Core Insights - ESS Tech, Inc. will participate in the 38th Annual ROTH Conference from March 22-24, 2026, in Dana Point, California, with CEO Drew Buckley and CFO Kate Suhadolnik attending [1][2] - The company will provide updates on its collaboration with Salt River Project and Google, the acquisition of VoltStorage intellectual property, and other growth initiatives [1][2] Company Overview - ESS Tech, Inc. is a leading manufacturer of long-duration iron flow energy storage solutions, established in 2011 [1] - The company's mission is to accelerate decarbonization through sustainable energy storage using iron, salt, and water [1] - ESS aims to provide flexible storage solutions to meet increasing energy demand and maximize the value of excess energy [1] Conference Details - The conference will feature in-person one-on-one meetings with institutional investors [1] - For more information or to schedule a meeting, interested parties can contact ESS management or their ROTH representative [1][2]

Group 1 - ESS Tech, Inc. (NYSE:GWH) is highlighted as one of the best battery stocks to consider before significant growth [1] - Roth Capital has reduced the share price target for ESS Tech, Inc. from $3.5 to $2.5 while maintaining a Buy rating, citing higher-than-expected operating expenses [2] - The company's financial report for the full year and fourth quarter of 2025 revealed $1.6 million in revenue and a net loss of $63.4 million, with operating expenses decreasing by 33% to $29.7 million [2] - For the fourth quarter, ESS Tech reported negative revenue of $1.6 million and a gross loss of $9.6 million [2] Group 2 - ESS Tech, Inc. announced a collaboration for Project Horizon, involving a 50 megawatt-hour energy storage system utilizing its iron flow Energy Base technology, in partnership with Google and Salt River Project [3] - The company specializes in manufacturing and selling iron flow batteries for large-scale applications, including commercial and utility sectors [3]

Financial Data and Key Metrics Changes - Revenue for the full year 2025 was $1.6 million, down from $6.3 million in 2024, reflecting a transition away from legacy product lines [16] - Gross loss for the year was $27.7 million, an improvement of 39% compared to a loss of $45.4 million in 2024 [17] - Total operating expenses decreased 33% year-over-year to $29.7 million, down from $44.4 million [17] - Net loss for the full year was $63.4 million compared to $86.2 million in 2024, an improvement of 26% [18] - Adjusted EBITDA improved 38% year-over-year, reflecting significant cost reductions across the business [22] Business Line Data and Key Metrics Changes - The company is refocusing on the Energy Base product, leading to a decline in revenue from legacy units [16] - Deliveries of legacy units primarily to related parties and engineering services contributed to the revenue recognized during the year [17] Market Data and Key Metrics Changes - Demand from AI data centers is projected to increase 165% by 2030, indicating a growing market for long-duration energy storage [14] - The grid will need to deploy 8 TWh of long-duration storage by 2040 to meet clean energy targets, highlighting the market opportunity [14] Company Strategy and Development Direction - The company aims to commercialize the Energy Base product in 2026, with significant revenue expected in 2027 and 2028 from tier one customers [30] - The acquisition of VoltStorage enhances the company's technological capabilities and strengthens its intellectual property portfolio [11] - The company is exploring different financial structures for the Salt River Project, which includes a 10-year PPA agreement [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the commercial momentum, citing signed agreements with significant counterparties [26] - The financial performance is improving across key metrics, with structural cost reductions being a focus [27] - The company is strategically planning future capital raises, indicating a thoughtful approach to financial management [40] Other Important Information - The company has made leadership changes, including the appointment of a permanent CFO and a new Chief Commercial Officer [11] - As of December 31, 2025, the company had $14.5 million in unrestricted cash and cash equivalents, indicating a solid liquidity position [23] Q&A Session Summary Question: Outlook for revenue ramp-up associated with key projects - The focus for 2026 will be on commercializing the Energy Base, with significant revenue expected in 2027 and 2028 [30] Question: Ownership structure for the Salt River Project - The company is still in the planning phase regarding ownership and expects to start recognizing revenues in 2028 [32] Question: Potential for follow-on deployments after the pilot project - There is potential for a follow-on project with SRP, with operational data expected by mid-2028 [34] Question: Plans for repaying the second tranche of promissory notes and future capital raises - The financial runway has improved, and the company is being strategic about future capital raises [39]

