ESS Tech, Inc. Announces Second Quarter 2024 Financial Results
ESS Tech, Inc. (NYSE: GWH), a leading manufacturer of long-duration energy storage systems, announced its Q2 2024 financial results. Key highlights include:
1. Finalizing a $50 million funding agreement with the Export-Import Bank of the United States
2. Started production of the second Energy Center for Portland General Electric
3. Deployed the first operational long-duration energy storage at Schiphol Airport
4. Ended Q2 with over $74 million in cash and short-term investments, expected to last well into 2025
5. Received a $10 million grant from the California Energy Commission for a project with Sacramento Municipal Utility District
6. Began building the second Energy Center in July
7. Plans to start commercial Energy Center shipments in H2 2024
ESS Tech, Inc. (NYSE: GWH), un produttore leader di sistemi di stoccaggio energetico a lungo termine, ha annunciato i risultati finanziari per il secondo trimestre del 2024. I punti salienti includono:
1. Finalizzazione di un con l'Export-Import Bank degli Stati Uniti
2. Avvio della produzione del secondo Energy Center per Portland General Electric
3. Implementazione del primo sistema di stoccaggio energetico a lungo termine operativo presso l'Aeroporto di Schiphol
4. Chiusura del secondo trimestre con oltre 74 milioni di dollari in contante e investimenti a breve termine, previsti per durare fino al 2025
5. Ricezione di un sovvenzione di 10 milioni di dollari dalla California Energy Commission per un progetto con il Sacramento Municipal Utility District
6. Inizio dei lavori per il secondo Energy Center a luglio
7. Piani per avviare le spedizioni commerciali degli Energy Center nella seconda metà del 2024
ESS Tech, Inc. (NYSE: GWH), un fabricante líder de sistemas de almacenamiento de energía de larga duración, ha anunciado sus resultados financieros del segundo trimestre de 2024. Los aspectos destacados incluyen:
1. La finalización de un acuerdo de financiamiento de 50 millones de dólares con el Export-Import Bank de los Estados Unidos
2. Inicio de la producción del segundo Energy Center para Portland General Electric
3. Despliegue del primer sistema operativo de almacenamiento de energía de larga duración en el Aeropuerto de Schiphol
4. Cierre del segundo trimestre con más de 74 millones de dólares en efectivo e inversiones a corto plazo, que se espera que duren hasta 2025
5. Recepción de una de la California Energy Commission para un proyecto con el Sacramento Municipal Utility District
6. Comienzo de la construcción del segundo Energy Center en julio
7. Planes para iniciar los envíos comerciales del Energy Center en la segunda mitad de 2024
ESS Tech, Inc. (NYSE: GWH), 장기 에너지 저장 시스템의 선두 제조업체가 2024년 2분기 재무 결과를 발표했습니다. 주요 하이라이트는 다음과 같습니다:
1. 미국 수출입은행과 5천만 달러의 자금 협약 체결
2. 포틀랜드 일반 전기를 위한 두 번째 에너지 센터의 생산 시작
3. 스히폴 공항에 첫 번째 운영 장기 에너지 저장 시스템 배치
4. 2분기 종료 시 7천4백만 달러 이상의 현금 및 단기 투자 보유, 2025년까지 지속될 것으로 예상
5. 새크라멘토 전력공사와의 프로젝트를 위한 캘리포니아 에너지 위원회로부터 1천만 달러 보조금 수령
6. 7월에 두 번째 에너지 센터 건설 시작
7. 2024년 하반기에 상업용 에너지 센터 배송 시작 계획
ESS Tech, Inc. (NYSE: GWH), un fabricant leader de systèmes de stockage d'énergie de longue durée, a annoncé ses résultats financiers pour le deuxième trimestre de 2024. Les points saillants comprennent :
1. Finalisation d'un accord de financement de 50 millions de dollars avec l'Export-Import Bank des États-Unis
2. Début de la production du deuxième Energy Center pour Portland General Electric
3. Déploiement du premier système de stockage d'énergie de longue durée opérationnel à l'aéroport de Schiphol
4. Fin du deuxième trimestre avec plus de 74 millions de dollars en liquidités et investissements à court terme, qui devraient durer jusqu'en 2025
5. Réception d'une subvention de 10 millions de dollars de la California Energy Commission pour un projet avec le Sacramento Municipal Utility District
6. Début de la construction du deuxième Energy Center en juillet
