NYSE: GWH
ESS Tech, Inc.CIK 0001819438 · SIC 3690 · Miscellaneous Electrical Equipment
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ESS Tech prices $3.2M offering at $0.50/share; net proceeds $2.5M, mostly to repay debt
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ESS Tech prices $1.75/share registered direct offering of 3.47M shares plus pre-funded warrants for up to 5.1M shares, raising $14.1M gross
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Latest financial statements
From 10-Q filed Aug 11, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
(in thousands, except share and per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenue: | ||||
| Revenue | 4 | 56 | 126 | 627 |
| Revenue related parties | 69 | 2,302 | 75 | 2,330 |
| Total revenue | 73 | 2,358 | 201 | 2,957 |
| Cost of revenue | 7,494 | 7,459 | 14,660 | 16,205 |
| Gross loss | (7,421) | (5,101) | (14,459) | (13,248) |
| Operating expenses | ||||
| Research and development | 2,201 | 1,424 | 4,826 | 3,902 |
| Sales and marketing | 562 | 1,304 | 816 | 3,254 |
| General and administrative | 4,950 | 3,728 | 8,813 | 9,299 |
| Total operating expenses | 7,713 | 6,456 | 14,455 | 16,455 |
| Loss from operations | (15,134) | (11,557) | (28,914) | (29,703) |
| Other (expense) income, net | ||||
| Interest (expense) income, net | (596) | 30 | (3,092) | 246 |
| Gain on revaluation of common stock warrant liabilities | 166 | 459 | 510 | 344 |
| Other income, net | 11 | 12 | 21 | 31 |
| Total other (expense) income, net | (419) | 501 | (2,561) | 621 |
| Net loss and comprehensive loss to common stockholders | (15,553) | (11,056) | (31,475) | (29,082) |
| Net loss per share basic and diluted | (0.46) | (0.90) | (1.00) | (2.39) |
| Weighted-average shares used in per share calculation basic and diluted | 33,824,896 | 12,271,587 | 31,563,558 | 12,152,245 |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | 10,848 | 14,477 |
| Restricted cash, current | 806 | 806 |
| Accounts receivable, net | 10 | 13 |
| Short-term investments | — | 7,557 |
| Inventory | 112 | 140 |
| Prepaid expenses and other current assets | 1,814 | 3,254 |
| Total current assets | 13,590 | 26,247 |
| Property and equipment, net | 11,793 | 17,224 |
| Intangible assets, net | 2,548 | 2,682 |
| Operating lease right-of-use assets | 2,903 | 3,767 |
| Restricted cash, non-current | 918 | 618 |
| Other non-current assets | 724 | 634 |
| Total assets | 32,476 | 51,172 |
| Liabilities and stockholders' (deficit) equity | ||
| Current liabilities: | ||
| Accounts payable | 1,234 | 3,023 |
| Accrued and other current liabilities | 10,004 | 11,097 |
| Accrued product warranties | 798 | 985 |
| Operating lease liabilities, current | 1,919 | 1,784 |
| Deferred revenue, current | 280 | 359 |
| Financing obligations, current | 5,765 | 8,044 |
| Total current liabilities | 20,000 | 25,292 |
| Operating lease liabilities, non-current | 1,059 | 2,060 |
| Deferred revenue, non-current related parties | 5,297 | 5,297 |
| Common stock warrant liabilities | 63 | 573 |
| Financing obligations, non-current | 8,715 | 9,291 |
| Other non-current liabilities | 29 | 41 |
| Total liabilities | 35,163 | 42,554 |
| Commitments and contingencies (Note 9) | ||
| Stockholders' (deficit) equity: | ||
| Preferred stock ($0.0001 par value; 200,000,000 shares authorized, none issued and outstanding as of June 30, 2026 and December 31, 2025) | — | — |
| Common stock ($0.0001 par value; 1,000,000,000 shares authorized, 32,889,323 and 22,377,003 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively) | 3 | 2 |
| Additional paid-in capital | 874,604 | 854,435 |
| Accumulated deficit | (877,294) | (845,819) |
| Total stockholders' (deficit) equity | (2,687) | 8,618 |
| Total liabilities and stockholders' (deficit) equity | 32,476 | 51,172 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | (31,475) | (29,082) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 3,077 | 3,085 |
| Asset abandonment | 4,327 | — |
| Non-cash interest expense (income) | 2,824 | (155) |
| Non-cash lease expense | 864 | 731 |
| Stock-based compensation expense | 1,745 | 2,699 |
| Change in fair value of common stock warrant liabilities | (510) | (344) |
| Other non-cash expenses, net | 1 | 199 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | 3 | 86 |
| Inventory | 28 | 301 |
| Prepaid expenses and other assets | 1,350 | 468 |
| Accounts payable | (1,761) | 1,268 |
| Accrued and other liabilities | (1,743) | (1,485) |
| Accrued product warranties | (187) | (1,090) |
| Deferred revenue | (79) | (6,458) |
| Operating lease liabilities | (866) | (820) |
| Net cash used in operating activities | (22,402) | (30,597) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (1,432) | (1,491) |
| Maturities and purchases of short-term investments, net | 7,655 | 18,411 |
| Net cash provided by investing activities | 6,223 | 16,920 |
| Cash flows from financing activities: | ||
| Proceeds from issuance of common stock via ATM, net of issuance costs | 4,859 | 721 |
| Proceeds from issuance of common stock and common stock warrants via RDO, net of issuance costs | 13,553 | — |
| Proceeds from financing arrangements | 9,200 | — |
| Payments on financing obligations | (14,775) | — |
| Proceeds from stock options exercised | — | 6 |
| Proceeds from contributions to Employee Stock Purchase Plan | 13 | 103 |
| Repurchase of shares from employees for income tax withholding purposes | — | (27) |
| Net cash provided by financing activities | 12,850 | 803 |
| Net change in cash, cash equivalents and restricted cash | (3,329) | (12,874) |
| Cash, cash equivalents and restricted cash, beginning of period | 15,901 | 15,195 |
| Cash, cash equivalents and restricted cash, end of period | 12,572 | 2,321 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except share and per share data); (in thousands, except share data); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