ESS Tech (NYSE: GWH) Q1 2026 loss narrows as costs fall 33%
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
ESS Tech, Inc. reported first quarter 2026 results showing cost controls but still early-stage revenue. Revenue was $128 thousand for the quarter ended March 31, 2026, down from $0.6 million a year earlier as fewer systems were delivered.
Total operating expenses fell 33% to $6.7 million, mainly from lower sales, marketing, and general and administrative spending as the company redirected resources toward product development. Net loss improved to $(15.9) million, or $(0.54) per share, compared with $(18.0) million, or $(1.50) per share, in the prior-year period.
Adjusted EBITDA loss improved 31% year-over-year to $(10.3) million. Net cash used in operating activities decreased to $13.5 million. ESS ended the quarter with $15.5 million in unrestricted cash and cash equivalents and $6.0 million in short-term investments, for total liquidity of $21.5 million, supported by a $15 million registered direct equity offering.
Positive
- None.
Negative
- None.
Insights
ESS narrows losses through cost cuts but remains early in commercialization.
ESS Tech showed that expense discipline is taking hold. Total operating expenses declined 33% to $6.7 million, and Adjusted EBITDA loss improved to $(10.3) million, a 31% year-over-year improvement, even as revenue stayed modest at $128 thousand.
The quarter also featured a $15 million registered direct offering at $1.75 per share, lifting liquidity to $21.5 million. This gives some financial runway while the company advances Project New Horizon, the VoltStorage asset integration, and utility pilots such as TID and Burbank Water and Power.
Actual progress depends on converting its pipeline and contracts, including the $9.9 million Air Force-related award and the 5 MW / 50 MWh New Horizon project, into timely deliveries and revenue. Future filings will clarify whether rising commercial activity offsets continuing cash burn.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 Revenue: $128 thousand
Total operating expenses: $6.7 million
Net loss: $(15.9) million
+5 more
8 metrics
Q1 2026 Revenue
$128 thousand
Three months ended March 31, 2026
Total operating expenses
$6.7 million
Three months ended March 31, 2026; 33% decrease year-over-year
Net loss
$(15.9) million
Q1 2026; $(0.54) per share
Adjusted EBITDA loss
$(10.3) million
Three months ended March 31, 2026; 31% improvement year-over-year
Net cash used in operating activities
$13.5 million
Three months ended March 31, 2026
Unrestricted cash and cash equivalents
$15.5 million
As of March 31, 2026
Short-term investments
$6.0 million
As of March 31, 2026
Total liquidity
$21.5 million
Unrestricted cash, cash equivalents and short-term investments as of March 31, 2026
Key Terms
Adjusted EBITDA, registered direct offering, long-duration energy storage systems, Iron Flow Battery technology, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA loss improved 31% year-over-year to $(10.3) million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
registered direct offering financial
"Closed $15 million registered direct offering at $1.75 per share"
A registered direct offering is a way for a company to sell new shares of its stock directly to select investors with regulatory approval. This method allows the company to raise funds quickly and efficiently without needing a public auction, similar to offering exclusive access to a limited number of buyers. For investors, it often provides an opportunity to purchase shares at a favorable price, while giving the company immediate access to capital.
long-duration energy storage systems technical
"a leading manufacturer of long-duration energy storage systems"
Long-duration energy storage systems are large-scale technologies that store electricity for many hours to days — like a giant rechargeable battery or water tank for power — then release it when demand is high or supply is low. They matter to investors because they make intermittent renewables more reliable, create new revenue opportunities (for example buying cheap power and selling it at peak prices), and can change the economics and regulatory value of power projects and utilities.
Iron Flow Battery technology technical
"concluded that ESS’s Iron Flow Battery technology works as intended"
A type of large-scale rechargeable energy storage that uses liquids containing iron-based chemicals in separate tanks; when the liquids are pumped past a central unit they create and store electricity much like two water tanks flowing through a turbine. It matters to investors because it promises lower raw-material costs, long lifetimes, and safer operation compared with some battery types, affecting the economics and risk of grid-scale and renewable energy projects.
