$EOSE Q1 reality check. Gross margin -78% (-96% ex IRA subsidy). 45% of revenue went unbilled into contract assets, up from 1% a year ago. Meanwhile investors are briefly excited about a new JV with Cerberus that burns and dilutes shareholders. Cerberus already had warrants, preferred, board seats, and senior debt. The new JV adds $50 million of founder units for zero cash, 10% IRR pref on capital they didn’t deploy, controlling equity, the operating contract, and another discount warrant. Shareholders chip in $150 million through a rights offering. Cerberus is named for the three-headed dog that guards hell. Shareholders are fully trapped there.