0001628280-26-070529 | 10-Q | XBRL Viewer | EOS Energy Enterprises INC

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Restructuring - Schedule of Restructuring and Related Costs (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2026 USD ($)
Restructuring and Related Activities [Abstract]
Other restructuring charges	$ 281
Total	$ 281

Borrowings - Schedule of Loan Facility Draw-Downs (Details) - DOE Loan Facility - Line of Credit - USD ($) $ in Thousands	1 Months Ended
	Sep. 30, 2026	Jul. 31, 2025	Nov. 30, 2024
Tranche One
Line Of Credit Rollforward [Abstract]
Beginning balance			$ 90,945
Draw-downs received		$ (22,666)	$ (68,279)
Ending balance	$ 0
Interest rate		4.286%	4.791%
Tranche Two
Line Of Credit Rollforward [Abstract]
Beginning balance	106,733
Draw-downs received	(87,019)
Ending balance	$ 19,714
Interest rate			4.971%

Overview (Details)	9 Months Ended
Overview (Details)	Sep. 30, 2026 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1
Number of operating segments	1

Segment Reporting - Narrative (Details)	9 Months Ended
Segment Reporting - Narrative (Details)	Sep. 30, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Revenue Recognition

9 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The Company primarily earns revenue from sales of its energy storage systems and services including installation, commissioning and extended warranty services. Product revenues, which are generally recognized at a point in time, and service revenues, which are generally recognized over time, are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Product revenue	$	12,984	$	30,209	$	82,431	$	54,191
Product revenue - related party	68,447		—		123,481		$	—
Service revenue	1,300		303		2,557		$	2,014
Total revenues	$	82,731	$	30,512	$	208,469	$	56,205

For the three months ended September 30, 2026, the Company had one customer who individually accounted for greater than 10% of total revenue and collectively accounted for approximately 76.8% of the total revenue. For the nine months ended September 30, 2026, the Company had four customers who individually accounted for greater than 10% of total revenue and collectively accounted for approximately 85.2% of the total revenue.

For the three months ended September 30, 2025, the Company had one customer who individually accounted for greater than 10% of total revenue and collectively accounted for approximately 82.1% of the total revenue. For the nine months ended September 30, 2025, the Company had three customers who individually accounted for greater than 10% of total revenue and collectively accounted for approximately 73.0% of the total revenue.

Contract assets and Contract liabilities

The following table provides information about contract assets and contract liabilities from contracts with customers. Contract assets, current, Contract liabilities, current and Contract liabilities, long-term are included separately on the Unaudited Condensed Consolidated Balance Sheets and contract assets expected to be recognized in greater than twelve months are included under Other assets, net.


	September 30, 2026		December 31, 2025
Contract assets, current	$	18,156	$	13,972
Contract assets, current - related party	$	4,405	$	—
Contract assets	$	6,768	1,516
Contract liabilities, current	$	7,521	14,975
Contract liabilities, current - related party	$	9,756	$	—
Contract liabilities	$	3,723	$	2,506

Contract assets and Contract assets - related party increased by $13,841, net, during the nine months ended September 30, 2026, attributable to recognition of revenues for which invoicing has not yet occurred.

Contract assets, current and Contract assets, current – related party as of September 30, 2026, are expected to be reclassified to Accounts receivable and Accounts receivable - related party within the next twelve months. Contract assets as of September 30, 2026 are expected to be reclassified to accounts receivable in greater than twelve months.

Contract liabilities, current and Contract liabilities, current - related party as of September 30, 2026 are expected to be recognized as Revenue and Revenue - related party within the next twelve months. Contract liabilities as of September 30, 2026 are expected to be recognized as Revenue in greater than twelve months.

The following table provides information about changes in Contract liabilities and Contract liabilities - related party:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Contract liabilities, beginning of the period	$	9,886	$	39,537	$	17,481	$	26,349
Amounts in beginning balance recognized in revenue	(4,074)		(10,989)		(14,711)		(22,102)
Revenue recognized in current period	(56,060)		(20,102)		(105,988)		(31,353)
Advance payments received from customers	71,248		10,737		124,218		46,289
Contract liabilities, end of the period	$	21,000	$	19,183	$	21,000	$	19,183

Remaining Performance Obligations

Remaining performance obligations (“RPO”) represent the allocated transaction price of unsatisfied or partially unsatisfied performance obligations. The Company expects to recognize revenue related to the RPOs as the performance obligations are satisfied in accordance with the Company’s revenue recognition policy, which can be found in Note 2, Summary of Significant Accounting Policies, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. As of September 30, 2026, the Company's remaining performance obligations, excluding contracts that will be satisfied in less than one year, were approximately $27,319. The Company expects to recognize revenue of approximately 81% of the remaining performance obligations over the next twelve months, with the remainder recognized thereafter.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation 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. The Company is involved with joint ventures accounted for under the equity method of accounting that are variable interest entities (“VIE”). The Company is not the primary beneficiary, as the nature of the Company’s involvement does not provide the Company power to direct the VIE’s significant activities. Future events may require reevaluation of consolidation if the Company becomes the primary beneficiary. The Company accounts for equity method investments at cost and adjusted each period for the Company’s share of net income or loss, contributions and distributions made during the period. These investments are evaluated for impairment if events arise that the carrying amount of such assets may not be recoverable. 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 2025 Annual Report on Form 10-K. These interim results are not necessarily indicative of results for the full year. Use of Estimates 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. Recently Adopted Accounting Pronouncements In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326). The amendments in this update introduce a practical expedient aimed at simplifying the estimation of expected credit losses for current accounts receivable and current contract assets. The update is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years. Early adoption was permitted. The Company adopted the ASU effective January 1, 2026 on a prospective basis and elected the practical expedient for the calculation of current expected credit losses. The adoption of this ASU did not have a material impact on the Company’s financial statements. Recently Issued Accounting Pronouncements 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. In January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This update is effective for fiscal years beginning after December 15, 2027. Early adoption is permitted. Entities should apply the amendments in this update retrospectively to all prior periods presented in the financial statements. The Company is currently assessing its plans for adoption and evaluating the potential impact this amendment could have on its financial statements and disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Improvements to the Accounting for Internal-Use Software. The amendments in this update clarify and refine the guidance for capitalizing costs related to internal-use software, including development phases and implementation activities. The update is effective for annual periods beginning after December 15, 2027, including interim periods within those fiscal years. Early adoption is permitted beginning in fiscal year 2026. The Company is currently assessing its plans for adoption and evaluating the potential impact this amendment could have on its financial statements and related disclosures. On December 4, 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which adds guidance to ASC 832 on the recognition, measurement, and presentation of government grants. In the absence of such guidance, many for-profit entities historically have analogized to other GAAP, including IAS 20 or ASC 958-605, when accounting for government grants. The amendments in this update are effective for interim reporting periods within annual reporting periods beginning after December 15, 2028, for public business entities. Early adoption is permitted. The Company is currently assessing its plans for adoption and evaluating the potential impact this amendment could have on its financial statements and related disclosures. On December 8, 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides “interim financial statements and notes in accordance with GAAP.” The amendment also addresses the form and content of such financial statements, adds lists to ASC 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must “disclose events since the end of the last annual reporting period that have a material impact on the entity.” As the Board stated in the proposed guidance and reiterates in the update, the amendments are not intended to “change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements”. The amendments in this update are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, for public business entities, early adoption is permitted. The Company is currently assessing its plans for adoption and evaluating the potential impact this amendment could have on its financial statements and related disclosures. On December 17, 2025, the FASB issued ASU 2025-12, Codification Improvements to address suggestions received from stakeholders on the Accounting Standards Codification and to make other incremental improvements to U.S. GAAP. The update represents changes to the Codification that (1) clarify, (2) correct errors, or (3) make minor improvements. The amendments make the Codification easier to understand and apply. The guidance is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. The Company is currently assessing its plans for adoption and evaluating the potential impact this amendment could have on its financial statements and related disclosures.

Fair Value Measurement - Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	Jul. 21, 2026	Jul. 01, 2026	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Loss on contingently issuable securities			$ 0	$ 0	$ (35,662)	$ 0
Reclassification to equity			(22,440)	0	(22,440)	0
Reclassification of contingently issuable securities to equity			21,496		21,496
Additional Paid in capital
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Reclassification of contingently issuable securities to equity	$ 21,496	$ 944	21,496		21,496
Embedded Derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of the period		0	0	51,639	228,719	44,396
Change in fair value of Term Loan			0	58,988	(95,488)	66,318
Balance at end of the period			0	31,040	0	31,040
HBC Exchange Right/CCM Call Option
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of the period		0	0	0	0	0
Initial Measurement			33,970	0	33,970	0
Change in fair value of Term Loan			(11,270)	0	(11,270)	0
Balance at end of the period			22,700	0	22,700	0
Warrant \| SPA Warrant and Contingent Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of the period		254,031	254,031	198,984	470,715	266,630
Change in fair value of Term Loan			(118,281)	268,853	(334,965)	303,392
Conversion to preferred stock			0	0	0	(102,185)
Balance at end of the period			135,750	467,837	135,750	467,837
Warrant \| April, May and December 2023 Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of the period		135,362	135,362	181,093	313,253	189,322
Change in fair value of Term Loan			(77,746)	240,533	(223,886)	252,643
Exercised warrants			0	(18,827)	(31,751)	(39,166)
Balance at end of the period			57,616	402,799	57,616	402,799
Delayed Draw Term Loan \| Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of the period		163,283	163,283	61,705	150,427	76,188
Additions - January Draw			0	0	0	17,312
Prepayment of the Term Loan			0	0	0	(28,582)
Change in fair value of Term Loan			(54,073)	21,353	(41,217)	18,140
Balance at end of the period			109,210	83,058	109,210	83,058
November 2025 Convertible Note \| Embedded Derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Extinguishment of the Convertible Notes embedded derivatives			0	0	0	(87)
Reclassification of November 2025 Convertible Note embedded derivative			0	0	(133,231)	0
AFG Convertible Notes \| Embedded Derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Extinguishment of the Convertible Notes embedded derivatives			0	(79,587)	0	(79,587)
Contingently Issuable Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of the period		$ 35,662	35,662	0	0	0
Change in fair value of Term Loan			(13,222)	0	(13,222)	0
Loss on contingently issuable securities			0	0	35,662	0
Balance at end of the period			$ 0	$ 0	$ 0	$ 0

Accrued Expenses - Warranty Reserve Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Movement in Standard Product Warranty Accrual
Warranty reserve - beginning of period	$ 12,690	$ 5,917	$ 9,469	$ 5,102
Additions for current period deliveries	2,478	802	6,737	1,898
Changes in the warranty reserve estimate	0	0	(923)	543
Warranty costs incurred	(12)	(1,050)	(127)	(1,874)
Warranty reserve - end of period	$ 15,156	$ 5,669	$ 15,156	$ 5,669

Borrowings - Schedule of Delayed Draw Term Loan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Debt Instrument
(Loss) Gain on change in fair value	$ (4,534)	$ (3,570)	$ (13,300)	$ 22,112
Loss attributable to changes in instrument-specific credit risk	58,607	(17,784)	54,517	(24,008)
Delayed Draw Term Loan (DDTL) \| Secured Debt
Debt Instrument
(Loss) Gain on change in fair value	$ (4,534)	$ (3,570)	$ (13,300)	$ 22,112

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Stock-Based Compensation - Stock-Based Compensation Award Valuation Assumptions (Details) - 2026 TSR Awards	9 Months Ended
	Sep. 30, 2026 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award
Company share price (in dollars per share)	$ 3.46
Company volatility	120.00%
Company dividend yield	0.00%
Weighted average performance term	2 years 2 months 12 days
Weighted average risk-free interest rate	4.20%
Peer group average volatility	0.752
Weighted average grant date fair value (in dollars per share)	$ 4.95

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Fair Value Measurement - Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total liabilities	$ 0	$ 0
Level 1 \| Exchange Right / Call Option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Embedded derivatives	0	0
Level 1 \| Embedded derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Embedded derivatives	0	0
Level 1 \| Delayed Draw Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Delayed Draw Term Loan	0	0
Level 1 \| SPA Warrant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants liability	0	0
Level 1 \| April, May and December 2023 Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants liability	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total liabilities	0	0
Level 2 \| Exchange Right / Call Option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Embedded derivatives	0	0
Level 2 \| Embedded derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Embedded derivatives	0	0
Level 2 \| Delayed Draw Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Delayed Draw Term Loan	0	0
Level 2 \| SPA Warrant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants liability	0	0
Level 2 \| April, May and December 2023 Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants liability	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total liabilities	325,276	1,163,114
Level 3 \| Exchange Right / Call Option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Embedded derivatives	22,700	0
Level 3 \| Embedded derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Embedded derivatives	0	228,719
Level 3 \| Delayed Draw Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Delayed Draw Term Loan	109,210	150,427
Level 3 \| SPA Warrant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants liability	135,750	470,715
Level 3 \| April, May and December 2023 Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants liability	$ 57,616	$ 313,253

Summary of Significant Accounting Policies (Details)	9 Months Ended
Summary of Significant Accounting Policies (Details)	Sep. 30, 2026
Accounting Policies [Abstract]
Equity interest ownership percentage	100.00%

Equity Method Investment	9 Months Ended
Equity Method Investment	Sep. 30, 2026
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment	Equity Method Investment Frontier Power USA On August 4, 2026, we acquired a 36% ownership interest in Frontier Power USA Parent, LLC (“FPUSA”) for a total consideration of $297,642. We account for this investment under the equity method of accounting because we have the ability to exercise significant influence, but do not have a controlling financial interest. We evaluated our involvement with FPUSA under the guidance for variable interest entities and determined that FPUSA is a VIE. Our maximum exposure to loss related to this unconsolidated VIE is generally limited to the carrying value of our investment in FPUSA. The Company elected to recognize its proportional share of the income or loss from the equity method investment on a financial reporting lag of one fiscal quarter attributable to the timing of financial information. Therefore, no income or loss from the equity method investment was recognized for the period ended September 30, 2026. Basis Differences The carrying amount of our equity method investment in FPUSA may differ from our proportionate share of the underlying equity in FPUSA attributable to basis differences. Amortization of basis differences, if any, is included in equity method investment income (loss). Any basis difference related to non-depreciable assets, including goodwill, is generally not amortized, but is subject to impairment testing as necessary.

Redeemable Preferred Stock

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

Redeemable Preferred Stock

Series B 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 September 30, 2026 and December 31, 2025.


Preferred Stock	Issuance Date	Shares Issued	Original Issue Price		Shares Outstanding	Common Stock Equivalent


Series B-1 Preferred Stock	9/12/2024	31.940063	$	841,999.99	31.940063	36,067,246
Series B-2 Preferred Stock	9/12/2024	28.806463	$	2,322,000	28.806463	32,528,734
Series B-3 Preferred Stock	11/1/2024	38.259864	$	3,358,000	38.259864	43,203,670
Series B-4 Preferred Stock	1/24/2025	16.150528	$	5,990,000	16.150528	19,595,032

Conversion rights: The Series B-1, B-2 and B-3 Preferred Stock is convertible into common stock at a conversion ratio of 1,129,217 shares of common stock per share of Series B Preferred Stock, and the Series B-4 Preferred Stock Preferred Stock is convertible into common stock at a conversion ratio of 1,213,276 shares of common stock per share of Series B Preferred Stock (“Conversion Ratio”). The Conversion Ratio is subject to antidilution protection that is triggered if the Company issues equity for a price per share that is less than the conversion price then in effect, subject to certain exceptions.

During the second quarter of 2025, the Company’s issuance of the May 2025 Convertible Notes and common stock through the public offering triggered an adjustment to the Series B-4 Preferred Stock liquidation value under the terms of the Securities Purchase Agreement. The number of common shares issuable upon conversion of the Series B-4 increased by 1,154,542 to 17,305,070. The Company recorded a down round deemed dividend of $4,456 increasing Additional paid-in capital and Accumulated deficit on the Consolidated Statements of Shareholders' Deficit.

During the third quarter of 2026, the Registered Direct Offering, Rights Offering, issuance of warrants and related exchange arrangements triggered anti-dilution adjustments to the conversion ratio of the Company’s Series B-1, B-2, B-3 and B-4 Preferred Stock, under the terms of the Securities Purchase Agreement. As a result, the number of common shares issuable upon conversion increased by 4,127,183, 3,722,271, 4,943,806 and 2,289,962 shares for the Series B-1, B-2, B-3 and B-4 Preferred Stock, respectively resulting in the number of common shares issuable upon conversion of the Series B-1, B-2, B-3 and B-4 to be 36,067,246, 32,528,734, 43,203,670 and 19,595,032, respectively. The Company recorded aggregate down-round deemed dividends of approximately $13,802 increasing Additional paid-in capital and Accumulated deficit on the Consolidated Statements of Shareholders' Deficit.

Dividends: Holders of the Series B Preferred Stock are entitled to receive dividends or distributions on each share of Series B Preferred Stock equal to dividends or distributions actually paid on each share of common stock on an as-converted basis.

Appointment of Directors: At all times when the holders of the Preferred Stock beneficially own at least 10%, 15% or 30% of the capital stock of the Company, the Preferred Stock shareholders, exclusively and voting together as a separate class, will have the right to appoint a maximum of 1, 2 or 3 Directors to the Board of Directors of the Company (the “Board”), respectively. At all times when the holders of the Preferred Stock beneficially own at least 40% of the capital stock of the Company, the Preferred Stock shareholders, exclusively and voting together as a separate class, will have the right to nominate a fourth director, who shall be nominated by the Board or the nominating committee of the Board to a class of common directors and thereafter stand for election as a common director on the Board. The Preferred Stock shareholders will have the right to nominate a fourth director to the Board only if such appointment does not result in a change of control under any Company governing documents or violate any applicable laws, including requirements of the SEC and Nasdaq and any such fourth director appointment shall be subject to and conditioned upon compliance by the holders of the Preferred Stock with the Hart-Scott-Rodino Antitrust Improvements Act of 1976, including the submission of any required filings and the expiration or termination of any applicable waiting periods.

Preemptive rights: The Series B Certificates of Designation contain customary preemptive rights that permit the Holders of Series B Preferred Stock to participate in certain future equity offerings by the Company.

Rights to distributions upon liquidation of the Company: In the event of a voluntary or involuntary liquidation, dissolution, or winding up of the Company, the holders of the Series B Preferred Stock are entitled to receive

distribution of any of the assets or surplus funds of the Company pro rata with the holders of the common stock and any other holders of the preferred stock of the Company issued pursuant to the SPA and the Credit Agreement (the “Investor Preferred Stock”), including the Series B Preferred Stock, in an amount equal to such amount per share as would have been payable had all shares of Series B Preferred Stock been converted to common stock.

Protective provisions: The Company is prohibited from taking certain actions that could adversely affect the rights of the Preferred Stock without the affirmative vote of a majority of the outstanding shares of Preferred Stock until the later of (i) such time when the holders of Investor Preferred Stock shall no longer beneficially own at least 5% of the outstanding capital stock of the Corporation and (ii) June 21, 2029, in the case of the Series B-1 Preferred Stock, August 29, 2029, in the case of the Series B-2 Preferred Stock, November 1, 2029 in the case of the Series B-3 Preferred Stock or January 24, 2030 in the case of Series B-4 Preferred Stock.

Redemption Rights: At any time after June 21, 2029, in the case of the Series B-1 Preferred Stock, August 29, 2029, in the case of the Series B-2 Preferred Stock, November 1, 2029 in the case of the Series B-3 Preferred Stock or January 24, 2030 in the case of Series B-4 Preferred Stock, the outstanding shares of Series B Preferred Stock held by any holder become redeemable for cash at the redemption price. The redemption price will be an amount per share equal to the greater of (i) the B-1 Original Issue Price, the B-2 Original Issue Price, the B-3 Original Issue Price or the Series B-4 Preferred Stock Original Issue, as applicable, plus all accrued and unpaid dividends thereon, up to and including the date of redemption and (ii) the number of shares of common stock issuable upon conversion of the applicable Series B Preferred Stock multiplied by the average of the closing sale price of the common stock for the five (5) business days immediately prior to the date of redemption plus all accrued and unpaid dividends thereon, up to and including the date of redemption.

As of September 30, 2026 and December 31, 2025, all then-outstanding shares of Series B Preferred Stock were classified as mezzanine equity on the Unaudited Consolidated Balance Sheets at its redemption value because it is probable of becoming redeemable. The Company recorded remeasurement of the Series B Preferred Stock, which reduces Additional paid-in capital, on the Unaudited Consolidated Statements of Shareholders' Deficit.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Redeemable Preferred Stock (Tables)

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

Schedule of Stock by Class

The table below summarizes the Company’s outstanding Series B Preferred Stock as of September 30, 2026 and December 31, 2025.


Preferred Stock	Issuance Date	Shares Issued	Original Issue Price		Shares Outstanding	Common Stock Equivalent


Series B-1 Preferred Stock	9/12/2024	31.940063	$	841,999.99	31.940063	36,067,246
Series B-2 Preferred Stock	9/12/2024	28.806463	$	2,322,000	28.806463	32,528,734
Series B-3 Preferred Stock	11/1/2024	38.259864	$	3,358,000	38.259864	43,203,670
Series B-4 Preferred Stock	1/24/2025	16.150528	$	5,990,000	16.150528	19,595,032

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-11

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 9: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-10

Reference 10: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

Reference 12: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

+ Details

Property, Plant and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of Components of Property, Plant and Equipment, Net

The following table provides information about Property, plant and equipment, net balances:


	Estimated Useful lives			September 30, 2026		December 31, 2025
Equipment	5	-	10 years	$	172,977	$	79,272
Furniture	5	-	10 years	4,170		3,149
Leasehold improvements	Lesser of useful life/ remaining lease			14,846		14,146
Tooling	2	-	3 years	18,988		16,192
Construction in progress (“CIP”)				32,495		36,644
Total				243,476		149,403
Less: Accumulated depreciation				(52,961)		(34,988)
Total property, plant and equipment, net				$	190,515	$	114,415

Warrants Liability (Tables)

9 Months Ended

Sep. 30, 2026

Other Liabilities Disclosure [Abstract]

Schedule of Common Stock Warrants Outstanding and Fair Value

The amount of warrants outstanding and fair value for all warrants as of September 30, 2026 and December 31, 2025 are as follows:


		September 30, 2026			December 31, 2025
	Exercise Price	Number of Warrants Outstanding	Fair Value		Number of Warrants Outstanding	Fair Value
Warrants liability
April 2023 warrants	$3.14	16,000,000	$	28,641	16,000,000	$	153,440
May 2023 warrants	$2.50	3,601,980	6,663		3,601,980	35,263
December 2023 warrants	$1.60	9,960,566	22,312		12,010,566	124,550
Total		29,562,546	$	57,616	31,612,546	$	313,253
Warrants liability - related party
SPA Warrant	$0.01	1	$	135,750	1	$	470,715
Total		1	$	135,750	1	$	470,715

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses were as follows:


	September 30, 2026		December 31, 2025
Accrued payroll	$	12,255	$	4,471
Warranty reserve (1)	15,156		9,469
Accrued legal and professional expenses	1,810		1,570
Provision for contract losses	4,373		6,138

Accrued interest	4,455		1,196
Accrued capital expenditures	3,605		500
Other	3,561		2,450
Total accrued expenses	$	45,215	$	25,794

(1) Refer to the table below for the warranty reserve activity for the three and nine months ended September 30, 2026.

