As some of you may have noticed I’ve come out of my slumber to address the nonsensical fud with data on $EOSE. Next topic is the REVENUE PIPELINE TLDR EOS shines at 8 hours where Lithium does better on 4. There is a use for both. Read on. I've finished going through the pipeline deal by deal. The bottom line: there are enough firm orders in dollars to cover Q4, but Q4 and most of 2027 rest on Cerberus-controlled buyers whose projects aren't financed yet. Here's each piece. **1. Frontier Power USA: the largest piece, about half of backlog** - **Structure:** a capacity reservation agreement for 2 GWh with a deposit (verified, 10-Q). Cerberus picks 4 of the 7 managers, runs it day to day, and gets paid back first in a liquidation (verified). - **Funding:** it raised $263M of equity. Eos put in about $113M (43%), Cerberus $100M, and Hudson Bay $50M. So Eos is partly funding its own biggest customer. The roughly $114M of Q3 customer-deposit inflows likely includes some of Eos's own money coming back. That's my inference, not proven. - **Blanquilla, Texas:** 200 MW / 800 MWh, 4-hour duration, with a $100M first-phase order. The buyer for its power is still "in final negotiations," and the debt is only an engagement with KKR Capital Markets so far (company claim). The first Frontier project isn't due to start operating until Q3 2027. - **Stella portfolio:** a 920 MWh portfolio converted in July. It's unconfirmed whether the remaining three projects (Aransas Pass, Nash, Wallis) and Wildfire closed in Q3. - **Pricing:** every Frontier project is 4-hour, which is where lithium is strongest. None went through a competitive tender, so Eos's price has never been tested in the market. **2. Frontier Power UK: also a Cerberus venture (new finding)** - Its own June 26 release calls it a joint venture with Cerberus affiliates. That covers the 228 MWh order, a 5 GWh framework, and 11 GWh of UK bids. My earlier notes treated it as independent, and I've corrected that. - Ofgem, the UK energy regulator, expects at least one Frontier project to win under its long-duration storage support scheme, with a final decision pending. - Frontier also lists vanadium flow batteries in some of its bids, so Eos faces competition even inside its own partner. - One oddity: the 228 MWh order has produced only $28.9M of UK revenue, about $127 per kWh. Either part of it hasn't shipped, or the price was low. **3. Redbird / Bridgelink: about $95M, counted toward Q4** - This is the old Bridgelink agreement, which reached 1 GWh in 2022, now redeveloped through Bimergen. - About 500–600 MWh is still unaccounted for. That's still the best explanation for the $125M-plus Q4'25 backlog write-down, but it's unproven. **4. MN8 / Google / Mammoth Solar, West Virginia: real, but 2030** - Eos's piece is 10 MW / 100 MWh of 10-hour storage. Lithium won the larger 280 MWh slot on the same project. - It's credible because Google is involved, but it adds almost nothing before 2030. **5. Talen: soft, and has a governance link** - Talen has more than 3 GWh of storage projects in PJM's grid-connection queue, per the CEO on the Q1 call. There's still no purchase order. - Eos's chair sits on Talen's board (verified). **6. NYSERDA (New York): bids, not orders** - Eos is the named supplier in two New York State bids: Brooklyn Navy Yard (300 MW / 8 hours) and a Con Edison project in New York City. - There are no awards yet. **7. Smaller or soft items** - **Golden Dome:** a "multi-million" prototype at an unnamed site, with no disclosed value. - **Puerto Rico:** still only a memorandum of understanding after 17 months. - **Soft frameworks:** CAPAC (Germany, Austria and Switzerland), TURBINE-X, and an expansion with an unnamed Southeast utility are all soft. - **Indensity:** a product line, not a deal. Its revenue looks to have slipped. - **Not customer deals:** I found no Eos deal at all with Naturgy. Unico is a supplier. Duke and SDG&E were customers only of the older product.