ESS Tech (NYSE: GWH) trims 2025 losses but leans on new financings
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
ESS Tech, Inc. reported very early-stage commercial revenue and ongoing heavy losses for 2025 while restructuring its business and balance sheet. For the year ended December 31, 2025, revenue was $1.6 million, reflecting limited product and service sales and reductions tied to winding down legacy contracts.
The company posted a net loss of $63.4 million, improved from a $86.2 million loss in 2024, and an Adjusted EBITDA loss of $44.3 million, a 38% year-over-year improvement. Total operating expenses fell 33% to $29.7 million as research and development, sales and marketing, and general and administrative costs were all reduced.
ESS ended 2025 with $14.5 million in cash and cash equivalents, $7.5 million in short-term investments, and working capital of about $1.0 million, down from $15.8 million a year earlier. It bolstered liquidity with a $40 million financing in October 2025, an $8.6 million at-the-market equity raise, and a $15 million registered direct offering completed in January 2026, while repaying about $28.5 million of its initial Yorkville promissory note tranche.
Positive
- None.
Negative
- Working capital compression: Working capital declined to approximately $1.0 million as of December 31, 2025, from $15.8 million a year earlier, highlighting tighter short-term liquidity despite new financing arrangements.
Insights
ESS cut losses and expenses but remains tiny in revenue with tight working capital and reliance on external financing.
ESS Tech generated only
Liquidity is mixed. Year-end 2025 cash and cash equivalents were
The company executed multiple capital raises: a
Commercial traction is emerging through strategic projects and IP acquisition, but scale and margins remain very early-stage.
The company highlights long-duration energy storage projects, including a 5 MW / 50 MWh system for Salt River Project and an updated collaboration with Google on Project New Horizon, with manufacturing expected to begin in
ESS also acquired VoltStorage GmbH’s intellectual property and assets and appointed VoltStorage’s former Chief Commercial Officer as ESS Chief Commercial Officer, adding patents and personnel to its iron-based storage platform. Leadership changes added a new Chief Executive Officer and made prior interim leaders permanent in finance and strategy roles.
These steps point to a focus on execution and commercial positioning in long-duration storage, particularly in defense and data infrastructure applications. Actual financial impact will depend on successful manufacturing ramp, delivery, and multi-year operational testing for key projects such as Project New Horizon as referenced for
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): March 5, 2026
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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 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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 March 5, 2026, ESS Tech, Inc. issued a press release announcing financial results for the quarter and year ended December 31, 2025. 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 8.01 Other Events.
ESS Tech, Inc. will hold its Annual Meeting of Stockholders on May 29, 2026 at 8:00am Pacific Time. The meeting will be conducted virtually via live audio webcast.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | ||||||||
| 99.1 | Press Release issued by ESS Tech, Inc. on March 5, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
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: March 5, 2026
| ESS TECH, INC. | |||||
| By: | /s/ Kate Suhadolnik | ||||
| Name: | Kate Suhadolnik | ||||
| Title: | Chief Financial Officer | ||||
Exhibit 99.1
ESS Announces Fourth Quarter and Full Year 2025 Financial Results
Leadership and Organizational Reset Advancing Next Phase of Growth and Execution
Stronger Liquidity Profile Supports Commercial Scale Deployment
WILSONVILLE, OREGON – March 5, 2026 – ESS Tech, Inc. (“ESS,” “ESS, Inc.” or the “Company”) (NYSE:GWH), a leading manufacturer of iron flow long-duration energy storage (“LDES”) systems for commercial and utility-scale applications, today announced financial results for its fourth quarter and full year ended December 31, 2025.