Schedule of Warranty Reserve Activity

The following table summarizes warranty reserve activity:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Warranty reserve - beginning of period	$	12,690	$	5,917	$	9,469	$	5,102
Additions for current period deliveries	2,478		802		6,737		1,898
Changes in the warranty reserve estimate	—		—		(923)		543
Warranty costs incurred	(12)		(1,050)		(127)		(1,874)
Warranty reserve - end of period	$	15,156	$	5,669	$	15,156	$	5,669

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Intangible Asset, Finite-Lived


	September 30, 2026						December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Patents	$	400	$	310	$	90	$	400	$	280	$	120
Internal-Use Software	2,035		468		1,567		1,085		226		859
Total Intangible Assets	$	2,435	$	778	$	1,657	$	1,485	$	506	$	979

Schedule of Estimated Future Amortization Expense of Intangible Assets

Estimated future amortization expense of intangible assets as of September 30, 2026 are as follows:


	Amortization Expense
Remainder of 2026	$	117
2027	669
2028	584
2029	287


2030	—
Thereafter	—
	$	1,657

Fair Value Measurement - Schedule of Assumptions Used to Determine Fair Value of Embedded Derivative Liabilities (Details) - November 2025 Convertible Note - Convertible Notes		12 Months Ended
	Jun. 03, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Term	5 years 6 months	5 years 11 months 1 day
Dividend yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value, measurement input	0	0
Risk-free interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value, measurement input	0.042	0.038
Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value, measurement input	0.600	0.600
Effective debt yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value, measurement input	0.111	0.117

Cash, Cash Equivalents and Restricted Cash

9 Months Ended

Sep. 30, 2026

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

Restricted cash - current as of September 30, 2026, consists of (i) accounts related to the DOE Loan Facility for reserves related to warranty claims, debt servicing, the Davis Bacon Act, secured letters of credit, escrow deposits related to U.S. Custom Bonds insurance and escrow deposits related to our credit card program agreements and (ii) the interest reserve account maintained pursuant to the second Limited Consent Agreement between the Company and the DOE (the “Second DOE Limited Consent Agreement”), which is equivalent to twelve months of interest payments of the May 2025 Convertible Notes and the November 2025 Convertible Notes.

Restricted cash - current as of September 30, 2025, consists of accounts related to the DOE Loan Facility for reserves related to warranty claims, debt servicing, the Davis Bacon Act, secured letters of credit, escrow deposits related to U.S. Custom Bonds insurance, escrow deposits related to our credit card program agreements and interest reserve account maintained pursuant to the DOE Limited Consent Agreement equivalent to one year of interest expense of the May 2025 Convertible Notes.

Long-term restricted cash as of September 30, 2026, relates to, as defined in the credit and guaranty agreement (“Credit Agreement”), the Minimum Liquidity covenant. Under the Minimum Liquidity covenant, as defined in the Credit Agreement and the DOE Loan Facility, the Company shall not permit cash and cash equivalents at any time be less than $15,000.

Long-term restricted cash as of September 30, 2025, relates to the Minimum Liquidity covenant, prior to the first tranche funding the Minimum Liquidity covenant, the Company shall not permit cash and cash equivalents at any time be less than $15,000. On May 28, 2025, the Company and the DOE entered into a Limited Consent Agreement (“DOE Limited Consent Agreement”), in which the remainder of Long-term restricted cash relates to an interest reserve account maintained pursuant to the DOE Limited Consent Agreement equivalent to one year of interest expense of the May 2025 Convertible Notes. Restricted cash per the DOE Limited Consent Agreement shall be reduced by the amounts of any actual interest payments made for the May 2025 Convertible Notes, but shall not be less than all interest payments on the May 2025 Convertible Notes due within 12 months.

The following table reconciles reported amounts from the Unaudited Condensed Consolidated Balance Sheets to Cash, Cash Equivalents and Restricted Cash reported within the Unaudited Condensed Consolidated Statements of Cash Flows:


	September 30, 2026		September 30, 2025
Cash and cash equivalents	$	271,162	$	58,733
Restricted cash - current	57,923		36,946
Long-term restricted cash	15,000		31,120
Total cash, cash equivalents and restricted cash	$	344,085	$	126,799

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Revenue Recognition

Product revenues, which are generally recognized at a point in time, and service revenues, which are generally recognized over time, are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Product revenue	$	12,984	$	30,209	$	82,431	$	54,191
Product revenue - related party	68,447		—		123,481		$	—
Service revenue	1,300		303		2,557		$	2,014
Total revenues	$	82,731	$	30,512	$	208,469	$	56,205

Schedule of Information about Contract Assets and Liabilities from Contracts with Customers


	September 30, 2026		December 31, 2025
Contract assets, current	$	18,156	$	13,972
Contract assets, current - related party	$	4,405	$	—
Contract assets	$	6,768	1,516
Contract liabilities, current	$	7,521	14,975
Contract liabilities, current - related party	$	9,756	$	—
Contract liabilities	$	3,723	$	2,506

The following table provides information about changes in Contract liabilities and Contract liabilities - related party:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Contract liabilities, beginning of the period	$	9,886	$	39,537	$	17,481	$	26,349
Amounts in beginning balance recognized in revenue	(4,074)		(10,989)		(14,711)		(22,102)
Revenue recognized in current period	(56,060)		(20,102)		(105,988)		(31,353)
Advance payments received from customers	71,248		10,737		124,218		46,289
Contract liabilities, end of the period	$	21,000	$	19,183	$	21,000	$	19,183

Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities

The following tables set forth the Company's financial liabilities measured at fair values based on the fair value hierarchy, as described above. These should also be read with Note 2, Summary of Significant Accounting Policies, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.


	September 30, 2026						December 31, 2025
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Liabilities
SPA Warrant (a)	$	—	$	—	$	135,750	$	—	$	—	$	470,715
April, May and December 2023 Warrants	—		—		57,616		—		—		313,253
Delayed Draw Term Loan	—		—		109,210		—		—		150,427
Exchange Right/Call Option(c)	—		—		22,700		—		—		—
Embedded derivatives(b)	—		—		—		—		—		228,719

Total liabilities	$	—	$	—	$	325,276	$	—	$	—	$	1,163,114

(a) Included in Warrants liability - Related party on the Unaudited Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025.

(b) Included in Notes Payable - Related Party on the Unaudited Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025.

(c) Included in Other liabilities - Related Party on the Unaudited Condensed Consolidated Balance Sheets as of September 30, 2026.

Schedule of Assumptions used to Determine Fair Value of Warrants and Debt Instruments

The inputs used to determine the fair value of the April 2023 warrants, May 2023 warrants and the December 2023 warrants are as follows:


April 2023 warrants	September 30, 2026			December 31, 2025
Time to expiration	2.04 years			2.79 Years
Common stock price	$	3.07		$	11.46
Risk-free interest rate	4.8		%	3.5		%
Volatility	110.0		%	105.0		%

May 2023 warrants	September 30, 2026			December 31, 2025
Time to expiration	1.79 Years			2.54 Years
Common stock price	$	3.07		$	11.46
Risk-free interest rate	4.8		%	3.5		%
Volatility	110.0		%	105.0		%

December 2023 warrants	September 30, 2026			December 31, 2025
Time to expiration	2.21 Years			2.96 Years
Common stock price	$	3.07		$	11.46
Risk-free interest rate	4.8		%	3.5		%
Volatility	110.0		%	105.0		%

The inputs used to determine the fair value of the embedded derivative liabilities are as follows:


November 2025 Convertible Note	June 3, 2026		December 31, 2025
Term	5.50 Years		5.92 Years
Dividend yield	—	%	—	%
Risk-free interest rate	4.2	%	3.8	%
Volatility	60.0	%	60.0	%
Effective debt yield	11.1	%	11.7	%

The following inputs were used in the Monte Carlo simulation to determine the fair value of the contingently issuable securities:


Contingently Issuable Securities	July 21, 2026			June 30, 2026
Time to expiration	10.0 Years			10.0 Years
Common stock price	$	4.24		$	5.88
Risk-free interest rate	4.6		%	4.4		%
Volatility	120.0		%	115.0		%

FPUSA equity value, FPUSA equity volatility and the Company’s expected volatility involve unobservable inputs classified as Level 3 of the fair value hierarchy.


HBC Exchange Right/CCM Call Option	September 30, 2026			August 4, 2026
FPUSA Equity Value	$	850,000		$	850,000
Term	6.84 Years			7.00 Years
Eos Stock Price	$	3.07		$	4.35
FPUSA Equity Volatility	80		%	80		%
Eos Stock Volatility	115		%	120		%
Risk-free Rate	5.12		%	4.42		%



Delayed Draw Term Loan	September 30, 2026		December 31, 2025
Debt yield	19.2	%	11.9	%


SPA Warrant	September 30, 2026		December 31, 2025
Discount for lack of marketability	—	%	5.0	%

Schedule of Liabilities Measured at Fair Value

The following table summarizes the changes in the fair value of liabilities that are included within the Company’s accompanying Unaudited Condensed Consolidated Balance Sheets and are designated as Level 3:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Delayed Draw Term Loan
Balance at beginning of the period	$	163,283	$	61,705	$	150,427	$	76,188
Additions - January Draw	—		—		—		17,312
Prepayment of the Term Loan	—		—		—		(28,582)
Change in fair value of Term Loan	(54,073)		21,353		(41,217)		18,140
Balance at end of the period	$	109,210	$	83,058	$	109,210	$	83,058

SPA Warrant and Contingent Warrants
Balance at beginning of the period	$	254,031	$	198,984	$	470,715	$	266,630

Conversion to preferred stock	—		—		—		(102,185)
Change in fair value of warrants	(118,281)		268,853		(334,965)		303,392
Balance at end of the period	$	135,750	$	467,837	$	135,750	$	467,837

April, May and December 2023 Warrants
Balance at beginning of the period	$	135,362	$	181,093	$	313,253	$	189,322
Exercised warrants	—		(18,827)		(31,751)		(39,166)
Change in fair value of warrants	(77,746)		240,533		(223,886)		252,643
Balance at end of the period	$	57,616	$	402,799	$	57,616	$	402,799

Embedded Derivatives
Balance at beginning of the period	$	—	$	51,639	$	228,719	$	44,396
Extinguishment of the 2021 Convertible Notes embedded derivatives	—		—		—		(87)
Extinguishment of the AFG Convertible Notes embedded derivatives	—		(79,587)		—		(79,587)
Reclassification of November 2025 Convertible Note embedded derivative	—		—		(133,231)		—
Change in fair value of derivatives	—		58,988		(95,488)		66,318
Balance at end of the period	$	—	$	31,040	$	—	$	31,040

HBC Exchange Right/CCM Call Option
Balance at beginning of the period	$	—	$	—	$	—	$	—
Initial Measurement	33,970		—		33,970		—
Change in fair value of derivatives - related party	(11,270)		—		(11,270)		—
Balance at end of the period	$	22,700	$	—	$	22,700	$	—

Contingently Issuable Securities
Balance at beginning of the period	$	35,662	$	—	$	—	$	—
Loss on contingently issuable securities	—		—		35,662		—
Change in fair value of Contingently Issuable Securities	$	(13,222)	$	—	$	(13,222)	$	—
Reclassification to equity(a)	$	(22,440)	$	—	$	(22,440)	$	—
Balance at end of the period	$	—	$	—	$	—	$	—

(a) On July 1, 2026 the reclassification to equity was settled via issuance of common stock in the amount of $944. On July 21, 2026 the remaining liability of $21,496 was reclassified to equity upon expiration of the Rights Offering. Refer to Note 18, Shareholders’ Deficit, for further discussion.

Schedule of Estimated Fair Value of Financial Instruments Not Carried at Fair Value

The estimated fair value of financial instruments not carried at fair value in the Unaudited Condensed Consolidated Balance Sheets was as follows:


	Level in fair value hierarchy	September 30, 2026				December 31, 2025
		Carrying Value		Fair Value		Carrying Value		Fair Value
May 2025 Convertible Notes	3	$	48,322	$	50,775	$	48,044	$	123,000


November 2025 Convertible Notes*	3	326,789		298,238		530,096		586,237

Equipment financing facility	3	—		—		372		375
Preferred Stock	3	463,746		467,570		1,361,542		1,292,216
DOE Loan Facility	3	171,436		179,720		84,327		95,427
Total		$	1,010,293	$	996,303	$	2,024,381	$	2,097,255

*Includes the embedded derivative liabilities for December 31, 2025.

Restructuring (Tables)

9 Months Ended

Sep. 30, 2026

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs



	2026


Other restructuring charges	$	281
Total	$	281

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the issuance date of these financial statements. No material subsequent events were identified that require disclosure.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,462	$ 4	$ 1,480	$ 15
Decrease is deferred tax valuation allowance	$ 1,438		$ 1,438

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued payroll	$ 12,255	$ 4,471
Warranty reserve	15,156	9,469
Accrued legal and professional expenses	1,810	1,570
Provision for contract losses	4,373	6,138
Accrued interest	4,455	1,196
Accrued capital expenditures	3,605	500
Other	3,561	2,450
Total accrued expenses	$ 45,215	$ 25,794

Related Party Transactions - Schedule of Related Party Transactions Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Related Party Transaction [Line Items]
Advisory fees	$ 23,819	$ 19,786	$ 72,414	$ 66,269
Manufacturing costs	126,934	64,437	345,900	145,622
Advisory fees \| Related Party
Related Party Transaction [Line Items]
Advisory fees	219	249	1,309	2,740
Manufacturing costs \| Related Party
Related Party Transaction [Line Items]
Manufacturing costs	$ 0	$ 528	$ 0	$ 1,902

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

Shareholders’ Deficit	9 Months Ended
Shareholders’ Deficit	Sep. 30, 2026
Equity [Abstract]
Shareholders’ Deficit	Shareholders’ Deficit Preferred Stock The Company is authorized to issue 1,000,000 shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s Board of Directors. The preferred stock has a par value of $0.0001. As of September 30, 2026 and December 31, 2025, there were no shares of preferred stock issued or outstanding. Common Stock On June 3, 2026 at the annual meeting of stockholders, stockholders of the Company approved the amendment to the Company’s Certificate of Incorporation to increase the number of shares of authorized common stock from 600,000,000 to 800,000,000 at $0.0001 par value . The holders of the Company’s common stock are entitled to one vote for each share held. At September 30, 2026 and December 31, 2025, there were 365,758,222 and 337,132,374, shares of common stock issued and outstanding, respectively. Registered Direct Offering On July 1, 2026, the Company closed its Registered Direct Offering pursuant to which it issued 13,683,634 shares of common stock and 6,004,378 warrants, each warrant exercisable for one share of common stock at an exercise price of $5.481 per share, to HBMF. The Company received aggregate net proceeds from the Registered Direct Offering of approximately $74,900. The warrants issued for the Registered Direct Offering were liability classified on June 30, 2026 as the HBMF SPA included a most favored nation provision that could result in an adjustment to the settlement amount of the warrants. An adjustment would be recognized if equity was issued at a more economically favorable terms or conditions.The warrants issued in the Registered Direct Offering meet the requirements for equity classification guidance in ASC 815-40. Rights Offering On July 2, 2026, the Company announced the launch of the rights offering (the “Rights Offering”), under which shareholders of Eos common stock and holders of its warrants to purchase common stock issued on April 14, 2023, May 17, 2023, December 19, 2023, and November 21, 2025 as of the record date of 5:00 p.m. Eastern time on July 1, 2026 (collectively, “Eligible Holders”), would receive rights to acquire a certain number of units, comprised of the Company’s common stock and warrants (the “Units”) to fund the Company’s previously announced capital contribution in the FPUSA joint venture. The Company recognized $2,264 in Additional paid in capital and reduction of Accumulated deficit related to the bonus element arising from the rights’ exercise price being below the fair value of the Units. This was a pro rata distribution to equity holders of the Company’s securities and recognized as a dividend. The Rights Offering expired at 5:00 p.m. Eastern Time on July 21, 2026 (the “Expiration Date”). Upon expiration of the Rights Offering, the most favored nation provision included within the HBMF SPA expired on the Expiration Date. As such, the liability required remeasurement through the Expiration Date, the Company recognized within the Change in fair value of derivatives on the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) a $13,222 gain for the three month period ended September 30, 2026. On the Expiration Date, the Company reclassified $21,496 into Additional paid in capital as the warrants meet equity classification under ASC 815. On August 3, 2026, the Company closed the Rights Offering pursuant to which the Company issued 6,885,218 Units which separated upon closing and were issued separately as 6,885,218 shares of common stock and 3,019,242 warrants, each warrant exercisable for one share of common stock at an exercise price of $5.481 per share. The Company received aggregate gross proceeds from the Rights Offering of approximately $37,738. The warrants issued in the Rights Offering meet the requirements for equity classification guidance in ASC 815-40. DOE Warrants The Company issued 570,000 warrants to the DOE in November 2025 to purchase shares of common stock at a price of $0.01 per share (the “DOE Warrants”). The DOE Warrants meet the requirements for equity classification guidance in ASC 815-40. The DOE Warrants are scheduled to expire November 21, 2030. There were 570,000 DOE Warrants outstanding as of September 30, 2026 and December 31, 2025. HBC & CCM Warrants On August 3, 2026, the Company entered into a warrant agreement (the “Warrant Agreement”) with Continental Stock Transfer & Trust Company governing the terms of certain warrants issued in connection with the FPUSA funding. In consideration for the Initial Class A-2 Contribution, the Company issued, directly or indirectly, to CCM Frontier 20,017,772 warrants (the "CCM Warrants"). In consideration for the Initial Class C Contribution, the Company issued, directly or indirectly, to HBC 10,008,886 warrants (the “HBC Warrants” and, together with the CCM Warrants, the “HBC & CCM Warrants”). Each HBC & CCM Warrant is exercisable for one share of the Company's common stock at an exercise price of $5.481 per share. The HBC & CCM Warrants became exercisable upon issuance and remain exercisable until the tenth anniversary of the issuance date, unless earlier exercised or redeemed in accordance with their terms. The HBC & CCM Warrants may be exercised for cash or on a cashless basis, subject to the provisions of the Warrant Agreement. The holders of the HBC & CCM Warrants do not possess the rights of a stockholder, including voting rights, with respect to the shares underlying the HBC & CCM Warrants until such HBC & CCM Warrants are exercised and shares of common stock are issued. Following exercise, the holders are entitled to the rights of stockholders with respect to the shares issued upon exercise. The HBC & CCM Warrants meet the requirements for equity classification guidance in ASC 815-40. Treasury Stock The Company recorded treasury stock of $1,188 and $2,269 for the three and nine months ended September 30, 2026, respectively, for shares withheld from employees to cover options exercise costs and payroll tax liabilities. The treasury stock was immediately retired. The Company recorded treasury stock of $0 and $488 for the three and nine months ended September 30, 2025, respectively, for shares withheld from employees to cover the payroll tax liability of RSUs vested. The treasury stock was immediately retired.

- Definition

The entire disclosure for equity.

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+ Details

Earnings Per Share - Narrative (Details) - $ / shares		3 Months Ended		9 Months Ended
Earnings Per Share - Narrative (Details) - $ / shares	Jul. 21, 2026	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Basic (in dollars per share)		$ 0.64	$ (4.88)	$ 2.30	$ (6.04)
Diluted (in dollars per share)		$ (0.17)	$ (4.88)	$ (0.44)	$ (6.04)
Scenario, Adjustment
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Basic (in dollars per share)	$ 1.0045
Diluted (in dollars per share)	$ 1.0045

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Borrowings (Tables)

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Schedule of Debt

The Company’s debt obligations consist of the following:


				September 30, 2026				December 31, 2025
	Maturity Date	Effective Interest Rate		Principal Outstanding		Carrying Value*		Principal Outstanding		Carrying Value*

Delayed Draw Term Loan	June 2034(1)	N/A		$	205,017	$	109,210	$	194,419	$	150,427

Notes payable - related party				205,017		109,210		194,419		150,427
Equipment financing facility	April 2026	16.2	%	—		—		372		372
May 2025 Convertible Notes	June 2030	7.8	%	50,000		48,322		50,000		48,044
November 2025 Convertible Notes	December 2031	14.2	%	600,000		326,789		600,000		530,096
DOE Loan Facility	June 2034(1)	7.1%(2)		185,120		171,436		94,685		84,327
Total borrowings				1,040,137		655,757		939,476		813,266
Current portion				—		—		372		372
Total borrowings, non-current				$	1,040,137	$	655,757	$	939,104	$	812,894

*Carrying value as of September 30, 2026 includes unamortized deferred financing costs and unamortized discounts, except for the Delayed Draw Term Loan, which is carried at fair value. Carrying value as of December 31, 2025 includes unamortized deferred financing costs, unamortized discounts and fair value of embedded derivative liabilities, except for the Delayed Draw Term Loan, which is carried at fair value.

(1) The DDTL and DOE Loan Facility contain Springing Maturity Dates that could make the debt due March 14, 2030.

(2) This represents a weighted average of all outstanding draws under the DOE Loan Facility. The first draw has an effective interest rate of 7.6%, the second draw has an effective interest rate of 8.0% and the draw of tranche 2 has an effective interest rate of 6.4%.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
(Loss) Gain on change in fair value(a)	$	(4,534)	$	(3,570)	$	(13,300)	$	22,112
Loss attributable to changes in instrument-specific credit risk(b)	$	58,607	$	(17,784)	$	54,517	$	(24,008)

(a) This is included in Change in fair value of debt - related party on the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

(b)This is included in Change in fair value of debt - credit risk - related party in Accumulated other comprehensive Income (Loss).

