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- **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

Revenue

Sales and Services Revenue

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Cost of Financing Services

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Operating Expenses

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GWH

GWH fundamentals

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