Project New Horizon other
"advanced Project New Horizon with Salt River Project and Google"
non-GAAP financial measures regulatory
"ESS includes Adjusted EBITDA, which is a non-GAAP performance measure"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Offering Details
earnings_snapshot
Offering
Offering Type
earnings_snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 7, 2026
(Exact Name of Registrant as Specified in Charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||||||||
| (Address of principal executive offices) | (Zip code) | |||||||
(855 ) 423-9920
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 7, 2026 , ESS Tech, Inc. (the “Company”) issued a press release announcing financial results for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished in this Item 2.02 and Exhibit 99.1 of this Current Report on Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. | ||||||||
| 99.1 | Press release, dated May 7, 2026 | |||||||
| 104 | Cover page interactive data file | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
Dated: May 7, 2026
| ESS TECH, INC. | |||||
| By: | /s/ Kate Suhadolnik | ||||
| Name: | Kate Suhadolnik | ||||
| Title: | Chief Financial Officer | ||||
Exhibit 99.1
ESS Tech, Inc. Announces First Quarter 2026 Financial Results
Advancing Commercial Opportunities: Project New Horizon Collaboration with Salt River Project and Google, Large Capacity Energy Storage System for the U.S. Department of the Air and Space Force, Strategic Partnership with Alsym, Successful Commissioning of LDES at TID
Burbank Water and Power/APPA Efficacy Report Provides Validates ESS Iron Flow Technology; VoltStorage GmbH Assets Acquisition Strengthens Technology Platform and Intellectual Property Base
Strengthened Liquidity Position Supports Execution Across Energy Base Development, Commercial Execution and Go-to-Market Priorities
Management to Host Webcast and Conference Call Today at 5:00 p.m. ET
WILSONVILLE, Ore. – May 7, 2026 – ESS Tech, Inc. (“ESS,” “ESS, Inc.” or the “Company”) (NYSE: GWH), a leading manufacturer of long-duration energy storage systems (“LDES”) for commercial and utility-scale applications, today announced financial results for its first quarter ended March 31, 2026.
“The first quarter and second quarter to date reflect continued initiatives to reset ESS around execution, capital discipline, and scalable commercial opportunities,” said Drew Buckley, Chief Executive Officer of ESS. “We continued to strengthen our leadership team, improve our financial position, and sharpen our operating focus as we advance into the Company’s next phase. We advanced Project New Horizon with Salt River Project and Google, were awarded a $9.9 million contract with Concurrent Technologies Corporation (“CTC”) and the United States Air Force Research Laboratory (“AFRL”) for a large capacity energy storage system, recently announced our partnership with Alsym Energy, and added commercial leadership with the appointment of Randy Selesky as Chief Commercial Officer.
“On the technology side, the final report issued in connection with Burbank Water and Power for the American Public Power Association (“APPA”) to evaluate the application of ESS’s Iron Flow Battery technology in a real-world utility environment. The report concluded that ESS’s Iron Flow Battery technology works as intended and there is a use case for this battery technology in a utility’s overall energy storage strategy. We believe that our acquisition of VoltStorage GmbH’s assets has strengthened and expanded our intellectual property base and technology platform.
“Looking ahead, we expect commercial activity to increase as projects progress from contracting to delivery and commissioning, supported by an active pipeline across targeted end markets. Recent progress reinforces what we believe is growing demand for resilient, domestically produced long-duration energy storage, and we believe our commercial and technology momentum better positions ESS to convert growing demand for safe, long-duration, American-made energy storage into meaningful commercial progress.”
First Quarter 2026 and Subsequent Highlights
•Final report issued by Burbank Water and Power for the American Public Power Association concluded that ESS’s Iron Flow Battery technology works as intended and there is a use case for this battery technology in a utility’s overall energy storage strategy.
•Successfully commissioned two ESS Iron Flow battery systems at Turlock Irrigation District (“TID”) in California’s Central Valley, pairing ESS Iron Flow battery technology with solar panels, designed to generate renewable electricity while helping reduce water evaporation.
•Signed a letter of intent for a strategic partnership with Alsym Energy, a pioneer in non-flammable, high performance sodium-ion batteries, to develop next generation battery solutions designed to address use
cases traditionally served by lithium-ion systems but without the inherent thermal runaway risks associated with lithium chemistries.
•Engaging with international investor relations specialists MZ Group to lead a comprehensive strategic investor relations and financial communications program across all key markets.
•Announced a collaboration framework with Salt River Project and Google for Project New Horizon at SRP’s Copper Crossing Energy and Research Center in Florence, Arizona. The 5 MW / 50 MWh pilot will deploy ESS’s Energy Base technology. Manufacturing is expected to begin in 2026 and delivery is targeted for December 2027.