The Company has drawn a portion of the facility as follows:


Date of Draw	Gross Amount of Initial Draw		Coupon Interest Rate	Debt Issuance Costs
September 2021	$	7,000	14.3%	$	175
September 2022	4,216		16.2%	96
Total Equipment Financing loans	$	11,216		$	271

Schedule of Interest Expense

Interest expense recognized on the 2021 Convertible Note is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Contractual interest expense	$	—	$	—	$	—	$	3,072
Amortization of debt discount	—		—		—		3,230
Amortization of debt issuance costs	—		—		—		311
Total	$	—	$	—	$	—	$	6,613

Interest expense recognized on the AFG Convertible Notes is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Contractual interest expense	$	—	$	247	$	—	$	3,209
Amortization of debt discount	—		(848)		—		(290)
Amortization of issuance costs	—		(239)		—		(81)
Total	$	—	$	(840)	$	—	$	2,838

Interest expense recognized on the May 2025 Convertible Notes is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Contractual interest expense	$	844	$	4,313	$	2,531	$	5,536
Amortization of debt discount	96		417		255		532
Amortization of debt issuance costs	8		36		22		46
Total	$	948	$	4,766	$	2,808	$	6,114

Interest expense recognized on the November 2025 Convertible Notes is as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2026
Contractual interest expense	$	2,625	$	7,875
Amortization of debt discount	8,884		25,385
Amortization of debt issuance costs	10		28
Total	$	11,519	$	33,288

Interest expense recognized on the DOE Loan Facility is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Contractual interest expense	$	1,379	$	1,088	$	3,588	$	2,723
Amortization of debt issuance costs	204		417		492		1,617
Amortization of debt discount	420		—		1,203		—
Total	$	2,003	$	1,505	$	5,283	$	4,340

Schedule of Balances Recognized upon Issuance of Convertible Notes

The carrying value for the May 2025 Convertible Notes is as follows:


	September 30, 2026		December 31, 2025
Principal	$	50,000	$	50,000
Unamortized debt discount	(1,543)		(1,799)
Unamortized debt issuance costs	(135)		(157)

Aggregate carrying value	$	48,322	$	48,044

The carrying value for the November 2025 Convertible Notes is as follows:


	September 30, 2026		December 31, 2025
Principal	$	600,000	$	600,000
Unamortized debt discount	(272,912)		(298,297)
Unamortized debt issuance costs	(299)		(326)
Embedded conversion feature	—		228,719
Aggregate carrying value	$	326,789	$	530,096

The carrying value for the DOE Loan Facility is as follows:


	September 30, 2026		December 31, 2025
Principal (life to date draw-downs)	$	177,964	$	90,945
Capitalized PIK Interest	7,156		3,740
Unamortized debt issuance costs	(7,386)		(2,749)
Unamortized debt discount	(6,298)		(7,609)
Aggregate carrying value	$	171,436	$	84,327

Schedule of Line of Credit Facilities

The DOE Loan Facility draw-downs were as follows:



Date of Draw	Gross Amount of Initial Draw		Interest Rate
Beginning balance Tranche 1	$	90,945
Draw-downs received November 2024	(68,279)		4.791	%
Draw-downs received July 2025	(22,666)		4.286	%
Remaining balance available on Tranche 1	$	—



Date of Draw	Gross Amount of Initial Draw		Interest Rate
Beginning balance Tranche 2	$	106,733
Draw-downs received September 2026	(87,019)		4.971	%
Remaining balance available on Tranche 2	$	19,714

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

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+ Details

Government Grants (Details) - USD ($)	3 Months Ended		9 Months Ended
Government Grants (Details) - USD ($)	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Government Assistance [Line Items]
Proceeds from the sales of tax credits	$ 10,997,000
Grant receivable, net	39,308,000		$ 39,308,000		$ 11,028,000
Production Tax Credits
Government Assistance [Line Items]
Government assistance, income, increase (decrease), statement of income or comprehensive income flag			Cost of goods sold	Cost of goods sold
Government assistance amount	15,979,000	$ 5,660,000	$ 38,777,000	$ 12,020,000
Grant receivable, net	$ 39,308,000		$ 39,308,000		$ 11,028,000

Revenue Recognition - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
Revenue Recognition - Narrative (Details) $ in Thousands	Sep. 30, 2026 customer	Sep. 30, 2025 customer	Sep. 30, 2026 USD ($) customer	Sep. 30, 2025 customer
Location, Statement of Income, Balance [Axis]: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Increase in contract asset \| $			$ 13,841
Revenue Benchmark \| Customer Concentration Risk \| One Customer
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Number of customers (customer)	1	1
Concentration risk percentage	76.80%	82.10%
Revenue Benchmark \| Customer Concentration Risk \| Four Customers
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Number of customers (customer)			4
Concentration risk percentage			85.20%
Revenue Benchmark \| Customer Concentration Risk \| Three Customers
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Number of customers (customer)				3
Concentration risk percentage				73.00%

Related Party Transactions

9 Months Ended

Sep. 30, 2026

Related Party Transactions

Credit and Securities Purchase Transaction

On June 21, 2024, the Company entered into a Securities Purchase Agreement (the “SPA”) with CCM Denali Equity Holdings, LP. Additionally, the Company also entered into a Credit Agreement with CCM Denali Debt Holdings, LP, an affiliate of Cerberus Capital Management LP (“Cerberus”, “Lender”). The SPA and the Credit and Guaranty Agreement are collectively referred to as the “Credit and Securities Purchase Transaction”. Pursuant to the terms and conditions of Credit and Securities Purchase Transaction, Cerberus and CCM Denali Equity Holdings, LP, are considered related parties as result of the transactions.

The Company incurred fees from three vendors affiliated with Cerberus for the periods ending September 30, 2026 and four vendors affiliated with Cerberus for the periods ending September 30, 2025, included in Cost of goods sold, Selling, general and administrative expenses in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) and Intangible assets, net in the Unaudited Condensed Consolidated Balance Sheets. These expenses were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Advisory fees	$	219	$	249	$	1,309	$	2,740
Manufacturing costs	—		528		—		1,902

As of September 30, 2026 and December 31, 2025, amounts due to these vendors affiliated with Cerberus were $862 and $285, respectively. These amounts are included in Accounts payable and Accrued expenses in the Unaudited Condensed Consolidated Balance Sheets.

The Company entered into revenue contracts with FPUSA and affiliates. For the three and nine months ended September 30, 2026, the Company recognized revenue from related parties of $68,447 and $123,481 respectively, in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). As of September 30, 2026, the Company had Accounts receivable - related party of $109, Contract assets, current - related party of $4,405 and Contract liabilities, current - related party of $9,756 included within the Unaudited Condensed Consolidated Balance Sheets.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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+ Details

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator
Net Income (Loss) available	$	360,717	$	(1,332,487)	$	1,242,210	$	(1,486,133)
Less: Undistributed earnings allocated to participating securities	(128,147)		—		(443,291)		—
Net income available to common shareholders	$	232,570	$	(1,332,487)	$	798,919	$	(1,486,133)
Denominator
Weighted average shares outstanding - basic	361,795,384		272,839,188		347,292,217		246,192,674
Earnings per share:
Basic	$	0.64	$	(4.88)	$	2.30	$	(6.04)

For purposes of diluted EPS, the more dilutive of the “treasury-stock method”, “if-converted” and “two-class” method must be applied when calculating dilutive EPS.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator
Net Income (Loss) available	$	360,717	$	(1,332,487)	$	1,242,210	$	(1,486,133)
Effect of potentially dilutive shares:


Adjustment for change in fair value on SPA Warrant	(118,281)		—		(334,965)		—
Adjustment for change in fair value on April, May and December 2023 Warrants	(77,746)		—		(234,379)		—
Adjustment for remeasurement of Series B Preferred Stock	(249,476)		—		(897,796)		—
Adjustment for change in fair value of HBC Exchange Right/CCM Call Option	(11,270)		—		(11,270)		—
Net income (loss) for diluted earnings per share	$	(96,056)	$	(1,332,487)	$	(236,200)	$	(1,486,133)

Denominator
Weighted-average basic common shares outstanding	361,795,384		272,839,188		347,292,217		246,192,674

Dilutive effect of Series B Preferred Stock	125,792,764		—		119,506,625		—
Dilutive effect of warrants	54,549,129		—		63,507,401		—
Dilutive effect of HBC Exchange Right/ CCM Call Option	5,651,936		—		1,904,682		—
Dilutive effect of RSUs	2,944,136		—		6,068,165		—
Dilutive effect of PRSUs	1,812,139		—		1,876,913		—
Dilutive effect of stock options	723,852		—		1,104,028		—
Weighted-average dilutive common shares outstanding	553,269,340		272,839,188		541,260,031		246,192,674
Earnings per share:

Diluted	$	(0.17)	$	(4.88)	$	(0.44)	$	(6.04)

Schedule of Anti-Dilutive Shares Excluded From Diluted Net Loss Per Share

The following potentially dilutive shares were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive.


	Three Months Ended September 30,	Nine Months Ended September 30,
	2026		2026
Stock options, RSUs, PRSUs	7,618,866		6,109,543
Public and private placement warrants	39,050,278		39,050,278
Convertible Notes (if converted)	58,498,210		58,498,210

The following potentially dilutive shares were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the three and nine months ended September 30, 2025, respectively:


									Three and Nine Months Ended September 30,
									2025
Stock options, RSUs, PRSUs									15,920,169
Public and private placement warrants									91,120,464
Convertible Notes (if converted)									57,603,462
Series B Preferred Stock									116,311,460

Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Intangible Asset, Finite-Lived
Gross Carrying Amount	$ 2,435	$ 1,485
Accumulated Amortization	778	506
Net Carrying Amount	1,657	979
Patents
Intangible Asset, Finite-Lived
Gross Carrying Amount	400	400
Accumulated Amortization	310	280
Net Carrying Amount	90	120
Internal-Use Software
Intangible Asset, Finite-Lived
Gross Carrying Amount	2,035	1,085
Accumulated Amortization	468	226
Net Carrying Amount	$ 1,567	$ 859

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Cash, Cash Equivalents and Restricted Cash - Narrative (Details) $ in Thousands	Sep. 30, 2026 USD ($)
DOE Clean Energy Financing Program
Restricted Cash and Cash Equivalent
Restricted cash minimum liquidity requirement increases	$ 15,000

Restructuring - Narrative (Details) - Facility Closing	Sep. 30, 2026 USD ($)
Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	$ 16,000,000
Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	$ 18,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Property, Plant and Equipment, Net - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Property, Plant, and Equipment [Abstract]
Depreciation expense related to property and equipment	$ 7,436	$ 3,341	$ 18,717	$ 8,907
Loss from write-down of property, plant and equipment	108	585	184	1,351
Interest costs	$ 1,526	$ 300	$ 4,267	$ 657

Revenue Recognition - Roll forward Changes in the Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Contract with Customer, Asset, Allowance for Credit Loss
Contract liabilities, beginning of the period	$ 9,886	$ 39,537	$ 17,481	$ 26,349
Amounts in beginning balance recognized in revenue	(4,074)	(10,989)	(14,711)	(22,102)
Revenue recognized in current period	(56,060)	(20,102)	(105,988)	(31,353)
Advance payments received from customers	71,248	10,737	124,218	46,289
Contract liabilities, end of the period	$ 21,000	$ 19,183	$ 21,000	$ 19,183

Government Grants	9 Months Ended
Government Grants	Sep. 30, 2026
Government Assistance [Abstract]
Government Grants	Government Grants One Big Beautiful Bill Act (“OBBBA”) On July 4, 2025, President Trump signed the One Big Beautiful Bill Act into law, introducing several modifications to the energy-related tax incentives originally established under the Inflation Reduction Act. The OBBBA maintained tax credits available to manufacturers and includes a credit for 10% of qualified costs incurred to make electrode active materials in addition to credits of $35 per kWh of capacity for eligible battery cells and $10 per kWh of capacity for eligible battery modules. These credits are cumulative, meaning that companies are able to claim each of the available tax credits based on the battery components produced and sold through 2029, after which the PTC will begin to gradually phase down through 2032. The OBBBA introduces new limitations related to the sourcing of materials from a prohibited foreign entity starting after December 31, 2025. These provisions restrict eligibility for credits where material assistance is received from such entities. Additionally, the OBBBA includes ownership and effective control related provisions concerning 'specified foreign entities' and 'foreign-influenced entities'. The Company has evaluated the OBBBA and determined there is no impact on the financial statements. The Company will evaluate additional guidance as it becomes available. 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 currently 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 recorded as the applicable items become finished goods and the conditions in the preceding paragraph are met. The PTC credits are recognized at, and subsequently adjusted to, their net realizable value, which represents the amount expected to be received. During the third quarter of 2026, the Company entered into tax credit purchase agreement to sell and transfer all of the remaining PTCs related to the production and sale of battery cells and battery modules and electrode active materials produced in calendar year 2025, that were eligible to be claimed on the Company’s tax return. The transferred tax credits were sold during the three months ended September 30, 2026 for $10,997. Upon the receipt of the cash payment, the Company recorded offsets to the PTC/Grant Receivable account. There were minimal differences between the recorded fair value of the PTC receivable and the amount of consideration received. The differences will be recognized as an adjustment to cost of goods sold. The Company recognized PTC credits of $15,979 and $5,660 for the three months ended September 30, 2026 and 2025, and $38,777 and $12,020 for the nine months ended September 30, 2026 and 2025, respectively, as a reduction of cost of goods sold on the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). As of September 30, 2026, and December 31, 2025, grant receivable related to the PTC in the amount of $39,308 and $11,028, respectively, is recorded in the Unaudited Condensed Consolidated Balance Sheets.

Shareholders’ Deficit (Details)					3 Months Ended		9 Months Ended
Shareholders’ Deficit (Details)	Aug. 03, 2026 USD ($) $ / shares shares	Jul. 21, 2026 USD ($)	Jul. 02, 2026 USD ($)	Jul. 01, 2026 USD ($) $ / shares shares	Sep. 30, 2026 USD ($) vote $ / shares shares	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($) vote $ / shares shares	Sep. 30, 2025 USD ($)	Jun. 03, 2026 shares	Jun. 02, 2026 shares	Dec. 31, 2025 $ / shares shares	Nov. 30, 2025 $ / shares shares
Class of Warrant or Right [Line Items]
Preferred stock, shares authorized (in shares)					1,000,000		1,000,000				1,000,000
Preferred stock issued per unit (in dollars per share) \| $ / shares					$ 0.0001		$ 0.0001				$ 0.0001
Preferred stock, shares issued (in shares)					0		0				0
Preferred stock, shares outstanding (in shares)					0		0				0
Common stock, shares authorized (in shares)					800,000,000		800,000,000		800,000,000	600,000,000	800,000,000
Common stock, par value (in dollars per share) \| $ / shares					$ 0.0001		$ 0.0001				$ 0.0001
Number of votes for each share \| vote					1		1
Common stock, shares issued (in shares)					365,758,222		365,758,222				337,132,374
Common stock, shares outstanding (in shares)					365,758,222		365,758,222				337,132,374
Issuance of common stock (in shares)	6,885,218
Proceeds from issuance of common stock \| $	$ 37,738,000			$ 74,900,000
Issuance of rights \| $					$ 0		$ 0
Reclassification of contingently issuable securities to equity \| $					21,496,000		21,496,000
Share-based payment arrangement, exercise and payroll tax costs \| $					1,188,000		2,269,000
Shares withheld from employees to cover the payroll tax liability \| $					1,188,000	$ 0	2,001,000	$ 488,000
Additional Paid in capital
Class of Warrant or Right [Line Items]
Issuance of rights \| $			$ 2,264,000		2,264,000		2,264,000
Reclassification of contingently issuable securities to equity \| $		$ 21,496,000		$ 944,000	21,496,000		21,496,000
Shares withheld from employees to cover the payroll tax liability \| $					1,188,000		2,001,000	488,000
Nonrelated Party
Class of Warrant or Right [Line Items]
Change in fair value of derivatives \| $					$ 13,222,000	$ 0	$ 108,710,000	$ 0
Warrant
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	3,019,242			6,004,378
Common stock to be purchased through each warrant (in shares)	1			1
Exercise price of warrants (in dollars per share) \| $ / shares	$ 5.481			$ 5.481
CCM Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	20,017,772
Exercise price of warrants (in dollars per share) \| $ / shares	$ 5.481
Common stock to be purchased through warrants (in shares)	1
HBC Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	10,008,886
Exercise price of warrants (in dollars per share) \| $ / shares	$ 5.481
Common stock to be purchased through warrants (in shares)	1
DOE Loan Facility
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)					570,000		570,000				570,000
Exercise price of warrants (in dollars per share) \| $ / shares												$ 0.01
Common stock to be purchased through warrants (in shares)												570,000
Common Stock
Class of Warrant or Right [Line Items]
Issuance of common stock (in shares)	6,885,218			13,683,634

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2026	Nov. 03, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2026
Document Transition Report	false
Entity File Number	001-39291
Entity Registrant Name	EOS ENERGY ENTERPRISES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-4290188
Entity Address, Address Line One	Two Allegheny Center Nova Tower 2
Entity Address, City or Town	Pittsburgh
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15212
City Area Code	732
Local Phone Number	225-8400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		366,363,999
Entity Central Index Key	0001805077
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2026
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	EOSE
Security Exchange Name	NASDAQ
Warrant
Document Information [Line Items]
Title of 12(b) Security	Warrant, each whole warrant exercisable to purchase one share of Common Stock at an exercise price of $5.481
Trading Symbol	EOSEW
Security Exchange Name	NASDAQ

Segment Reporting - Additional Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Segment Reporting [Abstract]
Segment assets	$ 1,068,485	$ 328,210	$ 1,068,485	$ 328,210	$ 885,197
Depreciation and amortization	7,528	3,365	18,989	8,980
Interest income	2,930	1,161	9,371	2,826
Interest expense	12,989	5,167	37,203	19,416
Capital expenditures	$ 35,398	$ 17,757	$ 105,949	$ 29,716

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Revenue Recognition - Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Disaggregation of Revenue [Line Items]
Total revenues	$ 82,731	$ 30,512	$ 208,469	$ 56,205
Nonrelated Party
Disaggregation of Revenue [Line Items]
Total revenues	14,284	30,512	84,988	56,205
Related Party
Disaggregation of Revenue [Line Items]
Total revenues	68,447	0	123,481	0
Product revenue \| Nonrelated Party
Disaggregation of Revenue [Line Items]
Total revenues	12,984	30,209	82,431	54,191
Product revenue \| Related Party
Disaggregation of Revenue [Line Items]
Total revenues	68,447	0	123,481	0
Service revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,300	$ 303	$ 2,557	$ 2,014

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

Warrants Liability

9 Months Ended

Sep. 30, 2026

Other Liabilities Disclosure [Abstract]

Warrants Liability

The amount of warrants outstanding and fair value for all warrants as of September 30, 2026 and December 31, 2025 are as follows:


		September 30, 2026			December 31, 2025
	Exercise Price	Number of Warrants Outstanding	Fair Value		Number of Warrants Outstanding	Fair Value
Warrants liability
April 2023 warrants	$3.14	16,000,000	$	28,641	16,000,000	$	153,440
May 2023 warrants	$2.50	3,601,980	6,663		3,601,980	35,263
December 2023 warrants	$1.60	9,960,566	22,312		12,010,566	124,550
Total		29,562,546	$	57,616	31,612,546	$	313,253
Warrants liability - related party
SPA Warrant	$0.01	1	$	135,750	1	$	470,715
Total		1	$	135,750	1	$	470,715

The change in fair value for April 2023 Warrants, May 2023 Warrants and December 2023 Warrants have been recognized in Change in fair value of warrants on the Company’s Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The fair value for these warrants is included in Warrants liability on the Unaudited Condensed Consolidated Balance Sheets. The change in fair value for the SPA Warrant has been recognized in Change in fair value of derivatives - related parties on the Company’s Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The fair value for these warrants is included in Warrants liability - related party on the Unaudited Condensed Consolidated Balance Sheets. See Note 14, Fair Value Measurement, for further information.

Warrants liability

In April 2023, the Company issued 16,000,000 shares of common stock and 16,000,000 private placement warrants to purchase shares of common stock. In May 2023, the Company issued another 3,601,980 shares of common stock and 3,601,980 private placement warrants to purchase shares of common stock (the “April 2023 warrants” and “May 2023 warrants”, respectively).

In December 2023, the Company issued in a combined public offering 34,482,759 shares of common stock and 34,482,759 accompanying common warrants to purchase shares of common stock (the "December 2023 warrants"). For the three and nine months ended September 30, 2026, — and 2,050,000, respectively of the December 2023 warrants were exercised. For the three and nine months ended September 30, 2025, 3,991,154 and 8,884,256 of the December 2023 warrants were exercised, respectively.

The 2023 warrants do not qualify for equity classification guidance in ASC 815-40 and are measured at fair value at each reporting period.

Warrants liability - related party

SPA Warrant

On June 21, 2024, the Company entered into a Securities Purchase Agreement with CCM Denali Equity Holdings, LP (the “Purchaser”). The Company issued to the Purchaser, one warrant to purchase 43,276,194 shares of common stock. The warrant has a ten-year term, $0.01 per share exercise price, and is exercisable at the Purchaser’s discretion for cash or on a cashless basis. On August 4, 2026, in connection with the funding of FPUSA, the number of common shares issuable upon exercise of the SPA Warrant increased by 1,159,110 to 44,435,304 common shares upon exercise. 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 Income (Loss).

Contingent Warrants

Following the initial draw of the DDTL, on three separate predetermined draw dates upon the achievement of the corresponding performance milestone for each such draw date, the Company received additional funds under the Credit Agreement and issued securities 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 as of the time the DDTL was fully drawn. Although these contingent warrants were not issued or exercisable until additional draws occurred, they met the guidance under ASC 480 and were recognized at fair value with changes in fair value reported in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The Company has achieved all performance milestones and no Contingent Warrants remain outstanding.

Fair Value Measurement - Schedule of Exchange Right and Call Option (Details) - Exchange Right / Call Option $ in Thousands	Sep. 30, 2026 USD ($)	Aug. 04, 2026 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Embedded derivatives	$ 850,000	$ 850,000
Term
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, FV-NI, measurement input	6.84	7
Eos Stock Price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, FV-NI, measurement input	3.07	4.35
FPUSA Equity Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, FV-NI, measurement input	1.15	1.20
Eos Stock Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, FV-NI, measurement input	0.80	0.80
Risk-free Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, FV-NI, measurement input	0.0512	0.0442

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

Revenue Recognition - Information about Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Contract assets	$ 6,768	$ 1,516
Contract liabilities, long-term	3,723	2,506
Nonrelated Party
Disaggregation of Revenue [Line Items]
Contract assets, current	18,156	13,972
Contract liabilities, current	7,521	14,975
Related Party
Disaggregation of Revenue [Line Items]
Contract assets, current	4,405	0
Contract liabilities, current	$ 9,756	$ 0

- Definition

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+ Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense was $1,462 and $1,480 for the three and nine months ended September 30, 2026, respectively, attributable to earnings from foreign operations and income tax expense recognized from the Company’s outside basis difference in the ownership interest in FPUSA. Income tax expense was $4 and $15 for the three and nine months ended September 30, 2025, respectively, related to taxable earnings from foreign operations. The income tax expense differs from the amount computed by applying the statutory U.S. federal income tax rate of 21% to the loss before income taxes. This is attributable to fair value adjustments - derivatives and warrants, Section 162(m) disallowance, foreign operations and pre-tax losses for which no tax benefit can be recognized for U.S. income tax purposes. The Company estimates and applies the annual effective tax rate to its ordinary earnings each interim period. Any significant unusual or infrequent items are not included in the estimation of the annual effective tax rate; instead, these items and their related income tax expense are separately stated in the interim period in which they occur. At each balance sheet date, management assesses the likelihood that the Company will realize its deferred tax assets by considering all available positive and negative evidence. Realization of deferred tax assets depends on the generation of sufficient taxable income of the appropriate character and in the appropriate taxing jurisdiction during the periods in which the related temporary differences become deductible. In evaluating the realizability of its deferred tax assets as of September 30, 2026 and December 31, 2025, management considered cumulative losses, the scheduled reversal of deferred tax liabilities, projected future taxable income, and available tax-planning strategies. Based on this assessment, management determined that it is more likely than not that the Company will not realize its U.S. deferred tax assets and therefore maintained a valuation allowance against its net U.S. deferred tax assets. During the three and nine months ended September 30, 2026, however, the Company released a portion of its valuation allowance related to deferred tax assets attributable to existing net operating losses, resulting in income tax expense of $1,438. The release was attributable to the Company's outside basis difference in its ownership interest in FPUSA, which provided a source of taxable income supporting realization of the related deferred tax assets. As of September 30, 2026 and December 31, 2025, the Company has unrecognized tax benefits associated with uncertain tax positions that, if recognized, would not affect the effective tax rate on income from continuing operations. The Company is currently under examination by the IRS related to tax year 2022. The Company is not under examination by any other taxing jurisdictions. The Company files income tax returns in U.S. federal and various state jurisdictions, as well as in Italy and India. The open tax years for federal returns are 2022 and forward, and open tax years for state returns are generally 2020 and forward. In addition, net operating losses generated in closed years and utilized in open years are subject to adjustment by the tax authorities.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Stock-based compensation expense included in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Restricted stock units	$	6,300	$	4,134	$	17,090	$	13,479
Performance-based restricted stock units	642		829		1,937		6,185

Total	$	6,942	$	4,963	$	19,027	$	19,664

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The following summarizes the key assumptions used to estimate the fair value of the 2026 TSR Awards that were granted, and the resulting weighted average grant date fair value.


