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]

Group 1: RLX Technology Inc - RLX Technology Inc reported quarterly earnings of 3 cents per share on sales of $158.600 million [1] - Shares of RLX Technology rose 6% to $2.47 in pre-market trading following the earnings report [1] Group 2: Other Stocks in Pre-Market Trading - Cidara Therapeutics, Inc. surged 92% to $203.50 after a Schedule 13D Amendment revealed beneficial ownership of 3.37 million shares [4] - Binah Capital Group, Inc. gained 52.2% to $2.17 after posting stronger-than-expected third-quarter results [4] - Expion360 Inc. rose 42.4% to $1.81 following its third-quarter results [4] - Aspire Biopharma Holdings, Inc. surged 31.2% to $0.1380 in pre-market trading [4] - Invivyd, Inc. gained 28.8% to $2.28 after reporting better-than-expected third-quarter financial results [4] - Milestone Scientific Inc. surged 26.3% to $0.4801 after reporting better-than-expected third-quarter sales [4] - Lazydays Holdings, Inc. gained 23.3% to $1.85 after a previous surge [4] - Omeros Corp gained 12.5% to $7.08 following a narrower-than-expected quarterly loss [4] - Nouveau Monde Graphite Inc rose 10% to $3.25 after a decline the previous day [4] Group 3: Declining Stocks in Pre-Market Trading - TSS Inc tumbled 40.2% to $9.10 after reporting a year-over-year decrease in third-quarter results [4] - enVVeno Medical Corp declined 35.8% to $0.42 after an unfavorable FDA appeal decision [4] - Nuvve Holding Corp fell 29.3% to $0.34 after announcing third-quarter results [4] - ESS Tech Inc shares dipped 24.2% to $3.22 after reporting weak quarterly sales [4] - Direct Digital Holdings Inc fell 18.8% to $0.23 after a significant gain the previous day [4] - StubHub Holdings Inc fell 18.8% to $15.28 after worse-than-expected third-quarter EPS results [4] - Mangoceuticals Inc dipped 17.7% to $0.98 after a decline the previous day [4] - Red Cat Holdings Inc dipped 15.1% to $6.57 after worse-than-expected financial results and a lowered FY25 sales guidance [4] - WhiteFiber Inc fell 13.4% to $17.21 after reporting worse-than-expected financial results [4] - Sobr Safe Inc fell 12.4% to $2.21 after a decline the previous day [4]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported revenue of $200,000, a significant decrease from $2.4 million in Q2 2025, reflecting the transition to the Energy Base platform [11] - GAAP cost of revenues totaled $4.9 million, while operating expenses were $5.1 million, indicating a commitment to disciplined cost control [11] - The net loss for the quarter was $10.4 million, or $0.73 per share, with cash, cash equivalents, and short-term investments at $3.5 million, excluding $30 million from a financing that closed after the quarter-end [11][12] Business Line Data and Key Metrics Changes - The company is transitioning from Energy Warehouse and Energy Center deliveries to the Energy Base platform, which will be the foundation of future commercial activity [11] - The Energy Base offering currently provides a 10-hour duration, with plans to target a 16-hour battery by 2029 [18] Market Data and Key Metrics Changes - The company has established strong relationships with tier-one customers, including SB Energy, Honeywell, and Portland General Electric, validating its technology for real-world deployment [5][6] - The commercial pipeline is strong, with 100% of active opportunities centered on the Energy Base platform, indicating increasing RFP activity and proposal volume [9] Company Strategy and Development Direction - The company aims to deliver on customer commitments, execute with discipline, and convert momentum into long-term growth [14] - A focus on operational discipline, scaling manufacturing capability, and demonstrating technology performance is emphasized as the company prepares for the next phase of growth [9][12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of long-duration storage in a decarbonized and resilient grid, with a clear strategy to deliver projects similar in size to the SRP pilot project [9][18] - The company plans to host an Investor Day in early 2026 to provide an in-depth look at progress and future roadmaps [10] Other Important Information - The company completed a $40 million financing with Yorkville Advisors, reinforcing its balance sheet and providing flexibility for future operations [6][12] - A $75 million at-the-market equity program is being launched to support growth and execution as needed [8][12] Q&A Session Summary Question: Scale of Energy Base projects and competing technologies - The company is pursuing projects similar in size to the SRP project, targeting larger opportunities in the future, with a current offering of 10-hour duration batteries [18] - Competing technologies include those offering more than 10 hours of storage, with recognition of the need for longer-duration solutions [19] Question: Types of customers issuing RFPs - Customers issuing RFPs are primarily utilities or Independent Power Producers (IPPs) acting on behalf of utilities, with no engagement in behind-the-meter RFPs for data centers [20] Question: Use of proceeds from capital raised and liquidity needs - The company has approximately $30 million in cash and the ability to draw an additional $10 million, providing significant flexibility to manage liquidity [21][22]