•Appointed Randall Selesky as Chief Commercial Officer to lead global commercial strategy, sales, marketing, product management, and business development. Mr. Selesky brings more than 20 years of leadership in the energy sector, including more than a decade in the battery storage industry and previously served as Chief Commercial Officer at VoltStorage.
•Acquired the intellectual property and assets of VoltStorage GmbH, adding VoltStorage's patents, technical development work, and key personnel to ESS’s existing platform.
•Closed $15 million registered direct offering at $1.75 per share, which was a premium to the January 28, 2026 closing price. The financing is intended to support general corporate purposes and working capital.
•Awarded a $9.9 million contract with Concurrent Technologies Corporation and the United States Air Force Research Laboratory for a large capacity energy storage system of up to 27 MWh to support U.S. operations.
•Announced leadership changes naming Drew Buckley as Chief Executive Officer, Kelly Goodman as Chief Strategy Officer and General Counsel, and Kate Suhadolnik as Chief Financial Officer as the Company continued its leadership and organizational reset focused on governance, execution, and financial discipline.
First Quarter 2026 Financial Highlights
•Revenue was $128 thousand for the three months ended March 31, 2026, compared with $0.6 million in the prior-year period due to fewer deliveries of equipment to customers.
•Total operating expenses decreased 33% to $6.7 million for the three months ended March 31, 2026, compared with $10.0 million in the prior-year period. The decrease was primarily due to a decrease in sales and marketing expenses of $1.7 million, and a decrease in general and administrative expenses of $1.7 million, reflecting our ongoing commitment to reduce sales and marketing and general administrative expenses as part of our efforts to prioritize investment in our product development.
•Net loss improved to $(15.9) million, or $(0.54) per share, for the three months ended March 31, 2026, compared with $(18.0) million, or $(1.50) per share, in the prior-year period.
•Adjusted EBITDA loss improved 31% year-over-year to $(10.3) million for the three months ended March 31, 2026 compared to $(15.0) million for the three months ended March 31, 2025.
•Net cash used in operating activities was $13.5 million for the three months ended March 31, 2026, compared with $18.2 million in the prior-year period.
•Unrestricted cash and cash equivalents were $15.5 million as of March 31, 2026, and short-term investments were $6.0 million, representing total liquidity of $21.5 million.
Kate Suhadolnik, Chief Financial Officer of ESS, commented, “We remain focused on expense control, liquidity, and maintaining financial flexibility as we support the business through its transition and commercialization efforts. Total operating expenses declined 33% year-over-year and we also benefited from the capital raised through our registered direct offering during the quarter. We ended the quarter with $15.5 million in unrestricted cash and cash equivalents and $6.0 million in short-term investments, representing total liquidity of $21.5 million. We remain focused on the strategic allocation of capital as we advance our operational and commercialization priorities.”
Conference Call Details
ESS Chief Executive Officer Drew Buckley and Chief Financial Officer Kate Suhadolnik will host the conference call, followed by a question-and-answer period. The call will be accompanied by a presentation, which will be available following the call via the investor relations section of the Company’s website.
To access the call, please use the following information:
Date: | Thursday, May 7, 2026 | ||||
| Time: | 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) | ||||
| Dial-in: | 1-833-461-5787 | ||||
International: | Please Refer to Earnings Call Announcement Press Release for More Info | ||||
| Meeting ID: | 512803249 | ||||
Webcast: | https://events.q4inc.com/attendee/512803249 | ||||
The replay can be viewed through the webcast link above and the presentation utilized during the call will be available via the investor relations section of the Company's website.
About ESS, Inc.
ESS (NYSE: GWH) is the leading manufacturer of long-duration iron flow energy storage solutions. ESS was established in 2011 with a mission to accelerate decarbonization safely and sustainably through longer lasting energy storage. Using easy-to-source iron, salt, and water, ESS iron flow technology enables energy security, reliability and resilience. We build flexible storage solutions that allow our customers to meet increasing energy demand without power disruptions and maximize the value potential of excess energy. For more information visit www.essinc.com.
Use of Non-GAAP Financial Measures
In this press release and the accompanying earnings call, ESS includes Adjusted EBITDA, which is a non-GAAP performance measure that ESS uses to supplement its results presented in accordance with U.S. GAAP. As required by the rules of the Securities and Exchange Commission (“SEC”), ESS has provided herein a reconciliation of the non-GAAP financial measures contained in this presentation and the accompanying earnings call to the most directly comparable measures under GAAP. ESS’ management believes Adjusted EBITDA is useful in evaluating its operating performance and is a similar measure reported by publicly-listed U.S. companies, and regularly used by securities analysts, institutional investors, and other interested parties in analyzing operating performance and prospects. By providing this non-GAAP measure, ESS’ management intends to provide investors with a meaningful, consistent comparison of ESS’ profitability for the periods presented. Adjusted EBITDA is not intended to be a substitute for net income/loss or any U.S. GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.
