Technology and Product Development - ESS Tech, Inc. has invested approximately $176.4 million in research and development since January 1, 2019, focusing on improving technology and bringing energy storage products to market[42]. - The company offers a ten-year warranty for its batteries, backed by investment-grade insurance policies from Munich Re, enhancing customer confidence and reducing technology risk[23][41]. - ESS's iron flow batteries can be cycled over 20,000 times without capacity fade, providing a competitive advantage over lithium-ion alternatives for storage durations greater than eight hours[24][28]. - The Energy Center product is designed for large-scale applications, allowing configurations from sub-megawatt to tens-of-megawatt scale, enhancing flexibility for customers[31]. - ESS aims to expand its total addressable market by reducing technology, financing, and importing risks through strategic partnerships and insurance coverage[23][41]. - The company has developed over 333 patents related to its technology, with the earliest patents set to expire in 2028, ensuring a strong intellectual property position[44]. - ESS's batteries are made from earth-abundant materials, significantly lowering production costs compared to competitors using rare earth metals[39]. - The company targets both 'behind-the-meter' and 'front-of-the-meter' markets, serving utilities and commercial customers to enhance energy resiliency and sustainability[36][37]. - ESS's technology can operate in extreme temperatures from -15°C to 50°C, making it suitable for locations where lithium-ion batteries cannot be deployed[22]. Market Competition and Challenges - The energy storage industry is highly competitive, with key competitors including Tesla, LG Chem, and various non-lithium-ion technologies, but ESS believes its innovative technology positions it well in the market[45][46]. - The company faces significant barriers in producing energy storage products, with some still under development, impacting potential revenue generation[63]. - The company has limited deployment of energy storage products as of December 31, 2024, and may face challenges in scaling production[67]. - The company’s energy storage products face competition from established technologies like lithium-ion batteries, which may hinder market acceptance of its products[111]. - Competition in the energy storage market is intensifying, with competitors having greater resources and advanced technologies[116]. - The company anticipates significant competition due to regulatory pushes for lower-carbon energy sources and advancements in alternative technologies[117]. - The energy storage market's growth is uncertain and influenced by factors such as product cost competitiveness and government policies[112]. Financial Performance and Risks - The company reported net losses of $86.2 million and $77.6 million for the years ended December 31, 2024 and 2023, respectively, with an accumulated deficit of $782.4 million as of December 31, 2024[100]. - Cash and cash equivalents were $31.6 million at December 31, 2024, raising substantial doubt about the company's ability to continue as a going concern for at least 12 months beyond the filing of the Annual Report[103]. - Future profitability depends on increasing unit sales and reducing manufacturing costs, as current production costs significantly exceed selling prices[82]. - The company has experienced quality and performance issues with installed units, which may lead to cost and warranty implications, affecting market acceptance[69]. - The cost of components for iron flow batteries has increased due to rising raw material prices and supply chain disruptions, impacting manufacturing and profitability[72]. - The company relies on third-party suppliers for key raw materials and components, facing risks related to quality, supply chain delays, and potential cost increases[71]. - The company is dependent on a small number of customers for a significant portion of revenue, posing risks related to non-payment[122]. Operational and Management Issues - The company employs 240 full-time employees as of December 31, 2024, with approximately one-third involved in product manufacturing[55]. - The company has experienced management changes, with Kelly F. Goodman appointed as interim CEO following the resignation of Eric Dresselhuys[59]. - The company is committed to continuous improvement in product offerings and robust research and development to stay competitive[48]. - The ability to manage growth effectively is crucial for executing the business plan and maintaining customer service levels[125]. - The company has a history of product recalls, which could adversely affect its reputation and financial condition if quality issues arise in the future[92]. Regulatory and Compliance Challenges - The company is subject to various federal, state, and local regulations that impact operations, particularly in the renewable energy sector[49]. - Compliance with environmental and safety regulations is critical, as failure to meet these requirements could adversely affect operations and increase costs[194][195]. - The