Product & Technology - ESS launched the Energy Base, a new product featuring modular powertrains called the Iron Core, designed for gigawatt-hour storage capacity[11, 20] - The Energy Base extends duration up to 22 hours by scaling electrolyte volume, unlocking green baseload power and reducing $/kWh cost[29] - ESS iron flow battery modules are capable of storing up to 22 hours of energy[29] Market & Strategy - Data centers' electricity demand is estimated to grow to 800 TWh by 2026, putting pressure on infrastructure[33] - Power disruption accounts for 54% of impactful data center outages[36] - ESS products offer a safe, scalable, and cost-effective alternative to gas generators for data centers[34] Financial Performance - Q3 2025 revenue was $0.2 million, a 40% decrease compared to $0.4 million in Q3 2024[50] - Q3 2025 net loss was $10.4 million, a 54% improvement compared to $22.5 million in Q3 2024[50] - Adjusted EBITDA for Q3 2025 was a loss of $7.17 million, a 62% improvement compared to a loss of $18.87 million in Q3 2024[50, 52]

Financial Performance - ESS reported total revenue of $214,000 for Q3 2025, a decrease of 40.4% compared to $359,000 in Q3 2024[17]. - The company incurred a gross loss of $4.725 million in Q3 2025, compared to a gross loss of $12.382 million in Q3 2024[17]. - ESS's net loss for Q3 2025 was $10.375 million, compared to a net loss of $22.493 million in Q3 2024, representing a 53.8% improvement[17]. - For the nine months ended September 30, 2025, the net loss was $39,457 thousand, a decrease of 37% compared to a net loss of $62,743 thousand in the same period of 2024[21]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $(29,898) thousand, an improvement from $(53,088) thousand in the same period of 2024[27]. Financing and Liquidity - The company completed a $40 million financing with Yorkville Advisors and repaid $15 million of the promissory note, enhancing liquidity for upcoming projects[3][4]. - ESS announced a $75 million at-the-market program to provide flexible access to capital as it executes its growth strategy[5]. - The company raised $4,789 thousand from the issuance of common stock and warrants, contributing to financing activities[21]. Operating Expenses - Total operating expenses for the nine months ended September 30, 2025, were $21,541 thousand, down from $34,131 thousand in 2024, reflecting a 37% decrease[25]. - Research and development expenses for the nine months ended September 30, 2025, were $4,929 thousand, a decrease of 45% from $9,066 thousand in 2024[25]. - Non-GAAP total operating expenses for the nine months ended September 30, 2025, were $19,195 thousand, down from $27,461 thousand in 2024, a reduction of 30.1%[25]. - The company experienced a significant reduction in stock-based compensation expenses, totaling $3,945 thousand for the nine months ended September 30, 2025, compared to $8,538 thousand in 2024, a decrease of 53.8%[27]. Cash Flow and Assets - Cash flows from operating activities showed a net cash used of $36,430 thousand, improving from $51,743 thousand in the prior year, indicating a 29.5% reduction in cash outflow[21]. - The company reported a net cash provided by investing activities of $17,337 thousand, compared to $43,886 thousand in the previous year, representing a 60.5% decline[21]. - Cash, cash equivalents, and restricted cash at the end of the period totaled $4,963 thousand, down from $14,675 thousand at the end of September 2024, a decrease of 66.1%[21]. - Total current assets decreased to $11.557 million as of September 30, 2025, down from $43.364 million at the end of 2024[19]. - Current liabilities totaled $23.803 million as of September 30, 2025, compared to $27.602 million at the end of 2024[19]. Strategic Initiatives - The company is focused on fulfilling the 50 MWh pilot project with Salt River Project and scaling manufacturing processes in 2026[6]. - ESS plans to host an Investor Day in January 2026 to provide updates on strategic priorities and execution progress[2][7]. - The company aims to validate the performance of its Energy Base platform and prepare for volume growth over the next 18 months[6].