“The fourth quarter of 2025 and 2026 to date has seen the Company make continued progress in advancing our proprietary LDES and strengthening ESS for the next phase of execution,” said Drew Buckley, Chief Executive Officer of ESS. “We have taken decisive steps to reinforce leadership, governance, and financial discipline in support of long-term value creation, including a leadership and organizational reset that more closely aligns management and board oversight around execution and capital allocation. We also expanded our commercial capabilities through the acquisition of VoltStorage GmbH’s intellectual property and asset base, an iron-salt battery company, adding experienced personnel and strengthening our ability to execute our go-to-market priorities. We are also seeing a supportive macro backdrop for LDES, as rising electricity demand and increasing grid reliability requirements are driving greater urgency for resilient, long-duration solutions. Commercial momentum was highlighted by a $9.9 million award supporting deployment of up to 27 MWh of American-made LDES at U.S. military installations, and by Google’s recently announced participation in Project New Horizon as we advance the project toward manufacturing in 2026. With three tier 1 foundational projects expected to begin delivery in 2027, we are focused on executing across our pipeline as projects move to delivery and commissioning.”
2026 Outlook
•2025 and 2026 to date have been a period of change, focused on strengthening leadership, governance, and financial discipline and aligning the organization for the next phase of execution.
•Expect an increasing pace of commercial activity over the next several years as projects progress from contracting to delivery and commissioning, supported by an active pipeline across targeted end markets.
•Recent commercial progress reinforces demand for resilient, domestically produced LDES in critical applications, including defense and data infrastructure.
•Improved liquidity position with additional capital raised after year end provides enhanced financial flexibility to support execution and sustain momentum.
Fiscal Year 2025 and Subsequent Highlights
•Following the Company’s agreement to deploy the 5-megawatt (“MW”), 50 megawatt-hour (“MWH”) battery system at Salt River Project’s (“SRP”) Copper Crossing Energy and Research Center under a 10-year energy storage agreement, recently announced an updated collaboration with Google for Project New Horizon that includes cost sharing and multi-year operational testing. Manufacturing is expected to begin in 2026 with delivery targeted for December 2027.
•Acquired the intellectual property and assets of VoltStorage GmbH, a pioneer in iron-salt battery technology, adding VoltStorage’s portfolio of patents and technical development work to the Company’s existing intellectual property base.
•Appointed Randall Selesky, former Chief Commercial Officer of VoltStorage, as Chief Commercial Officer of ESS Tech.
•Awarded a $9.9 million contract from Concurrent Technologies Corporation (“CTC”) and the United States Air Force Research Laboratory (“AFRL”) for a large capacity energy storage (“LCES”) system at the U.S. Clear Space Force Station in Alaska.
•Appointed Drew Buckley as Chief Executive Officer, succeeding Interim CEO Kelly Goodman; appointed Kelly Goodman as Chief Strategy Officer and General Counsel; and appointed Kate Suhadolnik as Chief Financial Officer from her role as Interim CFO.
•In October 2025, closed a $40 million financing transaction with YA II PN, Ltd., an investment fund managed by Yorkville Advisors Global, L.P. (“Yorkville”).
•In November 2025, launched an at-the-market (“ATM”) equity offering program and raised approximately $8.6 million in gross proceeds.
•As of March 1, 2026, repaid approximately $28.5 million, or 95%, of the first $30 million tranche under the promissory note with YA II PN, leaving approximately $1.5 million outstanding, and drew the second $10 million tranche on February 27, 2026.
Fiscal Year 2025 Financial Highlights
•Revenue was $1.6 million for the year ended December 31, 2025. The company’s business has been focused on the development and commercialization of its LDES systems.
◦ESS delivered and recognized revenue from completed and in-process Energy Warehouses and Energy Centers (plus related equipment), engineering services for a site deployment, and extended warranty services, primarily offset by revenue reductions tied to settling and winding down legacy contracts as the Company shifted to the Energy Base offering and by lower overall sales volumes year over year.
•Net loss for the year ended December 31, 2025, was $63.4 million, as compared with $86.2 million for the year ended December 31, 2024.
•Adjusted EBITDA improved 38% year-over-year to $(44.3) million for the year ended December 31, 2025, compared to $(71.3) million for the year ended December 31, 2024.
