, the only financial covenant in effect was Minimum Liquidity. As of June 30, 2025, the Company was in compliance with this covenant and non-financial covenants, and the Company expects to remain in compliance with the Minimum Liquidity covenant over the next twelve months beyond the issuance date. The applicability of the Consolidated Revenue and EBITDA financial covenants were deferred until March 31, 2027.

•In the event the Company’s ongoing efforts to raise additional outside capital are unsuccessful, the Company will be unable to meet its obligations as they come due over the next twelve months beyond the issuance date. In such an event, management will be required to seek other strategic alternatives, which may include, among others, a significant curtailment in the Company’s operations, a sale of certain of the Company’s assets, a sale of the entire Company to strategic or financial investors and/or allowing the Company to become insolvent.

The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its 100% owned, direct and indirect subsidiaries and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). All intercompany transactions and balances have been eliminated in the preparation of the Unaudited Condensed Consolidated Financial Statements. These statements reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for fair presentation of the information contained therein. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The interim financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in our 2024 Annual Report on Form 10-K. These interim results are not necessarily indicative of results for the full year.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

In the Unaudited Condensed Consolidated Statements of Operations, Gross profit (loss) has been introduced, reflecting Total revenue less Cost of goods sold. This addition does not impact the reported Net income (loss).

As discussed in Note 3, Credit and Securities Purchase Transaction, the Company issued shares of (1) Series A-1 Preferred Stock and Series A-2 Preferred Stock (collectively "Series A Preferred Stock") in June 2024 and August 2024, respectively, which were subsequently converted into shares of Series B-1 Preferred Stock and Series B-2 Preferred Stock, respectively, in September 2024, (2) Series B-3 Preferred Stock in November 2024 and Series B-4 Preferred Stock in January 2025 (collectively, with the Series B-1 Preferred Stock, Series B-2 Preferred Stock, Series B-3 Preferred Stock and Series B-4 Preferred Stock, the “Series B Preferred Stock” and together with Series A Preferred Stock, “the Preferred Stock”). The Preferred Stock is redeemable based upon the passage of time and therefore meets the criteria to be classified within temporary equity. Management has elected to recognize changes in the redemption value pursuant to ASC 480-10-S99-3A-15(b). As a result, the Company will remeasure the Preferred Stock to the maximum redemption value at each reporting date but will never be adjusted below its initial carrying value. Adjustments are reflected in Additional paid in capital on the Company’s Unaudited Condensed Consolidated Balance Sheets.

Since the PTC is a refundable credit (i.e., a credit with a direct-pay option available), the PTC is outside the scope of ASC 740. Therefore, the Company accounts for the PTC under a government grant model. GAAP does not address the accounting for government grants received by a business entity that are outside the scope of ASC 740. The Company’s accounting policy is to analogize to IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, under IFRS Accounting Standards. Under IAS 20, once it is reasonably assured that the entity will comply with the conditions of the grant, the grant money is recognized on a systematic basis over the periods in which the entity recognizes the related expenses or losses for which the grant money is intended to compensate. The Company recognizes grants once it is probable that both of the following conditions will be met: (1) the Company is eligible to receive the grant and (2) the Company is able to comply with the relevant conditions of the grant. The PTC is a non-monetary asset since the Company’s intention is to sell the tax credit to a third-party and is recorded at the value that is expected to be received from the sale in Grant Receivable, net on the Company’s Unaudited Condensed Consolidated Balance Sheets and is subsequently recognized in Cost of goods sold in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss when the inventory is sold. In the event the PTC is sold, upon the receipt of the cash payments, the Company will record offsets to Grant Receivable, net. Differences in the recorded value of the PTC and the sale price will be recognized as an adjustment to cost of goods sold in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss.

The Company has elected the option under ASC 825-10, Financial Instruments ("ASC 825"), to measure the Delayed Draw Term Loan, including all tranches of fundings received (see Note 3, Credit and Securities Purchase Transaction) at fair value. The fair value option may be elected on an instrument-by-instrument basis and is irrevocable unless a new election date occurs. When the fair value option is elected for an instrument, unrealized gains and losses for such instrument is reported in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss at each subsequent reporting date. Upfront costs and fees related to items for which the fair value option is elected shall be recognized in earnings as incurred and not deferred. These amounts are included in Other expense in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss. The gains or losses attributable to changes in instrument-specific risk are included in Change in fair value of debt - credit risk - related party in Accumulated other comprehensive loss.