7. Planification du démarrage des expéditions commerciales des Energy Centers au deuxième semestre 2024
ESS Tech, Inc. (NYSE: GWH), ein führender Hersteller von Langzeit-Energiespeichersystemen, hat seine finanziellen Ergebnisse für das zweite Quartal 2024 bekannt gegeben. Die wichtigsten Punkte umfassen:
1. Abschluss einer 50 Millionen Dollar Finanzierungsvereinbarung mit der Export-Import-Bank der Vereinigten Staaten
2. Beginn der Produktion des zweiten Energy Centers für Portland General Electric
3. Inbetriebnahme des ersten operationellen Langzeit-Energiespeichers am Flughafen Schiphol
4. Abschluss des zweiten Quartals mit über 74 Millionen Dollar in Bargeld und kurzfristigen Anlagen, die voraussichtlich bis 2025 Bestand haben werden
5. Erhalt eines 10 Millionen Dollar Zuschusses von der California Energy Commission für ein Projekt mit dem Sacramento Municipal Utility District
6. Beginn des Baus des zweiten Energy Centers im Juli
7. Pläne zur Aufnahme der kommerziellen Lieferung von Energy Centers im zweiten Halbjahr 2024
- Finalizing $50 million funding agreement with Export-Import Bank of the United States
- Q2 ended with over $74 million in cash and short-term investments
- Received $10 million grant from California Energy Commission for SMUD project
- Started production of second Energy Center for Portland General Electric
- First Energy Warehouse operational at Schiphol Airport
- Expected to grow revenue by 3-4 times in 2024
- Q2 revenue lower than expected due to delays in Energy Warehouse shipments
- Received NYSE listing notice in March, requiring reverse stock split
Insights
ESS Tech's Q2 2024 results reveal a mixed financial picture. While revenue was lower than expected due to shipment delays, the company maintains a strong cash position of over
The company's growth trajectory remains ambitious, with plans to increase revenue 3-4 times in 2024. This goal seems challenging given the current shipment delays, but the ramp-up of Energy Center production in H2 2024 could provide a substantial boost. The
Investors should closely monitor the resolution of shipment delays and the execution of the manufacturing expansion plan, as these will be critical for achieving the projected revenue growth.
ESS Tech's progress in deploying its long-duration energy storage (LDES) systems is noteworthy. The operational Energy Warehouse at Schiphol Airport marks a significant milestone, being the first iron flow battery at a major European airport. This demonstrates the technology's potential in critical infrastructure applications.
The company's partnerships with utilities like Portland General Electric, Tampa Electric and SMUD indicate growing market acceptance of iron flow battery technology. The production of the second Energy Center and plans for commercial deliveries in H2 2024 suggest a scaling up of operations.
The selection of ESS batteries by Indian Energy, the CEC and the Department of Defense for microgrid applications highlights the versatility of the technology. This could open up new market segments, particularly in remote and mission-critical installations.
However, the shipment delays mentioned are a concern and could impact the company's ability to meet its ambitious growth targets. The resolution of these issues will be important for ESS's near-term success.
The long-duration energy storage (LDES) market is showing signs of acceleration, with ESS Tech positioned as a key player. The company's diverse project portfolio, spanning from airports to utility-scale installations and microgrids, demonstrates the broad applicability of iron flow battery technology.
The
However, ESS faces challenges in scaling production to meet demand. The planned manufacturing expansion, supported by EXIM Bank funding, is important for capitalizing on market opportunities. The company's ability to execute this expansion efficiently will be a key factor in its market position.
