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Jun 30
ESS Tech Q2 2025 Earnings Report
ESS Tech reported Q2 2025 results with a 294% revenue increase from Q1 and reduced operating costs, while continuing to scale its Energy Base platform.
Key Takeaways
ESS Tech generated $2.36 million in revenue during Q2 2025, driven largely by related-party sales. The company reported an $11.06 million net loss, though adjusted EBITDA improved versus the prior year. Strategic resets, cost reductions, and new project proposals totaling 1.1 GWh helped strengthen commercial momentum.
Revenue reached $2.36 million, up 294% from Q1 2025.
Net loss improved to $11.06 million, versus $21.9 million in Q2 2024.
Adjusted EBITDA improved to -$7.77 million from -$18.8 million YoY.
Proposal pipeline exceeded 1.1 GWh following Energy Base platform launch.
ESS Tech
ESS Tech
ESS Tech Revenue by Segment
Revenue by Segment
Revenue Related Parties Revenue
CapyFin.comProduct Revenue
CapyFin.com Forward Guidance
ESS expects continued growth in project proposals and customer wins through its Energy Base platform while executing on cost discipline and operational efficiency.
Positive Outlook
- Proposal pipeline exceeded 1.1 GWh post-Energy Base launch.
- Cost of revenue fell 15% from Q1 2025.
- Operating expenses declined 35% quarter-over-quarter.
- Improved adjusted EBITDA and gross margin.
- Secured up to $31 million in new capital to extend runway.
Challenges Ahead
- Net loss remains substantial at $11.1 million.
- Gross profit still negative despite revenue growth.
- Cash position remains low at $797K at quarter end.
- Product revenue remains minimal outside of related-party sales.
- Continued need for external capital to fund operations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income