company is subject to governmental restrictions due to grants received, which may limit its ability to capitalize on developed technologies and could affect revenue[215]. - The company faces regulatory challenges that could limit its ability to sell products directly in certain markets, impacting future sales[188]. - The company is subject to various privacy and cybersecurity laws, and any breaches could result in significant legal and financial repercussions[201]. Strategic Partnerships and Market Expansion - The company entered into a strategic partnership with Energy Storage Industries Asia Pacific (ESI) in 2022, with deliveries of Energy Warehouse systems expected to continue through 2025[181]. - The company is expanding into new geographic markets, including the US, Europe, Africa, and Australia, and is launching the Energy Base product for long-duration storage applications[138]. - Successful operation in new markets will depend on the ability to meet regulatory requirements and manage increased manufacturing capacity[139]. - Entering new markets may expose the company to various risks, including regulatory differences, currency fluctuations, and compliance challenges[140][141]. Supply Chain and Production Risks - The company relies on third-party suppliers for key raw materials and components, which poses risks to manufacturing and supply chain[65]. - The ongoing geopolitical conflicts and sanctions may disrupt the company's supply chain and operations, adding to market volatility[74]. - The company is qualifying alternative sources for components due to trade tensions, which may lead to increased costs and supply disruptions[168]. - Operational problems with manufacturing equipment could lead to production delays, increased costs, and potential legal liabilities[87]. - The company is seeking to expand production capacity to meet planned targets, but faces risks related to construction and management of new facilities[88]. Cybersecurity and Data Risks - Information security breaches could result in loss of proprietary data and expose the company to legal claims and regulatory investigations[156][157]. - The effectiveness of IT systems is critical for operations, and vulnerabilities could disrupt business continuity and sales[158]. - The company has not been materially impacted by cybersecurity incidents to date, but any future disruptions could affect its ability to produce timely and accurate financial information[161]. - Significant capital resources may be required to protect against security breaches and system disruptions, with evolving threats increasing compliance burdens and costs[162]. Legal and Liability Risks - The company is exposed to risks related to personal injury claims from product use, which could lead to litigation and financial liabilities[211]. - Legal proceedings and claims could adversely affect the company's financial condition, as litigation can be expensive and disruptive to operations[210]. - The company carries comprehensive insurance, but may face significant out-of-pocket costs before reaching deductibles, which could impact financial results[212].

Financial Performance - ESS reported total revenue of $6.3 million for FY 2024, a decrease from $7.54 million in FY 2023, representing a decline of approximately 16.5%[3][16] - The gross profit loss for FY 2024 was $45.36 million, compared to a loss of $12.96 million in FY 2023, indicating a significant increase in losses[16] - The net loss for FY 2024 was $86.22 million, compared to a net loss of $77.58 million in FY 2023, resulting in a net loss per share of $7.32[16] - Net loss for 2024 was $86,222 million, compared to a net loss of $77,578 million in 2023, representing an increase in losses of about 11%[20] - Adjusted EBITDA for 2024 was $(71,333) million, compared to $(18,244) million for the fourth quarter, indicating ongoing operational challenges[26] Operating Expenses - Operating expenses for FY 2024 totaled $44.44 million, down from $72.95 million in FY 2023, reflecting a reduction in R&D expenses[16] - Non-GAAP total operating expenses for 2024 were $35,338 million, up from $44,440 million in 2023, a decrease of approximately 20%[24] - Research and development expenses for 2024 totaled $11,772 million, with stock-based compensation accounting for $2,457 million[24] Assets and Liabilities - Total assets decreased from $143,232 million in 2023 to $71,813 million in 2024, a decline of approximately 50%[18] - Total current liabilities increased from $19,766 million in 2023 to $27,602 million in 2024, an increase of approximately 40%[18] - Cash, cash equivalents, and restricted cash decreased from $22,483 million at the end of 2023 to $15,195 million at the end of 2024, a decline of about 32%[22] - The company reported a significant increase in accounts payable from $2,755 million in 2023 to $8,070 million in 2024, an increase of approximately 193%[18] Operational Developments - The company achieved breakeven profitability on its latest Energy Center design almost a year ahead of schedule, driven by cost reductions in battery pack and labor[2] - ESS delivered eight Energy Center systems to a major