•Total operating expenses decreased 33% to $29.7 million for the year ended December 31, 2025, compared to $44.4 million for the year ended December 31, 2024. The decrease was primarily due to a decrease in research and development expenses of $3.5 million, a decrease in sales and marketing expenses of $5.3 million, and a decrease in general and administrative expenses of $5.9 million.
•Unrestricted cash and cash equivalents was $14.5 million as of December 31, 2025, and short-term investments were $7.5 million. Subsequently closed a $15 million registered direct offering priced at a premium to the market for general corporate purposes and working capital in January 2026.
•As of December 31, 2025, working capital was approximately $1.0 million, compared to $15.8 million as of December 31, 2024.
Kate Suhadolnik, ESS' Chief Financial Officer, commented, “We have prioritized balance sheet improvements, with financing initiatives that strengthen liquidity, enable meaningful debt repayment, and provide flexibility to support operations. These steps contributed to improved operating performance and a meaningful year-over-year improvement in adjusted EBITDA. We ended 2025 with $14.5 million in cash and cash equivalents and $7.5 million in short term investments, and we completed a $15 million registered direct offering after year end.”
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 segment of the Company’s website at http://investors.essinc.com/.
To access the call, please use the following information:
Date: | Thursday, March 5, 2026 | ||||
| Time: | 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) | ||||
| Dial-in: | 1-833-470-1428 | ||||
International Dial-in: | 1-646-844-6383 | ||||
| Conference Code: | 547200 | ||||
Webcast: | https://events.q4inc.com/attendee/987783929 | ||||
A telephone replay will be available through March 12, 2026, by dialing 1-866-813-9403 from the U.S., or 1-929-458-6194 from international locations, and entering replay pin number: 217487. The replay can also 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 at http://investors.essinc.com/.
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 measures 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, stock-based compensation, depreciation and amortization, loss (gain) on revaluation of common stock warrant liabilities, financing costs and other expense 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, 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 timing the Company’s ability to create value in the long-term, market opportunities for ESS’ products, increased pace of commercial activity, the timing for manufacturing and delivery for Project New Horizon, the timing of delivery commencing for the Company’s projects, as well as statements regarding the Company’s 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. These forward-looking statements are based on ESS’ current expectations and beliefs concerning future developments and their potential effects on ESS. 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; 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; delays in our manufacturing operations, our ability to control our costs and achieve our cost reduction strategy; our dependence on complex machinery; our ability to increase our production capacity; required maintenance being performed incorrectly or maintenance requirements exceeding our current expectations; our history of losses; failure to deliver the benefits offered by our technology; inability to achieve market acceptance of our products; our warranty obligations; our 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 Quarterly 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
Investor Relations
Chris Tyson
Executive Vice President
MZ Group - MZ North America
Phone: (949) 491-8235
GWH@mzgroup.us
www.mzgroup.us
ESS Tech, Inc.
Statements of Operations and Comprehensive Loss
(Unaudited, in thousands, except share and per share data)
Three Months Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Revenue: | |||||||||||
| Revenue | $ | (1,612) | $ | 2,801 | |||||||
| Revenue - related parties | 24 | 49 | |||||||||
| Total revenue | (1,588) | 2,850 | |||||||||
| Cost of revenue | 8,111 | 16,038 | |||||||||
| Gross loss | (9,699) | (13,188) | |||||||||
| Operating expenses | |||||||||||
| Research and development | 3,368 | 2,706 | |||||||||
| Sales and marketing | 220 | 1,887 | |||||||||
| General and administrative | 4,606 | 5,716 | |||||||||
| Total operating expenses | 8,194 | 10,309 | |||||||||
| Loss from operations | (17,893) | (23,497) | |||||||||
| Other (expense) income, net | |||||||||||
| Interest (expense) income, net | (5,245) | 477 | |||||||||
| (Loss) gain on revaluation of common stock warrant liabilities | (115) | (344) | |||||||||
| Other expense, net | (730) | (115) | |||||||||
| Total other (expense) income, net | (6,090) | 18 | |||||||||
| Net loss and comprehensive loss to common stockholders | $ | (23,983) | $ | (23,479) | |||||||
| Net loss per share - basic and diluted | $ | (1.20) | $ | (1.97) | |||||||
| Weighted average shares used in per share calculation - basic and diluted | 19,930,834 | 11,926,137 | |||||||||
ESS Tech, Inc.
