ESS Tech Q1 2025 Earnings Report
Key Takeaways
ESS Tech generated $599K in revenue in Q1 2025, reflecting lower sales activity during its transition period. The company posted a net loss of $18M and an operating loss of $18.1M, with a sharp drop in cash reserves. Despite near-term financial challenges, commercial momentum for its Energy Base platform has gained traction.
Revenue declined to $599K, down from $2.7M in Q1 2024, reflecting a slowdown in deliveries.
Net loss was $18M as the company continues investing in its Energy Base strategy.
Operating cash outflow totaled $18.2M, with cash and equivalents dropping to $8.4M.
Received a 50 MWh project award and logged proposal activity totaling ~1.2 GWh tied to Energy Base product.
ESS Tech
ESS Tech
ESS Tech Revenue by Segment
Forward Guidance
ESS is focused on cost control, strategic pivots, and capital-raising while seeing rising commercial engagement with its new Energy Base product.
Positive Outlook
- 50 MWh Energy Base project awarded with Arizona utility.
- Over 1.2 GWh in proposals submitted since product launch.
- 30+ informal inquiries representing an additional 1.6 GWh.
- Completed Energy Warehouse startup for California customer.
- Batteries built in the U.S. seen as competitive advantage amid tariff risks.
Challenges Ahead
- Revenue sharply decreased due to limited activity and deliveries.
- Operating losses continue with elevated cost base.
- Cash position declined by over $4.9M during the quarter.
- Heavy reliance on raising additional capital to sustain operations.
- Manufacturing and deployment pace remains a challenge.
Revenue & Expenses
Visualization of income flow from segment revenue to net income