Florida utility, marking the first commercial deliveries of this product[2][8] - ESS's global fleet surpassed 2 GWh of transacted energy, highlighting its market presence and operational scale[2] - The company announced the Energy Base, a new modular, non-containerized gigawatt-hour scale long-duration energy storage solution[3][2] - ESS's cost-down program has established a foundation for developing and productizing new technologies, enhancing operational flexibility and reducing costs[2] - The company is exploring potential commercial or financial transactions to support its strategic pivot and growth initiatives[8][11] Inventory and Cash Flow - Inventory increased from $3,366 million in 2023 to $5,641 million in 2024, a rise of approximately 67%[18] - Cash flows from operating activities showed a net cash used of $72,219 million in 2024, compared to $54,896 million in 2023, an increase of about 31%[20]

Core Viewpoint - The market anticipates ESS Tech, Inc. (GWH) will report a year-over-year increase in earnings driven by higher revenues for the quarter ending December 2024, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - The consensus estimate indicates a quarterly loss of $1.34 per share, reflecting a year-over-year change of +0.7%, while revenues are projected to be $4.96 million, representing a 77.1% increase from the previous year [3]. - The consensus EPS estimate has been revised 11.41% higher in the last 30 days, indicating a reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that the Most Accurate Estimate aligns with the Zacks Consensus Estimate, resulting in an Earnings ESP of 0%, which complicates predictions of an earnings beat [10][11]. - The stock currently holds a Zacks Rank of 4, indicating a less favorable outlook for beating the consensus EPS estimate [11]. Historical Performance - In the last reported quarter, ESS Tech was expected to post a loss of $1.97 per share but delivered a loss of $1.90, resulting in a surprise of +3.55% [12]. - Over the past four quarters, the company has exceeded consensus EPS estimates three times [13]. Conclusion - While ESS Tech does not appear to be a strong candidate for an earnings beat, investors should consider other factors when making decisions regarding the stock ahead of the earnings release [16].

Financial Data and Key Metrics Changes - The company reported revenue of $359,000 in Q3 2024, with a cost of revenue of $12.7 million, indicating significant challenges in revenue generation [29] - Non-GAAP operating expenses for Q3 were $9.2 million, with R&D expenses at $2.1 million, reflecting ongoing investment in cost reduction initiatives [32] - Adjusted EBITDA for Q3 was negative $18.9 million, with cash and short-term investments totaling $55.1 million at the end of the quarter [33][34] Business Line Data and Key Metrics Changes - The company expects to recognize revenues between $9 million and $11 million for the full year, indicating meaningful year-on-year growth despite current challenges [11] - The EC product, which has more than double the capacity of the Energy Warehouse product, is set to begin initial commercial shipments in Q4 [12][13] - Unit cost reductions of 28% on EC production have been achieved through Q3, with expectations of nearly 50% total cost reductions for the full year 2024 [31] Market Data and Key Metrics Changes - The company is experiencing delays primarily due to customer funding issues, particularly with a long-standing partner in Australia [9][40] - There is a growing market opportunity for long-duration energy storage (LDES), driven by regulatory mandates and increasing demand from data center operators [21][24] Company Strategy and Development Direction - The company is focused on scaling its solutions and driving profitability while demonstrating the value of LDES in the energy transition [27] - A partnership with Honeywell is aimed at leveraging technical expertise to lower costs and improve performance, with discussions about larger scale projects underway [19][57] - The company is actively evaluating various strategic financing alternatives to strengthen its balance sheet and extend its cash runway [37] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that revenue ramp-up has been slow due to external factors, including delays in customer funding and site readiness [8][40] - The company is optimistic about recognizing revenue in Q4 and expects a ramp-up in shipments and performance in the first half of next year [49] - Management noted that the market is seeing increased activity due to regulatory changes and the urgent demand from data centers, which is expected to drive future growth [53] Other Important Information - The company completed a 1-for-15 reverse stock split to regain compliance with NYSE listing requirements [38] - The company signed a credit agreement with the Export-Import Bank of the United States for a $50 million financing package, which is available for future capital expenditures [35] Q&A Session Summary Question: Customer delays in Q3 - Management clarified that the delays were primarily related to one customer in Australia, with site readiness issues