Financial Data and Key Metrics Changes - The company reported GAAP revenue of $600,000 for Q1 2025, with a cost of revenue of $8,700,000, reflecting the final deliveries of energy centers to a Florida utility [19][20] - Non-GAAP operating expenses for Q1 were $9,400,000, with R&D spending of $2,300,000 focused on cost reduction initiatives and technology improvements [21][22] - Adjusted EBITDA for Q1 was negative $15,000,000, but the company expects this loss to narrow as production ramps up in 2025 and beyond [21][22] Business Line Data and Key Metrics Changes - The first quarter revenue was primarily tied to equipment (65%) and site preparation (35%) for battery systems [6] - The company is pivoting from energy warehouse and energy center products to a more focused strategy on energy-based products, which has already shown early momentum [7][8] - Proposal activity has increased significantly, totaling approximately 1.2 gigawatt hours and $400,000,000 in the last two quarters, with over 70% representing the energy base [10] Market Data and Key Metrics Changes - The company secured a contract for a 50 megawatt hour pilot project with an Arizona public power utility, beating over 10 competitors [8][9] - The project is expected to lead to a significant follow-on RFP opportunity, indicating strong demand for non-lithium ion longer duration storage technologies [9][10] - The company is experiencing increased inquiries and proposal activity due to the growing demand for alternatives to lithium-ion batteries [52][54] Company Strategy and Development Direction - The company is focusing on executing its energy-based product launch and gaining commercial momentum, with plans to demonstrate longer duration storage capabilities [6][11] - Strategic partnerships, particularly with Honeywell, are being leveraged to enhance product development and manufacturing capabilities [12][17] - The company aims to reduce costs and improve product performance to compete effectively with lithium-ion technologies [22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging capital markets environment and is actively pursuing options to extend the company's cash runway [17][24] - The company is optimistic about the legislative support for domestic battery manufacturing, which could benefit its operations [15][17] - Management expects to transition to EBITDA and cash flow positive in the next few years based on the anticipated ramp of energy-based production and sales [21][22] Other Important Information - The company ended Q1 2025 with $12,800,000 in cash and short-term investments, with a reduced cash burn rate compared to previous quarters [23][24] - The company is exploring various strategic financing alternatives to strengthen its balance sheet and extend its cash runway [25] Q&A Session Summary Question: Outlook for Q2 sales and ramp in the second half - Management confirmed that Q2 sales are expected to be similar to Q1, with a ramp in the second half contingent upon successful capital raising [27][28] Question: Cash runway and operational support - Management indicated that the current cash runway is supported by lower cash burn rates and ongoing discussions for interim financing solutions [29][32] Question: Details on the Arizona RFP requirements - The RFP required non-lithium solutions, and the company's ability to deliver over 10 hours of storage and operate in various temperatures contributed to its success [34][35] Question: Customer deposits for booked orders - Historical deposit ranges for booked orders are between 5% to 20%, with expectations to push towards the higher end for future contracts [38] Question: Status of the Australian project - The project is delayed due to government funding not coming through, with no further updates on timing [46] Question: Discussions with strategic partners - Ongoing discussions with Honeywell and other investors are productive, with a focus on strategic capital raising [49][50] Question: Impact of tariffs on customer inquiries - The company has seen a positive increase in inquiries due to tariff impacts and the drive for electrification growth [52][54]

Product & Strategy - ESS launched the Energy Base, a new product configuration scalable from 5 MW to 100+ MW with a duration of 10+ to 22 hours, utilizing the Iron Core technology[14,32] - The Energy Base is designed to be more capital efficient for both ESS and its customers, shifting manufacturing mix to higher margin components and lowering working capital burden[32,47] - ESS partners with Honeywell to optimize Energy Base design for quality, cost-efficiency, and scale, exploring product collaboration and procurement leverage[30] - ESS's product line is evolving to meet a broader range of use cases at larger scales, with the same core technology across all products[31] Market & Opportunities - Data centers' electricity demand is estimated to grow to 800 TWh by 2026, putting extreme pressure on aging infrastructure and increasing the risk of failure[37] - Power disruption accounts for 54% of impactful data center outages, highlighting the need for resilient power solutions[40] - ESS Energy Base enables fast deployment of additional grid capacity and increases grid balancing and resilience for data center customers[38] Financial Performance - Q1 2025 revenue was $0.6 million, a 78% decrease compared to $2.7 million in Q1 2024[53] - Q1 2025 net loss was $18.0 million, a 2% improvement compared to $18.3 million in Q1 2024[53] - Adjusted EBITDA for Q1 2025 was a loss of $15.0 million, a 3% improvement compared to a loss of $15.4 million in Q1 2024[53]

