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Eos Energy Enterprises cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$105M in Q3 2026 · −$443M over twelve months

Operating cash flow−$69.8M
Capital spending−$35.2M
Free cash flow−$105M
Cash / net income-0.6×

Analysis

In Q3 2026, Eos Energy Enterprises generated −$69.8M of operating cash flow and spent $35.2M on capital projects, leaving free cash flow of −$105M. That is $22.4M less than in Q3 2025 (−$82.7M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$312M; the largest uses were operating cash flow ($312M), capital spending ($131M), other investing ($113M); besides operations, cash came from shares issued ($573M), other financing ($116M); the cash balance rose by $217M.

Operating cash flow was −$69.8M against net income of $125M — -0.6× profit, less cash than reported earnings, worth checking against working capital. The largest differences: other non-cash −$9.4M, accrued liabilities +$9.3M, payables −$8.8M.

Free cash flow

Eos Energy Enterprises: free cash flow by quarterEos Energy Enterprises: free cash flow by quarter−$55.8MQ4 2024−$33.8MQ1 2025−$73.2MQ2 2025−$82.7MQ3 2025−$75.2MQ4 2025−$155MQ1 2026−$107MQ2 2026−$105MQ3 2026
Operating cash flow less capital spending.
Eos Energy Enterprises: operating cash flow against capital spendingEos Energy Enterprises: operating cash flow against capital spendingOperating cash flowCapital spending−$42.7M$13.1MQ4 2024−$28.9M$4.9MQ1 2025−$66.1M$7.0MQ2 2025−$65.9M$16.8MQ3 2025−$50.3M$25.0MQ4 2025−$120M$35.1MQ1 2026−$72.0M$35.4MQ2 2026−$69.8M$35.2MQ3 2026
Latest (Q3 2026): Operating cash flow −$69.8M, Capital spending $35.2M.

Capital allocation, year by year

Eos Energy Enterprises: where the cash came from (up) and went (down), by fiscal yearEos Energy Enterprises: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow −$116MFY2021: Net borrowing $6.4MFY2021: Shares issued $1.1MFY2021: Capital spending −$15.6MFY2021: Acquisitions −$160K$7.5MFY2021FY2022: Operating cash flow −$197MFY2022: Net borrowing $100MFY2022: Capital spending −$20.1M$100MFY2022FY2023: Operating cash flow −$145MFY2023: Net borrowing −$3.0MFY2023: Shares issued $93.4MFY2023: Capital spending −$29.3M$93.4MFY2023FY2024: Operating cash flow −$154MFY2024: Net borrowing $204MFY2024: Shares issued $14.1MFY2024: Capital spending −$33.2M$218MFY2024FY2025: Operating cash flow −$211MFY2025: Net borrowing $59.5MFY2025: Shares issued $542MFY2025: Capital spending −$53.8M$601MFY2025
Over these 5 years operating cash flow totalled −$823M; the largest uses were operating cash flow ($823M) and capital spending ($152M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$271M
Debt$656M
Net debt$385M
Cash runway7 months

Eos Energy Enterprises is burning cash: its operations consume cash, a free cash flow of −$443M a year at the current rate against $271M of cash and investments: a runway of about 7 months before any new financing.

Where the cash came from and went

Eos Energy Enterprises: sources (+) and uses (−) of cash, Q3 2026Eos Energy Enterprises: sources (+) and uses (−) of cash, Q3 2026Other investing−$113MShares issued$113MOther financing$86.7MOperating cash flow−$69.8MCapital spending−$35.2MCash drawn (+) / kept (−)$20.0MTaxes on employees’ shares−$1.2MNet borrowing (+) / repaid (−)−$24K
Eos Energy Enterprises: sources (+) and uses (−) of cash, TTM to Q3 2026Eos Energy Enterprises: sources (+) and uses (−) of cash, TTM to Q3 2026Shares issued$573MOperating cash flow−$312MCash drawn (+) / kept (−)−$217MCapital spending−$131MOther financing$116MOther investing−$113MNet borrowing (+) / repaid (−)$86.5MTaxes on employees’ shares−$2.0MExchange rates−$3K

From profit to cash

Eos Energy Enterprises: net income to operating cash flow, Q3 2026Eos Energy Enterprises: net income to operating cash flow, Q3 2026Net income$125MDepreciation & amortization$7.5MStock-based pay$6.9MImpairments$108KGains on disposals$108KOther non-cash−$9.4MInventory−$5.2MPayables−$8.8MAccrued liabilities$9.3MPrepaid and other assets−$885KOperating cash flow−$69.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 202685279-18
Q4 202594462-9
Q3 202512636510
Q2 202531806348
Q1 202544945385
Q4 202440886166

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$69.8M−$35.2M−$24K$113M$20.0M−$105M
Q2 2026−$72.0M−$35.4M−$25K$71K$108M−$107M
Q1 2026−$120M−$35.1M−$142K$3K$152M−$155M
Q4 2025−$50.3M−$25.0M−$376K$460M−$498M−$75.2M
Q3 2025−$65.9M−$16.8M−$360K$439K$56.4M−$82.7M
Q2 2025−$66.1M−$7.0M−$11K$81.1M−$71.5M−$73.2M
Q1 2025−$28.9M−$4.9M$37.6M$319K−$8.3M−$33.8M
Q4 2024−$42.7M−$13.1M$128M$56K−$72.7M−$55.8M

Eos Energy Enterprises: income statement and cash flow

Eos Energy Enterprises, Q3 2026: revenue $82.7M (+171% year over year), operating margin -95.9%. The chart follows the revenue to costs, profit and cash.

Eos Energy Enterprises: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.