$EOSE Roadmap to $40+ – Redbird Unlocked, Catalysts Loading! Ultra-bull PT $40+ in sight. News drought shattered TODAY: Bimergen advances Redbird to Ready to Build (RTB) stage with JDA approval + Eos Z3 selection (permitting & interconnection cleared, financing next). Milestones I believe drive us there: ☑️ Bimergen gets JDA approval & permit advancement for the 400 MWh Redbird project (announced TODAY – Eos Z3 selected, milestone‑based capital now flowing!) ⬜ Bimergen publicly places a firm order for the Redbird project ⬜ Q4 earnings — Q4 revenue ~$95mm ⬜ Backlog exceeds $1B ⬜ 2026 guidance $500mm–$750mm ⬜ Frontier makes it through the next gate (early spring) with all 11 GWh intact ⬜ The 2.4 GWh NYC Navy Pier project is announced ⬜ NextEra announces they are going to use a significant amount of $EOSE BESS starting immediately ⬜ IEP announces the Robena Data Center project has achieved FID (tenants + full funding secured) ⬜ A large Z3 Indensity order is announced ⬜ Q1 earnings (early May) — ~$125mm for Q1 ⬜ Line 2 imminent SAT at Marshall ⬜ Line 3 announcedUltra-bull PT $40+ in sight. ⬜ Backlog exceeds $3B Redbird box checked — next one incoming? $EOSE to $40+ feels inevitable if these hit. #EOSE #BESS #ZincBattery #EnergyStorage

$eose A 1.2MWh battery? If that is 1 cube, that is above the 0.8MWh I have been using, but this is a 10 hr duration application. And the longer the duration the higher the MWh for Z3 cubes. On the other hand, if that is for both cubes combined it is a disappointment.

$eose Turtle Creek Cube Assembly can obviously produce $82mm of cubes. But $92mm of Q4 revenue is needed to hit guidance. 3 options: - increase Cube Assembly capacity (would they do this so late in the life of Cubes?) - start shipping Indensity Cores (I hope so and it was the guidance in February) - commission the City Utilities projects and book the final $10mm of revenue ==== Getting above $300mm likely depends on some Indensity Core revenue in Q4.

$eose why I don't trust the October shipments. In the attached Speedline and JH Logistics are new to us shipping companies. 12 containers combined shipped by them in October (to date). Every container has a different number of packages. That sounds like test loadings to me. Hopefully most of it passed QC upon receipt, but it would not surprise me if half of those 12 containers were rejected as the felt being damaged, or at least some of the packages being rejected. I don't know how to track this in the delivered felt charts I do. The same will be true for Phil and Scott O.

$EOSE felt I continue to take October with a huge grain of salt. But, the numbers are the numbers. Look at the Oct bar in particular. It is leaving all other months in the dust!

$eose Now that we have the JNTG financial info, we know 1.2 billion Korean KWR of felt was rejected in 2025 and/or late 2024. Putting that together with the Eos statement that they had a major supplier compliance issue in Q4 2025, my belief is Eos received non-compliant felt prior to Q4 2025, but detected it only when they went to use it. Further, Eos would have demanded replacement felt, but that would not have arrived until Q1 2026. 1.2 billion KWR is about 50 tonnes worth of felt. I have updated my quarterly chart to show 50 tonnes of the felt delivered in Q1 was replacement felt. To me, this chart looks more expected. Q1 purchased is much closer to the Q1 consumed amount. And the "excess felt" purchased in Q2 shrank slightly compared to Q1. I don't know about anyone else, but this chart adds a little more color in my opinion:

$eose I have often wondered how long from order to delivery. @SpearfishingCap can you tell if that is 90 days from order to departing the JNTG factory, or 90 days from order to arrival at the Pittsburgh factory. Considering you have to allow 45 days just for transportation from factory to factory, my assumption would be it is 90 days from order to departing the JNTG factory. Add 45 days for transportation and it is 4 1/2 months from order to arrival. Thus a very meaningful lag.

$eose consuming all of America's titanium? I sure as hell don't want to hear about a titanium shortage! Fyi: each Eos Z3 uses 2 roughly 12" x 15" sheets of titanium and they are over a 2 million Z3s/yr run rate currently. That's over 4 million sheets of titanium a year. Presumably that is a small percentage of US titanium production? ==== Grok tells me that if Eos is buying 0.5mm thick sheet from a US manufacturer that in turn imports titanium sponge as a raw material, then they are consuming 1-2% of US Titanium production. Call me shocked it is that high and Eos is still early in their ramp!