ESS defines and calculates Adjusted EBITDA as net loss before interest expense (income), net, stock-based compensation, depreciation and amortization, loss (gain) on revaluation of common stock warrant liabilities, financing costs and other income, net as they are not indicative of business operations.
Forward-Looking Statements
This communication contains forward-looking statements (including within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended) concerning the Company and other matters that involve substantial risks and uncertainties. These statements may discuss the management team's goals, beliefs, hopes, intentions and expectations as to future plans, trends, events, results of operations and financial condition and the related potential effects on ESS, or otherwise, based on current beliefs of the management of the Company, as well as assumptions made by, and information currently available to, the Company's management. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would,” or, in each case, their negative or other variations or comparable terminology may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial
performance, our anticipated growth strategies and anticipated trends in our business. Examples of forward-looking statements include, among others, statements pertaining to statements made by the Company’s Chief Executive Officer and Chief Financial Officer, statements pertaining to the Company’s 2026 outlook and beyond, cash position, the potential and capabilities of the Company’s technology and platform, advancement of operational and commercialization priorities, the Company’s ability to execute on Project New Horizon, including the timing for manufacturing and delivery for Project New Horizon, as well as statements regarding the Company’s partnerships, employees, commercial expectations regarding sales order and pipeline, the expected integration of the VoltStorage intellectual property and technology, ESS product development and manufacturing, and relationships with customers. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication. There can be no assurance that the future developments affecting ESS will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond ESS control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, which include, but are not limited to: barriers we face in our attempts to produce our energy storage products; risks related to the Company’s ability to execute and meet timelines related to Project New Horizon; our products being in the early stage of commercialization and aspects of our technology not having been fully field tested; our inability to develop our business and effectively commercialize our energy storage products; our dependence on third-party suppliers;; our ability to secure or maintain long-term supply relationships with critical suppliers; delays, disruptions or quality control problems in our manufacturing operations; our ability to adequately control our costs, effectively scale our operations and achieve our cost reduction strategy; our reliance on complex machinery; our ability to increase our production capacity; product recalls, defects or performance problems with our products; required maintenance being performed incorrectly or maintenance requirements exceeding our current expectations; our history of losses; our ability to continue as a “going concern”; our ability to secure binding orders; failure to deliver the benefits offered by our technology; inability to achieve market acceptance of our products; our ability to sell effectively to large customers; failure to accurately estimate future supply and demand for our products and services; failure to manage our growth effectively; failure to meet the obligations under our sales contracts and service agreements; our ability to complete on schedule and within budget; loss of a member of our senior management or other key personnel; changes to our leadership team; expansions into new markets, product lines or services; our warranty obligations; failure to identify or complete commercial or financial transactions; changes in the global trade environment; our projects relationships with related parties; regulatory challenges; our ability to protect our intellectual property; and our ability to raise capital in the near future; general economic and market conditions as well as geopolitical developments and other risks and uncertainties described more fully in the section titled “Risk Factors” in the Company's Annual Report on Form 10-K filed on March 5, 2026 and the Company's other filings with the U.S. Securities and Exchange Commission. Except as required by law, ESS is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Company
investors@essinc.com
investors@essinc.com
Investor Relations
Chris Tyson
Executive Vice President
MZ Group - MZ North America
Phone: (949) 491-8235
GWH@mzgroup.us
www.mzgroup.us
Chris Tyson
Executive Vice President
MZ Group - MZ North America
Phone: (949) 491-8235
GWH@mzgroup.us
www.mzgroup.us
ESS Tech, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(unaudited)
(in thousands, except share and per share data)
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Revenue: | ||||||||||||||
| Revenue | $ | 122 | $ | 571 | ||||||||||
| Revenue - related parties | 6 | 28 | ||||||||||||
| Total revenue | 128 | 599 | ||||||||||||
Cost of revenue | 7,166 | 8,746 | ||||||||||||