Statements of Operations and Comprehensive Loss
(Unaudited, in thousands, except share and per share data)
| Years Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Revenue: | |||||||||||
| Revenue | $ | (796) | $ | 5,712 | |||||||
| Revenue - related parties | 2,379 | 583 | |||||||||
| Total revenue | 1,583 | 6,295 | |||||||||
| Cost of revenue | 29,255 | 51,653 | |||||||||
| Gross loss | (27,672) | (45,358) | |||||||||
| Operating expenses | |||||||||||
| Research and development | 8,297 | 11,772 | |||||||||
| Sales and marketing | 3,834 | 9,161 | |||||||||
| General and administrative | 17,604 | 23,507 | |||||||||
| Total operating expenses | 29,735 | 44,440 | |||||||||
| Loss from operations | (57,407) | (89,798) | |||||||||
| Other (expense) income, net | |||||||||||
| Interest (expense) income, net | (5,455) | 3,574 | |||||||||
| Gain on revaluation of common stock warrant liabilities | 229 | 115 | |||||||||
| Other expense, net | (807) | (113) | |||||||||
| Total other (expense) income, net | (6,033) | 3,576 | |||||||||
| Net loss and comprehensive loss to common stockholders | $ | (63,440) | $ | (86,222) | |||||||
| Net loss per share - basic and diluted | $ | (4.34) | $ | (7.32) | |||||||
| Weighted average shares used in per share calculation - basic and diluted | 14,601,626 | 11,773,596 | |||||||||
ESS Tech, Inc.
Balance Sheets
(Unaudited, in thousands, except share data)
| December 31, 2025 | December 31, 2024 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 14,477 | $ | 13,341 | |||||||
| Restricted cash, current | 806 | 906 | |||||||||
| Accounts receivable, net | 13 | 215 | |||||||||
| Short-term investments | 7,557 | 18,263 | |||||||||
| Inventory | 140 | 5,641 | |||||||||
| Prepaid expenses and other current assets | 3,254 | 4,998 | |||||||||
| Total current assets | 26,247 | 43,364 | |||||||||
| Property and equipment, net | 17,224 | 20,582 | |||||||||
| Intangible assets, net | 2,682 | 4,656 | |||||||||
| Operating lease right-of-use assets | 3,767 | 1,503 | |||||||||
| Restricted cash, non-current | 618 | 948 | |||||||||
| Other non-current assets | 634 | 760 | |||||||||
| Total assets | $ | 51,172 | $ | 71,813 | |||||||
| Liabilities and stockholders’ equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 3,023 | $ | 8,070 | |||||||
| Accrued and other current liabilities | 11,097 | 9,315 | |||||||||
| Accrued product warranties | 985 | 3,288 | |||||||||
| Operating lease liabilities, current | 1,784 | 1,692 | |||||||||
| Deferred revenue, current | 359 | 5,237 | |||||||||
| Financing obligations, current | 8,044 | — | |||||||||
| Total current liabilities | 25,292 | 27,602 | |||||||||
| Operating lease liabilities, non-current | 2,060 | — | |||||||||
| Deferred revenue, non-current - related parties | 5,297 | 14,400 | |||||||||
| Common stock warrant liabilities | 573 | 802 | |||||||||
| Financing obligations, non-current | 9,291 | — | |||||||||
| Other non-current liabilities | 41 | 125 | |||||||||
| Total liabilities | 42,554 | 42,929 | |||||||||
| Stockholders’ equity: | |||||||||||
| Preferred stock ($0.0001 par value; 200,000,000 shares authorized, none issued and outstanding as of December 31, 2025 and 2024) | — | — | |||||||||
| Common stock ($0.0001 par value; 1,000,000,000 shares authorized, 22,377,003 and 11,986,516 shares issued and outstanding as of December 31, 2025 and 2024, respectively) | 2 | 1 | |||||||||
| Additional paid-in capital | 854,435 | 811,262 | |||||||||
| Accumulated deficit | (845,819) | (782,379) | |||||||||
| Total stockholders’ equity | 8,618 | 28,884 | |||||||||
| Total liabilities and stockholders’ equity | $ | 51,172 | $ | 71,813 | |||||||
ESS Tech, Inc.