Financial Data and Key Metrics Changes - Revenue for the full year 2025 was $1.6 million, down from $6.3 million in 2024, reflecting a transition away from legacy product lines [10] - Gross loss for the year was $27.7 million, an improvement of 39% compared to a loss of $45.4 million in 2024 [11] - Total operating expenses decreased 33% year-over-year to $29.7 million, down from $44.4 million [11] - Net loss for the full year was $63.4 million compared to $86.2 million in 2024, an improvement of 26% [11] - Adjusted EBITDA improved 38% year-over-year to a loss of $44.3 million, from a loss of $71.3 million in 2024 [12][15] Business Line Data and Key Metrics Changes - The company is refocusing on the Energy Base product, leading to a decline in revenue from legacy units [10] - The organizational reset has resulted in significant cost reductions across all business lines, with R&D expenses declining by $3.5 million, sales and marketing by $5.3 million, and G&A by $5.9 million [11] Market Data and Key Metrics Changes - Demand from AI data centers is projected to increase 165% by 2030, indicating a growing market for long-duration energy storage [9] - The grid will need to deploy 8 terawatt hours of long-duration storage by 2040 to meet clean energy targets [9] Company Strategy and Development Direction - The company aims to accelerate decarbonization through its iron flow technology, which is designed for utility-scale applications [3] - ESS has executed a restructuring, made commercial progress, and strengthened its balance sheet, indicating a focus on long-term sustainability [4] - The acquisition of VoltStorage enhances the company's technological capabilities and patent coverage in the long-duration energy storage space [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the commercial momentum, with confirmed contracts from Google and the US Air Force [17] - The company is focused on delivering high-quality products and expects significant revenue growth starting in 2027 and 2028 [20] - Management is taking a strategic approach to capital raising, indicating a healthier balance sheet and improved financial runway [27] Other Important Information - The company has a combined liquidity position of $22 million as of December 31, 2025, with minimal accounts receivable and inventory [15] - The leadership team has undergone changes, with new appointments aimed at strengthening the company's strategic direction [7] Q&A Session Summary Question: Outlook for revenue ramp-up associated with key projects - Management indicated that the focus for 2026 will be on commercializing the Energy Base, with significant revenue expected in 2027 and 2028 [20] Question: Ownership structure of the Salt River Project - Management is still in the planning phase regarding ownership and expects to start recognizing revenues in 2028 [22] Question: Potential for follow-on deployments with Salt River Project - There is potential for a larger follow-on project, with operational data expected by mid-2028 [23][24] Question: Plans for capital raising and balance sheet strategy - Management stated that the financial runway has improved and they are being strategic about future capital needs [27]