In October 2023, the FASB issued ASU 2023-06, Disclosure Agreements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This amendment will impact various disclosure areas, including the statement of cash flows, accounting changes and error corrections, earnings per share, debt, equity, derivatives, and transfers of financial assets. The amendments in this ASU 2023-06 will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC. If the SEC has not removed the applicable disclosure requirement by June 30, 2027, these amendments will not be effective. Early adoption is prohibited. The Company is currently assessing the potential impact this amendment could have on its disclosures.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires additional disclosures related to the effective tax rate reconciliation and taxes paid. The amendment is effective for annual periods beginning after December 15, 2024, and the Company does not anticipate a material change in the financial statements and related disclosure.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in this update require disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. This update is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, though early adoption is permitted. The Company is currently assessing the potential impact this amendment could have on its financial statements and disclosures.

In November 2024, the FASB issued ASU 2024-04, Debt-Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. The amendments in this update clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions rather than as debt extinguishments. This update is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years, though early adoption is permitted. The Company is currently assessing the potential impact this amendment could have on its financial statements and disclosures.

In January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”), which requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2025-01 is effective for fiscal years beginning after December 15, 2027. Early adoption is permitted. Entities should apply the amendments in ASU 2023-07 retrospectively to all prior periods presented in the financial statements. The Company is currently assessing the potential impact this ASU could have on its financial statements and disclosures.

Delayed Draw Term Loan

On June 21, 2024, the Company entered into a credit and guaranty agreement (the “Credit Agreement”) with CCM Denali Debt Holdings, LP, an affiliate of Cerberus Capital Management LP (herein after referred to as “Cerberus”, “Denali”, “Lender”, “Holder”). As a result of this transaction, Cerberus agreed to provide a $210,500 secured multi-draw facility to be made in four installments (“tranches”, and collectively, the (“Delayed Draw Term Loan” or “DDTL”) as well as a $105,000 revolving credit facility (“Revolving Facility”), to be made available at the Lenders’ sole discretion and only if the Delayed Draw Term Loan is fully funded. On June 21, 2024 the initial $75,000 installment was funded (the “Initial Draw”). On August 29, 2024, the full amount of the August tranche of $30,000 was funded. On October 31, 2024, the full amount of the October tranche of $65,000 was funded. The final tranche in the amount of $40,500 was funded on January 24, 2025, completing the scheduled fundings under the Delayed Draw Term Loan.

On November 26, 2024, the Company amended the Credit Agreement (the “Credit Agreement Amendment”), by and among the Company, certain of the Company’s subsidiaries as guarantors party thereto and the Lender, pursuant to which among other things, the applicability of the Consolidated Revenue and EBITDA financial covenants were deferred until December 31, 2025 and certain provisions were amended to conform with comparable provisions in the DOE Loan Facility.

On April 30, 2025, the Company entered into that certain First Amendment to the Credit Agreement (“First Credit Agreement Amendment”), with Cerberus US Servicing LLC as Administrative Agent under the Credit Agreement and the lenders party thereto, pursuant to which, the measurement period for achieving Sales Milestone 4 (as defined in the Credit Agreement) was extended until July 31, 2025. On April 30, 2025, the Company and Cerberus mutually agreed that the Company achieved three of the four Fourth Milestone Components (as defined in the Credit Agreement) related to the Company’s materials cost, Z3 technology and automated line. No additional Preferred Stock or Warrants will be issued to Cerberus related to the three Fourth Milestone Components achieved by the Company. If the Company fails to meet Sales Milestone 4 on July 31, 2025, then the Applicable Percentage is subject to up to a final 1% increase, and as a result Cerberus would be entitled to receive Preferred Stock or Warrants aggregating to a maximum aggregate Applicable Percentage of 34% (as compared to the original maximum adjustment for all four Milestones of up to 49%).

On May 28, 2025, the Company entered into that certain Second Amendment to Credit Agreement (the “Second Credit Agreement Amendment”), with Cerberus US Servicing LLC as Administrative Agent under the Credit Agreement and the lenders party thereto. The Second Credit Agreement Amendment permitted the Company to raise proceeds by the issuance and sale of common stock and/or convertible notes (called a “Specified Refinancing Transaction’) under the following conditions: (a) $50,000 of the net cash proceeds be applied to prepay the obligations under the Credit Agreement, (b) the Specified Refinancing Transaction result in the full repurchase, tender, redemption. exchange or other refinancing or retirement in full of the Company’s outstanding 2021 Convertible Note Payable and (c) other legal and contractual requirements. Upon closing of the Specified Refinancing Transaction and the satisfaction of certain other conditions precedent set forth in the Second Credit Agreement Amendment, three significant modifications to the Credit Agreement became effective: (i) the interest rate on outstanding borrowings reduced from 15% to 7% per annum, (ii) the Consolidated Revenue and EBITDA financial covenants were deferred until March 31, 2027 and (iii) the equity to be issued to Cerberus in the event the Company fails to meet the final component of the last milestone under the Credit Agreement would be limited to warrants for shares of common stock or shares of convertible preferred stock equal to 1% of the fully diluted outstanding shares of the Company on the final milestone measurement date (including the securities issued pursuant to the Specified Refinancing Transaction).

