Efficiency of a Two-Stage System
When energy passes through stages in series, the overall efficiency is the product of the stage efficiencies — losses compound.
The overall efficiency is η = η_1·η_2. where η_1 and η_2 are the stage efficiencies.
Multiply the stage efficiencies.
Results
Two 90%-ish stages give only about 77% overall — why long energy conversion chains waste so much, and why each stage matters.