[144] Eos Energy Enterprises, Inc. SEC Filing

Rhea-AI Filing Summary

AMT’s Q2 2025 topline grew modestly, but earnings deteriorated sharply. Total operating revenue advanced 3.2% YoY to $2.63 bn, driven by 110% surge in Services revenue to $99.5 m and stable 1% Property growth. Operating income rose 3.6% to $1.20 bn as expense growth remained contained. However, heavy foreign-currency losses ($484 m vs. $22 m LY) and still-elevated interest expense ($343 m) cut income from continuing operations 51% to $380 m. Net income attributable to common stockholders fell 59% to $367 m; diluted EPS dropped to $0.78 from $1.92.

Cash from operations for the six-month period was $2.58 bn (-2%), funding $636 m capex and $1.56 bn common dividends. Long-term debt increased to $35.19 bn (vs. $32.81 bn YE-24) after issuing $1.0 bn of 4.90% 2030 and 5.35% 2035 notes and €500 m of 3.625% 2032 notes, partly offset by retiring $3.17 bn of maturities. Cash & equivalents ended at $2.08 bn.

Strategically, AMT closed the R2.5 bn ($137.7 m) sale of its South African fiber assets, recognizing a $53.6 m gain. Foreign-currency translation lifted OCI by $878 m, bolstering total equity to $10.48 bn (+9%). Shares outstanding were 468.3 m on 22 Jul 2025.

Positive

• Revenue up 3.2% YoY, with Services revenue more than doubling to $99.5 m.
• Operating income grew 3.6%, showing cost discipline despite inflation.
• Gain of $53.6 m from sale of South Africa Fiber; strategic focus on core towers.
• Refinanced $3.2 bn of 2025 notes and extended maturities to 2030–2035, lowering near-term refinancing risk.
• Foreign-currency translation added $878 m to OCI, boosting equity by 9%.

Negative

• Net income attributable to stockholders fell 59% YoY, mainly from $484 m FX losses.
• Diluted EPS dropped to $0.78 versus $1.92 prior year.
• Long-term debt increased $2.4 bn to $35.2 bn; leverage ticked higher.
• Operating cash flow down 2% while dividend payouts remained high at $1.56 bn.
• Straight-line rent contribution fell, signaling slower escalator benefit.

Insights

Equity Research Analyst

TL;DR – Solid revenue & operating profit; EPS hit by FX losses and higher leverage.

Revenue growth was service-led and modest, indicating core tower leasing remains steady. Operating margins held up, but FX swings in Latin America/Africa turned other income negative, slicing EPS. Debt refinancing extends maturities yet pushes net leverage slightly higher; interest coverage still comfortable at ~4×. Disposals show capital discipline but small versus balance sheet. Equity dilution minimal. Overall neutral to mildly negative for near-term valuation until currency pressures ease.

Credit Analyst

TL;DR – Liability terming-out positive, but debt load and cash payout remain elevated.

AMT retired $3.2 bn of ’25 maturities and layered in fixed-rate paper out to 2035, reducing refinancing risk. Yet gross debt rose $2.4 bn; long-term obligations now 5.6× annualized EBITDA (vs. 5.3× YE-24, by our estimate). Interest expense declined YoY, showing benefit of lower-coupon euro notes, but remains a drag on FFO coverage. Strong, recurring lease cash flows and $2.1 bn liquidity underpin IG ratings; nonetheless, continued high shareholder distributions pressure free cash flow.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	UBS Financial Services, Inc. 11 Madison Ave 4th Floor New York NY 10010	166667	1048335.00	227589833	07/29/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	07/25/2025	RSU Vesting	Issuer			166667	07/25/2025	N/A

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Joseph Mastrangelo 3920 PARK AVENUE EDISON NJ 08820	Common	05/16/2025	270384	1855443.99
Joseph Mastrangelo 3920 PARK AVENUE EDISON NJ 08820	Common	07/08/2025	127152	625575.12

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How did American Tower’s (AMT) revenue perform in Q2 2025?

Total operating revenue rose 3.2% year-over-year to $2.63 billion, led by strong Services growth.

Why did AMT’s EPS decline in the quarter?

EPS dropped to $0.78 primarily due to $484 million foreign-currency losses and sustained interest expense.

What is American Tower’s current debt level?

Long-term obligations stand at $35.2 billion, up from $32.8 billion at 2024-year-end after new note issuances.

Did AMT complete any asset sales?

Yes, it sold its South Africa Fiber assets for ~$137.7 million, recording a $53.6 million gain.

How much cash does AMT have on hand?

Cash and cash equivalents totaled $2.08 billion as of June 30, 2025.

What were dividends paid during the first half of 2025?

Common stock distributions paid reached $1.56 billion in the six-month period.