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ESS Tech(GWH) - 2024 Q2 - Quarterly Results
GWHESS Tech(GWH)2024-08-14 20:06

Financial Performance - Total revenue for Q2 2024 was 348,000,adecreaseof87.7348,000, a decrease of 87.7% compared to 2.83 million in Q2 2023[10] - The net loss for Q2 2024 was 21.94million,comparedtoanetlossof21.94 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 40,250million,comparedtoanetlossof40,250 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,comparedto(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 10milliongrantfromtheCaliforniaEnergyCommissionforalong−durationbatterystorageprojectinpartnershipwithSMUD[2]−Thecompanyisfinalizingafundingagreementforupto10 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 74million,expectedtosustainoperationsinto2025[1]−Cashandcashequivalentsincreasedfrom74 million, expected to sustain operations into 2025[1] - Cash and cash equivalents increased from 20,165 million to 36,744million,representinganincreaseof82.036,744 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)millionforthesameperiodin2023,reflectingadecreaseof9.6(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 33,923millionforthesameperiodin2023,anincreaseof47.833,923 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 27.03millioninQ22023[10]−TotaloperatingexpensesforthesixmonthsendedJune30,2024,were27.03 million in Q2 2023[10] - Total operating expenses for the six months ended June 30, 2024, were 22,831 million, down from 51,905millioninthesameperiodof2023,adecreaseofapproximately56.151,905 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 37,181millioninthesameperiodof2023,adecreaseofapproximately82.837,181 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 84,659millionasofJune30,2024,adeclineofapproximately28.484,659 million as of June 30, 2024, a decline of approximately 28.4%[11] - Total liabilities increased from 39,875 million to 42,089million,anincreaseofapproximately5.542,089 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]