	2026 TSR Awards
Company share price	$	3.46
Company volatility	120.0		%
Company dividend yield	—		%
Weighted average performance term	2.2 Years
Weighted average risk-free interest rate	4.2		%
Peer group average volatility	75.2		%
Weighted average grant date fair value	$	4.95

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Information

The Company’s segment information is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Product revenue	$	12,984	$	30,209	$	82,431	$	54,191
Product revenue - related parties	68,447		—		123,481		—
Service revenue	1,300		303		2,557		2,014
Total revenue	82,731		30,512		208,469		56,205
Less:
Cost of goods sold	126,934		64,437		345,900		145,622
Gross profit (loss)	(44,203)		(33,925)		(137,431)		(89,417)
Less:
Research and development	10,910		6,925		32,134		20,963
Selling, general and administrative	23,819		19,786		72,414		66,269
Other segment items(a)	(203,975)		580,757		(600,195)		672,545
Net income (loss)	$	125,043	$	(641,393)	$	358,216	$	(849,194)

(a) Other segment items include loss from write-down of property, plant and equipment, restructuring expense, interest expense, net, change in fair value of debt, change in fair value of warrants, change in fair value of derivatives, costs related to the Company’s debt transactions and other miscellaneous items.

Schedule of Additional Segment Financial Information

Additional segment financial information is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Segment assets	$	1,068,485	$	328,210	$	1,068,485	$	328,210
Depreciation and amortization	$	7,528	$	3,365	$	18,989	$	8,980
Interest income	$	2,930	$	1,161	$	9,371	$	2,826
Interest expense	$	12,989	$	5,167	$	37,203	$	19,416
Capital expenditures(b)	$	35,398	$	17,757	$	105,949	$	29,716

(b) Includes Intangible assets.

The following geographic area data includes net sales based on product shipment destination.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
United States	$	76,130	$	30,512	$	172,679	$	56,205
United Kingdom	—		—		28,887		—
Germany	6,601		—		6,903		—
Total	$	82,731	$	30,512	$	208,469	$	56,205

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Redeemable Preferred Stock - Narrative (Details) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	Jun. 29, 2025 shares	Jun. 21, 2024 businessDay	Sep. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2025 USD ($) shares	Sep. 30, 2026 USD ($) $ / shares shares	Sep. 30, 2025 USD ($)	Dec. 31, 2025 $ / shares	Sep. 11, 2024 shares
Capital Unit [Line Items]
Preferred stock issued per unit (in dollars per share) \| $ / shares			$ 0.0001		$ 0.0001		$ 0.0001
Preferred stock ownership percentage 1 (as a percent)					10.00%
Preferred stock ownership percentage 2 (as a percent)					15.00%
Preferred stock ownership percentage 3 (as a percent)					30.00%
Preferred stock ownership percentage 4 (as a percent)					40.00%
Preferred stock, no longer beneficially owned					5.00%
Additional Paid in capital
Capital Unit [Line Items]
Down round deemed dividend \| $			$ 13,802		$ 13,802	$ 4,456
Accumulated Deficit
Capital Unit [Line Items]
Down round deemed dividend \| $			$ (13,802)		$ (13,802)	$ (4,456)
Series B Preferred Stock
Capital Unit [Line Items]
Preferred stock issued per unit (in dollars per share) \| $ / shares			$ 0.0001		$ 0.0001
Preferred stock, number of business days prior to current period \| businessDay		5
Series B-1 Preferred Stock
Capital Unit [Line Items]
Convertible preferred stock (in shares)			36,067,246		36,067,246			1,129,217
Convertible preferred stock shares issued upon conversion (in shares)			4,127,183
Series B-2 Preferred Stock
Capital Unit [Line Items]
Convertible preferred stock (in shares)			32,528,734		32,528,734			1,129,217
Convertible preferred stock shares issued upon conversion (in shares)			3,722,271
Series B-3 Preferred Stock
Capital Unit [Line Items]
Convertible preferred stock (in shares)			43,203,670		43,203,670			1,129,217
Convertible preferred stock shares issued upon conversion (in shares)			4,943,806
Series B-4 Preferred Stock
Capital Unit [Line Items]
Convertible preferred stock (in shares)			19,595,032	17,305,070	19,595,032			1,213,276
Convertible preferred stock shares issued upon conversion (in shares)	1,154,542		2,289,962
Down round deemed dividend \| $				$ 4,456

Fair Value Measurement

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurement

Accounting standards establish a hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.

The carrying value of cash and cash equivalents, restricted cash, accounts receivable, contract assets, contract liabilities, accounts payable and DOE Loan Facility are considered to be representative of their fair value.


	September 30, 2026						December 31, 2025
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Liabilities
SPA Warrant (a)	$	—	$	—	$	135,750	$	—	$	—	$	470,715
April, May and December 2023 Warrants	—		—		57,616		—		—		313,253
Delayed Draw Term Loan	—		—		109,210		—		—		150,427
Exchange Right/Call Option(c)	—		—		22,700		—		—		—
Embedded derivatives(b)	—		—		—		—		—		228,719

Total liabilities	$	—	$	—	$	325,276	$	—	$	—	$	1,163,114

(a) Included in Warrants liability - Related party on the Unaudited Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025.

(b) Included in Notes Payable - Related Party on the Unaudited Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025.

(c) Included in Other liabilities - Related Party on the Unaudited Condensed Consolidated Balance Sheets as of September 30, 2026.

April 2023 warrants, May 2023 warrants and December 2023 warrants

The April 2023 warrants, May 2023 warrants and December 2023 warrants all are valued using the Black-Scholes model at inception and on subsequent valuation dates. This model incorporates inputs such as the stock price of the Company, risk-free interest rate, volatility and time to expiration. The volatility is a significant unobservable input classified as Level 3 of the fair value hierarchy.

The inputs used to determine the fair value of the April 2023 warrants, May 2023 warrants and the December 2023 warrants are as follows:


April 2023 warrants	September 30, 2026			December 31, 2025
Time to expiration	2.04 years			2.79 Years
Common stock price	$	3.07		$	11.46
Risk-free interest rate	4.8		%	3.5		%
Volatility	110.0		%	105.0		%

May 2023 warrants	September 30, 2026			December 31, 2025
Time to expiration	1.79 Years			2.54 Years
Common stock price	$	3.07		$	11.46
Risk-free interest rate	4.8		%	3.5		%
Volatility	110.0		%	105.0		%

December 2023 warrants	September 30, 2026			December 31, 2025
Time to expiration	2.21 Years			2.96 Years
Common stock price	$	3.07		$	11.46
Risk-free interest rate	4.8		%	3.5		%
Volatility	110.0		%	105.0		%

Embedded derivatives

The Company estimated the fair value of the embedded conversion features in the November 2025 Convertible Note using a binomial lattice model at inception and on subsequent valuation dates. This model incorporates inputs such as the stock price of the Company, dividend yield, risk-free interest rate, the effective debt yield and expected volatility. The effective debt yield and volatility involve unobservable inputs classified as Level 3 of the fair value hierarchy.

The November 2025 Convertible Notes conversion is able to be settled in the Company’s own stock as of June 3, 2026, as such there is no embedded derivative liability at September 30, 2026.

The inputs used to determine the fair value of the embedded derivative liabilities are as follows:


November 2025 Convertible Note	June 3, 2026		December 31, 2025
Term	5.50 Years		5.92 Years
Dividend yield	—	%	—	%
Risk-free interest rate	4.2	%	3.8	%
Volatility	60.0	%	60.0	%
Effective debt yield	11.1	%	11.7	%

Contingently Issuable Securities

On June 30, 2026, the Company entered into a Securities Purchase Agreement (the "HBMF SPA") with Hudson Bay Master Fund Ltd. ("HBMF") in connection with its registered direct offering (the "Registered Direct Offering"), the proceeds from which were to be used to partially fund the Company’s capital contribution to the FPUSA joint venture. As the arrangement was legally binding as of June 30, 2026, and HBMF had a unilateral termination right, the securities to be issued were recognized at fair value and an expense of $35,662 was included within Loss on contingently issuable securities within the Consolidated Statement of Operations and Comprehensive Income (Loss). On July 21, 2026 the Rights Offering expired, as such there are no Contingently Issuable Securities at September 30, 2026. Refer to Note 18, Shareholders’ Deficit, for further discussion.

The following inputs were used in the Monte Carlo simulation to determine the fair value of the contingently issuable securities:


Contingently Issuable Securities	July 21, 2026			June 30, 2026
Time to expiration	10.0 Years			10.0 Years
Common stock price	$	4.24		$	5.88
Risk-free interest rate	4.6		%	4.4		%
Volatility	120.0		%	115.0		%

Exchange Right/Call Option

In connection with the closing of the funding of FPUSA, on August 4, 2026, FPUSA, the Company, CCM Frontier JV Holdco, LLC ("CCM Frontier") and HBC MSF Capital Solutions Blocker II LLC ("HBC") entered into an Amended and Restated Limited Liability Company Agreement of FPUSA. In addition, on August 4, 2026, (i) the Company, FPUSA and HBC entered into an Exchange Agreement, which, among other things, provides HBC with the right, from time to time, to exchange Class C Units in FPUSA that it holds for shares of common stock of the Company (“HBC Exchange Right”) and (ii) FPUSA, CCM Frontier and the Company entered into a letter agreement, which, among other things, provides that if HBC exercises its exchange right, 10% of the Class C Units in FPUSA that the Company receives in the exchange are cancelled and reissued by FPUSA to CCM Frontier and CCM Frontier will have the right to purchase up to the remaining 90% of such Class C Units from the Company at a price of $1.00 per Class C Unit (“CCM Call Option”). The HBC Exchange Right and CCM Call Option do not qualify for equity classification guidance in ASC 815-40 and are measured at fair value at each reporting period.

The Company estimated the fair value of the HBC Exchange Right and CCM Call Option using a Monte Carlo model at inception and on subsequent valuation dates. This model incorporates inputs such as FPUSA equity value, stock price of the Company, FPUSA equity volatility, the Company’s expected volatility and risk-free interest rate. The estimated fair value is simulated assuming a Geometric Brownian Motion (“GBM”) in a risk-neutral framework. The FPUSA equity value, FPUSA equity volatility and the Company’s expected volatility involve unobservable inputs classified as Level 3 of the fair value hierarchy.


HBC Exchange Right/CCM Call Option	September 30, 2026			August 4, 2026
FPUSA Equity Value	$	850,000		$	850,000
Term	6.84 Years			7.00 Years
Eos Stock Price	$	3.07		$	4.35
FPUSA Equity Volatility	80		%	80		%
Eos Stock Volatility	115		%	120		%
Risk-free Rate	5.12		%	4.42		%

Quantitative information about all significant unobservable inputs used in the fair value measurement for recurring level 3 measurements:

The fair value of each draw of the Delayed Draw Term Loan was estimated using a discounted cash flow (“DCF”) method, based on the contractual cash flows discounted at a debt yield and considering the probability of achieving certain milestones.

The fair value for the SPA warrant is estimated based on its intrinsic value, using the Company common stock closing price adjusted by a discount for lack of marketability (“DLOM”), less the exercise price of $0.01 for the SPA Warrant. A DLOM was applied at December 31, 2025 considering the SPA Warrants were unregistered.



Delayed Draw Term Loan	September 30, 2026		December 31, 2025
Debt yield	19.2	%	11.9	%


SPA Warrant	September 30, 2026		December 31, 2025
Discount for lack of marketability	—	%	5.0	%

Level 3 Rollforward for Liabilities Measured at Fair Value on a Recurring Basis


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Delayed Draw Term Loan
Balance at beginning of the period	$	163,283	$	61,705	$	150,427	$	76,188
Additions - January Draw	—		—		—		17,312
Prepayment of the Term Loan	—		—		—		(28,582)
Change in fair value of Term Loan	(54,073)		21,353		(41,217)		18,140
Balance at end of the period	$	109,210	$	83,058	$	109,210	$	83,058

SPA Warrant and Contingent Warrants
Balance at beginning of the period	$	254,031	$	198,984	$	470,715	$	266,630

Conversion to preferred stock	—		—		—		(102,185)
Change in fair value of warrants	(118,281)		268,853		(334,965)		303,392
Balance at end of the period	$	135,750	$	467,837	$	135,750	$	467,837

April, May and December 2023 Warrants
Balance at beginning of the period	$	135,362	$	181,093	$	313,253	$	189,322
Exercised warrants	—		(18,827)		(31,751)		(39,166)
Change in fair value of warrants	(77,746)		240,533		(223,886)		252,643
Balance at end of the period	$	57,616	$	402,799	$	57,616	$	402,799

Embedded Derivatives
Balance at beginning of the period	$	—	$	51,639	$	228,719	$	44,396
Extinguishment of the 2021 Convertible Notes embedded derivatives	—		—		—		(87)
Extinguishment of the AFG Convertible Notes embedded derivatives	—		(79,587)		—		(79,587)
Reclassification of November 2025 Convertible Note embedded derivative	—		—		(133,231)		—
Change in fair value of derivatives	—		58,988		(95,488)		66,318
Balance at end of the period	$	—	$	31,040	$	—	$	31,040

HBC Exchange Right/CCM Call Option
Balance at beginning of the period	$	—	$	—	$	—	$	—
Initial Measurement	33,970		—		33,970		—
Change in fair value of derivatives - related party	(11,270)		—		(11,270)		—
Balance at end of the period	$	22,700	$	—	$	22,700	$	—

Contingently Issuable Securities
Balance at beginning of the period	$	35,662	$	—	$	—	$	—
Loss on contingently issuable securities	—		—		35,662		—
Change in fair value of Contingently Issuable Securities	$	(13,222)	$	—	$	(13,222)	$	—
Reclassification to equity(a)	$	(22,440)	$	—	$	(22,440)	$	—
Balance at end of the period	$	—	$	—	$	—	$	—

The estimated fair value of financial instruments not carried at fair value in the Unaudited Condensed Consolidated Balance Sheets was as follows:


	Level in fair value hierarchy	September 30, 2026				December 31, 2025
		Carrying Value		Fair Value		Carrying Value		Fair Value
May 2025 Convertible Notes	3	$	48,322	$	50,775	$	48,044	$	123,000


November 2025 Convertible Notes*	3	326,789		298,238		530,096		586,237

Equipment financing facility	3	—		—		372		375
Preferred Stock	3	463,746		467,570		1,361,542		1,292,216
DOE Loan Facility	3	171,436		179,720		84,327		95,427
Total		$	1,010,293	$	996,303	$	2,024,381	$	2,097,255

*Includes the embedded derivative liabilities for December 31, 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2026
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation 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. The Company is involved with joint ventures accounted for under the equity method of accounting that are variable interest entities (“VIE”). The Company is not the primary beneficiary, as the nature of the Company’s involvement does not provide the Company power to direct the VIE’s significant activities. Future events may require reevaluation of consolidation if the Company becomes the primary beneficiary. The Company accounts for equity method investments at cost and adjusted each period for the Company’s share of net income or loss, contributions and distributions made during the period. These investments are evaluated for impairment if events arise that the carrying amount of such assets may not be recoverable. 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 2025 Annual Report on Form 10-K. These interim results are not necessarily indicative of results for the full year.
Use of Estimates	Use of Estimates 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.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326). The amendments in this update introduce a practical expedient aimed at simplifying the estimation of expected credit losses for current accounts receivable and current contract assets. The update is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years. Early adoption was permitted. The Company adopted the ASU effective January 1, 2026 on a prospective basis and elected the practical expedient for the calculation of current expected credit losses. The adoption of this ASU did not have a material impact on the Company’s financial statements. Recently Issued Accounting Pronouncements 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. In January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This update is effective for fiscal years beginning after December 15, 2027. Early adoption is permitted. Entities should apply the amendments in this update retrospectively to all prior periods presented in the financial statements. The Company is currently assessing its plans for adoption and evaluating the potential impact this amendment could have on its financial statements and disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Improvements to the Accounting for Internal-Use Software. The amendments in this update clarify and refine the guidance for capitalizing costs related to internal-use software, including development phases and implementation activities. The update is effective for annual periods beginning after December 15, 2027, including interim periods within those fiscal years. Early adoption is permitted beginning in fiscal year 2026. The Company is currently assessing its plans for adoption and evaluating the potential impact this amendment could have on its financial statements and related disclosures. On December 4, 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which adds guidance to ASC 832 on the recognition, measurement, and presentation of government grants. In the absence of such guidance, many for-profit entities historically have analogized to other GAAP, including IAS 20 or ASC 958-605, when accounting for government grants. The amendments in this update are effective for interim reporting periods within annual reporting periods beginning after December 15, 2028, for public business entities. Early adoption is permitted. The Company is currently assessing its plans for adoption and evaluating the potential impact this amendment could have on its financial statements and related disclosures. On December 8, 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides “interim financial statements and notes in accordance with GAAP.” The amendment also addresses the form and content of such financial statements, adds lists to ASC 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must “disclose events since the end of the last annual reporting period that have a material impact on the entity.” As the Board stated in the proposed guidance and reiterates in the update, the amendments are not intended to “change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements”. The amendments in this update are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, for public business entities, early adoption is permitted. The Company is currently assessing its plans for adoption and evaluating the potential impact this amendment could have on its financial statements and related disclosures. On December 17, 2025, the FASB issued ASU 2025-12, Codification Improvements to address suggestions received from stakeholders on the Accounting Standards Codification and to make other incremental improvements to U.S. GAAP. The update represents changes to the Codification that (1) clarify, (2) correct errors, or (3) make minor improvements. The amendments make the Codification easier to understand and apply. The guidance is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. The Company is currently assessing its plans for adoption and evaluating the potential impact this amendment could have on its financial statements and related disclosures.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

Earnings Per Share - Schedule of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Effect of potentially dilutive shares:
Net Income (Loss) available	$ 360,717	$ (1,332,487)	$ 1,242,210	$ (1,486,133)
Adjustment for change in fair value on SPA Warrant	(118,281)	0	(334,965)	0
Adjustment for change in fair value on April, May and December 2023 Warrants	(77,746)	0	(234,379)	0
Adjustment for remeasurement of Series B Preferred Stock	(249,476)	0	(897,796)	0
Adjustment for change in fair value of HBC Exchange Right/CCM Call Option	(11,270)	0	(11,270)	0
Net income (loss) applicable to common stock	$ (96,056)	$ (1,332,487)	$ (236,200)	$ (1,486,133)
Weighted-average basic common shares outstanding (in shares)	361,795,384	272,839,188	347,292,217	246,192,674
Dilutive effect of Series B Preferred Stock (in shares)	125,792,764	0	119,506,625	0
Dilutive effect of warrants (in shares)	54,549,129	0	63,507,401	0
Dilutive effect of HBC Conversion Right (in shares)		0	1,904,682	0
Weighted-average dilutive common shares outstanding (in shares)	553,269,340	272,839,188	541,260,031	246,192,674
Earnings per share:
Diluted (in dollars per share)	$ (0.17)	$ (4.88)	$ (0.44)	$ (6.04)
Restricted stock units
Effect of potentially dilutive shares:
Dilutive effect of RSUs, PRSUs and stock options (in shares)	2,944,136	0	6,068,165	0
Performance-based restricted stock units
Effect of potentially dilutive shares:
Dilutive effect of RSUs, PRSUs and stock options (in shares)	1,812,139	0	1,876,913	0
Stock Options
Effect of potentially dilutive shares:
Dilutive effect of RSUs, PRSUs and stock options (in shares)	723,852	0	1,104,028	0
HBC Warrants
Effect of potentially dilutive shares:
Dilutive effect of HBC Conversion Right (in shares)	5,651,936

Property, Plant and Equipment, Net

9 Months Ended

Sep. 30, 2026

Property, Plant, and Equipment [Abstract]

Property, Plant and Equipment, Net

The following table provides information about Property, plant and equipment, net balances:


	Estimated Useful lives			September 30, 2026		December 31, 2025
Equipment	5	-	10 years	$	172,977	$	79,272
Furniture	5	-	10 years	4,170		3,149
Leasehold improvements	Lesser of useful life/ remaining lease			14,846		14,146
Tooling	2	-	3 years	18,988		16,192
Construction in progress (“CIP”)				32,495		36,644
Total				243,476		149,403
Less: Accumulated depreciation				(52,961)		(34,988)
Total property, plant and equipment, net				$	190,515	$	114,415

Depreciation expense related to property, plant and equipment was $7,436 and $3,341 for the three months ended September 30, 2026 and 2025, and $18,717 and $8,907 for the nine months ended September 30, 2026 and 2025, respectively.

The Company recorded a loss from write-down of property, plant and equipment of $108 and $585 for the three months ended September 30, 2026 and 2025, and $184 and $1,351 for the nine months ended September 30, 2026 and 2025, respectively.

