John Ryan

🔋 $EOSE 🔋 Contrary to the headlines, new power generation isn't the problem, grid distribution is at 80% of total cost! Jigar Shah says the fastest way to lower bills & solve the demand crisis is NOT more new power plants, but mass deployment of BATTERIES & Virtual Power Plants (VPPs). 🔋 • US transmission is only at 55% utilization. • At any given time there is ~1TW of available excess capacity. • Power generation costs are down 25% adjusted for inflation since 2010. youtu.be/B3gTkx2zywc

Does Nate's job along with the sales and project development teams become better home roomed as employees inside Frontier Power? If yes, would this transfer those $EOSE costs onto the books of Frontier? ~20-30 heads removing $ 10-20M of annual SG&A = achieving faster EBITDA+ and reduced cash burn OpEx. Is that the hack? Frontier layers its own cost/fee as the prime providing a value add service to customers absorbing the costs. Cc: @xEBITDA @Cluster_6

$EOSE Frontier Power USA is live. The team is working hard in the new Nova Place headquarters building in north Pittsburgh. "Now we build."

$EOSE Latest Q1 2026 13F's institutional filings are a good indicator of sentiment following the Q4 2025 nuke by management. The reporting deadline was yesterday (May 15). Rubrik Capital bailed (6.5M shares) but the majors remain net buyers. Quant funds jumped in to take advantage of mean reversion.

@0marginalreturn @nav7634 Agreed. It is PowerPoint PR fluff until measured as a bookings ramp to profitable production. Still setting the table for a meal and the guests are ravenous.

@nav7634 Agreed. And yet we have heard it all before. I sincerely hope this isn’t just another nothingburger.

@Rsulli6300 @JordanSolace My understanding is Ariel is underwriting the technical performance and Lloyd's is the financial backer holding the risk. Was Lloyd's not involved until this announcement?

@beaglebrigade @JordanSolace If $eose gets London to underwrite performance of its batteries kit removes the risk from the customer’s decision

$EOSE Q1 quick reflection… Everyone wants to know where the order is…   Wrong question. Reframe. Eos just solved the reason big orders weren't converting in the first place.   The #1 barrier to LDES isn't technology. It isn't demand.   It's one question nobody could answer:   What happens to our loan if the batt stops working in year 8?   Before yesterday ..nobody could answer it.   So the loan didn't happen. Project didn't get built. Pipeline didn't convert.   To understand why Frontier Power USA is vital.. you need to understand how these projects get financed.   Think about this Illustration…   Frontier builds a $50M battery storage project. Puts in $15M of their own equity. Borrows $35M from an infra fund or pension. Utility pays $12M a yr for 15 yrs That contracted revenue pays back the loan.   The lender gets paid from the cash flows. Not from Eos's balance sheet.   Infra funds and pensions WANT to lend against contracted infrastructure cash flows. 🔑   Here's why:   They need steady predictable returns over 15-20 years to match their long-term obligations to retirees.   A 5.5%+ locked in return secured against a real physical asset with investment-grade offtakers (THE PROJECT) is exactly what they need.   They have billions ready to deploy.   They just needed one thing answered first.   What if the batteries fail in year 8?   If batteries fail .. revenue drops.. loan can't be repaid … lender loses money.   Banks don't lend against questions they can't answer.   This single unanswerable question has kept billions of infra capital on the sidelines.   Enter the room Ariel Green   Lloyd's of London. Rated AA- $1.5B framework… 15 yr NON-CANCELLABLE coverage..Sized at the project level.   Their job is simple:   If Z3 batteries underperform in year 8.. the Ariel Green insurance structure is designed to preserve project cash flows for the lender 🔑 Watch what just happened.   Before TPI: Lender asks: What if batteries fail in year 8? Answer- We don't know Result- No loan. Project dies.   After TPI: Lender asks: What if batteries fail in year 8? Answer: Lloyd's of London can pay the claim Result: Investment grade loan. Project gets built.   One substitution. Dynamic changes.   This is NOT a performance bond.   Performance bonds cover the project getting built…   They expire at completion. The TPI covers something completely different:   Will the batteries keep working for 15yrs   That's the question that killed LDES project finance. That's the question Ariel Green is addressing   Now let's talk about the capital stack   200 MWh Z3 system. $50M total cost   Layer 1 Equity: $15M Frontier Power USA (Cerberus + Eos) Layer 2. TPI wrap: $1.5B framework -Ariel Green / Lloyd's AA- Layer 3- Senior debt: $35M - Infrastructure fund at 5.5%   Every layer serves a purpose. Every layer is now filled.   Here's how the cash flows every single year:   Utility pays: $12M Operating costs: -$4M (includes Ariel Green premium + Eos O&M) Debt service to infra fund: -$3.4M Infra fund gets their 5.5% locked in. Every year. For 15 years.   What's left for equity: 3-4M With a small buffer probably between the infra fund and equity (escrow) but think bigger picture.   On $15M invested.   The power of leverage is unlocked by the TPI   And here's what happens if the batteries DO underperform in year 8:   Revenue drops $3M below projection.   Frontier files a claim with Ariel Green. Ariel Green pays $3M or xyz$ Revenue restored to $12M   The infra fund is not getting *as* impacted by the underperformance. That's insurance backed credit. That's why lenders will now show up for LDES. Why did ariel green write this? DawnOS The st. Dev around RTE = insuranble risk

