arXiv:2507.11783v1 Announce Type: cross Abstract: Patterns of electrical brain activity recorded via electroencephalography (EEG) offer immense value for scientific and clinical investigations. The inability of supervised EEG encoders to learn robust EEG patterns and their over-reliance on expensive signal annotations have sparked a transition towards general-purpose self-supervised EEG encoders, i.e., EEG foundation models (EEG-FMs), for robust and scalable EEG feature extraction. However, the real-world readiness of early EEG-FMs and the rubric for long-term research progress remain unclear. A systematic and comprehensive review of first-generation EEG-FMs is therefore necessary to understand the current state-of-the-art and identify key directions for future EEG-FMs. To that end, this study reviews 10 early EEG-FMs and presents a critical synthesis of their methodology, empirical findings, and outstanding research gaps. We find that most EEG-FMs adopt a sequence-based modeling scheme that relies on transformer-based backbones and the reconstruction of masked sequences for self-supervision. However, model evaluations remain heterogeneous and largely limited, making it challenging to assess their practical off-the-shelf utility. In addition to adopting standardized and realistic evaluations, future work should demonstrate more substantial scaling effects and make principled and trustworthy choices throughout the EEG representation learning pipeline. We believe that developing benchmarks, software tools, technical methodologies, and applications in collaboration with domain experts may further advance the translational utility and real-world adoption of EEG-FMs.