Gross loss | (7,038) | (8,147) | ||||||||||||
Operating expenses | ||||||||||||||
| Research and development | 2,625 | 2,478 | ||||||||||||
| Sales and marketing | 254 | 1,950 | ||||||||||||
| General and administrative | 3,863 | 5,571 | ||||||||||||
| Total operating expenses | 6,742 | 9,999 | ||||||||||||
| Loss from operations | (13,780) | (18,146) | ||||||||||||
Other (expense) income, net | ||||||||||||||
Interest (expense) income, net | (2,496) | 216 | ||||||||||||
Gain (loss) on revaluation of common stock warrant liabilities | 344 | (115) | ||||||||||||
| Other income, net | 10 | 19 | ||||||||||||
| Total other (expense) income, net | (2,142) | 120 | ||||||||||||
| Net loss and comprehensive loss to common stockholders | $ | (15,922) | $ | (18,026) | ||||||||||
| Net loss per share - basic and diluted | $ | (0.54) | $ | (1.50) | ||||||||||
| Weighted-average shares used in per share calculation - basic and diluted | 29,294,336 | 12,033,442 | ||||||||||||
ESS Tech, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands, except share data)
| March 31, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 15,489 | $ | 14,477 | |||||||
Restricted cash, current | 806 | 806 | |||||||||
| Accounts receivable, net | 37 | 13 | |||||||||
| Short-term investments | 5,966 | 7,557 | |||||||||
| Inventory | 123 | 140 | |||||||||
| Prepaid expenses and other current assets | 2,353 | 3,254 | |||||||||
| Total current assets | 24,774 | 26,247 | |||||||||
| Property and equipment, net | 16,293 | 17,224 | |||||||||
| Intangible assets, net | 2,615 | 2,682 | |||||||||
Operating lease right-of-use assets | 3,341 | 3,767 | |||||||||
Restricted cash, non-current | 918 | 618 | |||||||||
| Other non-current assets | 631 | 634 | |||||||||
| Total assets | $ | 48,572 | $ | 51,172 | |||||||
| Liabilities and stockholders' equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 1,333 | $ | 3,023 | |||||||
| Accrued and other current liabilities | 9,453 | 11,097 | |||||||||
| Accrued product warranties | 985 | 985 | |||||||||
| Operating lease liabilities, current | 1,851 | 1,784 | |||||||||
| Deferred revenue, current | 346 | 359 | |||||||||
| Financing obligations, current | 9,045 | 8,044 | |||||||||
| Total current liabilities | 23,013 | 25,292 | |||||||||
| Operating lease liabilities, non-current | 1,566 | 2,060 | |||||||||
| Financing obligations, non-current | 8,992 | 9,291 | |||||||||
| Deferred revenue, non-current - related parties | 5,297 | 5,297 | |||||||||
| Common stock warrant liabilities | 229 | 573 | |||||||||
| Other non-current liabilities | 29 | 41 | |||||||||
| Total liabilities | 39,126 | 42,554 | |||||||||
Stockholders' equity: | |||||||||||
Preferred stock ($0.0001 par value; 200,000,000 shares authorized, none issued and outstanding as of March 31, 2026 and December 31, 2025) | — | — | |||||||||
Common stock ($0.0001 par value; 1,000,000,000 shares authorized, 27,922,991 and 22,377,003 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively) | 3 | 2 | |||||||||
| Additional paid-in capital | 871,184 | 854,435 | |||||||||
| Accumulated deficit | (861,741) | (845,819) | |||||||||
Total stockholders' equity | 9,446 | 8,618 | |||||||||
Total liabilities and stockholders' equity | $ | 48,572 | $ | 51,172 | |||||||
ESS Tech, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | (15,922) | $ | (18,026) | |||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
| Depreciation and amortization | 2,379 | 1,540 | |||||||||
| Non-cash interest expense (income) | 2,477 | (137) | |||||||||
| Non-cash lease expense | 426 | 361 | |||||||||
| Stock-based compensation expense | 1,064 | 1,234 | |||||||||
| Change in fair value of common stock warrant liabilities | (344) | 115 | |||||||||
| Other non-cash expenses, net | 2 | 58 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable, net | (24) | (19) | |||||||||
| Inventory | 17 | (1,243) | |||||||||
| Prepaid expenses and other assets | 904 | 2,130 | |||||||||
| Accounts payable | (1,732) | 497 | |||||||||
| Accrued and other liabilities | (2,266) | (3,027) | |||||||||
| Accrued product warranties | — | (1,260) | |||||||||
| Deferred revenue | (13) | (62) | |||||||||
| Operating lease liabilities | (427) | (399) | |||||||||
| Net cash used in operating activities | (13,459) | (18,238) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Purchases of property and equipment | (930) | (762) | |||||||||
| Maturities and purchases of short-term investments, net | 1,655 | 14,014 | |||||||||
| Net cash provided by investing activities | 725 | 13,252 | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from issuance of common stock via ATM, net of issuance costs | 2,133 | — | |||||||||
| Proceeds from issuance of common stock and common stock warrants via RDO, net of issuance costs | 13,553 | — | |||||||||
| Payments on financing obligations | (10,840) | — | |||||||||
| Proceeds from financing arrangements | 9,200 | — | |||||||||
| Proceeds from stock options exercised | — | 4 | |||||||||
| Repurchase of shares from employees for income tax withholding purposes | — | (17) | |||||||||
Net cash provided by (used in) financing activities | 14,046 | (13) | |||||||||
| Net change in cash, cash equivalents and restricted cash | 1,312 | (4,999) | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 15,901 | 15,195 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 17,213 | $ | 10,196 | |||||||
ESS Tech, Inc.
