$GWH

ESS Tech, Inc.

CIK:0001819438|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 73	$ 2,358	$ 201	$ 2,957
Cost of revenue	7,494	7,459	14,660	16,205
Gross loss	(7,421)	(5,101)	(14,459)	(13,248)
Operating expenses
Research and development	2,201	1,424	4,826	3,902
Sales and marketing	562	1,304	816	3,254
General and administrative	4,950	3,728	8,813	9,299
Total operating expenses	7,713	6,456	14,455	16,455
Loss from operations	(15,134)	(11,557)	(28,914)	(29,703)
Other (expense) income, net
Interest (expense) income, net	(596)	30	(3,092)	246
Gain on revaluation of common stock warrant liabilities	166	459	510	344
Other income, net	11	12	21	31
Total other (expense) income, net	(419)	501	(2,561)	621
Net loss to common stockholders	(15,553)	(11,056)	(31,475)	(29,082)
Comprehensive loss to common stockholders	$ (15,553)	$ (11,056)	$ (31,475)	$ (29,082)
Net loss per share - basic (in USD per share)	$ (0.46)	$ (0.90)	$ (1.00)	$ (2.39)
Net loss per share - diluted (in USD per share)	$ (0.46)	$ (0.90)	$ (1.00)	$ (2.39)
Weighted average shares used in per share calculation, basic (in shares)	33,824,896	12,271,587	31,563,558	12,152,245
Weighted average shares used in per share calculation, diluted (in shares)	33,824,896	12,271,587	31,563,558	12,152,245
Nonrelated party
Revenue:
Total revenue	$ 4	$ 56	$ 126	$ 627
Related party
Revenue:
Total revenue	$ 69	$ 2,302	$ 75	$ 2,330

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (31,475)	$ (29,082)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,077	3,085
Asset abandonment	4,327	0
Non-cash interest expense (income)	2,824	(155)
Non-cash lease expense	864	731
Stock-based compensation expense	1,745	2,699
Change in fair value of common stock warrant liabilities	(510)	(344)
Other non-cash expenses, net	1	199
Changes in operating assets and liabilities:
Accounts receivable, net	3	86
Inventory	28	301
Prepaid expenses and other assets	1,350	468
Accounts payable	(1,761)	1,268
Accrued and other liabilities	(1,743)	(1,485)
Accrued product warranties	(187)	(1,090)
Deferred revenue	(79)	(6,458)
Operating lease liabilities	(866)	(820)
Net cash used in operating activities	(22,402)	(30,597)
Cash flows from investing activities:
Purchases of property and equipment	(1,432)	(1,491)
Maturities and purchases of short-term investments, net	7,655	18,411
Net cash provided by investing activities	6,223	16,920
Cash flows from financing activities:
Proceeds from issuance of common stock via ATM, net of issuance costs	4,859	721
Proceeds from issuance of common stock and common stock warrants via RDO, net of issuance costs	13,553	0
Proceeds from financing arrangements	9,200	0
Payments on financing obligations	(14,775)	0
Proceeds from stock options exercised	0	6
Proceeds from contributions to Employee Stock Purchase Plan	13	103
Repurchase of shares from employees for income tax withholding purposes	0	(27)
Net cash provided by financing activities	12,850	803
Net change in cash, cash equivalents and restricted cash	(3,329)	(12,874)
Cash, cash equivalents and restricted cash, beginning of period	15,901	15,195
Cash, cash equivalents and restricted cash, end of period	12,572	2,321
Supplemental disclosures of cash flow information:
Operating leases included in cash used in operating activities	1,061	887
Interest	685	0
Non-cash investing and financing transactions:
Purchase of property and equipment included in accounts payable and accrued and other current liabilities	435	4,277
Transfers between inventory and property and equipment, net	0	668
Cash and cash equivalents	10,848	797
Restricted cash, current	806	906
Restricted cash, non-current	918	618
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$ 12,572	$ 2,321

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 10,848	$ 14,477
Restricted cash, current	806	806
Accounts receivable, net	10	13
Short-Term Investments	0	7,557
Inventory	112	140
Prepaid expenses and other current assets	1,814	3,254
Total current assets	13,590	26,247
Property and equipment, net	11,793	17,224
Intangible assets, net	2,548	2,682
Operating lease right-of-use assets	2,903	3,767
Restricted cash, non-current	918	618
Other non-current assets	724	634
Total assets	32,476	51,172
Current liabilities:
Accounts payable	1,234	3,023
Accrued and other current liabilities	10,004	11,097
Accrued product warranties	798	985
Operating lease liabilities, current	1,919	1,784
Deferred revenue, current	280	359
Financing obligations, current	5,765	8,044
Total current liabilities	20,000	25,292
Operating lease liabilities, non-current	1,059	2,060
Deferred revenue, non-current - related parties	5,297	5,297
Common stock warrant liabilities	63	573
Financing obligations, non-current	8,715	9,291
Other non-current liabilities	29	41
Total liabilities	35,163	42,554
Commitments and contingencies (Note 9)
Stockholders' (deficit) equity:
Preferred stock ($0.0001 par value; 200,000,000 shares authorized, none issued and outstanding as of June 30, 2026 and December 31, 2025)	0	0
Common stock ($0.0001 par value; 1,000,000,000 shares authorized, 32,889,323 and 22,377,003 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)	3	2
Additional paid-in capital	874,604	854,435
Accumulated deficit	(877,294)	(845,819)
Total stockholders' (deficit) equity	(2,687)	8,618
Total liabilities and stockholders' (deficit) equity	$ 32,476	$ 51,172