On May 29, 2025, the Company entered into that certain Third Amendment to Credit Agreement (the “Third Credit Agreement Amendment”), with Cerberus US Servicing LLC as Administrative Agent under the Credit Agreement and the lenders party thereto, pursuant to which, among other things, the Credit Agreement was further amended to modify the definition of Specified Refinancing Transaction by increasing the maximum cash component of consideration that may be given for the repurchase, tender, redemption, exchange or other refinancing or retirement of the Company’s outstanding 2021 Convertible Note Payable to $115,000.

On July 29, 2025, the Company entered into that certain Fourth Amendment to Credit Agreement, (the “Fourth Credit Agreement Amendment”), with Cerberus US Servicing LLC as Administrative Agent under the Credit Agreement and the lenders party thereto, pursuant to which the measurement period for achieving Sales Milestone 4 (as defined in the Credit Agreement) was extended until October 31, 2025. If the Company fails to meet Sales Milestone 4 on October 31, 2025, then the applicable percentage is subject to up to a final 1% increase, and as a result Cerberus would be entitled to warrants or shares of convertible preferred stock equal to 1% of the fully diluted outstanding shares of the Company on the final milestone measurement date (including the securities already issued to Cerberus and securities issued pursuant to the Specified Refinancing Transaction).

Refer to Note 13, Borrowings for further information on the DDTL accounting treatment from the First Credit Agreement Amendment, Second Credit Agreement Amendment and Third Credit Agreement Amendment (collectively, the “Cerberus Amendments”).

On June 21, 2024, the Company entered into a Securities Purchase Agreement (the “SPA”) with CCM Denali Equity Holdings, LP (the “Purchaser”).

SPA Warrant

Under the SPA, the Company issued a warrant to purchase 43,276,194 shares of common stock representing a collective ownership of 19.9% (the “SPA Warrant”) of our outstanding shares of (inclusive of Series A-1 Preferred Stock – see below) common stock prior to the issuance. The SPA Warrant has a ten-year term and an exercise price of $0.01 per share. The SPA Warrant includes anti-dilutive rights, subject to certain excluded issuances, in the event any shares of common stock, options, warrants, convertible securities or other equity or equity equivalent securities payable in common stock are issued at a price per share of less than the fair market value (as defined in the Warrant) of a share of common stock on the issuance date of the Warrant, subject to adjustment. Until the Company received stockholder approval on September 10, 2024, the Company could not issue additional shares of common stock exceeding 19.99% of shares of common stock issued and outstanding as of the date of the Initial Draw (such percentage, as may be adjusted in accordance with the terms of the Warrant, the “Conversion Cap”) upon exercise of the Warrant, and would have been required to issue, at the option of the Lender, Series A Preferred Stock or additional warrants on common stock upon a draw under the Delayed Draw Term Loan. Following shareholder approval received, the Conversion Cap increased to 49.9% of the number of shares of common stock issued and outstanding as of the applicable measurement date; and the holder of the Warrant has the option to amend the Conversion Cap to any percentage less than 49.9%.

The SPA Warrant is exercisable at the holder’s discretion for cash or on a cashless basis. The SPA Warrant is subject to automatic cashless exercise on the expiration date if the fair market value of one share is greater than the exercise price then in effect. Upon an acceleration under the Credit Agreement, the Company may be required to purchase the SPA Warrant from the holder at an amount equal to the closing sale price of underlying common stock less the SPA Warrant exercise price at the request of the holder. The SPA Warrant meets the criteria for liability classification under ASC 480 and is recognized at fair value with changes in fair value included in Change in fair value of derivatives - related parties in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss.