For the three and nine months ended September 30, 2026, capitalized interest costs recognized was $1,526 and $4,267, respectively. For the three and nine months ended September 30, 2025, capitalized interest costs recognized was $300 and $657, respectively.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

Related Party Transactions - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026 USD ($) vendor	Sep. 30, 2025 USD ($) vendor	Sep. 30, 2026 USD ($) vendor	Sep. 30, 2025 USD ($) vendor	Dec. 31, 2025 USD ($)
Related Party Transaction [Line Items]
Accounts payable	$ 90,478		$ 90,478		$ 99,915
Revenue	$ 82,731	$ 30,512	$ 208,469	$ 56,205
Related Party
Related Party Transaction [Line Items]
Number of vendors \| vendor	3	4	3	4
Accounts payable	$ 862		$ 862		285
Revenue	68,447	$ 0	123,481	$ 0
Accounts receivable, net	109		109		0
Contract liabilities, current	9,756		9,756		0
Contract assets, current	$ 4,405		$ 4,405		$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Fair Value Measurement - Assumptions used to determine Fair Value of Warrants and Debt Instruments (Details) - Level 3	Sep. 30, 2026	Dec. 31, 2025
SPA Warrant \| Discount for lack of marketability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants and rights outstanding, measurement input (per unit)	0	0.050
Delayed Draw Term Loan \| Debt yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt instrument, measurement input	0.192	0.119

Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award
Stock compensation expense	$ 6,942	$ 4,963	$ 19,027	$ 19,664
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Stock compensation expense	6,300	4,134	17,090	13,479
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Stock compensation expense	$ 642	$ 829	$ 1,937	$ 6,185

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Revenue Recognition - Remaining Performance Obligations (Details) $ in Thousands	Sep. 30, 2026 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 27,319
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation percentage expected to be recognized	81.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months

Borrowings - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025	Sep. 30, 2022	Sep. 30, 2021
Principal Outstanding
Total borrowings	$ 1,040,137	$ 939,476
Current portion	0	372
Total borrowings, non-current	1,040,137	939,104
Carrying Value
Total borrowings	655,757	813,266
Current portion	0	372
Total borrowings, non-current	655,757	812,894
Notes payable - related party
Principal Outstanding
Total borrowings	205,017	194,419
Carrying Value
Total borrowings	$ 109,210	150,427
Line of Credit \| DOE Loan Facility Tranche 2
Debt Instrument
Effective Interest Rate	6.40%
Delayed Draw Term Loan \| Secured Debt
Principal Outstanding
Total borrowings	$ 205,017	194,419
Carrying Value
Total borrowings	109,210	150,427
Equipment financing facility
Carrying Value
Total borrowings	$ 0	372
Equipment financing facility \| Line of Credit
Debt Instrument
Effective Interest Rate	16.20%		16.20%	14.30%
Principal Outstanding
Total borrowings	$ 0	372
Carrying Value
Total borrowings	$ 0	372
May 2025 Convertible Notes \| Secured Debt
Debt Instrument
Effective Interest Rate	7.80%
Principal Outstanding
Total borrowings	$ 50,000	50,000
Carrying Value
Total borrowings	$ 48,322	48,044
November 2025 Convertible Notes \| Secured Debt
Debt Instrument
Effective Interest Rate	14.20%
Principal Outstanding
Total borrowings	$ 600,000	600,000
Carrying Value
Total borrowings	326,789	530,096
DOE Loan Facility
Carrying Value
Total borrowings	$ 171,436	84,327
DOE Loan Facility \| Line of Credit
Debt Instrument
Effective Interest Rate	7.10%
Principal Outstanding
Total borrowings	$ 185,120	94,685
Carrying Value
Total borrowings	$ 171,436	$ 84,327
DOE Loan Facility First Draw \| Line of Credit
Debt Instrument
Effective Interest Rate	7.60%
DOE Loan Facility Second Draw \| Line of Credit
Debt Instrument
Effective Interest Rate	8.00%

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 271,162	$ 567,992	$ 58,733
Restricted cash - current	57,923	34,636	36,946
Long-term restricted cash	15,000	21,938	31,120
Total cash, cash equivalents and restricted cash	$ 344,085	$ 624,566	$ 126,799	$ 103,362

Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 53,552	$ 44,501
Work-in-process	30,711	13,701
Finished goods	2,141	824
Total Inventory	$ 86,404	$ 59,026

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 271,162	$ 567,992
Restricted cash	57,923	34,636
Inventory	86,404	59,026
Vendor deposits	20,797	11,756
Prepaid expenses	4,128	2,701
Grant receivable, net	39,308	11,028
Other current assets	2,976	590
Total current assets	514,041	708,480
Property, plant and equipment, net	190,515	114,415
Intangible assets, net	1,657	979
Goodwill	4,331	4,331
Operating lease right-of-use asset, net	27,347	20,420
Long-term restricted cash	15,000	21,938
Investment in joint venture	297,642	0
Other assets, net	17,952	14,634
Total assets	1,068,485	885,197
Current liabilities:
Accounts payable	90,478	99,915
Accrued expenses	45,215	25,794
Operating lease liability, current	2,065	1,960
Long-term debt, current	0	372
Other current liabilities	153	524
Total current liabilities	155,188	143,540
Long-term liabilities:
Operating lease liability	28,804	19,182
Long-term debt	546,547	662,467
Contract liabilities, long-term	3,723	2,506
Deferred tax liability	4,671	0
Total long-term liabilities	909,563	1,618,977
Total liabilities	1,064,751	1,762,517
COMMITMENTS AND CONTINGENCIES (NOTE 15)
SHAREHOLDERS' DEFICIT
Common stock, $0.0001 par value, 800,000,000 shares authorized, 365,758,222 and 337,132,374 shares outstanding on September 30, 2026 and December 31, 2025, respectively	34	32
Additional paid in capital	1,809,917	427,722
Accumulated deficit	(2,193,669)	(2,535,819)
Total shareholders' deficit	(460,012)	(2,238,862)
Total liabilities, preferred stock and shareholders' deficit	1,068,485	885,197
Series B Preferred Stock
Long-term liabilities:
SERIES B PREFERRED STOCK - related party	463,746	1,361,542
Nonrelated Party
Current assets:
Accounts receivable, net	8,673	6,779
Contract assets, current	18,156	13,972
Current liabilities:
Contract liabilities, current	7,521	14,975
Long-term liabilities:
Warrants liability	57,616	313,253
Other liabilities	542	427
SHAREHOLDERS' DEFICIT
Accumulated other comprehensive (loss) income	(4)	10
Related Party
Current assets:
Accounts receivable, net	109	0
Contract assets, current	4,405	0
Current liabilities:
Accounts payable	862	285
Contract liabilities, current	9,756	0
Long-term liabilities:
Notes payable	109,210	150,427
Warrants liability	135,750	470,715
Other liabilities	22,700	0
SHAREHOLDERS' DEFICIT
Accumulated other comprehensive (loss) income	$ (76,290)	$ (130,807)

Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Patents
Intangible Asset, Finite-Lived
Patents useful lives	10 years		10 years
Internal-Use Software
Intangible Asset, Finite-Lived
Patents useful lives	3 years		3 years
Amortization of capitalized computer software cost	$ 92	$ 25	$ 272	$ 74

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Borrowings - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Debt Instrument
Amortization of debt discount	$ 420	$ 0	$ 1,203	$ 0
2021 Convertible Note Payable \| Convertible Notes
Debt Instrument
Contractual interest expense	0	0	0	3,072
Amortization of debt discount	0	0	0	3,230
Amortization of debt issuance costs	0	0	0	311
Total	0	0	0	6,613
AFG Convertible Notes \| Convertible Notes \| Related Party
Debt Instrument
Contractual interest expense	0	247	0	3,209
Amortization of debt discount	0	(848)	0	(290)
Amortization of Debt Issuance Costs, Net	0	(239)	0	(81)
Total	0		0	2,838
Total		(840)
May 2025 Convertible Notes \| Convertible Notes
Debt Instrument
Contractual interest expense	844	4,313	2,531	5,536
Amortization of debt discount	96	417	255	532
Amortization of debt issuance costs	8	36	22	46
Total	948	4,766	2,808	6,114
November 2025 Convertible Notes \| Convertible Notes
Debt Instrument
Contractual interest expense	2,625		7,875
Amortization of debt discount	8,884		25,385
Amortization of debt issuance costs	10		28
Total	11,519		33,288
DOE Loan Facility \| Line of Credit
Debt Instrument
Contractual interest expense	1,379	1,088	3,588	2,723
Amortization of debt issuance costs	204	417	492	1,617
Total	$ 2,003	$ 1,505	$ 5,283	$ 4,340

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Revenue
Revenue	$ 82,731	$ 30,512	$ 208,469	$ 56,205
Cost of goods sold	126,934	64,437	345,900	145,622
Gross profit (loss)	(44,203)	(33,925)	(137,431)	(89,417)
Operating expenses
Research and development expenses	10,910	6,925	32,134	20,963
Selling, general and administrative expenses	23,819	19,786	72,414	66,269
Loss from write-down of property, plant and equipment	108	585	184	1,351
Restructuring expenses	281	0	281	0
Total operating expenses	35,118	27,296	105,013	88,583
Operating income (loss)	(79,321)	(61,221)	(242,444)	(178,000)
Other income (expense)
Interest income (expense)	(12,989)	(5,167)	(37,203)	(19,416)
Interest income	2,930	1,161	9,371	2,826
Change in fair value of debt - related party	(4,534)	(3,570)	(13,300)	22,112
Change in fair value of warrants	77,746	(240,825)	223,886	(252,836)
Loss on debt extinguishment	0	(3,589)	0	(52,652)
Loss on contingently issuable securities	0	0	(35,662)	0
Other expense	(100)	(337)	103	(1,503)
Income (loss) before income taxes	126,505	(641,389)	359,696	(849,179)
Income tax expense	1,462	4	1,480	15
Net income (loss) attributable to shareholders	125,043	(641,393)	358,216	(849,194)
Remeasurement of Preferred Stock - related party	249,476	(691,094)	897,796	(632,483)
Down round deemed dividend	(13,802)	0	(13,802)	(4,456)
Net income (loss) applicable to common stock	360,717	(1,332,487)	1,242,210	(1,486,133)
Other comprehensive income (loss)
Change in fair value of debt - credit risk - related party	58,607	(17,784)	54,517	(24,008)
Foreign currency translation adjustment	(1)	(3)	(14)	18
Comprehensive income (loss) attributable to common shareholders	419,323	(1,350,274)	1,296,713	(1,510,123)
Net income (loss) available to common shareholders (NOTE 20)	$ 232,570	$ (1,332,487)	$ 798,919	$ (1,486,133)
Basic and diluted income (loss) per share attributable to common shareholders
Basic (in dollars per share)	$ 0.64	$ (4.88)	$ 2.30	$ (6.04)
Diluted (in dollars per share)	$ (0.17)	$ (4.88)	$ (0.44)	$ (6.04)
Weighted average shares of common stock
Basic (in shares)	361,795,384	272,839,188	347,292,217	246,192,674
Diluted (in shares)	553,269,340	272,839,188	541,260,031	246,192,674
Nonrelated Party
Revenue
Revenue	$ 14,284	$ 30,512	$ 84,988	$ 56,205
Other income (expense)
Interest income (expense)	(12,989)	(6,007)	(37,203)	(9,965)
Change in fair value of derivatives	13,222	0	108,710	0
Related Party
Revenue
Revenue	68,447	0	123,481	0
Other income (expense)
Interest income (expense)	0	840	0	(9,451)
Change in fair value of derivatives	$ 129,551	$ (327,841)	$ 346,235	$ (369,710)

Accrued Expenses

9 Months Ended

Sep. 30, 2026

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses were as follows:


	September 30, 2026		December 31, 2025
Accrued payroll	$	12,255	$	4,471
Warranty reserve (1)	15,156		9,469
Accrued legal and professional expenses	1,810		1,570
Provision for contract losses	4,373		6,138

Accrued interest	4,455		1,196
Accrued capital expenditures	3,605		500
Other	3,561		2,450
Total accrued expenses	$	45,215	$	25,794

(1) Refer to the table below for the warranty reserve activity for the three and nine months ended September 30, 2026.

The following table summarizes warranty reserve activity:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Warranty reserve - beginning of period	$	12,690	$	5,917	$	9,469	$	5,102
Additions for current period deliveries	2,478		802		6,737		1,898
Changes in the warranty reserve estimate	—		—		(923)		543
Warranty costs incurred	(12)		(1,050)		(127)		(1,874)
Warranty reserve - end of period	$	15,156	$	5,669	$	15,156	$	5,669

Warrants Liability - Schedule of Common Stock Warrants Outstanding and Fair Value (Details) - Common Stock - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2026	Dec. 31, 2025	Jun. 21, 2024
Nonrelated Party
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding (in shares)	29,562,546	31,612,546
Fair Value	$ 57,616	$ 313,253
Related Party
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding (in shares)	1	1
Fair Value	$ 135,750	$ 470,715
April 2023 warrants \| Nonrelated Party
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)	$ 3.14
Number of Warrants Outstanding (in shares)	16,000,000	16,000,000
Fair Value	$ 28,641	$ 153,440
May 2023 warrants \| Nonrelated Party
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)	$ 2.50
Number of Warrants Outstanding (in shares)	3,601,980	3,601,980
Fair Value	$ 6,663	$ 35,263
December 2023 warrants \| Nonrelated Party
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)	$ 1.60
Number of Warrants Outstanding (in shares)	9,960,566	12,010,566
Fair Value	$ 22,312	$ 124,550
SPA Warrant \| Related Party
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)	$ 0.01		$ 0.01
Number of Warrants Outstanding (in shares)	1	1	1
Fair Value	$ 135,750	$ 470,715

Fair Value Measurement - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Jun. 30, 2026	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Aug. 04, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loss on contingently issuable securities		$ 0	$ 0	$ 35,662	$ 0
HBC \| FPUSA \| Class C Units
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Percentage of shares cancelable upon contingent event (percent)						10.00%
Percentage of shares purchasable upon contingent event (percent)						90.00%
EOSE common stock price (in dollars per share)						$ 1.00
Contingently Issuable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loss on contingently issuable securities	$ 35,662
SPA Warrant \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Exercise price of warrants (in dollars per share)							$ 0.01

Intangible Assets

9 Months Ended

Sep. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Intangible Assets

Intangible assets consisted of various patents and internal-use software. The patents are determined to have useful lives and are amortized into the results of operations over ten years. The internal-use software has a useful life and is amortized into the results of operations over three years.


	September 30, 2026						December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Patents	$	400	$	310	$	90	$	400	$	280	$	120
Internal-Use Software	2,035		468		1,567		1,085		226		859
Total Intangible Assets	$	2,435	$	778	$	1,657	$	1,485	$	506	$	979

The Company recorded amortization expense of $92 and $25 for the three months ended September 30, 2026 and 2025, and $272 and $74 for the nine months ended September 30, 2026 and 2025, respectively. Estimated future amortization expense of intangible assets as of September 30, 2026 are as follows:


	Amortization Expense
Remainder of 2026	$	117
2027	669
2028	584
2029	287


2030	—
Thereafter	—
	$	1,657

Earnings Per Share - Computation for Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Numerator
Net Income (Loss) available	$ 360,717	$ (1,332,487)	$ 1,242,210	$ (1,486,133)
Less: Undistributed earnings allocated to participating securities	(128,147)	0	(443,291)	0
Net income (loss) applicable to common stock	$ 232,570	$ (1,332,487)	$ 798,919	$ (1,486,133)
Denominator
Weighted average shares outstanding - basic (in shares)	361,795,384	272,839,188	347,292,217	246,192,674
Earnings per share:
Basic (in dollars per share)	$ 0.64	$ (4.88)	$ 2.30	$ (6.04)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

Stock-Based Compensation

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-based compensation expense included in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Restricted stock units	$	6,300	$	4,134	$	17,090	$	13,479
Performance-based restricted stock units	642		829		1,937		6,185

Total	$	6,942	$	4,963	$	19,027	$	19,664

The stock compensation expense has been recorded in cost of goods sold, research and development expenses and selling, general and administrative expenses.

Restricted Stock Units (“RSU”)

Eligible employees are granted restricted stock that generally vest over three years from the date of grant. Under the directors plan, restricted stock generally vest one year from the date of grant. As of September 30, 2026, there was $41,203 of unrecognized compensation expense attributable to unvested RSUs, expected to be recognized over a weighted-average remaining vesting period of 2.2 years.

Performance-Based Restricted Stock Units (“PRSU”)

During the third quarter of 2024, the Company granted contingent shares to select key executives that may be earned based on the Company’s total shareholder return (“TSR”) over a two and three-year period following the grant date (“2024 TSR Awards”). During the second quarter of 2025, the Company granted contingent shares to select key employees that may be earned based on the Company’s TSR over three individual one-year periods and a cumulative three-year period following the grant date (“2025 TSR Awards”). During the third quarter of 2026, the Company also granted contingent shares to select key employees that may be earned based on the Company’s TSR over three individual one-year periods and a cumulative three-year period following the grant date (“2026 TSR Awards”).

TSR awards are paid out in stock at the end of the vesting period based on the Company’s stock performance. The performance of the 2024 TSR Awards and 2025 TSR Awards is measured by determining the percentile rank of the total shareholder return of the Company’s common stock relative to the TSR of the Russell 2000 index peer group. This peer group includes the entire Russell 2000 index as it existed at the beginning of the performance period, excluding any companies that were removed from the index during the performance period.

The performance of the 2026 TSR Awards is measured by determining the percentile rank of the total shareholder return of the Company’s common stock relative to the TSR of the CIBC Atlas Clean Energy Index, focusing on the U.S. companies. This peer group includes all of the US companies in the CIBC Atlas Clean Energy Index as it existed at the beginning of the performance period, excluding any companies that were removed from the index during the performance period.

The payment of awards is based on performance achieved in accordance with the scale set forth in the plan agreement and may range from 0% to 200% of the initial grant. The fair value of the TSR awards is estimated using a Monte Carlo simulation in an option pricing framework.

Estimation of the 2026 TSR Awards is done on a correlated basis, incorporating the pairwise correlations between the Company and the peer group companies. The following summarizes the key assumptions used to estimate the fair value of the 2026 TSR Awards that were granted, and the resulting weighted average grant date fair value.


	2026 TSR Awards
Company share price	$	3.46
Company volatility	120.0		%
Company dividend yield	—		%
Weighted average performance term	2.2 Years
Weighted average risk-free interest rate	4.2		%
Peer group average volatility	75.2		%
Weighted average grant date fair value	$	4.95

As of September 30, 2026, there was $10,181 of unrecognized compensation expense attributable to unvested PRSUs, expected to be recognized over a weighted-average remaining vesting period of 2.4 years.

Equity Method Investment (Details) - USD ($) $ in Thousands		9 Months Ended
Equity Method Investment (Details) - USD ($) $ in Thousands	Aug. 04, 2026	Sep. 30, 2026	Sep. 30, 2025
Schedule of Equity Method Investments [Line Items]
Investment in equity method investment		$ 112,638	$ 0
FrontierPowerUSA
Schedule of Equity Method Investments [Line Items]
Initial ownership interest (as a percent)	36.00%
Investment in equity method investment	$ 297,642

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
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-Subparagraph (f)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Related Party Transactions

These expenses were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Advisory fees	$	219	$	249	$	1,309	$	2,740
Manufacturing costs	—		528		—		1,902

Inventory (Tables)

9 Months Ended

Sep. 30, 2026

Inventory Disclosure [Abstract]

Schedule of Components of Inventories

The following table provides information about Inventory balances:


	September 30, 2026		December 31, 2025
Raw materials	$	53,552	$	44,501
Work-in-process	30,711		13,701
Finished goods	2,141		824
Total Inventory	$	86,404	$	59,026

Warrants Liability - Narrative (Details)			1 Months Ended			3 Months Ended		9 Months Ended
Warrants Liability - Narrative (Details)	Aug. 04, 2026 shares	Aug. 03, 2026 shares	Dec. 31, 2023 shares	May 31, 2023 shares	Apr. 30, 2023 shares	Sep. 30, 2026 $ / shares shares	Sep. 30, 2025 shares	Sep. 30, 2026 draw_date $ / shares shares	Sep. 30, 2025 shares	Dec. 31, 2025 shares	Jun. 21, 2024 $ / shares shares
Class of Warrant or Right [Line Items]
Issuance of common stock (in shares)		6,885,218
Draw dates after achievement of performance milestones \| draw_date								3
SPA Warrant
Class of Warrant or Right [Line Items]
Common stock to be purchased through each warrant (in shares)	44,435,304
Increase in warrant rights (shares)	1,159,110
Common Stock
Class of Warrant or Right [Line Items]
Issuance of common stock (in shares)							16,578,810		38,141,310
Related Party \| Common Stock
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)						1		1		1
Related Party \| Common Stock \| April 2023 warrants
Class of Warrant or Right [Line Items]
Common stock to be purchased through warrants (in shares)					16,000,000
Related Party \| Common Stock \| May 2023 warrants
Class of Warrant or Right [Line Items]
Common stock to be purchased through warrants (in shares)				3,601,980
Related Party \| Common Stock \| December 2023 warrants
Class of Warrant or Right [Line Items]
Issuance of common stock (in shares)			34,482,759
Warrants exercised in period (in shares)							3,991,154		8,884,256
Related Party \| Common Stock \| SPA Warrant
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)						1		1		1	1
Common stock to be purchased through each warrant (in shares)											43,276,194
Warrants term											10 years
Exercise price of warrants (in dollars per share) \| $ / shares						$ 0.01		$ 0.01			$ 0.01
Related Party \| Common Stock \| SPA Warrant and Contingent Warrants \| CCM Denali Equity Holdings, LP
Class of Warrant or Right [Line Items]
Initial ownership interest (as a percent)											33.00%
Related Party \| Common Stock \| April 2023 warrants
Class of Warrant or Right [Line Items]
Issuance of common stock (in shares)					16,000,000
Related Party \| Common Stock \| May 2023 warrants
Class of Warrant or Right [Line Items]
Issuance of common stock (in shares)				3,601,980
Related Party \| Common Stock \| December 2023 warrants
Class of Warrant or Right [Line Items]
Warrants exercised in period (in shares)						0		2,050,000

Intangible Assets - Estimated Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Intangible Asset, Goodwill and Other [Abstract]
Remainder of 2026	$ 117
2027	669
2028	584
2029	287
2030	0
Thereafter	0
Net Carrying Amount	$ 1,657	$ 979

Fair Value Measurement - Contingently Issuable Securities (Details) - Contingently Issuable Securities	Jul. 21, 2026	Jun. 30, 2026
Time to expiration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, FV-NI, measurement input	10	10
Common stock price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, FV-NI, measurement input	4.24	5.88
Risk-free interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, FV-NI, measurement input	0.046	0.044
Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, FV-NI, measurement input	1.200	1.150

Inventory

9 Months Ended

Sep. 30, 2026

Inventory Disclosure [Abstract]

Inventory

The following table provides information about Inventory balances:


	September 30, 2026		December 31, 2025
Raw materials	$	53,552	$	44,501
Work-in-process	30,711		13,701
Finished goods	2,141		824
Total Inventory	$	86,404	$	59,026

Overview	9 Months Ended
Overview	Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Overview	Overview Nature of Operations 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. See Note 21, Segment Reporting, for further discussion.

- Definition

The entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.

