ROUNDUP: Q1 2025 financial results from Eos and Ormat, Hecate Grid’s rebrand

The company shared its first quarter 2025 financial results on 6 May, reporting a US$10.5 million quarterly revenue, which the company claims is the highest in its history.

Eos’ operating expenses amounted to US$28.4 million, reflecting a 46% rise from the previous year. Non-cash items accounted for 26% of this total.

Non-cash items, such as stock compensation, depreciation, and loss from PP&E write-down, accounted for 48% of the increase, while the remaining 52% was driven by headcount growth across ‘key business areas’ to support the company’s scaling efforts.

The adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) loss was US$43.2 million, representing a 145-point margin improvement.

Eos says the improvement is attributable to increased customer deliveries and lower product costs.

Joe Mastrangelo, CEO of Eos, said of the report:

“Year-to-date, the team has already surpassed total 2024 shipments, and during Q1 the operations team set production records across all key processes showing the ability to scale operations.”

“We continue to position the Company for long-term profitable growth and believe that American-made long-duration energy storage (LDES) will play a critical role in helping the country achieve energy independence.”

The company also reaffirmed its 2025 outlook, saying it expects to achieve revenue between US$150 million and US$190 million.

This growth will likely come from the increased production volume of Eos’s manufacturing line.

Ormat Technologies sees increase in energy storage revenues

IPP Ormat Technologies saw its energy storage segment revenues increase by 120% in its Q1 2025 financial results.

Ormat is a geothermal power generation company which diversified into energy storage technologies in 2020 after acquiring energy storage developer Viridity in 2017.

In Q1 2024, Ormat’s energy storage division had a revenue of US$8.1 million, in Q1 2025, the company reported a revenue of US$17.8 million.

Total revenue was US$229.8 million, representing a 2.5% change from Q1 2024.

Adjusted EBITDA was US$150.3 million, an increase of 6.4% compared to Q1 2024.

Ormat says the rise in Adjusted EBITDA resulted from the energy storage segment, fueled by the addition of new assets, elevated merchant pricing in the east coast markets and a legal settlement with a battery supplier.

In the product segment, the company claims growth stemmed from a larger backlog and enhanced contract margins. The rise in the storage and product segments was partially counteracted by a decline in the electricity segment EBITDA, primarily due to curtailments in the US.

Doron Blachar, CEO of Ormat, said that the company will see a limited impact from tariffs, stating:

“Regarding the recent reciprocal tariffs, we anticipate a limited short-term impact on our Storage Segment as we have already procured batteries for all projects currently under construction.”

“Additionally, our electricity segment operations and project development have limited exposure to China, mitigating potential adverse effects from the tariffs.”

Hecate Grid rebrands as Fullmark

Hecate Energy and InfraRed Capital Partners spinout, Hecate Grid, has rebranded to Fullmark Energy.

The announcement comes after the completion of Fullmark’s Redwood energy storage projects.

Located in Southern California, Redwood is a portfolio of four battery energy storage system (BESS) projects. These projects are:

The company said the rebrand reflects ‘the company’s evolution from an organisation focused primarily on project development to a fully integrated energy storage company that develops, finances, builds, owns, and operates standalone BESS projects across the US.’

Fullmark currently manages approximately 300MWh of operating and in-construction projects with what it says is  4GW development pipeline across the US.

Additionally, the company said it has planned projects in Texas and ‘other strategic markets.’