The selection of ESS technology for critical infrastructure and remote applications suggests a growing recognition of LDES's role in grid resilience and renewable energy integration. This could lead to new market segments and increased demand, provided ESS can overcome its current operational hurdles.
Finalizing Funding Agreement for up to
Began Production of Second Energy Center for Portland General Electric
Energy Warehouse Becomes First Operational Long-Duration Energy Storage at an Airport
Exited Q2 with Cash and Short-Term Investments over
“ESS made significant headway in the business in the second quarter and we continue to be encouraged by the growing imperative for Long Duration Energy Storage to be coupled to renewables. Importantly, outside funding is expected to play an important role for not only our operational expansion, but also our partnership with Sacramento Municipal Utility District, or SMUD. First, we are close to finalizing an agreement for up to
“On the Energy Center front, we remain on schedule with Portland General Electric and continue to expect to ramp EC shipments in the back half of the year. With the first EC currently cycling, we began production of our second unit in July and expect these to be connected to the grid by late 2024. In parallel, we have positioned our operations to begin building the first ECs for commercial deliveries to Tampa Electric and SMUD later this month. Our plan to transition to volume manufacturing and shipments remains solidly on track and we continue to expect to achieve our goal of growing our revenue by three to four times in 2024.”
Recent Business Highlights
-
An Energy Warehouse™ (EW) system at Schiphol Airport in
Amsterdam , the second largest airport in mainlandEurope , became the first iron flow battery to be operational at an airport. This EW will be used to help advance Schiphol Airport’s sustainability strategy and has now been tested on Schiphol’s AB platform. The EW system has begun to be used to recharge Electric Ground Power Units (E-GPU), which are intended to replace the diesel ground power units currently used to supply electrical power to aircraft when parked at airport gates. -
The California Energy Commission, or CEC, awarded a
grant to a long-duration battery storage project in partnership with ESS and Sacramento Municipal Utility District, or SMUD. The CEC funding will be used to demonstrate a 3.6 MW, 8-hour iron flow battery project, with SMUD committing an additional$10 million to cover additional other costs for the LDES project.$19.5 million -
We are finalizing the details to close agreement with the Export-Import Bank of
the United States , or EXIM, for up to in funding provided by the Make More in America Initiative. This funding is long-term, low interest, and non-dilutive capital to finance expanding manufacturing capacity, enabling ESS to immediately add to our cash position, borrowing about$50 million on a lookback basis for previously installed capacity. Later this year, the funding is planned to be used for the addition of our second manufacturing line, which is expected to triple our production capacity.$10 million -
Indian Energy, a Native American-owned microgrid developer and integrator, the CEC, and the Department of Defense together selected ESS’ iron flow batteries to demonstrate the diverse capabilities of LDES technologies for utility-scale, resilient microgrids and their ability to deliver energy security to remote communities like tribal nations and military bases. Over the coming months, our project partners are expecting to demonstrate optimal use cases in the
California energy market, including solar peak shifting and grid ancillary services, after which we expect our EW to be placed into commercial operation. - We began building our second EC in July, which we plan to deploy beside the first EC, both for Portland General Electric. We expect to start building and shipping our first commercial ECs in the second half of 2024 for delivery to Tampa Electric and the Sacramento Municipal Utility District, or SMUD.
- We filed our definitive proxy statement with the SEC on August 8, 2024 to execute a reverse split, following a listing notice from the NYSE received in March. We will hold our special shareholders meetings on August 23rd and, once having effected the split in late August, we expect to be in compliance with the listing requirements and will continue our operations as a publicly-listed company.
Conference Call Details
ESS will hold a conference call on Wednesday, August 14, 2024 at 5:00 p.m. EDT to discuss financial results for its second quarter 2024 ended June 30, 2024. Interested parties may join the conference call beginning at 5:00 p.m. EDT on Wednesday, August 14, 2024 via telephone by calling (833) 470-1428 in the
A replay of the call will be available via the web at http://investors.essinc.com/.