+ References + Details

Redeemable Preferred Stock - Schedule of Company’s Outstanding Preferred Stock (Details) - $ / shares	Jan. 24, 2025	Nov. 01, 2024	Sep. 12, 2024	Sep. 30, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Shares Issued (in shares)				0	0
Shares Outstanding (in shares)				0	0
Series B-1 Preferred Stock
Class of Stock [Line Items]
Shares Issued (in shares)			31.940063
Original Issue Price (in dollars per share)			$ 841,999.99
Shares Outstanding (in shares)			31.940063
Common Stock Equivalent (in shares)			36,067,246
Series B-2 Preferred Stock
Class of Stock [Line Items]
Shares Issued (in shares)			28.806463
Original Issue Price (in dollars per share)			$ 2,322,000
Shares Outstanding (in shares)			28.806463
Common Stock Equivalent (in shares)			32,528,734
Series B-3 Preferred Stock
Class of Stock [Line Items]
Shares Issued (in shares)		38.259864
Original Issue Price (in dollars per share)		$ 3,358,000
Shares Outstanding (in shares)		38.259864
Common Stock Equivalent (in shares)		43,203,670
Series B-4 Preferred Stock
Class of Stock [Line Items]
Shares Issued (in shares)	16.150528
Original Issue Price (in dollars per share)	$ 5,990,000
Shares Outstanding (in shares)	16.150528
Common Stock Equivalent (in shares)	19,595,032

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

+ References + Details

- Definition

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Cash flows from operating activities
Net income (loss)	$ 358,216	$ (849,194)
Adjustment to reconcile net income to net cash used in operating activities
Stock-based compensation	19,027	19,664
Depreciation and amortization	18,989	8,980
Loss on debt extinguishment	0	52,652
Loss from write-down of property, plant and equipment	184	1,351
Amortization of right-of-use assets	2,189	1,270
Change in fair value of debt - related party	13,300	(22,112)
Change in fair value of warrants	(223,886)	252,836
Loss on contingently issuable securities	35,662	0
Other	(8,738)	(6,133)
Changes in operating assets and liabilities:
Prepaid expenses	(1,427)	(1,440)
Inventory	(21,809)	(6,704)
Vendor deposits	(5,069)	(4,958)
Grant receivable	(28,280)	(9,965)
Accounts payable	3,688	22,166
Accrued expenses	16,721	9,132
Interest payable - related parties	0	247
Operating lease liabilities	611	(1,587)
Deferred tax liabilities	4,671	0
Other	(5,003)	(206)
Net cash used in operating activities	(261,591)	(160,926)
Cash flows from investing activities
Purchases of property, plant and equipment	(105,717)	(28,804)
Investment in equity method investment	(112,638)	0
Investment in internally developed software	(232)	(912)
Other investments	(368)	0
Net cash used in investing activities	(218,955)	(29,716)
Cash flows from financing activities
Principal payments on finance lease obligations	(69)	(39)
Proceeds from exercise of stock options	74	758
Proceeds from exercise of warrants	3,280	14,215
Proceeds received from DOE Loan	87,019	22,666
Proceeds received from Credit and Securities Purchase Transaction, net - related party	0	38,475
Payment of debt and equity issuance costs	(854)	(4,607)
Payoff of notes payable - related parties	0	(180,940)
Payment of debt extinguishment costs	0	(781)
Return of debt repurchase premium	0	5,000
Repayment of equipment financing facility	(122)	(1,255)
Proceeds from issuance of common stock	112,738	81,075
Repurchase of shares from employees for income tax withholding purposes	(2,001)	(488)
Net cash provided by financing activities	200,065	214,079
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0	0
Net (decrease) increase in cash, cash equivalents and restricted cash	(280,481)	23,437
Cash, cash equivalents and restricted cash, beginning of the period	624,566	103,362
Cash, cash equivalents and restricted cash, end of the period	344,085	126,799
Non-cash investing and financing activities
Accrued and unpaid capital expenditures	11,291	12,441
Accrued and unpaid investment in internally developed software	718	0
Warrants issued for formation of joint venture	151,034	0
HBC Exchange Right/CCM Call Option for formation of joint venture	33,970	0
Paid-in-kind interest added to principal	3,416	5,433
Accrued and unpaid debt issuance costs	388	1,910
Down round deemed dividend	13,802	4,456
Remeasurement of preferred stock - related party	(897,796)
Remeasurement of preferred stock - related party		632,483
Fixed assets acquired with finance lease	24	181
Right-of-use operating lease assets in exchange for lease liabilities	9,116	672
Reclassification of Contingently Issuable securities to equity	21,496	0
Reclassification of embedded derivative to additional paid in capital	133,231	0
Issuance of Rights	2,264	0
Supplemental disclosures
Cash paid for interest	7,147	166
May 2025 Convertible Notes
Cash flows from financing activities
Proceeds from the issuance of May 2025 Convertible Notes, net of discount	0	240,000
AFG Convertible Notes
Non-cash investing and financing activities
Issuance of common stock from conversion of AFG Notes	0	102,457
Related Party
Adjustment to reconcile net income to net cash used in operating activities
Non-cash interest expense	0	9,204
Change in fair value of derivatives	(346,235)	369,710
Changes in operating assets and liabilities:
Accounts receivable	(109)	0
Contract assets	(4,405)	0
Contract liabilities	9,756	0
Nonrelated Party
Adjustment to reconcile net income to net cash used in operating activities
Non-cash interest expense	26,712	4,263
Change in fair value of derivatives	(108,710)	0
Changes in operating assets and liabilities:
Accounts receivable	(1,954)	(1,991)
Contract assets	(9,455)	(945)
Contract liabilities	$ (6,237)	$ (7,166)

Borrowings - Net Carrying Value (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Debt Instrument
Principal	$ 1,040,137	$ 939,476
Total borrowings	655,757	813,266
May 2025 Convertible Notes \| Convertible Notes
Debt Instrument
Principal	50,000	50,000
Unamortized debt discount	(1,543)	(1,799)
Unamortized debt issuance costs	(135)	(157)
Total borrowings	48,322	48,044
November 2025 Convertible Notes \| Convertible Notes
Debt Instrument
Principal	600,000	600,000
Unamortized debt discount	(272,912)	(298,297)
Unamortized debt issuance costs	(299)	(326)
Total borrowings	326,789	530,096
November 2025 Convertible Notes \| Convertible Notes \| Related Party
Debt Instrument
Embedded conversion feature	0	228,719
DOE Loan Facility
Debt Instrument
Total borrowings	171,436	84,327
DOE Loan Facility \| PIK Interest
Debt Instrument
Principal	177,964	90,945
Unamortized debt discount	(6,298)	(7,609)
Capitalized PIK Interest	7,156	3,740
Unamortized debt issuance costs	(7,386)	(2,749)
Total borrowings	$ 171,436	$ 84,327

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2026	Jun. 03, 2026	Jun. 02, 2026	Dec. 31, 2025
Temporary Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001			$ 0.0001
Common stock, shares authorized (in shares)	800,000,000	800,000,000	600,000,000	800,000,000
Common stock, shares outstanding (in shares)	365,758,222			337,132,374

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

+ Details

Restructuring

9 Months Ended

Sep. 30, 2026

Restructuring and Related Activities [Abstract]

Restructuring

Eos is focused on building a scalable platform for growth by streamlining operations, simplifying manufacturing processes and investing in initiatives that drive innovation and commercial expansion. These efforts are designed to improve operating leverage, support future growth opportunities and advance the Company's path toward profitability. As part of these efforts, the Company is relocating manufacturing activities from the Turtle Creek manufacturing facility to Thorn Hill with the production line anticipated to be operational in first quarter 2027 and expected completion date of clean up activities at Turtle Creek in second quarter 2027. The Company anticipates the it will incur one-time restructuring charges of approximately $16,000 to $18,000 relating primarily to moving and clean-up costs. These costs are included within Restructuring expenses within the Consolidated Statement of Operations and Comprehensive Income (Loss).



	2026


Other restructuring charges	$	281
Total	$	281

Earnings Per Share

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Earnings Per Share

The following table provides the numerators and denominators used in computing basic and diluted net income (loss) per share for the three months ended September 30, 2026 and 2025. Generally, basic earnings per share (“EPS”) is computed by dividing earnings available to common shareholders by the weighted average number of shares of common stock outstanding during the period. In accordance with ASC 260, the DOE Warrants are included in basic EPS as the shares are issuable for little cash consideration. The SPA Warrant, Series B Preferred Stock, the warrants issued in 2023, May 2025 Convertible Notes and November 2025 Convertible Notes are participating securities that do not have the obligation to share in the losses of the Company. Therefore, the more dilutive of the “if-converted” and “two-class” method must be applied when calculating EPS for the common shares.

For purposes of basic EPS, the “two-class” method was applied and undistributed earnings were allocated to participating securities. These undistributed earnings were allocated based on each participating securities’ proportionate share of the total weighted-average shares outstanding. On July 21, 2026, the Company completed its Rights Offering as described within Note 18, Shareholders’ Deficit. As the exercise price of the right was less than the fair value of the Common stock, the right contained a bonus element. In accordance with ASC 260 — Earnings per Share, the Company’s weighted average shares outstanding for basic and diluted loss per share were retroactively adjusted for all prior periods presented by a factor of 1.0045.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator
Net Income (Loss) available	$	360,717	$	(1,332,487)	$	1,242,210	$	(1,486,133)
Less: Undistributed earnings allocated to participating securities	(128,147)		—		(443,291)		—
Net income available to common shareholders	$	232,570	$	(1,332,487)	$	798,919	$	(1,486,133)
Denominator
Weighted average shares outstanding - basic	361,795,384		272,839,188		347,292,217		246,192,674
Earnings per share:
Basic	$	0.64	$	(4.88)	$	2.30	$	(6.04)

For purposes of diluted EPS, the more dilutive of the “treasury-stock method”, “if-converted” and “two-class” method must be applied when calculating dilutive EPS.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator
Net Income (Loss) available	$	360,717	$	(1,332,487)	$	1,242,210	$	(1,486,133)
Effect of potentially dilutive shares:


Adjustment for change in fair value on SPA Warrant	(118,281)		—		(334,965)		—
Adjustment for change in fair value on April, May and December 2023 Warrants	(77,746)		—		(234,379)		—
Adjustment for remeasurement of Series B Preferred Stock	(249,476)		—		(897,796)		—
Adjustment for change in fair value of HBC Exchange Right/CCM Call Option	(11,270)		—		(11,270)		—
Net income (loss) for diluted earnings per share	$	(96,056)	$	(1,332,487)	$	(236,200)	$	(1,486,133)

Denominator
Weighted-average basic common shares outstanding	361,795,384		272,839,188		347,292,217		246,192,674

Dilutive effect of Series B Preferred Stock	125,792,764		—		119,506,625		—
Dilutive effect of warrants	54,549,129		—		63,507,401		—
Dilutive effect of HBC Exchange Right/ CCM Call Option	5,651,936		—		1,904,682		—
Dilutive effect of RSUs	2,944,136		—		6,068,165		—
Dilutive effect of PRSUs	1,812,139		—		1,876,913		—
Dilutive effect of stock options	723,852		—		1,104,028		—
Weighted-average dilutive common shares outstanding	553,269,340		272,839,188		541,260,031		246,192,674
Earnings per share:

Diluted	$	(0.17)	$	(4.88)	$	(0.44)	$	(6.04)

The following potentially dilutive shares were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive.


	Three Months Ended September 30,	Nine Months Ended September 30,
	2026		2026
Stock options, RSUs, PRSUs	7,618,866		6,109,543
Public and private placement warrants	39,050,278		39,050,278
Convertible Notes (if converted)	58,498,210		58,498,210

Management has elected to recognize changes in the redemption value of the Series B Preferred Stock. At each balance sheet date, the redemption value of the Series B Preferred Stock will be calculated and remeasured to its redemption value. The remeasurement is recorded as a deemed dividend or contribution, which, in the absence of Retained earnings, is recognized within additional paid in capital and earnings available to common shareholders in computing basic and diluted EPS. Other potentially dilutive common shares and the related impact to earnings are considered when calculating EPS on a diluted basis.

Since the Company incurred a net loss for the three and nine months ended September 30, 2025, respectively, the potential dilutive shares from stock options, restricted stock units, warrants, convertible notes and Series B Preferred Stock were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented. Therefore, basic and diluted EPS are computed using the same number of weighted-average shares for the three and nine months ended September 30, 2025. The following potentially dilutive shares were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the three and nine months ended September 30, 2025, respectively:


									Three and Nine Months Ended September 30,
									2025
Stock options, RSUs, PRSUs									15,920,169
Public and private placement warrants									91,120,464
Convertible Notes (if converted)									57,603,462
Series B Preferred Stock									116,311,460

Borrowings

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Borrowings

The Company’s debt obligations consist of the following:


				September 30, 2026				December 31, 2025
	Maturity Date	Effective Interest Rate		Principal Outstanding		Carrying Value*		Principal Outstanding		Carrying Value*

Delayed Draw Term Loan	June 2034(1)	N/A		$	205,017	$	109,210	$	194,419	$	150,427

Notes payable - related party				205,017		109,210		194,419		150,427
Equipment financing facility	April 2026	16.2	%	—		—		372		372
May 2025 Convertible Notes	June 2030	7.8	%	50,000		48,322		50,000		48,044
November 2025 Convertible Notes	December 2031	14.2	%	600,000		326,789		600,000		530,096
DOE Loan Facility	June 2034(1)	7.1%(2)		185,120		171,436		94,685		84,327
Total borrowings				1,040,137		655,757		939,476		813,266
Current portion				—		—		372		372
Total borrowings, non-current				$	1,040,137	$	655,757	$	939,104	$	812,894

(1) The DDTL and DOE Loan Facility contain Springing Maturity Dates that could make the debt due March 14, 2030.

2021 Convertible Note Payable – Related Party

On July 6, 2021, the Company entered into an investment agreement with Spring Creek Capital, LLC, a wholly owned, indirect subsidiary of Koch Industries. This investment agreement was entered into with B. Riley Securities, Inc., a related party that acted as a placement agent. The investment agreement provides for the issuance and sale to Koch Industries of the 2021 Convertible Note in the aggregate principal amount of $100,000. The maturity date of the 2021 Convertible Notes was June 30, 2026, subject to earlier conversion, redemption or repurchase.

Interest expense recognized on the 2021 Convertible Note is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Contractual interest expense	$	—	$	—	$	—	$	3,072
Amortization of debt discount	—		—		—		3,230
Amortization of debt issuance costs	—		—		—		311
Total	$	—	$	—	$	—	$	6,613

Termination of the 2021 Convertible Notes

On June 3, 2025, the Company repurchased the full $122,868 aggregate principal amount, in addition to $3,072 of interest payable outstanding for $131,000 inclusive of a repurchase premium in a privately negotiated transaction. The holder of the 2021 Convertible Notes was contingently required to reimburse the Company for up to $5,000 of the repurchase premium based on the holders’ overall return on its investment in the Company. On June 13, 2025, the Company received the $5,000 repurchase premium. Neither the holder of the 2021 Convertible Notes, nor the Company have any outstanding contractual obligations. Absent termination, the 2021 Convertible Notes would have matured on June 30, 2026.

The Company accounted for the termination of the 2021 Convertible Notes in accordance with ASC 470-50, Debt- Modifications and Extinguishments. As a result, the Company recognized a loss on debt extinguishment for the 2021 Convertible Notes of $10,688 in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the nine months ended September 30, 2025.

AFG Convertible Notes - Related Party

In January 2023, the Company issued and sold $13,750 in aggregate principal amount of 26.5% Convertible Senior PIK Notes due 2026 (“AFG Convertible Notes”) to Great American Insurance Company, Ardsley Partners Renewable Energy, LP, CCI SPV III, LP, Denman Street LLC, John B. Berding Irrevocable Children’s Trust, John B. Berding and AE Convert, LLC (the "Affiliated Purchasers") (together, the “Purchasers”). AE Convert LLC, a Delaware limited liability company was managed by Russell Stidolph, a related party as Mr. Stidolph was a director of the Company. The AFG Convertible Notes bear interest at a rate of 26.5% per annum, as amended, to be reduced to 7.0%, commencing on June 30, 2026 (the “Original Maturity Date”), which was entirely paid-in-kind (“PIK Interest”) semi-annually in arrears on June 30 and December 30. It was expected that the AFG Convertible Notes would have matured on September 30, 2034, subject to earlier conversion, redemption or repurchase. The AFG Convertible Notes were convertible into shares of the Company’s common stock, par value $0.0001 per share, based on an initial conversion price of approximately $1.67 per share subject to customary anti-dilution and other adjustments. The Company had the right to settle conversions in shares of common stock, cash, or any combination thereof.

On July 29, 2025, the Company entered into a first supplemental indenture dated as of July 28, 2025 to the indenture dated May 25, 2023 (the “AFG Indenture”) with Wilmington Trust, National Association, as trustee, relating to the AFG Convertible Notes (the “First Supplemental Indenture”), to (1) extend the maturity date of the AFG Convertible Notes to September 30, 2034; (2) reduce the interest rate of the AFG Convertible Notes to 7.0%, commencing on June 30, 2026; (3) amend the optional redemption provision therein to allow for optional redemption pro rata excluding the Affiliated Purchaser; and (4) amend the meaning of Redemption Price therein to include the optional redemption price payable to the holders that will vary depending on the timing of the redemption relative to the Original Maturity Date of the AFG Convertible Notes. If redeemed on or before the Original Maturity Date, holders receive the capitalized principal plus all interest they would have earned through the Original Maturity Date, including interest on capitalized interest. If redeemed after the Original Maturity Date, holders receive the capitalized principal plus accrued interest up to, but not including, the redemption date. On August 1, 2025 the Company issued a Notice of Redemption of Non-Affiliated Holders for all outstanding AFG Convertible Notes. As such, there was no derivative liability associated with the non-affiliated AFG Convertible Notes at September 30, 2025. Refer to Conversion of AFG Convertible Notes below for further information.

Under ASC 470-50, Debt- Modifications and Extinguishments, the First Supplemental Indenture was accounted for as a substantial modification pertaining to the non-affiliated holders. As a result, the Company recognized a loss on debt extinguishment for the non-affiliated AFG Convertible Notes of $3,589 in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2025.

Conversion of AFG Convertible Notes

On August 1, 2025, the Company issued a Notice of Redemption of Non-Affiliated Holders for all outstanding AFG Convertible Notes, pursuant to which the Company intended to fully redeem the AFG Convertible Notes (other than those held by the Affiliated Purchasers) on August 18, 2025 for a redemption price equal to the then-current capitalized principal amount of the AFG Convertible Notes (other than those held by the Affiliated Purchasers) plus the aggregate amount of all accrued and unpaid or uncapitalized interest payments on the capitalized principal amount of the AFG Convertible Notes (other than those held by the Affiliated Purchasers) that the holders of the AFG Convertible Notes to be redeemed would have been entitled to receive had the AFG Convertible Notes remained outstanding to June 30, 2026. In accordance with the terms of the AFG Indenture and the Notice of Redemption of Non-Affiliated Holders, each of the holders of the AFG Convertible Notes (other than those held by the Affiliated Purchasers) opted to exercise its conversion right to convert all of such holder’s outstanding AFG Convertible Notes into shares of Common Stock at a conversion rate equal to 598.8024 shares of Common Stock per $1,000 capitalized principal amount of AFG Convertible Notes. During the third quarter of 2025, the Company issued 16,578,810 shares of Common Stock in the aggregate to such holders of the AFG Convertible Notes (other than those held by the Affiliated Purchasers).

At the Special Meeting of Stockholders of the Company, held on October 16, 2025, the Company’s stockholders approved, for purposes of complying with Nasdaq Listing Rules, including, but not limited to, Rule 5635, the Company’s issuance of shares of the Company’s common stock to the Affiliated Purchasers upon redemption or conversion of the AFG Convertible Notes pursuant to the AFG Indenture as supplemented by the First Supplemental Indenture. After obtaining the stockholder approval, the Company issued a notice of redemption to the Affiliated Purchasers on October 24, 2025 for all outstanding AFG Convertible Notes held by the Affiliated Purchasers, pursuant to which the Company intended to fully redeem the remaining AFG Convertible Notes on November 10, 2025 for a redemption price equal to the then-current capitalized principal amount of the AFG Convertible Notes plus the aggregate amount of all accrued and unpaid or uncapitalized interest payments on the capitalized principal amount of the AFG Convertible Notes that the Affiliated Purchasers would have been entitled to receive had the AFG Convertible Notes remained outstanding at the Original Maturity Date. On October 28, 2025, in accordance with the terms of the AFG Indenture and the notice of redemption, the Affiliated Purchasers opted to exercise its conversion right to convert all of its outstanding AFG Convertible Notes into shares of Common Stock at a conversion rate equal to 598.8024 shares of Common Stock per $1,000 capitalized principal amount of AFG Convertible Notes. During the fourth quarter of 2025, the Company issued 2,863,291 shares of Common Stock to the Affiliated Purchasers.

Interest expense recognized on the AFG Convertible Notes is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Contractual interest expense	$	—	$	247	$	—	$	3,209
Amortization of debt discount	—		(848)		—		(290)
Amortization of issuance costs	—		(239)		—		(81)
Total	$	—	$	(840)	$	—	$	2,838

Delayed Draw Term Loan (“DDTL”)

Under the terms of the Credit Agreement the Company entered into a multi-draw facility (the “Delayed Draw Term Loan” or “DDTL”) on June 21, 2024, with CCM Denali Debt Holdings, LP, the Company drew an aggregate principal amount of $210,500 through multiple tranches upon satisfaction of the applicable milestone requirements. The draws were subject to a 5.0% original issue discount and applicable lender fees. The total net proceeds were approximately $198,800. Additionally, as part of the strategic investment under the Credit and Guaranty Agreement, the Company may access a $105,000 revolving facility at the sole discretion of the Lenders’ as the Delayed Draw Term Loan has been fully funded as of January 24, 2025.

Covenants

On May 28, 2025, the Company amended the Credit Agreement, 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 Minimum Consolidated Revenue and Minimum Consolidated Earnings before interest, tax, depreciation and amortization ("EBITDA") financial covenants were deferred until March 31, 2027 and certain provisions were amended to conform with comparable provisions in the DOE Loan Facility.

The Credit Agreement, as amended, contains the following financial covenants, including (each as defined in the Credit Agreement, as amended):

•Minimum Consolidated EBITDA - not applicable for September 30, 2026.

•Minimum Consolidated Revenue - not applicable for September 30, 2026.

•Minimum Liquidity

As of and for the three months ended September 30, 2026, the Company was in compliance with the Minimum Liquidity financial covenant.

The facilities are subject to certain events of default which can be triggered by, among other things, (i) breach of payment obligations and other obligations and representations in the Credit Agreement or related documents, (ii) default under other debt facilities with a principal above a predetermined amount, (iii) failure to perform or comply with certain covenants in the Credit Agreement, (iv) entry into a decree or order for relief in respect of the Company or any of its subsidiaries in an involuntary case under the Bankruptcy Code of the United States or under any other debtor relief law, (v) any money judgment, writ or warrant of attachment or similar process involving in the aggregate at any time an amount in excess of $2,500, (vi) any order, judgment or decree entered against the Company or the Guarantors decreeing the dissolution or split up of such entity, (vii) the failure of the common stock to be listed on an internationally recognized stock exchange in the United States and (viii) a change of control.

The Company elected the fair value option to account for all draws under the DDTL for operational purposes. The financial liability was initially measured at its issue-date fair value and is subsequently remeasured at fair value on a recurring basis at each reporting period date.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
(Loss) Gain on change in fair value(a)	$	(4,534)	$	(3,570)	$	(13,300)	$	22,112
Loss attributable to changes in instrument-specific credit risk(b)	$	58,607	$	(17,784)	$	54,517	$	(24,008)

(a) This is included in Change in fair value of debt - related party on the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

(b)This is included in Change in fair value of debt - credit risk - related party in Accumulated other comprehensive Income (Loss).