Good call. I failed to recall that release Jan 16, 2025. investors.eose.com/news-releases/… "To accelerate opportunity pipeline conversion into orders backlog, Eos successfully launched a comprehensive insurance program with Ariel Green, a division of Ariel Re, to enhance the Company’s technology bankability. These products include investment tax credit (ITC) and ITC claw back protections, along with contractual warranty and performance guarantee backstop coverage. These customer-focused solutions, combined with extensive third-party validations and a stronger Company balance sheet, provide enhanced risk mitigation and greater operational and economic certainty."

@beaglebrigade @JordanSolace EOS already have a tie up with Ariel Green but the Frontier Power takes it to the next level by including permitting, financing, insurance, deployment and maintenance.

@JordanSolace Here is where Nathan signaled they $EOSE looking for an insurance underwriter... Q3 2024

@JordanSolace Not the first time Eos talked about about offering insurance products though right? 👇 Q4 2024 ITC Bridge Insurance.

@AlPutino @ 13m 25s “I hope I’m not spoiling but we’re about to install a system in Europe where this going to be close to residential housing” Are these the Frontier demonstrator units?

$eose youtu.be/wZCC9rfZHTI?si…

Line 1 is a loss generator for $EOSE that is only good for putting Z3 product in the field to generate field data we need to see the results of. Line 2 tells us if this company can make a profit which we won’t know until the Q3 earnings call at the end of this year.

$EOSE - Joe has no ability to forecast Q Call revenues. Sooooo - I am going with my own gut feeling. I have grown accustomed to disappointment on the last few calls - since ContainerGate. This time feels different. 🙏. A new COO (Mahaz) and new CFO will want to come out with a solid BEAT …. I say - this time is different - we hit $75 million for Q1. That is a $300 million yearly revenue rate. That is conservative according to estimates. That should be very doable by now for Line One. And they should start beating estimates for the next few quarters. Joe - it’s time to unleash the Beast. Unless there is something we don’t know…. ? @PoweredByEos we need the details. 🙏☮️🐕.

@mymorristribe Medical tourism is definitely going to be a disrupter. Bringing quality doctors and patients closer and remove the do-nothings in between who only add cost / fees. Unfortunately many will be left out who cannot travel and navigate around the broken system.

Fun fact, I have what is considered decent dental insurance. Yet, after insurance it will cost a tad north of $5000 for my wife to get a root canal & crown. After insurance! So, instead, I'm buying her a $600 ticket to visit her mom in Mexico for a couple of weeks where she'll take care of her dental issues for under $1k. What a crazy world.

In the prep for the $EOSE retail 'Say' questions, there is plenty to dig into. What is the group most interested in getting a direct answer on since IR has been tight lipped? Questions that have not been directly addressed and provide opportunities to build back trust. 1. Sales : The DC / AC system mix and impact on revenue and gross margin guidance. Output up but Revs down attributed to more DC vs AC sales; what does that mean for hitting year end guidance? How much is ASP compressing? 2. Yield : Manufacturing yield progress and latest key metrics to validate? What is the absolute bi-polar yield? Only sharing incremental sounds like it's covering for a bad number. How about scrap rates? Are we at a point where Turtle Creek is a write off and now betting the farm on Line 2 Marshall? Honesty is the best policy on where things stand. 3. Field Data : The April white paper only gave a 30 minute sample size. What independent testing data does Eos have or is collecting to inarguably demonstrate long term performance to prospective customers? Does management have any comment on field performance and future risk to warranty reserves? 4. Sales team : Does management have any comment on turnover and what is the strategic priority for the sales team and retaining top talent? 5. DOE Loan Extension : Why was the target extension requested to 2027? What is management's intention to continue to utilize the loan funds, what it signals for liquidity, balance-sheet health, and ability to hit full-year targets. Others?

g.co/gemini/share/d… Turbine-X is a strategic "authorized packager" for Baker Hughes. Many of the multi-hundred-million-dollar turbine orders reported in 2025 and 2026 are technically contracts between Baker Hughes and project developers, with Turbine-X acting as the engineering and delivery partner.

$EOSE investors.eose.com/news-releases/…

@Al88005 @CompoundingTony What was your criteria that produced the scoring?

@CompoundingTony Calude's ranking on EOSE batteries ........ that is why Big customers are willing (paying premium) to wait esp. US DOD / DOW, US Utilities and Big Data Center.

