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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

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GWH

GWH fundamentals

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