The Company did not separately report interest expense attributable to the DDTL because such interest was included in the determination of the fair value of the Note. See Note 14, Fair Value Measurement for the assumptions used to determine the fair value of the Delayed Draw Term Loan at issuance and at September 30, 2026.

Contractual Interest Rates - Borrowings under the Credit Agreement bear interest at an annual rate equal to 7.0% per annum (as amended), subject to the following increases: (i) an additional 5.0% per annum upon the occurrence of an event of default under the Credit Agreement. The Company may elect to add accrued and unpaid interest on the loans to the principal amount of the loans (capitalized interest).

Maturity - The Maturity Date is defined as the earlier of (i) June 15, 2034, and (ii) the date that all the loans shall become due and payable in full, whether by acceleration or otherwise; provided that, if on any Springing Maturity Date any Convertible Notes remain outstanding, the Maturity Date shall instead be the Springing Maturity. The Springing Maturity Date is defined as the 91st day prior to the date on which any convertible note may be redeemed, repurchased, converted, or exchanged in satisfaction of the obligations (“Convertible Note Maturity”). As of September 30, 2026, the May 2025 Convertible Notes and November 2025 Convertible Notes, remain outstanding and are scheduled to mature on June 15, 2030 and December 1, 2031 respectively.

Prepayments - On May 28, 2025, the Company made a prepayment of $47,619 on the DDTL, net of an end of term fee of $2,381, as in accordance with the terms the DDTL, as amended May 28, 2025.

Modification of the DDTL - In accordance with applicable accounting standards, the prepayment and Cerberus amendments were evaluated under the debt modification and extinguishment guidance in ASC 470-50, Debt - Modification and Extinguishments during the nine months ended September 30, 2025. The amendments to the DDTL did not qualify for the extinguishment accounting under ASC 470-50 as a whole, and were accounted for as a modification. The total prepayment of $50,000 as required by the amended DDTL was accounted for as a partial extinguishment. The loss on partial extinguishment was $38,375 after reclassification of accumulated other Comprehensive Income (Loss) through earnings for $16,245 was recognized during the nine months ended September 30, 2025.

Equipment Financing facility

The Company entered into an agreement on September 30, 2021 with Trinity Capital Inc. (“Trinity”) for a $25,000 equipment financing facility, the proceeds of which will be used to acquire certain manufacturing equipment, subject to Trinity’s approval. Each draw is executed under a separate payment schedule (a “Schedule”) that constitutes a separate financial instrument. The financing fees included in each Schedule are established through monthly payment factors determined by Trinity. Such monthly payment factors are based on the Prime Rate reported in The Wall Street Journal in effect on the first day of the month in which a Schedule is executed. The Company has drawn a portion of the facility as follows:


Date of Draw	Gross Amount of Initial Draw		Coupon Interest Rate	Debt Issuance Costs
September 2021	$	7,000	14.3%	$	175
September 2022	4,216		16.2%	96
Total Equipment Financing loans	$	11,216		$	271

As of September 30, 2026 and December 31, 2025, total equipment financing carrying value was $0 and $372, respectively of which $0 and $372 are recorded as a current liability on the Unaudited Condensed Consolidated Balance Sheets, respectively. The Equipment Financing Facility was terminated in March 2026.

Interest expense attributable to the equipment financing agreement was $0 and $52 for the three and nine months ended September 30, 2026 and $39 and $177 for the three and nine months ended September 30, 2025, respectively.

May 2025 Convertible Notes

On June 3, 2025, the Company issued $225,000 principal amounts of its May 2025 Convertible Notes. The Company granted initial purchasers an option to purchase, for settlement within a period of thirteen days from the date the May 2025 Convertible Notes were first issued, up to an additional $25,000 principal amounts which were exercised in full. The May 2025 Convertible Notes will accrue interest at a rate of 6.75% per annum, payable semi-annually in arrears on June 15 and December 15, beginning on December 15, 2025.

Maturity- The May 2025 Convertible Notes will mature on June 15, 2030, absent conditions described below.

Conversion Rights - The May 2025 Convertible Notes can be converted into shares of our common stock under certain conditions before March 15, 2030:

•Stock Price Trigger: If, during any calendar quarter starting after September 30, 2025, our stock price closes above 130% of the conversion price for at least 20 out of the last 30 trading days of that quarter.

•Trading Price Condition: If, during a 10-day period, the trading price of the notes falls below 98% of the product of the last reported sale price per share of our common stock on such trading day and the conversion rate on such trading day, then conversion is allowed during the five business days that follow.

•Corporate Events: Upon the occurrence of certain corporate events or distributions on our common stock.

•Redemption: If the Company calls such notes for redemption on or after June 20, 2028, then the holders may choose to convert them at that time.

Beginning March 15, 2030, the notes can be converted at any time until two trading days prior to maturity.

The initial conversion price was approximately $5.10 per share, and the Company may choose to settle conversions in stock, cash or a mix of both. The conversion price is subject to customary adjustments upon the occurrence of certain events. If a make-whole fundamental change (as defined in the May 2025 Convertible Notes Indenture) occurs, the conversion rate may temporarily increase to provide additional value. The May 2025 Convertible Notes have adjusted conversion prices based on the issuance of shares and warrants as part of the Rights Offering. As of September 30, 2026 the conversion rate is $5.06 per share.

Redemption - The May 2025 Convertible Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after June 20, 2028 and on or before the 41st scheduled trading day immediately before the maturity date, but only if certain liquidity conditions are satisfied and the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the thirty consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice; and (ii) the trading day immediately before the date the Company sends such redemption notice. However, the Company may not redeem less than all of the outstanding notes unless at least $75,000 aggregate principal amount of notes are outstanding and not called for redemption as of the time the Company sends the related redemption notice. The redemption price is equivalent to the principal amount of the May 2025 Convertible Notes called for redemption, plus accrued and unpaid interest. In addition, calling any note for redemption will constitute a make-whole fundamental change with respect to that note, in which case the conversion rate applicable to the conversion of that note will be increased in certain circumstances if it is converted after it is called for redemption.

Embedded Derivatives - The May 2025 Convertible Notes include certain embedded features, such as provisions for fundamental change, additional interest, special interest and indemnification. In accordance with ASC 815, the Company assessed these embedded features to determine whether bifurcation and separate accounting as derivatives was required. Although these features are not clearly and closely related to the host debt contract and meet the definition of a derivative under ASC 815, the Company determined that the combined fair value of these embedded derivatives is de minimis. Accordingly, these features have not been bifurcated from the host contract and are not accounted for separately. The Company will continue to evaluate these features for any changes in facts or circumstances that may warrant reconsideration of this assessment.

Additionally, the conversion feature embedded in the May 2025 Convertible Notes qualifies for the scope exception under ASC 815-40 and, therefore, is not required to be bifurcated and accounted for separately.

Interest expense recognized on the May 2025 Convertible Notes is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Contractual interest expense	$	844	$	4,313	$	2,531	$	5,536
Amortization of debt discount	96		417		255		532
Amortization of debt issuance costs	8		36		22		46
Total	$	948	$	4,766	$	2,808	$	6,114

The carrying value for the May 2025 Convertible Notes is as follows:


	September 30, 2026		December 31, 2025
Principal	$	50,000	$	50,000
Unamortized debt discount	(1,543)		(1,799)
Unamortized debt issuance costs	(135)		(157)

Aggregate carrying value	$	48,322	$	48,044

The Company is obligated to repay all contractual interest attributable to the May 2025 Convertible Notes on a semi-annual basis in cash. As of September 30, 2026 and December 31, 2025, $984 and $141, respectively of interest payable attributable for the May 2025 Convertible Notes was included in Accrued expenses in the Unaudited Condensed Consolidated Balance Sheets.

November 2025 Convertible Notes

On November 24, 2025, the Company issued $525,000 principal amounts of its November 2025 Convertible Notes. The Company granted initial purchasers an option to purchase, for settlement within a period of thirteen days from the date the November 2025 Convertible Notes were first issued, up to an additional $75,000 principal amounts which were exercised in full on November 24, 2025. The November 2025 Convertible Notes will accrue interest at a rate of 1.75% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2026.

Maturity- The November 2025 Convertible Notes will mature on December 1, 2031, absent conditions described below.

Conversion Rights - The November 2025 Convertible Notes can be converted into shares of our common stock under certain conditions before September 3, 2031:

•Stock Price Trigger: If, during any calendar quarter starting after June 30, 2026, our stock price closes above 130% of the conversion price for at least 20 out of 30 trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice.

•Corporate Events: Upon the occurrence of certain corporate events or distributions on our common stock.

•Redemption: If the Company calls such notes for redemption on or after December 5, 2028, then the holders may choose to convert them at that time.

Beginning September 3, 2031, the notes can be converted at any time until two trading days prior to maturity.

The initial conversion price was approximately $16.29 per share, and the Company may choose to settle conversions in stock, cash or a mix of both. The conversion price is subject to customary adjustments upon the occurrence of certain events. If a make-whole fundamental change (as defined in the November 2025 Convertible Notes Indenture) occurs, the conversion rate may temporarily increase to provide additional value. The November 2025 Convertible Notes have adjusted conversion prices based on the issuance of shares and warrants as part of the Rights Offering. As of September 30, 2026 the conversion rate is $16.16 per share.

Redemption - The November 2025 Convertible Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after December 5, 2028 and on or before the 41st scheduled trading day immediately before the maturity date, but only if certain liquidity conditions are satisfied and the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the thirty consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice; and (ii) the trading day immediately before the date the Company sends such redemption notice. However, the Company may not redeem less than all of the outstanding notes unless at least $75,000 aggregate principal amount of notes are outstanding and not called for redemption as of the time the Company sends the related redemption notice. The redemption price is equivalent to the principal amount of the November 2025 Convertible Notes called for redemption, plus accrued and unpaid interest. In addition, calling any note for redemption will constitute a make-whole fundamental change with respect to that note, in which case the conversion rate applicable to the conversion of that note will be increased in certain circumstances if it is converted after it is called for redemption. Prior to obtaining shareholder approval for the issuance of common stock upon conversion, the Company will be required to settle all conversions in cash.

Embedded Derivatives - The November 2025 Convertible Notes include certain embedded features, such as provisions for fundamental change, additional interest, special interest, conversion feature and indemnification. In accordance with ASC 815, the Company assessed these embedded features to determine whether bifurcation and separate accounting as derivatives was required. The Company concluded the embedded features meet the bifurcation criteria because the economic characteristics and the risks of the embedded features are not clearly and closely related to the debt host, the host is not remeasured at fair value and the embedded features would meet the definition of a derivative if freestanding. The Company also evaluated indexation and equity classification guidance with respect to the conversion feature. Although the conversion feature is considered indexed to the Company's own stock, it did not qualify for equity classification at issuance, as prior to the first date on which the Company reserves the maximum number of convertible shares, and before shareholder approval is obtained to authorize additional shares, all conversions were required to be cash-settled, and shareholder approval to increase authorized shares was not solely within the Company's control. As a result, the conversion feature did not qualify for the derivative scope exception in ASC 815 at issuance. At issuance, the Company recognized the embedded derivative at its fair value, with an offset to debt discount. The embedded derivative was remeasured at fair value each reporting period, and changes in fair value are recognized in Change in fair value of derivatives on the Company’s Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

On June 3, 2026 at the annual meeting of stockholders, the stockholders of the Company approved the amendment to the Company’s Certificate of Incorporation to increase the number of shares of authorized common stock from 600,000,000 to 800,000,000. As a result of this approval, the November 2025 Convertible Notes conversion is able to be settled in the Company’s own stock as of June 3, 2026. Therefore, the conversion feature qualifies for the derivative scope exception on June 3, 2026 and does not require subsequent remeasurement. The changes in fair value through June 3, 2026 for the embedded derivative are recognized in Change in fair value of derivatives on the Company’s Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The remaining carrying value of the embedded derivative on June 3, 2026 of $133,231 was reclassified to Additional paid in capital in accordance with ASC 815.

Interest expense recognized on the November 2025 Convertible Notes is as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2026
Contractual interest expense	$	2,625	$	7,875
Amortization of debt discount	8,884		25,385
Amortization of debt issuance costs	10		28
Total	$	11,519	$	33,288

The carrying value for the November 2025 Convertible Notes is as follows:


	September 30, 2026		December 31, 2025
Principal	$	600,000	$	600,000
Unamortized debt discount	(272,912)		(298,297)
Unamortized debt issuance costs	(299)		(326)
Embedded conversion feature	—		228,719
Aggregate carrying value	$	326,789	$	530,096

The Company is obligated to repay all contractual interest attributable to the November 2025 Convertible Notes on a semi-annual basis in cash. As of September 30, 2026 and December 31, 2025, $3,471 and $1,050, respectively, of interest payable attributable for the November 2025 Convertible Notes was included in Accrued expenses in the Unaudited Condensed Consolidated Balance Sheets.

DOE Loan Facility

On November 26, 2024, the Company entered into a loan agreement with the United States Federal Financing Bank ("FFB") and the United States DOE Loan Programs Office (“LPO”) (“the DOE Loan Facility"). The loan provides for a principal amount of up to $277,497 of borrowings and capitalized interest amount of up to $25,953.

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 of the loan (each, a “Tranche”), subject to the achievement of certain funding conditions. Each Tranche corresponds to the production, maintenance, development and operation of a given production line to be funded using the proceeds of such Tranche. The principal amount of each Tranche consists of a maximum principal amount designated for such Tranche in the DOE Loan Facility. Each Tranche provides the Company funding for 80% of the Eligible Project Costs. Eligible Project Costs means project costs that satisfy each of the following conditions: (a) DOE has determined the project costs to be eligible costs in accordance with Sections 609.2 and 609.10 of the applicable regulations; (b) the project costs have not been paid and are not expected to be paid any time after the first advance date with: (i) any federal grants, assistance, or loans (excluding the DOE Loan Facility); or (ii) other funds guaranteed by the Federal Government; (c) the project costs are identified in the construction budget; (d) the project costs do not constitute cost overruns; and (e) the project costs were incurred after the eligibility effective date associated with the corresponding production line, with the Company responsible for funding the remaining 20% of the project costs.

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 did not materially alter rights, obligations or meaning of the DOE Loan Facility.

The DOE Loan Facility draw-downs were as follows:



Date of Draw	Gross Amount of Initial Draw		Interest Rate
Beginning balance Tranche 1	$	90,945
Draw-downs received November 2024	(68,279)		4.791	%
Draw-downs received July 2025	(22,666)		4.286	%
Remaining balance available on Tranche 1	$	—



Date of Draw	Gross Amount of Initial Draw		Interest Rate
Beginning balance Tranche 2	$	106,733
Draw-downs received September 2026	(87,019)		4.971	%
Remaining balance available on Tranche 2	$	19,714

The Company has not drawn on Tranches 3 or 4 as of September 30, 2026.

Interest expense recognized on the DOE Loan Facility is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Contractual interest expense	$	1,379	$	1,088	$	3,588	$	2,723
Amortization of debt issuance costs	204		417		492		1,617
Amortization of debt discount	420		—		1,203		—
Total	$	2,003	$	1,505	$	5,283	$	4,340

The carrying value for the DOE Loan Facility is as follows:


	September 30, 2026		December 31, 2025
Principal (life to date draw-downs)	$	177,964	$	90,945
Capitalized PIK Interest	7,156		3,740
Unamortized debt issuance costs	(7,386)		(2,749)
Unamortized debt discount	(6,298)		(7,609)
Aggregate carrying value	$	171,436	$	84,327

The DOE Loan Facility bears interest at the applicable U.S. Treasury rate plus a spread equal to 0.375%. The interest is paid in-kind ("Capitalized PIK Interest") on a quarterly basis, in accordance with the terms under the DOE Loan Facility. Cash payment of the Capitalized PIK Interest on the DOE Loan Facility commences in 2028.

Covenants

On May 28, 2025, the Company and the DOE entered into a Limited Consent Agreement, pursuant to which among other things, the applicability of the Minimum Consolidated Revenue and Minimum Consolidated EBITDA financial covenants were deferred until March 31, 2027 and certain provisions were added to conform with comparable provisions in the Delayed Draw Term Loan. Additionally, the DOE Limited Consent Agreement requires the Company to reserve 24 months of interest expense for the May 2025 Convertible Notes. Refer to Note 4, Cash, Cash Equivalents and Restricted Cash, for further information.

On November 18, 2025, the Company and the DOE entered into the Second DOE Limited Consent Agreement, allowing the Company to, among other things, (i) offer common stock and new convertible unsecured senior notes, (ii) issue securities related to those offerings, (iii) issue common stock if the November 2025 Convertible Notes are converted, (iv) make cash payments on the November 2025 Convertible Notes and (v) confirm that the November 2025 Convertible Notes count as permitted indebtedness under the DOE Loan Facility.

Under the Second DOE Limited Consent Agreement, following the issuance of the November 2025 Convertible Notes, the Company must maintain adequate cash reserves to cover all interest payments due on both the May 2025 Convertible Notes and November 2025 Convertible Notes for a period of 18 months. This reserve will decrease as interest payments are made, but shall not be less than all interest payments on the May 2025 Convertible Notes and

the November 2025 Convertible Notes due within 12 months. Refer to Note 4, Cash, Cash Equivalents and Restricted Cash, for further information.

On June 29, 2026, the Company and the DOE entered into the third Limited Consent Agreement (the “Third DOE Limited Consent Agreement”) which, among other things, provided the DOE’s consent to (1) the offering of common stock by the Company, together with any increase thereto pursuant to customary offering mechanics, (2) the issuance of securities in connection with such offering, (3) the issuance of warrants, (4) the issuance of any common stock upon exercise of such warrants or the exercise of exchange rights, (5) the use of proceeds from the offerings towards the transactions regarding the establishment of the FPUSA Joint Venture, and (6) the Company’s entry into the documentation necessary to effect the foregoing.

On August 4, 2026, the Company entered into the Third Amendment to Loan Guarantee Agreement with the DOE (the "Third Amendment to DOE Loan Facility"). The Third Amendment to DOE Loan Facility provides for the following (i) permitting investments into FPUSA or its affiliates and entry into (a) above-referenced limited liability agreement of FPUSA, (b) above-referenced contribution agreement entered with FPUSA by the Company, (c) the purchase commitment and capacity reservation agreement by and between FPUSA and Company, (d) the FPUSA commercial framework guidelines by and between FPUSA and Company and (e) certain master supply agreements, purchase orders, long-term services agreements and/or related documentation and agreements, each in accordance with the revised DOE Loan Facility agreement, (ii) permitting certain indebtedness in connection with FPUSA, and (iii) other related conditions and requirements, including those related to know-your-customer checks and liens with respect to FPUSA.

The DOE Loan facility, as amended, contains a Minimum Liquidity financial covenant, (as defined in the DOE Loan facility). As of September 30, 2026, the Company was in compliance with the Minimum Liquidity financial covenant.

In addition, the DOE Loan Facility contains certain representations and warranties customary for the facilities extended under the DOE Loan Facility, including, among other things, representations and warranties regarding: (i) the organization and existence of the Company, (ii) authority and the absence of any conflicts, (iii) capitalization, (iv) solvency and (v) compliance with applicable law and the DOE Loan Program.

Maturity - The Maturity Date is defined as the earlier of (i) June 15, 2034, and (ii) the date that all the loans shall become due and payable in full, whether by acceleration or otherwise; provided that, if on any Springing Maturity Date any Convertible Notes remain outstanding, the Maturity Date shall instead be the Springing Maturity. The Springing Maturity Date is defined as the 91st day prior to the Convertible Note Maturity. As of September 30, 2026, the May 2025 Convertible Notes and November 2025 Convertible Notes, remain outstanding and are scheduled to mature on June 15, 2030 and December 1, 2031, respectively.

Segment Reporting

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

The Company’s chief operating decision-maker (“CODM”) is its Chief Executive Officer. Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the CODM in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance. As such, the Company has determined that it operates in one operating and one reportable segment.

The Company designs, develops, manufactures and markets innovative zinc-based energy storage solutions for utility-scale, microgrid and C&I applications. The Company operates and holds long-lived assets in a single geographical region, with the majority of its revenue coming from customers in the United States.

The CODM reviews financial information on a consolidated basis and uses Gross profit (loss) and Net income (loss) to assess financial performance considering budget-to-actual variances when making key decisions on how to allocate company resources.

The Company’s segment information is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Product revenue	$	12,984	$	30,209	$	82,431	$	54,191
Product revenue - related parties	68,447		—		123,481		—
Service revenue	1,300		303		2,557		2,014
Total revenue	82,731		30,512		208,469		56,205
Less:
Cost of goods sold	126,934		64,437		345,900		145,622
Gross profit (loss)	(44,203)		(33,925)		(137,431)		(89,417)
Less:
Research and development	10,910		6,925		32,134		20,963
Selling, general and administrative	23,819		19,786		72,414		66,269
Other segment items(a)	(203,975)		580,757		(600,195)		672,545
Net income (loss)	$	125,043	$	(641,393)	$	358,216	$	(849,194)

Additional segment financial information is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Segment assets	$	1,068,485	$	328,210	$	1,068,485	$	328,210
Depreciation and amortization	$	7,528	$	3,365	$	18,989	$	8,980
Interest income	$	2,930	$	1,161	$	9,371	$	2,826
Interest expense	$	12,989	$	5,167	$	37,203	$	19,416
Capital expenditures(b)	$	35,398	$	17,757	$	105,949	$	29,716

(b) Includes Intangible assets.