Financial Performance - Total revenue for Q3 2025 was $214,000, a decrease of 40.4% compared to $359,000 in Q3 2024[18] - Gross loss for Q3 2025 was $4,725,000, compared to a gross loss of $12,382,000 in Q3 2024[18] - Net loss for the nine months ended September 30, 2025, was $39,457,000, a decrease from $62,743,000 for the same period in 2024[22] - Net loss for Q3 2025 was $10.4 million, a reduction of 54% from a net loss of $22.5 million in Q3 2024[133] - Revenue for the nine months ended September 30, 2025 was $3.2 million, down 8% from $3.4 million in the same period of 2024[135] Cash and Assets - Cash and cash equivalents decreased to $3,539,000 as of September 30, 2025, down from $13,341,000 at the end of 2024[16] - Total assets decreased to $36,145,000 as of September 30, 2025, from $71,813,000 at the end of 2024[16] - The company's total cash, cash equivalents, and restricted cash amounted to $4.963 billion as of September 30, 2025, down from $14.675 billion in the previous year[32] - As of September 30, 2025, the company had unrestricted cash and cash equivalents of $3.5 million and an accumulated deficit of $821.8 million[32] Liabilities and Commitments - Total current liabilities decreased to $23,803,000 as of September 30, 2025, from $27,602,000 at the end of 2024[16] - The company’s total accrued and other current liabilities were $8.143 million as of September 30, 2025, down from $9.315 million at the end of 2024[44] - As of September 30, 2025, total unfulfilled noncancellable purchase commitments were $0.2 million, while total unfulfilled cancellable purchase commitments amounted to $2.8 million[54] Research and Development - Research and development expenses for Q3 2025 were $1,027,000, down from $2,684,000 in Q3 2024[18] - In September 2023, the Company entered into a Joint Development Agreement with UOP, agreeing to reimburse a minimum of $8 million for R&D expenses through December 31, 2028[55] - The company is committed to reimburse UOP a minimum of $8.0 million for research and development expenses incurred through December 31, 2028[173] Stock and Equity - The company issued 2,402,708 shares under the SEPA, increasing common stock to 15,390,884 shares as of September 30, 2025[20] - The Company sold 616,264 shares under an ATM program for total proceeds of $0.7 million as of March 31, 2025[56] - The Company entered into a Standby Equity Purchase Agreement with YA II PN, LTD., allowing for the purchase of shares up to an aggregate gross sales price of $25 million over 36 months[57] - The company completed a Standby Equity Purchase Agreement, selling 6,458,634 shares for total proceeds of $25 million as of October 21, 2025[106] Operational Challenges - The company is closely monitoring macroeconomic developments that could adversely impact its business, including supply chain challenges and inflation[119] - The company has experienced significant disruptions in supply chains, shipping times, and increased costs for key components, impacting its ability to manufacture and deliver products[193] - The company relies on third-party suppliers for key raw materials and components, and any quality issues or delays could harm its manufacturing and commercialization efforts[192] Future Outlook - The company anticipates needing additional debt or equity financing to meet near-term operating cash flow requirements, raising substantial doubt about its ability to continue as a going concern for the next 12 months[152] - The company is evaluating various strategies to obtain additional funding, which may include equity offerings or debt issuance[33] - The company anticipates significant reductions in production costs through cost reduction initiatives and increased manufacturing scale[117] Cost Management - Cost of revenue decreased by $7.8 million or 61% from $12.7 million in Q3 2024 to $4.9 million in Q3 2025[137] - The company must increase unit sales and reduce manufacturing costs to achieve profitability, as historical production costs have significantly exceeded selling prices[204] - The cost reduction strategy relies on achieving economies of scale and advancements in manufacturing processes, which may be hindered by external factors such as inflation and supply chain issues[206] Regulatory and Market Risks - The company faces regulatory challenges and limitations in selling products directly in certain markets, which could expose it to additional risks[189] - The company has a history of losses and must deliver significant business growth to achieve sustained long-term profitability[184] - The company’s warranty obligations may be significant as deployment of energy storage products increases, potentially affecting revenue generation and profitability[189]

Company Overview - ESS Tech, Inc. (GWH) shares increased by 117.6% to $9.05 in the last trading session, with a notable trading volume and a total gain of 195% over the past four weeks, driven by proprietary iron flow battery technology and strong demand for long-duration energy storage solutions [1] - The company is expected to report a quarterly loss of $0.74 per share, reflecting a year-over-year change of +61.1%, while revenues are anticipated to reach $1.3 million, marking a significant increase of 261.1% from the previous year [2] Earnings Estimates and Stock Performance - The consensus EPS estimate for ESS Tech has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [3] - The stock currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [3] Industry Comparison - ESS Tech operates within the Zacks Electronics - Miscellaneous Products industry, where another company, Mistras (MG), closed the last trading session at $9.53, reflecting a 1.5% increase, although MG has returned -1% over the past month [3] - Mistras' consensus EPS estimate for the upcoming report is $0.26, representing a year-over-year change of +30%, and it also holds a Zacks Rank of 3 (Hold) [4]