Condensed Consolidated Statements of Cash Flows (continued)
(unaudited)
(in thousands)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Supplemental disclosures of cash flow information: | |||||||||||
Cash paid during the period for: | |||||||||||
| Operating leases included in cash used in operating activities | $ | 531 | $ | 438 | |||||||
| Interest | 341 | — | |||||||||
| Non-cash investing and financing transactions: | |||||||||||
| Purchase of property and equipment included in accounts payable and accrued and other current liabilities | 19 | 4,277 | |||||||||
| Cash and cash equivalents | $ | 15,489 | $ | 8,422 | |||||||
| Restricted cash, current | 806 | 906 | |||||||||
| Restricted cash, non-current | 918 | 868 | |||||||||
| Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $ | 17,213 | $ | 10,196 | |||||||
ESS Tech, Inc.
Reconciliation of GAAP Net Loss to Adjusted EBITDA
(unaudited)
(in thousands)
| Three Months Ended March 31, | |||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
| Net loss | $ | (15,922) | $ | (18,026) | |||||||||||||
| Interest expense (income), net | 2,496 | (216) | |||||||||||||||
| Stock-based compensation | 1,064 | 1,234 | |||||||||||||||
| Depreciation and amortization | 2,379 | 1,540 | |||||||||||||||
| (Gain) loss on revaluation of common stock warrant liabilities | (344) | 115 | |||||||||||||||
| Financing costs | 75 | 418 | |||||||||||||||
| Other income, net | (10) | (19) | |||||||||||||||
| Adjusted EBITDA | $ | (10,262) | $ | (14,954) | |||||||||||||
FAQ
How did ESS Tech (GWH) perform financially in Q1 2026?
ESS Tech reported Q1 2026 revenue of $128 thousand and a net loss of $(15.9) million. Loss per share improved to $(0.54) from $(1.50) a year earlier as operating expenses fell significantly.
What were ESS Tech’s operating expenses and Adjusted EBITDA in Q1 2026?
Total operating expenses in Q1 2026 were $6.7 million, down 33% year-over-year. Adjusted EBITDA loss improved to $(10.3) million, a 31% improvement from $(15.0) million in Q1 2025, reflecting tighter cost control.
What is ESS Tech’s liquidity position as of March 31, 2026?
As of March 31, 2026, ESS Tech held $15.5 million in unrestricted cash and cash equivalents and $6.0 million in short-term investments. This provided total liquidity of $21.5 million, supported by recent equity financing activities.
What major contracts and projects did ESS Tech highlight for 2026?
ESS Tech highlighted a $9.9 million contract with Concurrent Technologies and the U.S. Air Force Research Laboratory and the 5 MW / 50 MWh Project New Horizon with Salt River Project and Google, plus successful commissioning at Turlock Irrigation District.
How is ESS Tech progressing with its iron flow battery technology?
A Burbank Water and Power and APPA report concluded ESS’s Iron Flow Battery technology works as intended and has a utility use case. ESS also commissioned two systems at Turlock Irrigation District and acquired VoltStorage GmbH assets to strengthen its technology platform.
What capital raising did ESS Tech complete in Q1 2026?
ESS Tech closed a $15 million registered direct offering at $1.75 per share, noted as a premium to the January 28, 2026 closing price. The company intends to use proceeds for general corporate purposes and working capital.