also contributing to the delays [40] Question: Q4 shipment expectations - The company expects to ship six EC units in Q4 and recognize revenue upon delivery to the site, with operational performance expected in Q2 2025 [41][42] Question: Update on the second automated line - The second automated line is expected to be operational by mid-2025, which will help lower costs [43][44] Question: Revenue guidance for 2025 - Management refrained from providing specific guidance but indicated a ramp-up in revenue is expected in the first half of next year [49] Question: Financing updates - The company has sufficient capital to operate without immediate draws on the EXIM loan agreement, but it is available for future needs [50][51] Question: Customer activity and sales pipeline - There is significant activity in the sales pipeline, with hundreds of millions of dollars in proposals and projects moving through regulatory processes [53] Question: Impact of lithium-ion pricing on pricing discussions - Management acknowledged that lithium pricing impacts pricing discussions, but the company offers a competitive value proposition based on total cost of ownership [62]

Company Performance - ESS Tech, Inc. reported a quarterly loss of $1.90 per share, which was better than the Zacks Consensus Estimate of a loss of $1.97, but worse than the loss of $1.65 per share from the previous year, indicating a 15.15% increase in loss year-over-year [1] - The company posted revenues of $0.36 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 92.53%, and down from $1.55 million in the same quarter last year [2] - Over the last four quarters, ESS Tech has surpassed consensus EPS estimates three times, but has not been able to beat consensus revenue estimates [2] Stock Performance - ESS Tech shares have declined approximately 46.8% since the beginning of the year, contrasting with the S&P 500's gain of 25.5% [3] - The current consensus EPS estimate for the upcoming quarter is -$1.51 on revenues of $11.91 million, and for the current fiscal year, it is -$6.72 on revenues of $19.85 million [7] Industry Outlook - The Zacks Industry Rank for Electronics - Miscellaneous Products is currently in the top 24% of over 250 Zacks industries, suggesting a favorable industry outlook [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]

Financial Performance - Total revenue for Q3 2024 was $359,000, compared to $1,545,000 in Q3 2023, representing a decrease of approximately 76.8% year-over-year[14] - Gross loss for Q3 2024 was $(12,382,000), compared to a gross loss of $(8,638,000) in Q3 2023, indicating a worsening of 43.5%[14] - Net loss for Q3 2024 was $(22,493,000), compared to $(16,618,000) in Q3 2023, which is an increase in loss of 35.5%[14] - The net loss for the nine months ended September 30, 2024, was $62,743,000, compared to a net loss of $61,448,000 for the same period in 2023[20] - For the three months ended September 30, 2024, the net loss attributable to common stockholders was $22.5 million, compared to a net loss of $16.6 million for the same period in 2023, representing a 35.1% increase[67] Operating Expenses - Operating expenses for Q3 2024 totaled $11,300,000, up from $9,496,000 in Q3 2023, reflecting an increase of 19.0%[14] - Research and development expenses increased to $2,684,000 in Q3 2024 from $1,609,000 in Q3 2023, a rise of 66.7%[14] - Sales and marketing expenses rose by 23% to $2.5 million in Q3 2024 from $2.1 million in Q3 2023; for the nine months ended September 30, 2024, expenses increased by 29% to $7.3 million from $5.6 million in the same period last year[89] - General and administrative expenses increased by 4% to $6.1 million in Q3 2024 from $5.8 million in Q3 2023; for the nine months ended September 30, 2024, expenses rose by 5% to $17.8 million from $17.0 million in the same period last year[91] Cash Flow and Liquidity - Cash used in operating activities for the nine months ended September 30, 2024, was $51,743,000, an increase from $38,751,000 in the prior year[20] - The company had cash, cash equivalents, and restricted cash of $14,675,000 at the end of September 30, 2024, down from $39,491,000 at the end of September 30, 2023[22] - As of September 30, 2024, the company had unrestricted cash and cash equivalents of $12.8 million and short-term investments of $42.3 million, totaling $55.1 million in liquid assets[95] - The company incurred net cash used in operating activities of $51.7 million for the nine months ended September 30, 2024, compared to $38.8 million for the same period in 2023[98] Stockholders' Equity - The company reported a total stockholders' equity of $49,201,000 as of September 30, 2024, down from $103,357,000 at the end of 2023, a decrease of 52.3%[12] - As of September 30, 2023, ESS Tech, Inc. reported total stockholders' equity of $116,460,000, a decrease from $136,974,000 as of December 31, 2022[17] - As of March 31, 2024, the total stockholders' equity was $87,820,000, reflecting a decrease from $116,460,000 as of September 30, 2023[17] Inventory and Assets - The company's inventory as of September 30, 2024, was $7.0 million, reflecting a write-down of $16.3 