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Sep 30
ESS Tech Q3 2025 Earnings Report
ESS Tech reported a wider loss in Q3 2025 as revenue fell and operating expenses remained elevated, reflecting the company’s early commercialization phase.
Key Takeaways
ESS Tech posted a $10.4M net loss in Q3 2025 on revenue of just $214K, down from $359K in the prior year. Operating losses narrowed slightly due to lower operating expenses. The company highlighted progress in strategic execution and announced a major pilot project with Salt River Project.
Revenue dropped to $214K in Q3 2025, down from $359K in Q3 2024
Net loss totaled $10.4M, or $0.73 per share
Adjusted EBITDA loss improved to $7.2M from $18.9M YoY
Announced 50 MWh pilot with SRP and launched $75M ATM program
ESS Tech
ESS Tech
ESS Tech Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comRevenue - Related Parties Revenue
CapyFin.com Forward Guidance
ESS Tech emphasized operational execution and manufacturing readiness heading into 2026, with less focus on short-term revenue and more on strategic customer pilots and scaling production capabilities.
Positive Outlook
- Launched 50 MWh SRP pilot validating next-gen platform
- Secured $40M in new financing with Yorkville
- Completed $25M SEPA and repaid $15M of promissory note
- Planned $75M ATM program to enhance financial flexibility
- Announced Investor Day in Jan 2026 to share execution roadmap
Challenges Ahead
- Revenue remains minimal and declined YoY
- Continued cash burn with $36M used in operations YTD
- Operating losses remain significant at $9.8M in Q3
- Low gross margin driven by under-absorption and scale inefficiencies
- Balance sheet deteriorated, shifting from $28.9M equity to $1.8M deficit
Revenue & Expenses
Visualization of income flow from segment revenue to net income