ESS Tech, Inc. continues to execute its strategic plan in Q3 2025, focusing on advancing key customer programs and strengthening its capital position. The company is laying the groundwork for manufacturing its first Energy Base projects and broader commercialization in 2026, with a pilot project announced with Salt River Project and new financing secured.
Announced a 50 MWh Energy Base pilot project with Salt River Project (SRP), marking the first large-scale deployment of the Company’s next-generation platform.
positiveCompleted a $40 million financing with Yorkville Advisors Global, L.P. and subsequently repaid $15 million of a promissory note.
positiveCompleted the $25 million Standby Equity Purchase Agreement (SEPA).
positiveAnnounced plans to launch a $75 million at-the-market (ATM) program to further strengthen capital flexibility.
positiveTotal revenue for the nine months ended September 30, 2025 was $3,171 million, a decrease from $3,445 million in the prior year period.
negativeNet loss for the nine months ended September 30, 2025 was $39,457 million, compared to $62,743 million in the prior year period, indicating continued losses.
negativeNet cash used in operating activities for the nine months ended September 30, 2025 was $36,430 million, an increase from $51,743 million in the prior year period.
negativeInventory levels increased to $4,653 million as of September 30, 2025, from $5,641 million as of December 31, 2024, but still represent a significant asset.
attentionAdjusted EBITDA for the nine months ended September 30, 2025 was $(29,898) million, a significant loss.
negativeTotal stockholders' deficit was $(1,767) million as of September 30, 2025.
negativeMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
The third quarter continued ESS’s steady execution of its strategic plan.
With key customer programs underway and new capital secured, our focus is now squarely on execution—delivering the Energy Base platform and demonstrating the performance and reliability that customers are demanding.
Our technology is well-positioned to support the fast-growing digital infrastructure sector, where long-duration storage is essential to enabling a resilient, decarbonized grid.
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