Financial Performance - Total revenue for Q1 2025 was $0.6 million, a decrease from $2.7 million in Q1 2024[14] - The company reported a net loss of $18.0 million for Q1 2025, compared to a net loss of $18.3 million in Q1 2024[14] - The company’s gross profit (loss) for Q1 2025 was $(8.1) million, slightly improved from $(8.4) million in Q1 2024[14] - Net loss for Q1 2025 was $18,026 thousand, a slight improvement from a net loss of $18,310 thousand in Q1 2024, representing a 1.6% decrease in losses[18] - Adjusted EBITDA for Q1 2025 was reported at $(14,954) thousand, compared to $(15,421) thousand in Q1 2024, showing a 3% improvement[23] Cash Flow and Assets - Cash and cash equivalents decreased to $8.4 million as of March 31, 2025, down from $13.3 million at the end of 2024[16] - Total assets decreased to $53.6 million as of March 31, 2025, compared to $71.8 million at the end of 2024[16] - Cash flows from operating activities resulted in a net cash outflow of $18,238 thousand in Q1 2025, compared to $18,910 thousand in Q1 2024, a decrease of 3.6%[18] - Cash and cash equivalents at the end of Q1 2025 were $10,196 thousand, down from $38,184 thousand at the end of Q1 2024, a decline of 73%[20] - The company reported a net cash provided by investing activities of $13,252 thousand in Q1 2025, compared to $34,692 thousand in Q1 2024, a decrease of 61%[18] Operating Expenses - Operating expenses for Q1 2025 totaled $10.0 million, down from $11.1 million in Q1 2024[14] - Total operating expenses for Q1 2025 were $9,999 thousand, down from $11,106 thousand in Q1 2024, indicating a reduction of approximately 10%[21] - Non-GAAP total operating expenses decreased to $9,385 thousand in Q1 2025 from $9,176 thousand in Q1 2024, reflecting a 2.3% increase[21] - Research and development expenses for Q1 2025 were $2,478 thousand, down from $3,546 thousand in Q1 2024, a reduction of 30%[21] - Non-cash stock-based compensation expense decreased to $614 thousand in Q1 2025 from $1,930 thousand in Q1 2024, a decline of 68%[21] Project and Proposal Activity - The company has been awarded a 50 MWh Energy Base project with an Arizona utility, expected to conclude contracting by September, structured as a Power Purchase Agreement[5] - Proposal activity has increased significantly, with submissions totaling approximately 1.2 GWh (or $400 million) over the last two quarters, with over 70% representing the Energy Base[5] Operational Engagement - The company’s global fleet is nearing 2.5 GWh of transacted energy, indicating strong operational engagement[2] - The company is actively pursuing options to extend its runway in a challenging capital markets environment[2]

Company Overview - ESS Tech, Inc. (GWH) is expected to report a year-over-year decline in earnings, with a projected loss of $1.66 per share, reflecting a -10.7% change, and revenues of $2.4 million, down 12.4% from the previous year [3][12]. Earnings Expectations - The consensus EPS estimate has been revised 28.11% higher in the last 30 days, indicating a reassessment by analysts [4]. - The Most Accurate Estimate for ESS Tech matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [10][11]. Earnings Surprise Prediction - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1 (Strong Buy), 2 (Buy), or 3 (Hold) [8]. - ESS Tech currently holds a Zacks Rank of 2, making it challenging to predict a definitive earnings beat [11]. Historical Performance - Over the last four quarters, ESS Tech has beaten consensus EPS estimates two times, but in the last reported quarter, it missed expectations by delivering a loss of $1.97 per share against an expected loss of $1.51, resulting in a surprise of -30.46% [12][13]. Industry Comparison - In the same industry, Hayward Holdings, Inc. (HAYW) is expected to post earnings of $0.09 per share, indicating a year-over-year change of +12.5%, with revenues expected to be $213 million, up 0.2% from the previous year [17].

Core Viewpoint - ESS Tech, Inc. (GWH) has experienced a bearish price trend, losing 29% over the past week, but the formation of a hammer chart pattern suggests a potential trend reversal as buying interest may be emerging [1][2]. Technical Analysis - The hammer chart pattern indicates a potential bottom in the stock price, suggesting that selling pressure may be exhausting and that bulls could be gaining control [2][4]. - A hammer pattern forms when there is a small candle body with a long lower wick, typically occurring during a downtrend, signaling a possible reversal if it appears at the bottom of the trend [3][4]. Fundamental Analysis - There has been a positive trend in earnings estimate revisions for GWH, with a 14% increase in the consensus EPS estimate over the last 30 days, indicating that analysts expect better earnings than previously predicted [6][7]. - GWH holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which historically indicates strong performance potential [8].

