Ess Tech (GWH) investor relations material

Executive summary

• Launched the Energy Base platform, a modular, scalable iron flow battery targeting utility-scale and data center applications, with flexible duration up to 22 hours, and announced a 50 MWh pilot project with Salt River Project, marking the first commercial-scale deployment.

• Expanded manufacturing capacity with a second automated line and shifted the commercial pipeline fully to Energy Base, focusing on higher-margin, capital-efficient products.

• Formed a strategic partnership with Honeywell to accelerate product development and leverage procurement and testing synergies.

• Closed $40 million financing, completed a $25 million Standby Equity Purchase Agreement, and launched a $75 million at-the-market equity program to enhance capital flexibility.

• Appointed a new COO in August 2025 and implemented cost reduction and cash conservation measures.

Financial highlights

• Q3 2025 revenue was $0.2 million, down 40% year-over-year; nine-month revenue was $3.2 million, down 8%.

• Q3 2025 net loss was $10.4 million, or $0.73 per share, a 54% improvement year-over-year; nine-month net loss was $39.5 million, a 37% improvement.

• Gross loss for Q3 2025 was $4.7 million, improved from $12.4 million in Q3 2024.

• Operating expenses for Q3 2025 were $5.1 million, down 55% year-over-year.

• Cash and cash equivalents at September 30, 2025, were $3.5 million, with an accumulated deficit of $821.8 million.

Outlook and guidance

• Focus for the next 18 months is on execution, manufacturing, delivery, and field validation of Energy Base, with success measured by operational milestones and customer confidence.

• Targeting project opportunities of 100–200 MW in the coming years, with current offerings at 10-hour duration and plans for 16-hour by 2029.

• Manufacturing expansion and automation are expected to further reduce costs and improve capital efficiency.

• Investor Day planned for early 2026 to provide updates on progress and future roadmap.

• Management is evaluating additional funding strategies, including equity and debt offerings, due to substantial doubt about ability to continue as a going concern.