Contingent Warrants

Upon the achievement of performance milestones on dates specified in the Credit Agreement, the Company received additional funds and issued at the option of the Lender, Preferred Stock (Series A Preferred Stock, if prior to shareholder approval or Series B Preferred Stock if after shareholder approval) or warrants on common stock (collectively “Contingent Warrants”) under the SPA in an amount equal to the applicable percentage, up to an aggregate of 33.0% ownership limitation on a fully diluted basis at such time the Delayed Draw Term Loan is fully drawn. As of the balance sheet date, in the event the Company fails to meet the final component of the last milestone under the Credit Agreement, the equity to be issued to Cerberus would be limited to warrants for shares of common stock or shares of convertible preferred stock equal to 1% of the fully diluted outstanding shares of the Company on the final milestone measurement date. See Note 22, Subsequent Events, for further discussion of the final measurement date. The Contingent Warrants meet the criteria for liability classification under ASC 480. The change in fair value of the Contingent warrants is included in Change in fair value of derivatives - related parties on the Company’s Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss. See Note 14, Warrants Liability, for further discussion of the SPA Warrant and Contingent Warrants.

Series A-1 Preferred Stock

On June 21, 2024, the Company filed with the Secretary of State of the State of Delaware the Series A-1 Certificate of Designation and issued 59 shares of Series A-1 Preferred Stock to satisfy the terms of the Credit Agreement. Under the terms of the Series A-1 Certificate of Designation, each share of Series A-1 Preferred Stock had an original issue price of $455,822.59 (the “A-1 Original Issue Price”) and a liquidation value, payable with the common stock, as if such shares were convertible into an aggregate of 31,940,063 shares of common stock, subject to adjustment. The Series A-1 Preferred Stock was non-voting and non-convertible into common stock. Holders of the Series A-1 Preferred Stock were entitled to receive dividends or distributions on each share of Series A-1 Preferred Stock equal to dividends or distributions actually paid on each share of common stock, multiplied by the number of shares of common stock represented by the Series A-1 Preferred Stock Liquidation Value (as defined in the Series A-1 Certificate of Designation).

The 59 shares of Series A-1 Preferred Stock issued to Cerberus converted into shares of Series B-1 Preferred Stock once stockholder approval was obtained on September 10, 2024. See Series B Preferred Stock discussion below.

Series A-2 Preferred Stock

On August 29, 2024, the Company filed with the Secretary of State of the State of Delaware the Series A-2 Certificate of Designation (the “Series A-2 Certificate of Designation”) and the shares issuable thereunder, the “Series A-2 Preferred Stock”).

Under the terms of the Series A-2 Certificate of Designation, each share of Series A-2 Preferred Stock had an original issue price of $9,555,515.30 (the “A-2 Original Issue Price”) and a liquidation value, payable pari passu with the common stock, as if such share was convertible into an aggregate of 28,806,463 shares of common stock, subject to adjustment. The Series A-2 Preferred Stock was non-voting and non-convertible into common stock. Holders of the Series A-2 Preferred Stock are entitled to receive dividends or distributions on each share of Series A-2 Preferred Stock equal to dividends or distributions actually paid on each share of common stock, multiplied by the number of shares of common stock represented by the Series A-2 Preferred Stock Liquidation Value (as defined in the Series A-2 Certificate of Designation). The Series A-2 Preferred Stock terms were substantially identical to the Series A-1 Preferred Stock.

On August 29, 2024, in connection with the August Draw, and pursuant to the terms and conditions of the Credit Agreement between the Company and Cerberus, the applicable percentage increased by 4.9%, and as a result the Company issued to Cerberus 7 shares of Series A-2 Preferred Stock.

The 7 shares of Series A-2 Preferred issued to Cerberus converted into shares of Series B-2 Preferred Stock once stockholder approval was obtained on September 10, 2024. See Series B Preferred Stock discussion below.

Series B Preferred Stock

On September 11, 2024, the Company filed with the Secretary of State of the State of Delaware the Certificate of Designation of Series B-1 Non-Voting Convertible Preferred Stock (the “Series B-1 Certificate of Designation” and the shares issuable thereunder, the “Series B-1 Preferred Stock”) and the Certificate of Designation of Series B-2 Non-Voting Convertible Preferred Stock (the “Series B-2 Certificate of Designation” and the shares issuable thereunder, the “Series B-2 Preferred Stock”). On November 1, 2024, the Company filed with the Secretary of State of the State of Delaware the Certificate of Designation of Series B-3 Non-Voting Convertible Preferred Stock (the “Series B-3 Certificate of Designation” and the shares issuable thereunder, the “Series B-3 Preferred Stock”). On January 24, 2025, the Company filed with the Secretary of State of the State of Delaware the Certificate of Designation of Series B-4 Non-Voting Convertible Preferred Stock (the “Series B-4 Certificate of Designation” and the shares issuable thereunder, the “Series B-4 Preferred Stock”).

Each Series B Preferred Stock has a par value of $0.0001 per share. The table below summarizes the Company’s outstanding Series B Preferred Stock as of June 30, 2025.