Financial Performance - Total revenue for Q2 2024 was $348,000, a decrease of 87.7% compared to $2.83 million in Q2 2023[10] - The net loss for Q2 2024 was $21.94 million, compared to a net loss of $22.93 million in Q2 2023[10] - Net loss for the six months ended June 30, 2024, was $40,250 million, compared to a net loss of $44,830 million for the same period in 2023, showing an improvement of 10.5%[12] - Adjusted EBITDA for the six months ended June 30, 2024, was $(34,218) million, compared to $(41,817) million for the same period in 2023, indicating an improvement of 18.3%[15] Revenue Growth Expectations - The company expects to grow revenue by three to four times in 2024[1] Funding and Grants - ESS has secured a $10 million grant from the California Energy Commission for a long-duration battery storage project in partnership with SMUD[2] - The company is finalizing a funding agreement for up to $50 million with the Export-Import Bank of the United States to expand manufacturing capacity[2] Production and Capacity - ESS began production of its second Energy Center in July 2024, with expectations to connect to the grid by late 2024[1] - The company plans to add a second manufacturing line later this year, which is expected to triple production capacity[2] Cash and Investments - The company reported cash and short-term investments exceeding $74 million, expected to sustain operations into 2025[1] - Cash and cash equivalents increased from $20,165 million to $36,744 million, representing an increase of 82.0%[11] - Net cash used in operating activities for the six months ended June 30, 2024, was $(34,131) million, compared to $(37,532) million for the same period in 2023, reflecting a decrease of 9.6%[12] - Cash flows from investing activities provided $50,187 million for the six months ended June 30, 2024, compared to $33,923 million for the same period in 2023, an increase of 47.8%[12] Operating Expenses - Operating expenses for Q2 2024 were $11.73 million, down from $27.03 million in Q2 2023[10] - Total operating expenses for the six months ended June 30, 2024, were $22,831 million, down from $51,905 million in the same period of 2023, a decrease of approximately 56.1%[14] - Research and development expenses for the six months ended June 30, 2024, were $6,382 million, down from $37,181 million in the same period of 2023, a decrease of approximately 82.8%[14] Assets and Liabilities - Total current assets decreased from $118,098 million as of December 31, 2023, to $84,659 million as of June 30, 2024, a decline of approximately 28.4%[11] - Total liabilities increased from $39,875 million to $42,089 million, an increase of approximately 5.5%[11] - Total stockholders' equity decreased from $103,357 million as of December 31, 2023, to $69,044 million as of June 30, 2024, a decline of approximately 33.2%[11] Operational Milestones - The Energy Warehouse system at Schiphol Airport is the first operational long-duration energy storage at an airport[1]

ESS Tech, Inc. (GWH) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report, which is expected to be released on August 14, 2024, might help the stock move higher if these key numbers are better than ...