About ESS, Inc.
At ESS (NYSE: GWH), our mission is to accelerate global decarbonization by providing safe, sustainable, long-duration energy storage that powers people, communities and businesses with clean, renewable energy anytime and anywhere it’s needed. As more renewable energy is added to the grid, long-duration energy storage is essential to providing the reliability and resiliency we need when the sun is not shining and the wind is not blowing.
Our technology uses earth-abundant iron, salt and water to deliver environmentally safe solutions capable of providing up to 12 hours of flexible energy capacity for commercial and utility-scale energy storage applications. Established in 2011, ESS, Inc. enables project developers, independent power producers, utilities and other large energy users to deploy reliable, sustainable long-duration energy storage solutions. For more information visit www.essinc.com.
Use of Non-GAAP Financial Measures
In this press release and the accompanying earnings call, the Company includes Non-GAAP Operating Expenses and Adjusted EBITDA, which are non-GAAP performance measures that the Company uses to supplement its results presented in accordance with
The Company defines and calculates Non-GAAP Operating Expenses as GAAP Operating Expenses adjusted for stock-based compensation and other special items determined by management as they are not indicative of business operations. The Company defines and calculates Adjusted EBITDA as net loss before interest, other non-operating expense or income, (benefit) provision for income taxes, and depreciation and amortization, and further adjusted for stock-based compensation and other special items determined by management, including, but not limited to, fair value adjustments for certain financial liabilities associated with debt and equity transactions as they are not indicative of business operations.
Forward-Looking Statements
This communication contains certain forward-looking statements, including statements regarding ESS and its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intends”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “will” and “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Examples of forward-looking statements include, among others, statements regarding the Company’s manufacturing plans, the Company’s order and sales pipeline, the Company’s ability to execute on orders, the Company’s ability to effectively manage costs, the Company’s partnerships with third parties such as Amsterdam Airport Schiphol, Burbank Water and Power, and the Sacramento Municipal Utility District and the finalization of the EXIM loan. These forward-looking statements are based on ESS’ current expectations and beliefs concerning future developments and their potential effects on ESS. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication. There can be no assurance that the future developments affecting ESS will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond ESS control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, which include, but are not limited to, continuing supply chain issues; delays, disruptions, or quality control problems in the Company’s manufacturing operations; the Company’s ability to hire, train and retain an adequate number of manufacturing employees; issues related to the shipment and installation of the Company’s products; issues related to customer acceptance of the Company’s products; issues related to the Company’s partnerships with third parties; inflationary pressures; risk of loss of government funding for customer projects; and the Company’s need to achieve significant business growth to achieve sustained, long-term profitability. Except as required by law, ESS is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