The following geographic area data includes net sales based on product shipment destination.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
United States	$	76,130	$	30,512	$	172,679	$	56,205
United Kingdom	—		—		28,887		—
Germany	6,601		—		6,903		—
Total	$	82,731	$	30,512	$	208,469	$	56,205

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share - Potentially Dilutive Shares (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Stock options, RSUs, PRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)	7,618,866	15,920,169	6,109,543	15,920,169
Public and private placement warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)	39,050,278	91,120,464	39,050,278	91,120,464
Convertible Notes (if converted)
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)	58,498,210	57,603,462	58,498,210	57,603,462
Series B Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)		116,311,460		116,311,460

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT - USD ($) $ in Thousands	Total	Common Stock	Additional Paid in capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balances (in shares) at Dec. 31, 2024		221,791,205
Beginning balances at Dec. 31, 2024	$ (1,070,463)	$ 23	$ 534,726	$ (43,496)	$ (1,561,716)
Increase (decrease) in stockholders' equity [Roll Forward]
Stock-based compensation	18,879		18,879
Exercise of warrants (in shares)		8,884,356
Exercise of warrants	53,446	$ 1	53,445
Exercise of stock options (in shares)		523,398
Exercise of stock options	758		758
Release of restricted stock units and performance-based restricted stock units (in shares)		12,430,564
Cancellation of shares used to settle payroll tax withholding (in shares)		(82,438)
Cancellation of shares used to settle payroll tax withholding	(488)		(488)
Issuance of common stock (in shares)		38,141,310
Issuance of common stock	183,170	$ 3	183,167
Remeasurement of Preferred Stock - related party	(632,483)		(632,483)
Foreign currency translation adjustment	18			18
Change in fair value of debt - credit risk - related party	(24,008)			(24,008)
Down round deemed dividend			4,456		(4,456)
Net income (loss)	(849,194)				(849,194)
Ending balances (in shares) at Sep. 30, 2025		281,688,395
Ending balances at Sep. 30, 2025	(2,320,365)	$ 27	162,460	(67,486)	(2,415,366)
Beginning balances (in shares) at Jun. 30, 2025		256,476,521
Beginning balances at Jun. 30, 2025	(1,102,967)	$ 25	720,680	(49,699)	(1,773,973)
Increase (decrease) in stockholders' equity [Roll Forward]
Stock-based compensation	4,768		4,768
Exercise of warrants (in shares)		3,991,254
Exercise of warrants	25,212		25,212
Exercise of stock options (in shares)		325,000
Exercise of stock options	439		439
Release of restricted stock units and performance-based restricted stock units (in shares)		4,316,810
Cancellation of shares used to settle payroll tax withholding	0
Issuance of common stock (in shares)		16,578,810
Issuance of common stock	102,457	$ 2	102,455
Remeasurement of Preferred Stock - related party	(691,094)		(691,094)
Foreign currency translation adjustment	(3)			(3)
Change in fair value of debt - credit risk - related party	(17,784)			(17,784)
Net income (loss)	(641,393)				(641,393)
Ending balances (in shares) at Sep. 30, 2025		281,688,395
Ending balances at Sep. 30, 2025	$ (2,320,365)	$ 27	162,460	(67,486)	(2,415,366)
Beginning balances (in shares) at Dec. 31, 2025	337,132,374	337,132,374
Beginning balances at Dec. 31, 2025	$ (2,238,862)	$ 32	427,722	(130,797)	(2,535,819)
Increase (decrease) in stockholders' equity [Roll Forward]
Stock-based compensation	19,041		19,041
Exercise of warrants (in shares)		2,050,000
Exercise of warrants	35,031		35,031
Exercise of stock options (in shares)		213,761
Exercise of stock options	74		74
Release of restricted stock units and performance-based restricted stock units (in shares)		6,207,459
Cancellation of shares used to settle payroll tax withholding (in shares)		(414,224)
Cancellation of shares used to settle payroll tax withholding	(2,001)		(2,001)
Issuance of common stock and warrants (in shares)		20,568,852
Issuance of common stock and warrants	113,662	$ 2	113,660
Remeasurement of Preferred Stock - related party	897,796		897,796
Foreign currency translation adjustment	(14)			(14)
Change in fair value of debt - credit risk - related party	54,517			54,517
Reclassification of Contingently Issuable securities to equity	21,496		21,496
Issuance of rights	0		2,264		(2,264)
Down round deemed dividend			13,802		(13,802)
Reclassification of November 2025 Convertible Note embedded derivative	133,231		133,231
HBC & CCM Warrants, net of tax	147,801		147,801
Net income (loss)	$ 358,216				358,216
Ending balances (in shares) at Sep. 30, 2026	365,758,222	365,758,222
Ending balances at Sep. 30, 2026	$ (460,012)	$ 34	1,809,917	(76,294)	(2,193,669)
Beginning balances (in shares) at Jun. 30, 2026		340,592,001
Beginning balances at Jun. 30, 2026	(1,030,784)	$ 32	1,406,730	(134,900)	(2,302,646)
Increase (decrease) in stockholders' equity [Roll Forward]
Stock-based compensation	6,910		6,910
Release of restricted stock units and performance-based restricted stock units (in shares)		4,877,768
Cancellation of shares used to settle payroll tax withholding (in shares)		(280,399)
Cancellation of shares used to settle payroll tax withholding	(1,188)		(1,188)
Issuance of common stock and warrants (in shares)		20,568,852
Issuance of common stock and warrants	113,662	$ 2	113,660
Remeasurement of Preferred Stock - related party	249,476		249,476
Foreign currency translation adjustment	(1)			(1)
Change in fair value of debt - credit risk - related party	58,607			58,607
Reclassification of Contingently Issuable securities to equity	21,496		21,496
Issuance of rights	0		2,264		(2,264)
Down round deemed dividend			13,802		(13,802)
HBC & CCM Warrants, net of tax	(3,233)		(3,233)
Net income (loss)	$ 125,043				125,043
Ending balances (in shares) at Sep. 30, 2026	365,758,222	365,758,222
Ending balances at Sep. 30, 2026	$ (460,012)	$ 34	$ 1,809,917	$ (76,294)	$ (2,193,669)

Fair Value Measurement - Schedule of Assumptions Used to Determine Fair Value of Warrants (Details)	Sep. 30, 2026 $ / shares	Dec. 31, 2025 $ / shares
Time to expiration \| April 2023 warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Time to expiration	2 years 14 days	2 years 9 months 14 days
Time to expiration \| May 2023 warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Time to expiration	1 year 9 months 14 days	2 years 6 months 14 days
Time to expiration \| December 2023 warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Time to expiration	2 years 2 months 15 days	2 years 11 months 15 days
Common stock price \| April 2023 warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants and rights outstanding, measurement input (per unit)	3.07	11.46
Common stock price \| May 2023 warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants and rights outstanding, measurement input (per unit)	3.07	11.46
Common stock price \| December 2023 warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants and rights outstanding, measurement input (per unit)	3.07	11.46
Risk-free interest rate \| April 2023 warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants and rights outstanding, measurement input (per unit)	0.048	0.035
Risk-free interest rate \| May 2023 warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants and rights outstanding, measurement input (per unit)	0.048	0.035
Risk-free interest rate \| December 2023 warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants and rights outstanding, measurement input (per unit)	0.048	0.035
Volatility \| April 2023 warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants and rights outstanding, measurement input (per unit)	1.100	1.050
Volatility \| May 2023 warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants and rights outstanding, measurement input (per unit)	1.100	1.050
Volatility \| December 2023 warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants and rights outstanding, measurement input (per unit)	1.100	1.050

Fair Value Measurement - Estimated Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying Value	$ 655,757	$ 813,266
Carrying Value	1,010,293	2,024,381
May 2025 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying Value	48,322	48,044
November 2025 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying Value	326,789	530,096
Equipment financing facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying Value	0	372
Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying Value	463,746	1,361,542
DOE Loan Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying Value	171,436	84,327
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	996,303	2,097,255
Level 3 \| May 2025 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	50,775	123,000
Level 3 \| November 2025 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	298,238	586,237
Level 3 \| Equipment financing facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	0	375
Level 3 \| Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	467,570	1,292,216
Level 3 \| DOE Loan Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	$ 179,720	$ 95,427

Cash, Cash Equivalents and Restricted Cash (Tables)

9 Months Ended

Sep. 30, 2026

Cash and Cash Equivalents [Abstract]

Schedule of Cash, Cash Equivalent


	September 30, 2026		September 30, 2025
Cash and cash equivalents	$	271,162	$	58,733
Restricted cash - current	57,923		36,946
Long-term restricted cash	15,000		31,120
Total cash, cash equivalents and restricted cash	$	344,085	$	126,799

Schedule of Cash, Restricted Cash


	September 30, 2026		September 30, 2025
Cash and cash equivalents	$	271,162	$	58,733
Restricted cash - current	57,923		36,946
Long-term restricted cash	15,000		31,120
Total cash, cash equivalents and restricted cash	$	344,085	$	126,799

Borrowings - Equipment Financing Facility (Details) - Line of Credit - Equipment financing facility - USD ($) $ in Thousands	1 Months Ended		13 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2026
Debt Instrument
Gross Amount of Initial Draw	$ 4,216	$ 7,000	$ 11,216
Coupon Interest Rate	16.20%	14.30%	16.20%	16.20%
Debt Issuance Costs	$ 96	$ 175	$ 96
Debt Issuance Costs	$ 271		$ 271

- Definition

Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-6

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Property, Plant and Equipment, Net - Components of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment
Property, plant and equipment, gross	$ 243,476	$ 149,403
Less: Accumulated depreciation	(52,961)	(34,988)
Total property, plant and equipment, net	190,515	114,415
Equipment
Property, Plant, and Equipment
Property, plant and equipment, gross	$ 172,977	79,272
Equipment \| Minimum
Property, Plant, and Equipment
Estimated Useful lives	5 years
Equipment \| Maximum
Property, Plant, and Equipment
Estimated Useful lives	10 years
Furniture
Property, Plant, and Equipment
Property, plant and equipment, gross	$ 4,170	3,149
Furniture \| Minimum
Property, Plant, and Equipment
Estimated Useful lives	5 years
Furniture \| Maximum
Property, Plant, and Equipment
Estimated Useful lives	10 years
Leasehold improvements
Property, Plant, and Equipment
Property, plant and equipment, gross	$ 14,846	14,146
Tooling
Property, Plant, and Equipment
Property, plant and equipment, gross	$ 18,988	16,192
Tooling \| Minimum
Property, Plant, and Equipment
Estimated Useful lives	2 years
Tooling \| Maximum
Property, Plant, and Equipment
Estimated Useful lives	3 years
Construction in progress (“CIP”)
Property, Plant, and Equipment
Property, plant and equipment, gross	$ 32,495	$ 36,644

Borrowings - Narrative (Details)										3 Months Ended			9 Months Ended
Borrowings - Narrative (Details)	Jun. 03, 2026 USD ($) shares	Nov. 24, 2025 USD ($) tradingDay $ / shares	Nov. 18, 2025	Jul. 29, 2025	Jun. 13, 2025 USD ($)	Jun. 03, 2025 USD ($) tradingDay $ / shares	May 28, 2025 USD ($)	Nov. 26, 2024 USD ($) tranche	Jun. 21, 2024 USD ($)	Sep. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Sep. 30, 2025 USD ($) shares	Sep. 30, 2026 USD ($) $ / shares shares	Sep. 30, 2025 USD ($)	Jun. 02, 2026 shares	May 31, 2025	Apr. 16, 2025 USD ($)	Jan. 31, 2023 USD ($) $ / shares	Sep. 30, 2021 USD ($)	Jul. 06, 2021 USD ($)
Debt Instrument
Cash paid for interest													$ 7,147,000	$ 166,000
Loss on debt extinguishment										$ 0		$ 3,589,000	$ 0	52,652,000
Common stock, par value (in dollars per share) \| $ / shares										$ 0.0001	$ 0.0001		$ 0.0001
Long-term debt, current										$ 0	$ 372,000		$ 0
Common stock, shares authorized (in shares) \| shares	800,000,000									800,000,000	800,000,000		800,000,000		600,000,000
Adjustments to additional paid in capital, fair value	$ 133,231,000
Convertible Notes
Debt Instrument
Debt instrument, covenant, interest expense reserve required, period			18 months
Delayed Draw Term Loan
Debt Instrument
Repayments of long-term debt							$ 47,619,000
Fair value of loans							2,381,000
November 2025 Convertible Note \| Convertible Notes
Debt Instrument
Principal amount						$ 122,868,000
Cash paid for interest						3,072,000
Repayments of long-term debt						131,000,000
Debt instrument, premium repayment contingency						5,000,000
Proceeds from repayment of debt premium					$ 5,000,000
Loss on debt extinguishment														10,688,000
Non-cash interest expense - related parties										$ 0		$ 0	$ 0	6,613,000
November 2025 Convertible Note \| Convertible Notes \| Related Party
Debt Instrument
Principal amount																				$ 100,000,000
AFG Convertible Notes \| Convertible Notes
Debt Instrument
Loss on debt extinguishment														3,589,000
Stated interest rate (as a percent)				7.00%
Interest rate during period (as a percent)				7.00%
Common stock, par value (in dollars per share) \| $ / shares																		$ 0.0001
Conversion price per unit (in dollars per share) \| $ / shares																		$ 1.67
AFG Convertible Notes \| Convertible Notes \| Common Stock
Debt Instrument
Conversion rate (as a percent)												59.88024%
Shares issued on conversion (in shares) \| shares											2,863,291	16,578,810
AFG Convertible Notes \| Convertible Notes \| Related Party
Debt Instrument
Principal amount																		$ 13,750,000
Non-cash interest expense - related parties										$ 0			$ 0	2,838,000
AFG Convertible Notes \| Convertible Notes \| Related Party \| Period One
Debt Instrument
Stated interest rate (as a percent)																		26.50%
Delayed Draw Term Loan \| Secured Debt
Debt Instrument
Principal amount									$ 210,500,000
Delayed Draw Term Loan \| Secured Debt
Debt Instrument
Stated interest rate (as a percent)										7.00%			7.00%
Percentage of original issue discount (as a percent)									5.00%
Percentage of additional debt instrument, interest rate (as a percent)													5.00%
Delayed Draw Term Loan \| Senior Notes
Debt Instrument
Proceeds from issuance of senior long-term debt									$ 198,800,000
Delayed Draw Term Loan \| Line of Credit \| Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity									105,000,000
Delayed Draw Term Loan (DDTL) \| Secured Debt
Debt Instrument
Debt instrument, writ or warrant excess amount									$ 2,500,000
Modification of the DDTL
Debt Instrument
Loss on debt extinguishment							(38,375,000)							16,245,000
Extinguishment of debt amount							$ 50,000,000
Equipment financing facility
Debt Instrument
Long-term line of credit										$ 0	$ 372,000		$ 0
Long-term debt, current										0	372,000		0
Non-cash interest expense - related parties										$ 0		$ 39,000	$ 52,000	177,000
Equipment financing facility \| Line of Credit
Debt Instrument
Maximum borrowing capacity																			$ 25,000,000
May 2025 Convertible Notes \| Convertible Notes
Debt Instrument
Principal amount						$ 225,000,000
Stated interest rate (as a percent)																6.75%
Conversion price per unit (in dollars per share) \| $ / shares						$ 5.10				$ 5.06			$ 5.06
Non-cash interest expense - related parties										$ 948,000		4,766,000	$ 2,808,000	6,114,000
Debt instrument, option payment amounts						$ 25,000,000
Threshold percentage of stock price trigger (as a percent)						130.00%
Threshold consecutive trading days \| tradingDay						20
Trading days \| tradingDay						30
Sale price of common stock period		10 days				10 days
Sale price of common stock (as a percent)		98.00%				98.00%
Debt instrument convertible trading price condition conversion window business days \| tradingDay		5				5
Excess stock price threshold (as a percent)						130.00%
Aggregate principal amount						$ 75,000,000
Interest payable										$ 984,000	141,000		$ 984,000
May 2025 Convertible Notes \| Convertible Notes \| Period One
Debt Instrument
Debt instrument initial purchaser option period \| tradingDay						13
May 2025 Convertible Notes \| Convertible Notes \| Period Two
Debt Instrument
Debt instrument initial purchaser option period \| tradingDay		2				2
November 2025 Convertible Notes \| Convertible Notes
Debt Instrument
Principal amount		$ 525,000,000
Stated interest rate (as a percent)		1.75%
Conversion price per unit (in dollars per share) \| $ / shares		$ 16.29								$ 16.16			$ 16.16
Non-cash interest expense - related parties										$ 11,519,000			$ 33,288,000
Debt instrument initial purchaser option period \| tradingDay		13
Debt instrument, option payment amounts		$ 75,000
Threshold consecutive trading days \| tradingDay		20
Trading days \| tradingDay		30
Excess stock price threshold (as a percent)		130.00%
Aggregate principal amount		$ 75,000,000
Interest payable										3,471,000	$ 1,050,000		3,471,000
DOE Loan Facility \| DOE Loan Facility Tranche 1
Debt Instrument
Maximum borrowing capacity																	$ 90,945,000
DOE Loan Facility \| DOE Loan Facility Tranche 2
Debt Instrument
Maximum borrowing capacity																	106,733,000
DOE Loan Facility \| DOE Loan Facility Tranche 3
Debt Instrument
Maximum borrowing capacity																	67,529,000
DOE Loan Facility \| DOE Loan Facility Tranche 4
Debt Instrument
Maximum borrowing capacity																	$ 12,290,000
DOE Loan Facility \| Line of Credit
Debt Instrument
Maximum borrowing capacity								$ 277,497,000
Non-cash interest expense - related parties										$ 2,003,000		$ 1,505,000	$ 5,283,000	$ 4,340,000
Line of credit facility, maximum capitalized interest								$ 25,953,000
Eligible project costs, percentage (as a percent)								80.00%
Funding cost of debt, percentage (as a percent)								20.00%
Debt instrument, variable interest rate, type flag								US Treasury (UST) Interest Rate [Member]
Variable rate spread (as a percent)								0.375%
Debt instrument, covenant, interest expense reserve required, period							24 months
DOE Loan Facility \| Line of Credit \| Minimum
Debt Instrument
Debt instrument, number of tranches \| tranche								2
DOE Loan Facility \| Line of Credit \| Maximum
Debt Instrument
Debt instrument, number of tranches \| tranche								4

Stock-Based Compensation - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2026	Jun. 30, 2025	Sep. 30, 2024	Sep. 30, 2026
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized stock compensation expense	$ 41,203			$ 41,203
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition				2 years 2 months 12 days
Restricted stock units \| Employee
Share-based Compensation Arrangement by Share-based Payment Award
Vesting term				3 years
Restricted stock units \| Director
Share-based Compensation Arrangement by Share-based Payment Award
Vesting term				1 year
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Vesting term				2 years 4 months 24 days
Unrecognized stock compensation expense	$ 10,181			$ 10,181
Performance-based restricted stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Grant date term		1 year	2 years
Performance-based restricted stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Grant date term	3 years	3 years	3 years
2026 TSR Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation arrangement by share-based payment award, award requisite service period	1 year
2026 TSR Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation arrangement by share-based payment award, award requisite service period	3 years
TSR Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting of award based on performance achieved (as a percent)			0.00%
TSR Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting of award based on performance achieved (as a percent)			200.00%

Segment Reporting - Net Sales (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Reporting [Line Items]
Revenue	$ 82,731	$ 30,512	$ 208,469	$ 56,205
United States
Segment Reporting [Line Items]
Revenue	76,130	30,512	172,679	56,205
United Kingdom
Segment Reporting [Line Items]
Revenue	0	0	28,887	0
Germany
Segment Reporting [Line Items]
Revenue	$ 6,601	$ 0	$ 6,903	$ 0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
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+ Details

Segment Reporting - Schedule of Disaggregated Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Reporting [Line Items]
Total revenue	$ 82,731	$ 30,512	$ 208,469	$ 56,205
Less:
Cost of goods sold	126,934	64,437	345,900	145,622
Gross profit (loss)	(44,203)	(33,925)	(137,431)	(89,417)
Research and development	10,910	6,925	32,134	20,963
Net income (loss) attributable to shareholders	125,043	(641,393)	358,216	(849,194)
Nonrelated Party
Segment Reporting [Line Items]
Total revenue	14,284	30,512	84,988	56,205
Related Party
Segment Reporting [Line Items]
Total revenue	68,447	0	123,481	0
Product revenue \| Nonrelated Party
Segment Reporting [Line Items]
Total revenue	12,984	30,209	82,431	54,191
Product revenue \| Related Party
Segment Reporting [Line Items]
Total revenue	68,447	0	123,481	0
Service revenue
Segment Reporting [Line Items]
Total revenue	1,300	303	2,557	2,014
Reportable Segment
Segment Reporting [Line Items]
Total revenue	82,731	30,512	208,469	56,205
Less:
Cost of goods sold	126,934	64,437	345,900	145,622
Gross profit (loss)	(44,203)	(33,925)	(137,431)	(89,417)
Research and development	10,910	6,925	32,134	20,963
Selling, general and administrative	23,819	19,786	72,414	66,269
Other segment items	(203,975)	580,757	(600,195)	672,545
Net income (loss) attributable to shareholders	125,043	$ (641,393)	358,216	(849,194)
Reportable Segment \| Product revenue \| Nonrelated Party
Segment Reporting [Line Items]
Total revenue	12,984		82,431	54,191
Reportable Segment \| Product revenue \| Related Party
Segment Reporting [Line Items]
Total revenue	68,447		123,481	0
Reportable Segment \| Service revenue
Segment Reporting [Line Items]
Total revenue	$ 1,300		$ 2,557	$ 2,014

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In February 2026, the U.S. Supreme Court issued a ruling invalidating certain tariffs previously imposed under the International Emergency Economic Powers Act (“IEEPA”). On March 4, 2026 the U.S. Court of International Trade directed the U.S. Customs and Border Protection (“CBP”) to refund amounts previously collected, including applicable interest. CBP developed and implemented a process to facilitate refunds through the Consolidated Administration and Processing of Entries (“CAPE”) functionality within its Automated Commercial Environment system (“ACE”), with the first phase of the process becoming available on April 20, 2026. As of September 30, 2026, the Company has received all refunds related to tariffs previously paid under IEEPA, including applicable interest, and there are no remaining IEEPA-related refund claims pending review by CBP. Legal Proceedings Securities Class Action On March 6, 2026, a class action lawsuit (the “Yung Complaint”) was filed in the United States District Court for the District of New Jersey by plaintiff Shui Shing Yung (“Plaintiff”) against the Company and two individual officers: the Company’s Chief Executive Officer and its then-acting Chief Financial Officer (with the Company, the “Yung Defendants”). The Yung Complaint alleges that the Yung Defendants violated federal securities laws by making knowingly false or misleading statements about the Company’s manufacturing capabilities and financial outlook. The Yung Complaint seeks compensatory damages for Plaintiff and the other members of the putative class, including interest thereon and attorney’s fees. Several alleged stockholders have filed motions seeking appointment by the Court as lead plaintiff; those motions are pending. The Company intends to vigorously contest this matter. Shareholder Derivative Action On March 13, 2026, a shareholder derivative lawsuit (the “Berger Complaint”) was filed in the United States District Court for the District of New Jersey by plaintiff Paul Berger against certain defendants including the Company’s Chief Executive Officer, the Company’s then-acting Chief Financial Officer, and nine of the Company’s then-current Directors (the “Berger Defendants”). The Berger Complaint alleges that the Berger Defendants breached their fiduciary duties to the Company by allowing the Company to make knowingly false or misleading statements about the Company’s manufacturing capabilities and financial outlook. The Berger Complaint seeks declaratory relief, unspecified corporate governance reforms, and compensatory damages, including interest thereon and attorney’s fees. On March 25, 2026, a shareholder derivative lawsuit (the “Skaff Complaint”) was filed in the United States District Court for the District of New Jersey by plaintiff Ronald F. Skaff against certain defendants including the Company’s Chief Executive Officer, the Company’s then-acting Chief Financial Officer, and nine of the Company’s then- current Directors (the “Skaff Defendants”). The Skaff Complaint alleges that the Skaff Defendants breached their fiduciary duties to the Company by allowing the Company to make knowingly false or misleading statements about the Company’s manufacturing capabilities and financial outlook. The Skaff Complaint seeks declaratory relief, unspecified corporate governance reforms, and compensatory damages, including interest thereon and attorney’s fees. On May 13, 2026, the Berger Complaint and the Skaff Complaint were consolidated into a single action (the “Consolidated Derivative Action”). The Consolidated Derivative Action was then stayed pending resolution of the Yung Complaint, including appeals therefrom. The Company intends to vigorously contest this matter.