Consolidated Statements of Cash Flows
(Unaudited, in thousands)
| Years Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | (63,440) | $ | (86,222) | |||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
| Depreciation and amortization | 5,740 | 4,724 | |||||||||
| Asset abandonment | 1,707 | — | |||||||||
| Non-cash interest (income) expense | 4,981 | (2,422) | |||||||||
| Non-cash lease expense | 1,526 | 1,350 | |||||||||
| Stock-based compensation expense | 5,434 | 11,575 | |||||||||
| Change in fair value of common stock warrant liabilities | (229) | (115) | |||||||||
| Other non-cash (income) expenses, net | 388 | 459 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable, net | 202 | 1,549 | |||||||||
| Inventory | 4,833 | (3,326) | |||||||||
| Prepaid expenses and other assets | 1,870 | (1,620) | |||||||||
| Accounts payable | (3,842) | 4,243 | |||||||||
| Accrued and other liabilities | (2,841) | (1,123) | |||||||||
| Accrued product warranties | (2,303) | 1,159 | |||||||||
| Deferred revenue | (2,672) | (918) | |||||||||
| Operating lease liabilities | (1,638) | (1,532) | |||||||||
| Net cash used in operating activities | (50,284) | (72,219) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Purchases of property and equipment | (3,387) | (7,294) | |||||||||
| Maturities and purchases of short-term investments, net | 10,915 | 72,051 | |||||||||
| Net cash provided by investing activities | 7,528 | 64,757 | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from issuance of common stock and common stock warrants, net of issuance costs | 37,651 | — | |||||||||
| Proceeds from financing arrangements | 27,028 | — | |||||||||
| Debt issuance costs | (308) | — | |||||||||
| Payments on financing obligations | (21,049) | — | |||||||||
| Proceeds from stock options exercised | 83 | 86 | |||||||||
| Repurchase of shares from employees for income tax withholding purposes | (50) | (297) | |||||||||
| Proceeds from contributions to Employee Stock Purchase Plan | 107 | 385 | |||||||||
| Net cash provided by financing activities | 43,462 | 174 | |||||||||
| Net change in cash, cash equivalents and restricted cash | 706 | (7,288) | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 15,195 | 22,483 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 15,901 | $ | 15,195 | |||||||
ESS Tech, Inc.
Consolidated Statements of Cash Flows (continued)
(Unaudited, in thousands)
| Years Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Supplemental disclosures of cash flow information: | |||||||||||
| Cash paid during the year for: | |||||||||||
| Operating leases included in cash used in operating activities | $ | 1,776 | $ | 1,738 | |||||||
| Interest | 520 | — | |||||||||
| Non-cash investing and financing transactions: | |||||||||||
| Purchase of property and equipment included in accounts payable and accrued and other current liabilities | 28 | 1,586 | |||||||||
| Adjustment to right-of-use assets from lease modification | 3,790 | 686 | |||||||||
| Transfers between inventory and property and equipment, net | 668 | 1,051 | |||||||||
| Application of deferred revenue to financing obligations | 6,518 | — | |||||||||
| Cash and cash equivalents | $ | 14,477 | $ | 13,341 | |||||||
| Restricted cash, current | 806 | 906 | |||||||||
| Restricted cash, non-current | 618 | 948 | |||||||||
| Total cash, cash equivalents and restricted cash | $ | 15,901 | $ | 15,195 | |||||||
ESS Tech, Inc.