ESS Tech, Inc. Condensed Statements of Operations and Comprehensive Loss (unaudited) (in thousands, except share and per share data) |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue: |
|
|
|
|
|
|
|
|
||||||||
Revenue |
|
$ |
342 |
|
|
$ |
2,826 |
|
|
$ |
2,556 |
|
|
$ |
3,197 |
|
Revenue - related parties |
|
|
6 |
|
|
|
1 |
|
|
|
530 |
|
|
$ |
2 |
|
Total revenue |
|
|
348 |
|
|
|
2,827 |
|
|
|
3,086 |
|
|
$ |
3,199 |
|
Cost of revenue |
|
|
11,748 |
|
|
|
— |
|
|
|
22,874 |
|
|
|
— |
|
Gross profit (loss) |
|
|
(11,400 |
) |
|
|
2,827 |
|
|
|
(19,788 |
) |
|
|
3,199 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Research and development |
|
|
2,836 |
|
|
|
19,450 |
|
|
|
6,382 |
|
|
|
37,181 |
|
Sales and marketing |
|
|
2,711 |
|
|
|
1,739 |
|
|
|
4,745 |
|
|
|
3,592 |
|
General and administrative |
|
|
6,178 |
|
|
|
5,845 |
|
|
|
11,704 |
|
|
|
11,132 |
|
Total operating expenses |
|
|
11,725 |
|
|
|
27,034 |
|
|
|
22,831 |
|
|
|
51,905 |
|
Loss from operations |
|
|
(23,125 |
) |
|
|
(24,207 |
) |
|
|
(42,619 |
) |
|
|
(48,706 |
) |
Other income (expenses), net: |
|
|
|
|
|
|
|
|
||||||||
Interest income, net |
|
|
1,052 |
|
|
|
1,330 |
|
|
|
2,291 |
|
|
|
2,582 |
|
Gain (loss) on revaluation of common stock warrant liabilities |
|
|
115 |
|
|
|
(115 |
) |
|
|
115 |
|
|
|
573 |
|
Other income (expense), net |
|
|
18 |
|
|
|
63 |
|
|
|
(37 |
) |
|
|
721 |
|
Total other income, net |
|
|
1,185 |
|
|
|
1,278 |
|
|
|
2,369 |
|
|
|
3,876 |
|
Net loss and comprehensive loss to common stockholders |
|
$ |
(21,940 |
) |
|
$ |
(22,929 |
) |
|
$ |
(40,250 |
) |
|
$ |
(44,830 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net loss per share - basic and diluted |
|
$ |
(0.12 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.29 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares used in per share calculation - basic and diluted |
|
|
175,758,584 |
|
|
|
154,900,330 |
|
|
|
175,136,561 |
|
|
|
154,514,265 |
|
ESS Tech, Inc. Condensed Balance Sheets (unaudited) (in thousands, except share data) |
|||||||
|
June 30, 2024 |
|
December 31, 2023 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
36,744 |
|
|
$ |
20,165 |
|
Restricted cash, current |
|
906 |
|
|
|
1,373 |
|
Accounts receivable, net |
|
981 |
|
|
|
1,990 |
|
Short-term investments |
|
37,695 |
|
|
|
87,899 |
|
Inventory |
|
4,425 |
|
|
|
3,366 |
|
Prepaid expenses and other current assets |
|
3,908 |
|
|
|
3,305 |
|
Total current assets |
|
84,659 |
|
|
|
118,098 |
|
Property and equipment, net |
|
17,758 |
|
|
|
16,266 |
|
Intangible assets, net |
|
4,790 |
|
|
|
4,923 |
|
Operating lease right-of-use assets |
|
2,195 |
|
|
|
2,167 |
|
Restricted cash, non-current |
|
946 |
|
|
|
945 |
|
Other non-current assets |
|
785 |
|
|
|
833 |
|
Total assets |
$ |
111,133 |
|
|
$ |
143,232 |
|
Liabilities and stockholders' equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