Financial Data and Key Metrics Changes - Revenue for the full year 2025 was $1.6 million, down from $6.3 million in 2024, reflecting a transition away from legacy product lines [10][11] - Gross loss for the year was $27.7 million, an improvement of 39% compared to a loss of $45.4 million in 2024 [11] - Total operating expenses decreased 33% year-over-year to $29.7 million, down from $44.4 million [11] - Net loss for the full year was $63.4 million compared to $86.2 million in 2024, an improvement of 26% [11] - Adjusted EBITDA improved 38% year-over-year to a loss of $44.3 million, from a loss of $71.3 million in 2024 [12][14] Business Line Data and Key Metrics Changes - The company is refocusing on the Energy Base product, which is expected to drive future revenue growth [10][19] - Legacy product lines, including Energy Warehouse and Energy Center, are being phased out, impacting revenue recognition [10] Market Data and Key Metrics Changes - Demand from AI data centers is projected to increase 165% by 2030, indicating a significant market opportunity for long-duration energy storage [9] - The grid will need to deploy 8 terawatt hours of long-duration storage by 2040 to meet clean energy targets [9] Company Strategy and Development Direction - ESS is focused on commercializing the Energy Base product for tier one customers, with significant revenue potential expected in 2027 and 2028 [19] - The company has made strategic leadership changes and acquired VoltStorage to enhance its technological capabilities and patent coverage [6][7] - The company aims to strengthen its balance sheet and manage expenses to support strategic priorities [15][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the commercial momentum, citing signed agreements with major customers like Google and the US Air Force [16] - The organizational reset undertaken in 2025 is showing positive results in financial performance, with structural cost reductions [16][14] - The company is taking a pragmatic approach to ensure high-quality product delivery for the Energy Base [19] Other Important Information - The company closed a $40 million financing transaction and launched an ATM equity offering program, raising approximately $8.6 million [8][15] - As of December 31, 2025, the company had $14.5 million in unrestricted cash and cash equivalents, and $7.5 million in other liquid assets [14] Q&A Session Summary Question: Outlook for revenue ramp-up associated with key projects - Management indicated that focus for 2026 will be on commercializing the Energy Base, with significant revenue expected in 2027 and 2028 [19] Question: Ownership structure of the Salt River Project - Management is still in the planning phase regarding ownership and expects to start recognizing revenues in 2028 [20][21] Question: Potential for follow-on deployments after the pilot project - There is potential for follow-on projects with SRP, with operational data expected by mid-2028 [22][23] Question: Plans for capital raise and balance sheet strategy - Management stated that the financial runway has improved and they are being strategic about future capital raises [26][27]

Catalyzing a Cleaner Future. Every Day. Fourth Quarter and Full Year 2025 Financial Results Conference Call Investor Presentation NYSE: GWH March 5, 2026 Disclaimers No part of this presentation may be reproduced, photocopied, redistributed or passed on, directly or indirectly, to any other person, or published, in whole or in part, for any purpose without the consent of ESS Tech, Inc. ("ESS"). This presentation contains certain "forward-looking statements" within the meaning of the United States Private Se ...