million from its cost to net realizable value[29] - Total property and equipment, net, increased to $19.9 million as of September 30, 2024, up from $16.3 million as of December 31, 2023[31] - The total assets measured at fair value as of September 30, 2024, amounted to $54.830 million[54] Commitments and Agreements - The Company entered into a Joint Development Agreement with UOP, agreeing to reimburse a minimum of $8.0 million for R&D expenses through December 31, 2028[40] - The company is evaluating various strategies to obtain additional funding, which may include equity offerings or debt issuance[24] - The company is committed to reimburse UOP a minimum of $8.0 million for research and development expenses incurred through December 31, 2028 under the JDA[102] Future Outlook - Revenue is anticipated to be generated from Energy Centers, second-generation Energy Warehouses, and core technology component productization in the near to medium term[74] - The Inflation Reduction Act of 2022 is expected to positively impact the company's gross margins due to extended investment tax credits and production tax credits for energy storage products[76] - The company expects an increase in operating expenses as it ramps up manufacturing and sales activities, with indirect costs projected to rise compared to 2023[73] Research and Development - The company continues to perform research and development activities to expand its product roadmap despite a decrease in related expenses following the transition to commercial inventory accounting[79] - The company transitioned out of the research and development phase into commercial inventory accounting as of July 1, 2023[25]

Revenue Performance - Total revenue for Q3 2024 was $359,000, a decrease from $1,545,000 in Q3 2023, representing a year-over-year decline of approximately 77.8%[10] - The company expects to achieve revenue between $9 million and $11 million for the full year 2024, indicating significant year-on-year growth[1] - The company is optimistic about shipping units in Q4 2024, which should help improve revenue recognition[1] Cost and Expenses - The cost of revenue for Q3 2024 was $12,741,000, compared to $10,183,000 in Q3 2023, resulting in a gross loss of $12,382,000[10] - Research and development expenses increased to $2,684,000 in Q3 2024 from $1,609,000 in Q3 2023, reflecting a year-over-year increase of approximately 66.7%[10] - Research and development expenses for the three months ended September 30, 2024, were $2,684 million, up from $1,609 million in the same period in 2023, marking an increase of approximately 67%[14] - Non-GAAP total operating expenses for the nine months ended September 30, 2024, were $27,461 million, down from $54,606 million in the same period in 2023, reflecting a significant reduction[14] Net Loss and Financial Health - The company reported a net loss of $22,493,000 in Q3 2024, compared to a net loss of $16,618,000 in Q3 2023, indicating a worsening of approximately 35.5%[10] - Net loss for the nine months ended September 30, 2024, was $62,743 million, compared to a net loss of $61,448 million for the same period in 2023, indicating a slight increase in losses[12] - Adjusted EBITDA for the nine months ended September 30, 2024, was $(53,088) million, compared to $(55,980) million for the same period in 2023, showing an improvement in performance[15] Assets and Liabilities - Total current assets decreased from $118,098 million as of December 31, 2023, to $68,554 million as of September 30, 2024, representing a decline of approximately 42%[11] - Total liabilities increased from $39,875 million as of December 31, 2023, to $47,496 million as of September 30, 2024, reflecting an increase of approximately 19%[11] - Total stockholders' equity decreased from $103,357 million as of December 31, 2023, to $49,201 million as of September 30, 2024, a decline of approximately 52%[11] Cash Flow - Cash and cash equivalents decreased from $20,165 million to $12,822 million, a decline of about 36%[11] - Net cash used in operating activities for the nine months ended September 30, 2024, was $(51,743) million, compared to $(38,751) million for the same period in 2023, indicating a worsening cash flow situation[12] - Cash flows from investing activities provided $43,886 million for the nine months ended September 30, 2024, compared to $15,999 million for the same period in 2023, indicating a substantial increase in cash inflow from investments[12] Strategic Developments - The company executed a credit agreement with the Export-Import Bank of the United States for a $20 million tranche of a $50 million funding package to expand manufacturing capacity[2] - The second Energy Center for Portland General Electric has been built and is currently undergoing testing, with final hand-off expected in Q4 2024[2] - The company completed a 1-for-15 reverse stock split on August 23, 2024, to comply with NYSE listing requirements[2] - The company continues to focus on cost reduction activities as it scales operations and aims for profitability[1]