Group 1: Company Highlights - Solidion Technology Inc. experienced a 246.08% surge to $19, driven by the launch of its PEAK Series, an advanced UPS system for AI data centers featuring proprietary 5500 battery cell technology [1][7] - Electra Battery Materials Corporation saw a 232.12% rise to $5.48, attributed to its focus on cobalt and silver exploration for the EV supply chain amidst growing demand for electric vehicles [2][7] - Aclarion, Inc. had a 201.94% increase to $0.109, potentially due to new product launches or strategic partnerships in healthcare technology [3] - XCHG Limited experienced a 184.53% jump to $2.34, following the launch of a leasing program for EV charging infrastructure in partnership with Ascentium Capital [4] - ESS Tech, Inc. increased by 134.86% to $9.77, announcing Project New Horizon, which involves a significant battery system installation to enhance energy storage capabilities [5][7] Group 2: Industry Trends - The market movements reflect a growing interest in sectors driven by technological advancements, strategic partnerships, and increasing market demand, particularly in electric vehicles and sustainable energy solutions [6]

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential investment opportunities before the market opens [1] Premarket Gainers - Powell Max Limited (PMAX) increased by 115% to $5.59 - Solidion Technology, Inc. (STI) rose by 102% to $11.14 - ESS Tech, Inc. (GWH) saw a 44% increase to $6.11 - Aclarion, Inc. (ACON) gained 27% reaching $10.98 - Mannatech, Incorporated (MTEX) was up 20% at $10.80 - USA Rare Earth, Inc. (USAR) increased by 19% to $38.80 - Critical Metals Corp. (CRML) rose by 18% to $17.73 - United States Antimony Corporation (UAMY) gained 13% to $13.86 - Compass Diversified (CODI) increased by 12% to $9.46 - Forward Industries, Inc. (FORD) was up 11% at $22.69 [3] Premarket Losers - Yunhong Green CTI Ltd. (YHGJ) decreased by 24% to $7.00 - Kentucky First Federal Bancorp (KFFB) fell by 22% to $2.85 - One and One Green Technologies, Inc. (YDDL) dropped 20% to $5.23 - Safe & Green Holdings Corp. (SGBX) declined by 15% to $5.25 - Lazydays Holdings, Inc. (GORV) was down 14% at $2.12 - Acurx Pharmaceuticals, Inc. (ACXP) decreased by 10% to $6.69 - Top KingWin Ltd (WAI) fell by 10% to $3.82 - Super League Enterprise, Inc. (SLE) dropped 10% to $3.75 - Chanson International Holding (CHSN) decreased by 10% to $2.28 - Alaunos Therapeutics, Inc. (TCRT) was down 5% at $3.28 [4]

Company Developments - ESS Tech, Inc. (NYSE:GWH) stock price surged to $4.57, marking a 166.24% increase due to a collaboration with Salt River Project for a renewable energy storage project [1][7] - Quoin Pharmaceuticals, Ltd. (NASDAQ:QNRX) experienced a price increase to $20.84, a 155.48% rise, potentially driven by positive clinical trial results for its lead product QRX003 [2][7] - Safe & Green Holdings Corp. (NASDAQ:SGBX) saw its stock climb to $6.11, an 88.73% increase after regaining compliance with Nasdaq listing requirements through a restructuring deal [3][7] Investor Sentiment - The trading volume for ESS Tech, Inc. spiked to 245,639,308, indicating strong investor interest following the announcement of Project New Horizon [1] - Quoin Pharmaceuticals' significant share price increase suggests strong investor confidence despite a downturn in U.S. stocks [2] - The restructuring deal for Safe & Green Holdings Corp. reduced dilution by over 80%, boosting investor confidence [3] Market Trends - The stock movements reflect a growing investor interest in sectors such as renewable energy, biotechnology, and sustainable construction [6] - ESS Tech, Inc. Warrants (NYSE:GWH-WT) increased to $0.15, up by 61.69%, mirroring positive sentiment around the parent company [4] - enGene Holdings Inc. Warrants (NASDAQ:ENGNW) rose to $1.13, a 56.94% increase, reflecting optimism towards its lead product candidate for bladder cancer [5]