Technology and Product Development - ESS Tech, Inc. specializes in long-duration energy storage using iron flow battery technology, designed to cycle over 20,000 times without capacity fade [21]. - The company has invested approximately $184.7 million in research and development since January 1, 2019, to enhance technology and market products [37]. - ESS's current product offering, the gigawatt-hour Energy Base, allows for a fully configurable layout and is expected to provide 20,000 cycles with rapid response time [30]. - The company aims to reduce per unit costs as production increases, making its batteries more competitive against lithium-ion alternatives for storage durations exceeding eight hours [23]. - ESS's batteries are environmentally sustainable, utilizing earth-abundant materials, and are designed to operate in temperatures ranging from -15°C to 50°C [22]. - The company holds over 315 patents related to its technology, with the earliest patents set to expire in 2028, ensuring a strong intellectual property position [39]. - The company’s technology can operate efficiently in extreme weather conditions, addressing challenges posed by climate change and grid stability [41]. Market and Competitive Landscape - ESS targets both behind-the-meter and front-of-the-meter markets, including utilities and commercial customers, to enhance energy resiliency and sustainability [33][34]. - The energy storage market is highly competitive, with key competitors including Tesla, LG Chem, and various emerging technologies, but ESS believes its innovative technology positions it well [40][42]. - Competition is expected to intensify due to regulatory pushes for lower-carbon energy sources and advancements in alternative technologies [114]. - The company’s energy storage solutions are positioned against established lithium-ion technologies, which may impact market acceptance and demand for its products [108]. - The energy storage markets are highly competitive, with key competitors including Contemporary Amperex Technology Co. Limited, LG Chem, and Tesla, among others [113]. Financial Performance and Challenges - The company reported net losses of $63.4 million and $86.2 million for the years ended December 31, 2025, and December 31, 2024, respectively, with an accumulated deficit of $845.8 million as of December 31, 2025 [98]. - Revenue declined from $6.3 million for the year ended December 31, 2024, to $1.6 million for the year ended December 31, 2025, indicating significant fluctuations in financial performance [97]. - Cash and cash equivalents and short-term investments were $22.0 million at December 31, 2025, raising substantial doubt about the company's ability to continue as a going concern for at least 12 months beyond the filing of the Annual Report [100]. - The company is significantly dependent on the newly launched Energy Base product for revenue generation while other core technologies are still under development [138]. - Revenue may fluctuate from quarter to quarter due to the lengthy manufacturing process and customer arrangements, making future performance difficult to predict [136]. Supply Chain and Operational Risks - The company’s supply chain relies on earth-abundant materials, minimizing costs and ensuring multiple suppliers for key components, although it faces risks from supply chain disruptions [36]. - The company relies on third-party suppliers for key raw materials and components, and any disruptions could harm its ability to manufacture and commercialize products [59]. - Recent increases in costs for materials and components have been observed, with ongoing supply chain disruptions impacting timely delivery and increasing costs for key components such as resin and power electronics [68]. - The company faces challenges in maintaining long-term supply relationships with critical suppliers, which could impact manufacturing and commercialization of energy storage products [74]. - Supply constraints and increased shipping delays have been experienced, with expectations that these negative trends may continue into 2026 [72]. Regulatory and Compliance Issues - The company is subject to federal, state, and local environmental regulations, which may impact its manufacturing operations and product compliance [50]. - The company is subject to multiple regulations that could increase operational costs and impact its business if compliance is not maintained [189]. - Environmental regulations may impose significant costs on the company, and future changes could further increase compliance expenses [190]. - The company is facing increased compliance burdens and costs due to evolving laws and regulations related to cybersecurity and data protection, which could negatively impact its financial condition and operating results [159]. - Compliance with export control laws and economic sanctions is critical, as violations could result in substantial fines and loss of export privileges [202]. Strategic Partnerships and Expansion - The company anticipates that entering into strategic partnerships and joint ventures will be necessary for international expansion, which will involve navigating new laws and regulations [90]. - The company has entered into service agreements with terms of up to 10 years, which may lead to warranty claims if products do not meet expected performance [125]. - In 2022, the company established a strategic partnership with Energy Storage Industries Asia Pacific (ESI) and a framework agreement with Sacramento Municipal Utility District (SMUD), but future orders from these partners are not guaranteed [179]. - The company is expanding internationally, which exposes it to various legal, regulatory, and operational risks that could impact its ability to sell products [186]. Human Resources and Management - The company is committed to investing in its employees and fostering a diverse work environment to attract and retain talent necessary for growth [52]. - Hiring and retaining skilled manufacturing employees is critical for expanding production capacity, and failure to do so could negatively impact financial results [89]. - The loss of key personnel could adversely affect the company's ability to achieve anticipated growth levels [132]. - The company has experienced significant changes to its leadership team, which may disrupt operations and affect business performance during the transition period [135]. - The company may face challenges in attracting and retaining qualified personnel, which could limit strategic efforts and impact financial results [133]. Warranty and Product Liability - Warranty obligations may become significant as product deployment increases, with potential quality issues leading to repair costs and reputational damage [145]. - The company has accrued reserves for warranty claims, but future costs may change based on product compatibility and performance assumptions [147]. - The company may face product liability claims that could result in substantial monetary awards and negatively impact its reputation and financial condition [148]. - The company has a history of product recalls, which could adversely affect its business, reputation, and financial condition [91]. Cybersecurity and Data Protection - The company faces risks related to unauthorized access to its networks and potential data breaches, which could harm its reputation and expose it to legal claims [150]. - The effectiveness of IT systems is crucial for operations, and vulnerabilities could arise from various factors, including natural disasters and cyber threats [154]. - The company has not experienced a cybersecurity incident that has had a material adverse effect on its business as of the report date, but any future incidents could impact its ability to produce timely and accurate financial information [158].

