Did ESS Tech beat or miss consensus estimates last quarter?

What guidance did ESS Tech's management provide for the next earnings period?

What does ESS Tech do and what are its main business segments?

What factors drove the changes in ESS Tech's revenue and profit?

What is ESS Tech's gross profit margin?

What is the revenue and EPS growth rate for ESS Tech year over year?

What is ESS Tech's latest dividend and current dividend yield?

What were the key takeaways from ESS Tech's earnings call?

- **Commercial Breakthrough**: Signed $9.9M U.S. Air Force contract and Google-backed SRP project, with 2027-2028 revenue expected to eclipse prior five years combined.
- **Financial Turnaround**: 33% operating expense reduction, 38% EBITDA improvement, and $15M capital raise strengthen balance sheet for scale.
- **Execution Focus**: 2026 dedicated to flawless Energy Base delivery, with 2027+ revenue ramp and strategic capital deployment.

**【CEO Summary Section】**
- **Commercial Momentum**: Secured a $9.9 million U.S. Air Force contract and Project New Horizon with SRP and Google, targeting delivery in late 2027. These projects represent a significant shift from legacy products, with 2027-2028 revenue expected to surpass cumulative 2021-2025 totals.
- **Financial Restructuring**: Reduced operating expenses by 33% in FY25, with structural cost savings carried forward into the Energy Base cost structure. Repaid 95% of the first $30 million Yorkville tranche and raised $15 million in a registered direct offering in January 2026.
- **Team and Technology Strengthening**: Acquired VoltStorage's IP and appointed Randall Selesky as Chief Commercial Officer. Brian Lisiecki serves as Interim COO while the company searches for a permanent replacement.

**【CFO Financial Commentary】**
- **Revenue Transition**: FY25 revenue of $1.6 million reflects the phase-out of legacy products, with a 39% improvement in gross loss to $27.7 million and a 26% reduction in net loss to $63.4 million.
- **Cost Efficiency**: Operating expenses decreased 33% to $29.7 million, driven by R&D ($3.5M reduction), sales/marketing ($5.3M), and G&A ($5.9M) cuts. Adjusted EBITDA improved 38% to a loss of $44.3 million.
- **Liquidity**: Ended FY25 with $22 million in liquidity, including $14.5 million in unrestricted cash. Raised $8.6 million via ATM and drew the second $10 million Yorkville tranche in February 2026.

**【Q&A Highlights】**
- **Revenue Timing**: No 2026 revenue from key projects; Energy Base deliveries begin in 2027. Project New Horizon's 10-year PPA could transition to equipment sale, with potential follow-on SRP projects contingent on 2028 operational data.
- **Capital Strategy**: No immediate ATM use; focused on strategic capital raises to support 2027+ growth. Current balance sheet provides sufficient runway for planned execution.

ESS Tech, Inc. (GWH) Q4 2025 Earnings Call Transcript

- **Energy Base Momentum**: 50MWh SRP project marks first commercial deployment, with 100-200MWh opportunities in pipeline.
- **Financial Strength**: $30 million cash + $75 million ATM program provides ample liquidity for 2026 execution.
- **Long-Duration Focus**: Targeting 16-hour duration by 2029 to compete with emerging long-duration technologies.
- **Customer Validation**: 100% of pipeline centered on Energy Base, with utilities and IPPs driving RFP activity.
- **Cost Discipline**: $10.4 million net loss with tight expense control, positioning for 2026 growth.

**【CEO Summary Section】**
- ESS is focused on long-duration energy storage with its iron flow battery platform, targeting 10+ hour solutions for utilities, data centers, and industrial customers.
- Announced a 50-megawatt-hour Energy Base pilot project with Salt River Project (SRP), the first commercial deployment of the next-gen platform.
- Completed $40 million financing with Yorkville Advisors, repaying $15 million of the $30 million drawn, and launched a $75 million at-the-market (ATM) equity program.
- 100% of commercial pipeline activity is centered on the Energy Base platform, with RFP activity and proposal volume increasing.
- Plans to host an Investor Day in early 2026 to detail progress and roadmap.

**【CFO Financial Commentary】**
- Q3 2025 revenue: $200,000 (down from $2.4 million Q2, reflecting transition to Energy Base).
- Net loss: $10.4 million ($0.73 per share), with GAAP cost of revenues at $4.9 million and operating expenses at $5.1 million.
- Ended quarter with $3.5 million in cash, plus $30 million from Yorkville financing (closed post-quarter).
- Maintaining disciplined cost control and strategic capital allocation for manufacturing readiness.