I keep being this guy for 3,5 years now… Suck it all you bears and loud noise makers. Suck it morons with your short term mindset and 5min DD effort. Yes, you are all wrong! $EOSE

@GrassmanWilliam The newest Eos battery configuration is 10,000 Z3’s in a single enclosure installed on your high-rise roof. Monstrosity®

$EOSE LFG!!! 🏈

@99_loss_capital Gotchya. Why would they wait? Government bureaucracy to prepare and review the decision through compliance audit before they hit the send button could take several weeks to a month+ imho. We’ll learn soon. ⌛️

@99_loss_capital Where did you see a private update in February to bidders? I'm just seeing it only as their evaluation process is complete. Agree we are close.

@JordanSolace This is sounding like IREN now except they want to be more active in managing (maximizing) the surplus energy instead of contracting an energy provider?

@beaglebrigade CEO was recently on a pod for his monthly AMA. Soluna is going to begin incorporating batteries. They will get more megawatts out of what they already own. I like that

$SLNH 🧵 This tiny $70m mkt cap company just bought a wind farm, owns 2 AI campuses in development, and is actually sitting on real cash flow infra. Most folks associate this name with btc mining but this is where the co. is actually at… Soluna builds prefab data centers and drops them next to wind farms in west Texas. When wind assets are getting curtailed.. Soluna will buy stranded power in the cheap and run compute on it.  SLNH -The 3 businesses:  1. Btc hosting.. companies pay Soluna to run machines at cheap prices. 206MW online. Real revs reoccurring today 2. Briscoe wind farm- they now own this power source. $20-$24m yr in revs. This is a cash flow diversifier for the biz as they invest in ai/dc projects 3. AI Data center- kati 2 (100MW+) and dorothy 3 (300MW +) in dev. No revs yet. (THIS IS THE UPSIDE with the story) LTM + Financial Picture 2025 revs: $30m down ~20% YoY bc of btc hash rate Adj Ebitda: -13.2m, $38m in cash post briscoe, debt $39m (non recourse), share count at $111m… Not pretty but much better trajectory. 4.95m shares of 9% Series A Preferred’s with a $25m liquidty preference SENIOR to common equity.  Last week $SLNH closed $53m acquisition of Briscoe wind farm in west Texas. This matters for a few reasons… 1. they OWN the power behind Dorothy (not a PPA) 2. $20-24 projected annualized revs, 6-10m in EBITDA - immediate accretion  3. Unlocks Dorothy 3: a planned 300 MW Ai campus on 300 new acres Energy sovereignty is a competitive adv for signing a hyper scale deal. Before this deal.. Soluna was a tenant of cheap power dependent on the 3rd party wind farm owners. These PPAs can expire, reprice, or be sold.  After Briscoe: they are the power company. They own generation, the land, and the compute.  = rev diversification  Hyperscalers don’t want to sign contracts for power they don’t control. Counterparty + price risk The wind farm itself generates $24m in revs, and owning 150MW of generation unlocks Dorothy 3- (300MW) 🔑 All from this one acquisition.  Bears say they just bought a curtailment problem. 150MW wind farm against 123MW of fully contracted generation w btc miners running. There is excess there…Dorothy 3 has no customer yet to absorb output… so Briscoe’s EBITDA depends on ERCOT spot prices. When wind is blowing supply is high prices are probably low. Future revs… this gets interesting.  BTC hosting: ~500k rev/MW per yr AI/HPC: $1.5m rev/MW (3x) Kati 2 at 100MW = $150m per yr Dorothy 3 at 300MW = $450m per yr These are the theoretical Max revs ⬆️ Total revs = $30m One signed AI HPC MSA changes the entire company CEO said in a recent interview they are looking into adding batteries at kati 2. Dorothy 3 will follow bath to kati2 so they’ll probably get more use out of the power they own + contracts with the IPP they work with  Risk: 10.6m shares to 111m, $500m ATM sitting on a 70m mkt cap, 124m pref stock senior to common, SG&A up when revs fell $8m YoY, Kati 2 power source isn’t owned…  What we need to watch for:  kati1 full rev ramp (this year) Briscoe EBITDA validation in q1 (may) Kati 2 MSA w a named hyperscaler (THE event) Dorothy 3 partner announced  BTC hash recovery  New CFO: if he imposes actual capital discipline for this company  Can they survive without another dilutive raise? Yes for now.. post Briscoe cash @ $35m Quarterly burn is $8m.. Briscoe should add 5-8m in quarterly ebitda

@GrassmanWilliam “We pack them into a 22 ft storage container ‘for now’”. She said for now 3X. Seems clear they want to pivot hard into Indensity.

$EOSE 5 min podcast with EOS’s Michelle Buczkowski. 👇 pghtech.org/podcasts/DataC…

@musaibnmaymun Does this really need a SVP level position?

$EOSE