Financial Data and Key Metrics Changes - The company reported revenue of $348,000 in Q2 2024, with a cost of revenue of $11.7 million, reflecting challenges in transitioning from R&D to inventory accounting [13] - Non-GAAP operating expenses for Q2 were $9.1 million, with R&D expenses at $1.9 million, indicating ongoing investment in cost reduction initiatives [13] - The company ended Q2 with $74.4 million in cash and short-term investments, focusing on managing cash burn and optimizing working capital [14] Business Line Data and Key Metrics Changes - The company anticipated shipping approximately 12 additional Energy Warehouses (EWs) in Q2, but delays from a key partner pushed expected shipments to Q3 [5][6] - The company expects to achieve non-GAAP gross margin profitability on the Energy Warehouse by the end of 2024, with significant cost reductions targeted [13] Market Data and Key Metrics Changes - The Federal Energy Regulatory Commission (FERC) projects a 4.7% annual growth in US electricity demand, translating to 38 gigawatts of growth by 2028, driving demand for long-duration energy storage [7] - The California Energy Commission awarded a $10 million grant for a long-duration battery storage project, highlighting the increasing regulatory support for energy storage solutions [8] Company Strategy and Development Direction - The company is finalizing a transformative agreement with the Export-Import Bank of the United States for up to $50 million in funding to expand manufacturing capacity [6] - The company aims to ramp up revenue in the second half of the year while lowering costs and increasing production capacity [5][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-duration energy storage market, citing regulatory momentum and increasing electricity demand as key growth drivers [5][7] - The company acknowledged challenges with project timing and delays but remains focused on achieving significant revenue growth in 2024 compared to 2023 [12] Other Important Information - The company is pursuing both dilutive and non-dilutive financing alternatives to strengthen its balance sheet and operational flexibility [15] - A reverse stock split is planned to comply with New York Stock Exchange listing requirements [15] Q&A Session Summary Question: Capital required to produce for ESS - Management clarified that the capital required is around $20 million per gigawatt hour, with each production line being less than that amount [17] Question: Growth in potential customers - Management noted a mixed response from customers, with some moving quickly through the sales funnel while others are targeting larger projects for 2026 and 2027 [18][19] Question: Revenue target breakdown for 2024 - Management indicated that the revenue ramp-up would be approximately two-thirds from Energy Warehouses and one-third from Energy Centers, with the latter expected to ramp up in Q4 [20] Question: Impact of AI and data centers on growth - Management highlighted that data center operators are seeking to build microgrids and procure their own renewable energy to meet increasing energy demands driven by generative AI [21] Question: Manufacturing ramp-up timeline - Management expects the second automated production line to be operational by the end of the first half of next year, achieving a total production capacity of 1 gigawatt hour [22] Question: Honeywell partnership traction - Management reported positive momentum with Honeywell, with ongoing discussions about joint development and market engagement [27] Question: Raw material costs - Management stated that they are not experiencing negative impacts from suppliers and are actively negotiating for reduced costs [29] Question: Financing issues causing delays - Management explained that delays were due to government funding not being processed in time, rather than broader market issues [31] Question: Resiliency market for tribal lands - Management indicated that the resiliency microgrid market is projected to be a multibillion-dollar opportunity by 2030, with a focus on green energy and reliability [32]

Group 1 - ESS Tech, Inc. reported a quarterly loss of $0.12 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.11, but an improvement from a loss of $0.15 per share a year ago, resulting in an earnings surprise of -9.09% [1] - The company posted revenues of $0.35 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 89.26%, and a significant decline from year-ago revenues of $2.83 million [2] - ESS Tech shares have decreased by approximately 41.5% since the beginning of the year, contrasting with the S&P 500's gain of 13.9% [3] Group 2 - The earnings outlook for ESS Tech is mixed, with the current consensus EPS estimate for the coming quarter at -$0.12 on revenues of $4.47 million, and -$0.42 on revenues of $23.62 million for the current fiscal year [7] - The Zacks Industry Rank for Electronics - Miscellaneous Products is currently in the top 32% of over 250 Zacks industries, indicating that the industry outlook can significantly impact stock performance [8]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to ________ Commission file number 001-39525 ESS Tech, Inc. (Exact name of registrant as specified in its charter) Delaware (State or ...