Dive Brief:

• Battery maker Eos Energy terminated the employment of its CFO, Eric Javidi on Tuesday “effective immediately,” according to a securities filing, approximately three months after Javidi first assumed the company’s top finance seat. Javidi’s termination without cause was “not related to the Company’s financial or operating results or to any disagreements or concerns regarding the company’s financial or reporting practices,” Eos Energy said.
• The Edison, New Jersey-based company appointed Nathan Kroeker, its chief commercial officer — and previously its CFO before Javidi’s appointment in March — to the role of interim finance chief, according to the Tuesday filing with the Securities and Exchange Commission. Kroeker will not receive any additional compensation as interim CFO, the company said.  
• Kroeker is stepping back into the role of finance chief as the battery manufacturer looks to chart a path to further expansion amid a spike in power demands driven by the AI boom. The company, which manufactures zinc-powered batteries, is seeking to expand its first production line as well as build a second line, supported by a $303.5 million loan gurantee Eos Energy received from the U.S. Department of Energy in December, Bloomberg reported earlier this month following an interview with CEO Joe Mastrangelo. So far, the company has drawn one $68 million tranche of the loan, Mastrangelo told Bloomberg.

Dive Insight:

Javidi succeeded Kroeker in the CFO role on March 5, according to a company filing at the time, joining from investment firm Kayne Anderson. In accordance with his appointment, Javidi was set to receive an annual base salary of $500,000 and was eligible for a target bonus representing 80% of his base, according to the March filing.

He also received an initial grant of time-restricted stock units valued at $2 million, a long-term incentive program equity award valued at $500,000, and a sign-on cash bonus of $5,000 “to assist with legal expenses that you may incur in connection with your transition to Eos,” according to his offer letter.

Javidi will be “entitled to the payments and benefits” detailed in his offer letter for a termination without cause, Eos Energy said in its Tuesday filing. For either a termination without cause or if Javidi resigns with good reason, the former CFO is entitled to receive “any accrued and unpaid base salary and any unreimbursed business expenses” through the date of termination, to be paid on the next payroll date, per the offer letter. 

Provided Javidi executes, delivers and does not revoke a release of any claims arising in connection with his termination, he is also entitled to receive 12 months payment of his base salary, any earned, unpaid annual bonus payments, and full vesting of any equity wards, other than those subject to performance-based vesting, according to the offer letter.

Kroeker, meanwhile, transitioned to the role of chief commercial officer effective as of March 5, having previously served as Eos Energy’s CFO beginning in 2023. Upon taking on the interim CFO role, Kroeker’s base salary was not adjusted but his short-term incentive opportunity was increased to 90% from 70%, according to the March filing announcing the previous leadership changes.

Prior to joining Eos in 2023, Kroeker served in a variety of key finance roles, including CFO, during a nine-year career at Spark Energy, according to his LinkedIn profile. His past experience also includes stints at Macquarie Energy and Direct Energy, and he began his career at accounting firms including Arthur Andersen and Ernst & Young.  

The abrupt CFO change comes as the company continues with its plans for expansion, signing a deal earlier this month with a “large scale developer of data centers” for the use of its batteries, according to Bloomberg. Agreements with such data centers represent approximately 30% of potential deals for the battery maker, CEO Mastrangelo previously told Bloomberg. On Wednesday, the company announced it had secured a strategic order from Faraday Microgrids, to develop a commercial microgrid application on tribal land in California.

Eos — which has seen its stock value surge by more than 715% over the past year, according to Nasdaq — has also increased its production in order to meet a customer backlog, according to its earnings report published at the top of the month. Eos Energy reported its highest quarterly revenue figure in the company’s history for Q1 2025. The energy firm reported $10.5 million in revenue for the quarter ended March 31, representing a 58% jump in revenue from the prior year period and a 44% jump from the previous quarter.

The company also reported a gross loss of $24.5 million, compared to a $21.6 million gross loss in the year-earlier period. The company’s operating costs for the quarter surged, growing by 46% from the prior year period to $28.4 million, according to its earnings results.

While Mastrangelo cited tariff uncertainty as an “upward cost pressure into the industry” during the battery maker’s Q1 earnings call, the CEO referred to such uncertainties as a “near-term” rather than a long-term challenge, according to a transcript by Seeking Alpha. Ninety-one percent of its supply chain is based in America, something that can represent a “key competitive advantage” for Eos, Mastrangelo said during the call, as the Trump administration continues to target aggressive tariffs on foreign imports.

While the Trump administration has also announced its intent to cut back on billions in energy-related loans by the Biden administration, “conversations are progressing as normal” with the current administration in regards to the remaining disbursement of Eos’ $303.5 million loan, Mastrangelo previously told Bloomberg.

EOS Energy did not immediately respond to requests for comment regarding the CFO shift.