Quarterly ResultMay 7, 2026, 04:38 PM
ESS Tech Q1 Revenue $128K; Net Loss $(15.9)M; Adj. EBITDA Loss $(10.3)M
AI Summary
ESS Tech, Inc. announced its first quarter 2026 financial results, reporting $128 thousand in revenue and an improved net loss of $(15.9) million. The company also saw a 31% year-over-year improvement in Adjusted EBITDA loss to $(10.3) million and a 33% reduction in total operating expenses. Strategically, ESS Tech advanced its Project New Horizon collaboration with Salt River Project and Google, secured a $9.9 million contract with the U.S. Air Force, and formed a strategic partnership with Alsym Energy. The company also strengthened its liquidity position by closing a $15 million registered direct offering.
Key Highlights
- Revenue was $128 thousand for Q1 2026, compared with $0.6 million in the prior-year period.
- Net loss improved to $(15.9) million, or $(0.54) per share, from $(18.0) million, or $(1.50) per share, in Q1 2025.
- Adjusted EBITDA loss improved 31% year-over-year to $(10.3) million from $(15.0) million.
- Total operating expenses decreased 33% to $6.7 million for Q1 2026, down from $10.0 million in Q1 2025.
- Net cash used in operating activities was $13.5 million, compared with $18.2 million in the prior-year period.
- Awarded a $9.9 million contract with the U.S. Air Force for a large capacity energy storage system.
- Closed a $15 million registered direct offering at $1.75 per share.
- Unrestricted cash and cash equivalents were $15.5 million, with total liquidity of $21.5 million as of March 31, 2026.