5,833 |
|
|
$ |
2,755 |
|
Accrued and other current liabilities |
|
9,669 |
|
|
|
10,755 |
|
Accrued product warranties |
|
3,240 |
|
|
|
2,129 |
|
Operating lease liabilities, current |
|
1,572 |
|
|
|
1,581 |
|
Deferred revenue, current |
|
5,689 |
|
|
|
2,546 |
|
Total current liabilities |
|
26,003 |
|
|
|
19,766 |
|
Operating lease liabilities, non-current |
|
884 |
|
|
|
957 |
|
Deferred revenue, non-current |
|
— |
|
|
|
3,835 |
|
Deferred revenue, non-current - related parties |
|
14,400 |
|
|
|
14,400 |
|
Common stock warrant liabilities |
|
802 |
|
|
|
917 |
|
Other non-current liabilities |
|
— |
|
|
|
— |
|
Total liabilities |
|
42,089 |
|
|
|
39,875 |
|
Stockholders' equity: |
|
|
|
||||
Preferred stock ( |
|
— |
|
|
|
— |
|
Common stock ( |
|
18 |
|
|
|
18 |
|
Additional paid-in capital |
|
805,433 |
|
|
|
799,496 |
|
Accumulated deficit |
|
(736,407 |
) |
|
|
(696,157 |
) |
Total stockholders' equity |
|
69,044 |
|
|
|
103,357 |
|
Total liabilities and stockholders' equity |
$ |
111,133 |
|
|
$ |
143,232 |
|
ESS Tech, Inc. Condensed Statements of Cash Flows (unaudited) (in thousands) |
|||
|
Six Months Ended June 30, |
||
|
2024 |
|
2023 |
Cash flows from operating activities: |
|
|
|
Net loss |
|
|
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
Depreciation and amortization |
2,521 |
|
2,105 |
Non-cash interest income |
(1,573) |
|
(1,487) |
Non-cash lease expense |
658 |
|
604 |
Stock-based compensation expense |
5,880 |
|
4,784 |
Inventory write-down and losses on noncancellable purchase commitments |
1,530 |
|
— |
Change in fair value of common stock warrant liabilities |
(115) |
|
(573) |
Other non-cash (income) expenses, net |
25 |
|
(33) |
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable, net |
1,526 |
|
4,653 |
Inventory |
(2,875) |
|
— |
Prepaid expenses and other current assets |
(555) |
|
2,561 |
Accounts payable |
1,925 |
|
(664) |
Accrued and other current liabilities |
(1,962) |
|
(4,234) |
Accrued product warranties |
1,111 |
|
3,460 |
Deferred revenue |
(1,209) |
|
(3,189) |
Operating lease liabilities |
(768) |
|
(689) |
Net cash used in operating activities |
(34,131) |
|
(37,532) |
|
|
|
|
Cash flows from investing activities: |
|
|
|
Purchases of property and equipment |
(1,565) |
|
(3,440) |
Maturities and purchases of short-term investments, net |
51,752 |
|
37,363 |
Net cash provided by investing activities |
50,187 |
|
33,923 |
|
|
|
|
Cash flows from financing activities: |
|
|
|
Payments on notes payable |
— |
|
(800) |
Proceeds from stock options exercised |
21 |
|
122 |
Repurchase of shares from employees for income tax withholding purposes |
(178) |
|
(82) |
Proceeds from contributions to Employee Stock Purchase Plan |
214 |
|
332 |
Other, net |
— |
|
(14) |
Net cash provided by (used in) financing activities |
57 |
|
(442) |
|
|
|
|
Net change in cash, cash equivalents and restricted cash |
16,113 |
|
(4,051) |
Cash, cash equivalents and restricted cash, beginning of period |
22,483 |
|
36,655 |
Cash, cash equivalents and restricted cash, end of period |
|
|
|
ESS Tech, Inc. Condensed Statements of Cash Flows (continued) (unaudited) (in thousands) |
|||||
|
Six Months Ended June 30, |
||||
|
|
2024 |
|
|
2023 |
Supplemental disclosures of cash flow information: |
|
|
|
||