**【Q&A Key Highlights】**
- **Project Scale**: Current focus on 50MWh projects, with 100-200MWh opportunities in pipeline; targeting 16-hour duration by 2029.
- **Competition**: Competing against other long-duration technologies (e.g., flow batteries) rather than lithium-ion in RFPs.
- **Customer Base**: Engaging primarily with utilities and IPPs for front-of-meter projects, not behind-the-meter data centers.
- **Liquidity**: $30 million cash on hand + access to $10 million Yorkville draw and $75 million ATM program, providing 18+ months of runway.
- **Execution Focus**: Prioritizing SRP project delivery, supply chain optimization, and operational efficiency.


ESS Tech, Inc. (GWH) Q3 2025 Earnings Call Transcript

- **$31M capital injection**: Extended operational runway with $2M raised via SEPA, ending July with $7.2M cash.
- **Cost transformation**: 45% YoY operating expense decline, 37% YoY cost of revenue reduction, 60% EBITDA improvement.
- **Energy Base breakthrough**: 12-17 hour duration tech, 8MWh order secured, 1.1GWh pipeline with 100% focus on long-duration solutions.
- **Supply chain resilience**: >98% domestic components, insulated from trade policy risks.

**【CEO Summary Section】**
- **Strategic pivot and financial reset**: Secured $31M in new capital, reduced operating cash burn by 80% in June, and achieved a 50% improvement in net loss and 60% improvement in adjusted EBITDA YoY.
- **Technology breakthrough**: Material substitution in core stack extended system duration to 12-17 hours, advancing cost and performance roadmap by 18 months.
- **Commercial momentum**: Closed first 8MWh Energy Base order for 2026 delivery, with 1.1GWh of proposals in pipeline (100% focused on Energy Base or core components).
- **Leadership expansion**: Hired Jigish Trivedi as COO with 30+ years of tech and manufacturing experience, and appointed Kate Suhadolnik as interim CFO.

**【CFO Financial Commentary】**
- **Q2 2025 Results**: GAAP revenue $2.4M (+294% QoQ), cost of revenues $7.5M (-15% QoQ), operating expenses $6.4M (-35% QoQ). Ended July with $7.2M cash, up from Q2 end.
- **Capital access**: Raised $2M under $25M Standby Equity Purchase Agreement (SEPA) in first 6 weeks, total liquidity now $7.2M.
- **Regulatory resilience**: >98% domestic supply chain, minimal exposure to trade restrictions; Section 45X production tax credits remain intact under OBBB Act.

**【Q&A Key Highlights】**
- **Energy Base traction**: 1.1GWh proposals (100% Energy Base-focused), first order secured, expect additional conversions in H2 2025.
- **Revenue outlook**: No Q3/Q4 guidance; focus on closing contracts for 2026+ revenue visibility.
- **Capital strategy**: Prioritize SEPA for incremental funding, while exploring broader capital raise.
- **Cash management**: June cash burn down 80% vs. Q1; aim to maintain disciplined cost structure regardless of capital raise timing.

ESS Tech, Inc. (GWH) Q2 2025 Earnings Call Transcript

- **Revenue Performance**: Q1 2025 revenue of $600,000 reflects strategic pivot to energy-based products, with a 50 MWh pilot project win in Arizona.
- **Strategic Momentum**: 1.2 GWh pipeline (70% EB) and bipartisan support for domestic battery manufacturing incentives.
- **Financial Challenges**: -$15M EBITDA; cash runway extension efforts include ATM and interim financing.
- **Tariff Tailwinds**: U.S. manufacturing advantage and legislative support counter 40%+ tariffs on Chinese lithium batteries.

**【CEO Summary Section】**
- Q1 2025 revenue: $600,000, tied to final deliveries of battery systems to a Florida utility.
- Strategic shift to energy-based (EB) product: Secured 50 MWh pilot project with Arizona utility, beating 10+ competitors. Follow-on RFP for 2 GWh project.
- Proposal pipeline: 1.2 GWh (70% EB) over last two quarters.
- Challenges: Capital raise ongoing; U.S.-China tariffs on Chinese lithium batteries at 40%+.
- Legislative tailwinds: Bipartisan support for Section 45X tax credit; Foreign Pollution Fee Act could add $200 tariffs on Chinese battery components.

**【CFO Financial Commentary】**
- GAAP revenue: $600,000; GAAP cost of revenue: $8.7M (reflects product cost-out initiatives).
- Non-GAAP operating expenses: $9.4M; R&D: $2.3M (cost-out, EB development).
- Adjusted EBITDA: -$15M; path to EBITDA positive by 2026+ with EB ramp.
- Cash position: $12.8M; Q1 cash burn lower than Q4 due to reduced production/materials.
- Liquidity efforts: ATM launched; exploring Exim loans and other interim financing.