Financial Position - As of December 31, 2025, cash, cash equivalents, and short-term investments are expected to be approximately $22.0 million, an increase of $18.5 million compared to September 30, 2025[10]. - The Company has repaid approximately $24.4 million (or 81%) of the principal amount of $30 million under the Promissory Note, with approximately $5.6 million remaining outstanding[10]. - The second tranche of the Promissory Note of $10 million is available for draw at the Company's option until February 28, 2026[10]. Revenue and Operations - Revenue for the year ended December 31, 2025, is expected to be approximately $1.6 million, a decrease of $4.7 million compared to the year ended December 31, 2024, due to the wind down of active contracts for legacy business activities[10]. - Loss from operations is expected to be approximately $55.0 million, an improvement of $34.8 million compared to the year ended December 31, 2024, reflecting ongoing cost discipline[10]. Interest and Financing - Net interest expense is expected to be approximately $5.5 million due to the Promissory Note issued, compared to net interest income of $3.6 million for the year ended December 31, 2024[10]. Stock and Offerings - The Company has issued 3,799,160 shares of common stock and raised gross proceeds totaling approximately $8.6 million under the at-the-market offering program launched on November 13, 2025[10]. - The Company has paused sales under its at-the-market offering program[10]. Corporate Governance - The Board of Directors increased its size from seven to eight directors, electing Drew Buckley as a Class I member effective January 23, 2026[7]. Reporting and Estimates - The Company is in the process of finalizing actual results for the year ended December 31, 2025, and actual results may differ from preliminary estimates[4].

Core Insights - ESS Tech, Inc. has appointed Randall Selesky as Chief Commercial Officer to enhance global growth and commercial execution in long-duration energy storage solutions [1] - Selesky brings over 20 years of experience in the energy sector, including significant expertise in the battery storage industry [1] - The appointment is part of ESS's leadership transformation aimed at strengthening governance, execution, and financial discipline [1] Company Overview - ESS Tech, Inc. is a leading manufacturer of long-duration iron flow energy storage solutions, established in 2011 [1] - The company focuses on accelerating decarbonization through sustainable energy storage using iron, salt, and water [1] - ESS aims to provide flexible storage solutions that enhance energy security and reliability while maximizing the value of excess energy [1] Leadership and Strategy - Randall Selesky will lead global commercial strategy, sales, marketing, product management, and business development initiatives [1] - His previous role as Chief Commercial Officer at VoltStorage involved shaping commercial strategy and guiding market expansion [1] - CEO Drew Buckley emphasized Selesky's proven ability to build high-performing teams and convert market demand into revenue [1] Market Context - The demand for long-duration energy storage is increasing, driven by the need for improved grid reliability and deeper renewable integration [1] - Selesky's expertise is expected to position ESS to expand its market presence and meet the growing needs of the energy transition [1] - The company is focused on delivering high-performing, market-ready solutions to customers seeking reliable long-duration storage [1]

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential opportunities for traders before the market opens [1] Premarket Gainers - Cidara Therapeutics, Inc. (CDTX) is up 91% at $203.18 - Binah Capital Group, Inc. (BCG) is up 45% at $2.07 - Invivyd, Inc. (IVVD) is up 42% at $2.52 - Omeros Corporation (OMER) is up 15% at $7.25 - The Oncology Institute, Inc. (TOI) is up 12% at $3.47 - AlphaVest Acquisition Corp (ATMV) is up 11% at $7.99 - ARB IOT Group Limited (ARBB) is up 7% at $7.31 - Hyperion DeFi, Inc. (HYPD) is up 6% at $5.27 - TruGolf Holdings, Inc. (TRUG) is up 6% at $2.02 - Boqii Holding Limited (BQ) is up 5% at $2.24 [3] Premarket Losers - TSS, Inc. (TSSI) is down 40% at $9.12 - StubHub Holdings, Inc. (STUB) is down 20% at $15.02 - ESS Tech, Inc. (GWH) is down 20% at $3.38 - Red Cat Holdings, Inc. (RCAT) is down 17% at $6.38 - WhiteFiber, Inc. (WYFI) is down 15% at $16.81 - New Era Energy & Digital, Inc. (NUAI) is down 13% at $3.66 - NET Power Inc. (NPWR) is down 11% at $2.62 - Korro Bio, Inc. (KRRO) is down 9% at $5.90 - Anavex Life Sciences Corp. (AVXL) is down 8% at $5.20 - Interactive Strength Inc. (TRNR) is down 5% at $2.47 [4]