Reconciliation of GAAP Net Loss to Adjusted EBITDA
(Unaudited, in thousands)
| Twelve Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||
| 2025 | 2024 | |||||||||||||
| Net loss | $ | (63,440) | $ | (86,222) | ||||||||||
| Interest expense (income), net | 5,455 | (3,574) | ||||||||||||
| Stock-based compensation | 5,434 | 11,575 | ||||||||||||
| Depreciation and amortization | 5,740 | 4,724 | ||||||||||||
| Gain on revaluation of common stock warrant liabilities | (229) | (115) | ||||||||||||
| Environmental, Health & Safety compliance estimate | — | 899 | ||||||||||||
| Financing costs | 1,948 | 1,267 | ||||||||||||
| Other expense, net | 807 | 113 | ||||||||||||
| Adjusted EBITDA | $ | (44,285) | $ | (71,333) | ||||||||||
FAQ
How much revenue did ESS Tech (GWH) generate in fiscal year 2025?
ESS Tech generated $1.6 million in total revenue for 2025. This reflected deliveries of Energy Warehouses and Energy Centers, related equipment and services, partially offset by reductions from settling legacy contracts and lower overall sales volumes compared with 2024.
What was ESS Tech (GWH)'s net loss and Adjusted EBITDA for 2025?
ESS Tech reported a net loss of $63.4 million in 2025 and an Adjusted EBITDA loss of $44.3 million. Both improved versus 2024, when net loss was $86.2 million and Adjusted EBITDA loss was $71.3 million, reflecting lower operating expenses and cost actions.
What is ESS Tech (GWH)'s cash and liquidity position at year-end 2025?
As of December 31, 2025, ESS Tech held $14.5 million in cash and cash equivalents and $7.5 million in short-term investments. Working capital was about $1.0 million, and the company later completed a $15 million registered direct offering in January 2026.
What major financing transactions did ESS Tech (GWH) complete around 2025?
ESS Tech closed a $40 million financing with Yorkville in October 2025, launched an at-the-market equity program raising about $8.6 million in gross proceeds, and completed a $15 million registered direct offering in January 2026, supporting liquidity and debt repayment.
How are ESS Tech (GWH)'s operating expenses changing year over year?
Total operating expenses for 2025 were $29.7 million, down from $44.4 million in 2024. Reductions came from lower research and development, sales and marketing, and general and administrative expenses as the company emphasized financial discipline and organizational realignment.
What key long-duration energy storage projects is ESS Tech (GWH) pursuing?
ESS is working on a 5 MW / 50 MWh system for Salt River Project, an updated collaboration with Google’s Project New Horizon targeting delivery in December 2027, and a $9.9 million award for a large-capacity system at Clear Space Force Station in Alaska.
Filing Exhibits & Attachments
5 documentsPress Releases
Ess Tech Inc
NYSE:GWH
GWH Latest News
GWH Latest SEC Filings
Mar 5, 2026
[10-K] ESS Tech, Inc. Files Annual Report
Feb 26, 2026
[Form 4] ESS Tech, Inc. Insider Trading Activity
Feb 26, 2026
[Form 4] ESS Tech, Inc. Insider Trading Activity
Feb 26, 2026
[Form 4] ESS Tech, Inc. Insider Trading Activity
Feb 26, 2026
[Form 4] ESS Tech, Inc. Insider Trading Activity
GWH Stock Data
41.68M
22.18M
Electrical Equipment & Parts
Miscellaneous Electrical Machinery, Equipment & Supplies
United States
WILSONVILLE