**【Q&A Key Highlights】**
- **Revenue Outlook**: Q2 similar to Q1; ramp in H2 contingent on capital raise.
- **Cash Runway**: ~12-18 months at current burn rate; $1.9M from 2024 PTC monetization.
- **EB Project Details**: Arizona utility project includes PPAs for project-level capital; 10+ hour duration capability.
- **Customer Deposits**: 5-20% typical; targeting higher end with interim milestones.
- **Manufacturing Capacity**: Modular lines allow quick scaling; no customer concerns about current capacity.
- **Strategic Partners**: Ongoing discussions with Honeywell, SoftBank, and new investors.
- **Tariff Impact**: Increased inquiries for non-lithium alternatives; U.S. manufacturing advantage.

ESS Tech, Inc. (GWH) Q1 2025 Earnings Call Transcript

- **Revenue Miss**: FY24 revenue $6.3M vs. $9-11M guidance due to partner funding delays.
- **Cost Breakthroughs**: 50% battery pack cost reduction, breakeven on EC design 1 year early.
- **New Product Momentum**: Energy Base (EB) with 12+ hour duration targeting 2027 projects.
- **Capital Raise Needed**: Seeking $50+M to fund 2025+ growth, including EXIM Bank loan.
- **Margins Outlook**: Non-GAAP gross margin positive in 2025, GAAP positive by 2026.

**【Interim CEO Kelly Goodman Summary】**
- 2024 Revenue: $6.3 million (missed FY24 guidance of $9-11 million) due to partner funding delays and project timing issues.
- Strategic Shift: Accelerating focus on Energy Center (EC) deployment and transitioning to non-containerized Energy Base (EB) product.
- Key Milestones:
  - Delivered 8 EC systems to Florida utility (1 MW project), with commissioning expected in 2025.
  - Achieved 50% battery pack cost reduction, breakeven on EC design 1 year ahead of schedule.
  - Non-GAAP gross margin breakeven on all 2025+ products.
- New Product: Energy Base (EB) offers 400 kW power module and scalable duration (12+ hours by 2027), targeting data centers and grid-scale storage.
- Supply Chain: 98%+ domestic components, mitigating tariff risks.
- Capital Raise: Seeking $50+ million to fund 2025+ growth, including EXIM Bank loan and ATM facility.

**【CFO Anthony Rabb Financial Highlights】**
- Q4 2024 Revenue: $2.9 million (vs. $6.3 million FY24 total).
- Cost of Goods Sold (COGS): $51.7 million FY24, driven by high NRV adjustments at low volumes.
- Cost Reductions:
  - 35% EW cost reduction, 26% EC cost reduction.
  - 90%+ scrap rate improvement.
  - Electrode cost down 35%, electrolyte cost down 50%.
- Margins: Non-GAAP gross margin breakeven on 2025+ products; GAAP margin positive post-2025.
- Cash Flow: $31.6 million ending Q4; pursuing EXIM Bank loan and ATM to extend runway.

**【Q&A Key Takeaways】**
- Revenue Trajectory: Moderate Q1-Q3 2025, scaling in H2 with EC and EB shipments.
- Margins: GAAP gross margin positive by 2026; targeting 30%+ margins with PTC benefits.
- Capital Needs: $50+ million raise to fund EC/EB production, R&D, and sales expansion.
- EXIM Bank: Accessing $50 million at favorable rates for manufacturing CapEx.
- Risks: Partner funding delays, market competition, and NYSE listing status ($50M market cap requirement).

Actual	-87.3	-19.95	-0.6	-1.5	-3.15	-2.4	-2.1	-2.25	-1.65	-1.35	-1.5	-1.8	-1.9	-1.97	-1.5	-0.9	-0.73	-1.2
Forecast	-0.9	-1.2	-2.1447	-2.2606	-2.5061	-2.8463	-2.6624	-2.3	-2.0498	-1.6524	-1.726	-1.5326	-1.6795	-1.3739	-1.2415	-1.08	-1.005	-0.76
Surprise	-9600.00%	-1562.50%	+72.02%	+33.65%	-25.69%	+15.68%	+21.12%	+2.17%	+19.50%	+18.30%	+13.09%	-17.45%	-13.13%	-43.39%	-20.82%	+16.67%	+27.36%	-57.89%

GWH

GWH fundamentals

GWH Q4 2025 Earnings

Earnings Call

You can ask Aime

GWH

GWH fundamentals

GWH Q4 2025 Earnings

Earnings Call

GWH Earnings Call Summary for Q4/20255:00 PM on Mar 5, 2026

GWH Earnings Call Summary for Q3/20255:00 PM on Nov 13, 2025

GWH Earnings Call Summary for Q2/20255:00 PM on Aug 14, 2025

GWH Earnings Call Summary for Q1/20255:00 PM on May 15, 2025

GWH Earnings Call Summary for Q4/20245:00 PM on Mar 31, 2025

You can ask Aime