Financial Data and Key Metrics Changes - The company reported revenue of $2.7 million in Q1 2024, with a cost of revenue of $11.1 million, reflecting a transition from R&D accounting to inventory accounting [17] - Non-GAAP operating expenses for Q1 were $9 million, with non-GAAP R&D at $2.9 million, indicating continued investment in cost reduction initiatives [18] - Q1 adjusted EBITDA was negative $15.4 million, showing significant year-over-year improvement and indicating a trajectory towards profitability [18] Business Line Data and Key Metrics Changes - The company is ramping up production with the second automation line expected to be operational early next year, which will enhance capacity and reduce CapEx per megawatt hour of production [7][52] - The Energy Center (EC) system is expected to have more than 2.5 times the energy capacity of the Energy Warehouse (EW) with the same footprint, indicating a significant advancement in technology [6] Market Data and Key Metrics Changes - The company has established a new relationship with Sapele Power in Nigeria, indicating a growing global market need for long-duration energy storage [3][12] - The majority of the company's business is expected to remain in core markets of the U.S., Australia, and Europe, with opportunities arising in regions transitioning to green baseload power [24] Company Strategy and Development Direction - The company aims to capitalize on its leadership position in the long-duration energy storage market, focusing on operational progress and expanding relationships with utility customers and strategic partners [19] - The company is targeting a 40% reduction in the cost to build an Energy Warehouse in 2024, following a 60% reduction in 2023, to enhance profitability [37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the cash position and liquidity, indicating that the cash on hand should support operations well into the first half of 2025 [20][38] - The company is optimistic about tripling or quadrupling revenue compared to the previous year, driven by operational progress and increased shipments [35] Other Important Information - The company has completed over 90 internal tests to validate the operation, safety, and performance of its solutions, establishing credibility with potential customers [14] - The company is the first non-lithium grid-scale battery to achieve seismic certification, enhancing its market position [14] Q&A Session Summary Question: Can you talk about where you're seeing real manufacturing efficiency? - The company highlighted stack manufacturing and the automation line as key areas for cost reduction and efficiency improvements [21] Question: Can you discuss the new contract in Africa and geographic focus? - The company indicated that while it is excited about the new project in Africa, the majority of business will remain in the U.S., Australia, and Europe, focusing on green baseload power [24]

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 March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the transition period from _______ to ________ Commission file number 001-39525 ESS Tech, Inc. (Exact name of registrant as specified in its charter) (State or other j ...

A replay of the call will be available via the web at http://investors.essinc.com/. About ESS, Inc. Exhibit 99.1 ESS Tech, Inc. Announces First Quarter 2024 Financial Results Q1 Revenue of $2.7 Million Partnered with Sapele Power to Supply LDES in Africa Completed Testing of First Energy Center for Portland General Electric Ordered Second Power Module Automation Line with 40% Greater Production Capacity Exited Q1 with Cash and Short-Term Investments over $89 million; Expected to Carry ESS Well Into H1'25 WI ...

ESS Tech, Inc. (NYSE:GWH) Q4 2023 Earnings Conference Call March 13, 2024 5:00 PM ET Company Participants Erik Bylin - Head, IR Eric Dresselhuys - CEO Tony Rabb - CFO Conference Call Participants Thomas Boyes - TD Cowen George Gianarikas - Canaccord Colin Rusch - Oppenheimer Corinne Blanchard - Deutsche Bank Brian Dobson - Chardan Capital Markets Operator Ladies and gentlemen, thank you for standing by. At this time, all participants are in a listen-only mode. Later, we’ll conduct a question-and-answer sess ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR o 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 98-1550150 (S ...

Exhibit 99.1 ESS Tech, Inc. Announces Fourth Quarter and Full Year 2023 Financial Results Lowered Q4 Adjusted EBITDA loss by More Than 50% year over year Exited 2023 with Cash and Short-Term Investments over $100 million; Expected to Carry ESS Well Into H1'25 Delivered First Energy Warehouses to Honeywell Energy Warehouse manufacturing cost lowered by 60% in 2023 Target 40% 2024 EW Cost Reduction to Achieve non-GAAP Gross Margin Profitability WILSONVILLE, OREGON – March 13, 2024 – ESS Tech, Inc. ("ESS," "ES ...

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 September 30, 2023 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) (State or oth ...

ESS Tech, Inc. (NYSE:GWH) Q3 2023 Earnings Conference Call November 7, 2023 5:00 PM ET Company Participants Erik Bylin - Head, IR Eric Dresselhuys - CEO Tony Rabb - CFO Conference Call Participants Corinne Blanchard - Deutsche Bank Leanne Hayden - Canaccord Brian Dobson - Chardan Capital Markets Colin Rusch - Oppenheimer Chris Kapsch - Loop Capital Thomas Boyes - TD Cowen Operator Ladies and gentlemen, thank you for standing by. At this time, all participants are in a listen-only mode. Later, we’ll conduct ...