ESS Tech Q2 net loss widens on fewer deliveries, higher operating costs
GWH•Result drivers
- FEWER DELIVERIES - Co attributed sharp yr/yr revenue decline to fewer equipment deliveries to customers
- HIGHER LEGAL AND R&D COSTS - Q2 operating expenses rose mainly due to increased legal expenses related to contingent liability accruals and higher research and development spending
- HIGHER OPERATING COSTS - Co said Q2 operating expenses rose 19% on higher legal expenses tied to contingent liability accruals and increased R&D spending
Outlook and liquidity
- Company sees early-stage opportunities for sodium-ion battery systems approaching $1 bln
- Company expects first operational Bridge sodium-ion product toward end of 2026
- ESS continues to pursue incremental liquidity to support operations and long-term growth
Q2 results and cost drivers
- U.S. non-lithium battery maker's Q2 revenue fell sharply yr/yr on fewer equipment deliveries
- Q2 net loss widened as operating expenses rose on legal and R&D costs
- Company signed non-binding LOI for potential strategic business combination at premium valuation
