ESS Tech, Inc.

ESS Tech, Inc. announced it is accelerating the development of its sodium-ion battery energy storage systems due to significant customer interest, with early-stage opportunities approaching $1 billion. The company plans to streamline its Wilsonville operations, reduce expenses, and reallocate capital towards sodium-ion solutions, while continuing iron flow battery development. As of May 31, 2026, ESS Tech had approximately $13.6 million in cash, cash equivalents, and short-term investments. The company also received a notice from the NYSE regarding its failure to meet the minimum share price requirement.

ESS Tech, Inc. announced that Rich Hossfeld resigned from its board of directors and the Audit Committee, effective June 12, 2026. Raffi Garabedian has been appointed to replace Mr. Hossfeld on the Audit Committee. The company stated that Mr. Hossfeld's resignation was not a result of any disagreement with the company's operations, policies, or practices.

ESS Tech, Inc. received a notice from the New York Stock Exchange on June 9, 2026, indicating non-compliance with the continued listing standard. The company's common stock had an average closing price of $0.98 over a consecutive 30 trading-day period, falling below the required $1.00. This is a deficiency notice, not an immediate delisting, and does not currently impact trading. ESS Tech has a six-month period to regain compliance and plans to notify NYSE of its intent to do so, considering options like a reverse stock split.

ESS Tech, Inc. reported a net loss of $(15.9) million for the first quarter of 2026, an improvement from $(18.0) million in the prior year, despite a significant drop in total revenue to $128 thousand. The company's net cash used in operating activities decreased to $(13.5) million. ESS Tech also issued a going concern warning, citing ongoing operating losses and the need for additional financing, even after raising $2.1 million through an ATM program, $13.6 million from a Registered Direct Offering, and $9.2 million from financing arrangements.

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.

ESS Tech, Inc. announced the resignation of Michael Niggli from its Board of Directors, Audit Committee, and Nominating and Corporate Governance Committee. His resignation is effective May 29, 2026, coinciding with the company's 2026 annual meeting of stockholders. The company stated that Mr. Niggli's departure was not due to any disagreement and expressed gratitude for his leadership as Founding Chairman and years of service.