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]

Q3 2025 Earnings Presentation November 2025 Disclaimers This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements can be identified by the use of forward looking terminology, including the words "believes," "estimates," "anticipates," "expects," "intends," "plans," "possible," "may," "might," " ...

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]