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 ...

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 ...

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 ...

Disclaimers This Presentation contains statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information. This information involves many assumptions and limitations and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data that has been contained in these industry publications and other publicly available information. Accordingly, neither ESS nor its respec ...

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, 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 other ju ...

Financial Data and Key Metrics Changes - The company recognized revenue for two energy warehouses in Q1 amounting to approximately $0.4 million, with production completed on nine additional units slated for delivery this year [50][22][57] - Non-GAAP operating expenses for Q1 were reported at $22.8 million, resulting in an adjusted EBITDA of negative $21.4 million [57][62] - The company ended Q1 with $119 million in cash and short-term investments, indicating a strong liquidity position [62] Business Line Data and Key Metrics Changes - The company is transitioning from batch to scale manufacturing, focusing on increasing manufacturing capacity and improving supply chain quality [28][30] - Significant progress has been made in automation, resulting in a labor reduction of 75% and a cycle time improvement of 60% [33][34] Market Data and Key Metrics Changes - There is a notable increase in customer activity driven by significant investment tax credits and production credits available for energy storage solutions [17][18] - The company is experiencing heightened interest from municipal utilities, particularly around resiliency and reliability use cases [72][77] Company Strategy and Development Direction - The company aims to achieve non-GAAP gross margin profitability within the next 12 to 18 months, with a focus on scaling operations and reducing costs [1][28] - Key initiatives for 2023 include scaling manufacturing capacity, improving supply chain quality, optimizing product designs, and reducing commissioning time [28][41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovering project schedules and strong demand for solutions, despite current project delays [24][50] - The company is preparing to transition out of development accounting in the second half of 2023, which is expected to improve revenue recognition [58][63] Other Important Information - The company has made significant improvements in production efficiency, with labor costs reduced by 60% in the latest design of energy warehouses [59] - The long-term business model is expected to generate higher returns on invested capital over time, with gross margins projected to exceed 30% [65][66] Q&A Session Summary Question: Can you talk about the efficiency seen on deployments? - Management noted that while customer conversations have increased, actual orders have not yet materialized due to hesitations regarding IRS rules [68] Question: Can you expand on the delays at the project and the ability to rework schedules? - Management indicated that the ability to rework schedules depends on customer use cases, with current performance in the 60% efficiency range [70] Question: What is the diversity of opportunities in the total pipeline growth? - Management highlighted increased interest from municipal utilities, particularly due to direct pay from investment tax credits [72][77] Question: Any thoughts on cash burn for the year? - Management expressed confidence in the cash position and the structured plan for the year, indicating a positive outlook for executing plans into 2024 [78]