Cash paid for operating leases included in cash used in operating activities |
$ |
874 |
|
$ |
827 |
Non-cash investing and financing transactions: |
|
|
|
||
Purchase of property and equipment included in accounts payable and accrued and other current liabilities |
|
1,970 |
|
|
931 |
Transfers between inventory and property and equipment, net |
|
1,051 |
|
|
— |
|
|
|
|
||
Cash and cash equivalents |
$ |
36,744 |
|
$ |
30,287 |
Restricted cash, current |
|
906 |
|
|
1,373 |
Restricted cash, non-current |
|
946 |
|
|
944 |
Total cash, cash equivalents and restricted cash shown in the condensed statements of cash flows |
$ |
38,596 |
|
$ |
32,604 |
ESS Tech, Inc. Reconciliation of GAAP to Non-GAAP Operating Expenses (unaudited) (in thousands) |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Research and development |
|
$ |
2,836 |
|
|
$ |
19,450 |
|
|
$ |
6,382 |
|
|
$ |
37,181 |
|
Less: stock-based compensation |
|
|
(908 |
) |
|
|
(1,130 |
) |
|
|
(1,309 |
) |
|
|
(2,123 |
) |
Non-GAAP research and development |
|
$ |
1,928 |
|
|
$ |
18,320 |
|
|
$ |
5,073 |
|
|
$ |
35,058 |
|
|
|
|
|
|
|
|
|
|
||||||||
Sales and marketing |
|
$ |
2,711 |
|
|
|
1,739 |
|
|
$ |
4,745 |
|
|
$ |
3,592 |
|
Less: stock-based compensation |
|
|
(163 |
) |
|
|
(165 |
) |
|
|
(258 |
) |
|
|
(315 |
) |
Non-GAAP sales and marketing |
|
$ |
2,548 |
|
|
$ |
1,574 |
|
|
$ |
4,487 |
|
|
$ |
3,277 |
|
|
|
|
|
|
|
|
|
|
||||||||
General and administrative |
|
$ |
6,178 |
|
|
$ |
5,845 |
|
|
$ |
11,704 |
|
|
$ |
11,132 |
|
Less: stock-based compensation |
|
|
(1,540 |
) |
|
|
(1,430 |
) |
|
|
(2,974 |
) |
|
|
(2,346 |
) |
Non-GAAP general and administrative |
|
$ |
4,638 |
|
|
$ |
4,415 |
|
|
$ |
8,730 |
|
|
$ |
8,786 |
|
|
|
|
|
|
|
|
|
|
||||||||
Total operating expenses |
|
$ |
11,725 |
|
|
$ |
27,034 |
|
|
$ |
22,831 |
|
|
$ |
51,905 |
|
Less: stock-based compensation |
|
|
(2,611 |
) |
|
|
(2,725 |
) |
|
|
(4,541 |
) |
|
|
(4,784 |
) |
Non-GAAP total operating expenses |
|
$ |
9,114 |
|
|
$ |
24,309 |
|
|
$ |
18,290 |
|
|
$ |
47,121 |
|
ESS Tech, Inc. Reconciliation of GAAP Net Loss to Adjusted EBITDA (unaudited) (in thousands) |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net loss |
|
$ |
(21,940 |
) |
|
$ |
(22,929 |
) |
|
$ |
(40,250 |
) |
|
$ |
(44,830 |
) |
Interest income, net |
|
|
(1,052 |
) |
|
|
(1,330 |
) |
|
|
(2,291 |
) |
|
|
(2,582 |
) |
Stock-based compensation |
|
|
3,026 |
|
|
|
2,725 |
|
|
|
5,880 |
|
|
|
4,784 |
|
Depreciation and amortization |
|
|
1,302 |
|
|
|
1,028 |
|
|
|
2,521 |
|
|
|
2,105 |
|
Gain (loss) on revaluation of common stock warrant liabilities |
|
|
(115 |
) |
|
|
115 |
|
|
|
(115 |
) |
|
|
(573 |
) |
Other income (expense), net |
|
|
(18 |
) |
|
|
(63 |
) |
|
|
37 |
|
|
|
(721 |
) |
Adjusted EBITDA |
|
$ |
(18,797 |
) |
|
$ |
(20,454 |
) |
|
$ |
(34,218 |
) |
|
$ |
(41,817 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240814379924/en/
Investors:
Erik Bylin
investors@essinc.com
Media:
Morgan Pitts
503.568.0755
Morgan.Pitts@essinc.com
Source: ESS, Inc
FAQ
What was ESS Tech's (GWH) cash position at the end of Q2 2024?
How much funding is ESS Tech (GWH) finalizing with the Export-Import Bank of the United States?
What is ESS Tech's (GWH) revenue growth expectation for 2024?
Where did ESS Tech (GWH) deploy its first operational long-duration energy storage system at an airport?