分组1 - ESS Tech, Inc. reported a quarterly loss of $1.97 per share, which was worse than the Zacks Consensus Estimate of a loss of $1.51, and a decline from a loss of $1.35 per share a year ago, indicating an earnings surprise of -30.46% [1] - The company posted revenues of $2.85 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 42.52%, and showing minimal growth from year-ago revenues of $2.8 million [2] - ESS Tech shares have declined approximately 43% since the beginning of the year, contrasting with the S&P 500's decline of -5.1% [3] 分组2 - The earnings outlook for ESS Tech is mixed, with the current consensus EPS estimate for the coming quarter at -$1.39 on $7 million in revenues, and -$5.27 on $38.93 million in revenues for the current fiscal year [7] - The Zacks Industry Rank places Electronics - Miscellaneous Products in the bottom 40% of over 250 Zacks industries, suggesting that the industry outlook could significantly impact the stock's performance [8]

Financial Data and Key Metrics Changes - For the fiscal year 2024, the company reported revenue of $6.3 million, which was below the guidance range of $9 to $11 million, primarily due to a partner's inability to secure funding for orders [11][46] - The cost of revenue for the full year was $51.7 million, reflecting challenges in achieving expected revenue guidance [46] - The company achieved a nearly 60% reduction in its NOV adjustment per unit year-over-year, indicating progress in cost management [48] Business Line Data and Key Metrics Changes - The company delivered six Energy Center (EC) systems to a Florida utility customer in December 2024, contributing significantly to revenue [14][44] - The Energy Center design achieved breakeven on a non-GAAP gross margin basis by the end of Q4 2024, hitting the target almost a year faster than expected [19][50] - The company reported adjusted EBITDA of negative $18.2 million for Q4 and negative $71.3 million for the full year 2024, with expectations for future products to be non-GAAP gross margin positive [50][51] Market Data and Key Metrics Changes - The demand for electricity in the U.S. is expected to grow by 35% to 50% between 2024 and 2040, driven by economic growth and the electrification of transport and heating [33] - The company is actively bidding on projects with its new energy base product, which is designed to meet increasing energy demands [34] Company Strategy and Development Direction - The company plans to accelerate its strategic shift towards the Energy Center product deployment and the new energy base product in 2025 [13][20] - The energy base product is designed to be modular and scalable, allowing for greater flexibility in manufacturing and deployment [25][32] - The company aims to leverage partnerships, such as with Honeywell, to enhance its manufacturing capabilities and reduce costs [24][98] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in securing capital and the unpredictability of the business environment, but remains optimistic about future growth opportunities [5][37] - The company is focused on extending its cash runway through securing new capital and efficient management of expenses [66] - Management expects to transition to EBITDA and cash flow positive in the coming years based on projected production and sales volumes [51] Other Important Information - The company is in the process of raising capital to bolster its balance sheet and has engaged financial advisors for this purpose [37][63] - The company received notice of falling below the NYSE market cap requirement of $50 million and is taking action to remedy this situation [40][41] Q&A Session Summary Question: Revenue growth trajectory and 2025 expectations - Management indicated that they will not provide guidance for 2025 but expect moderate revenue growth in the first half of the year, with a scale-up in the back half [73] Question: Trends in gross margins for 2025 - Management does not anticipate being U.S. GAAP gross margin positive in 2025 but expects to achieve that post-2025 [77] Question: Capital raising needs and Export-Import Bank financing - The company aims to raise at least $50 million to access the full amount of the Export-Import Bank loan and anticipates drawing on this loan in the second quarter [79] Question: Product performance metrics in the field - Management acknowledged operational issues with new technology deployments but is working on improvements in software and documentation to enhance user experience [84][86] Question: Future operating expenses outlook - Operating expenses are expected to be slightly lower than the previous year, with a focus on reallocating investments to key initiatives [90][92] Question: Energy base product and manufacturing partnerships - The company plans to continue manufacturing core components while exploring partnerships for balance of system components, emphasizing the importance of leveraging expertise in industrial components [96][98]

Financial Data and Key Metrics Changes - For the fiscal year 2024, the company reported revenue of $6.3 million, which was below the guidance range of $9 to $11 million, primarily due to a partner's inability to secure funding for orders [11][46] - The cost of revenue for the full year was $51.7 million, reflecting challenges in achieving expected revenue guidance [46] - The company achieved a nearly 60% reduction in its NOV adjustment per unit year-over-year, indicating progress in cost management [48] Business Line Data and Key Metrics Changes - The company delivered six Energy Center (EC) systems to a Florida utility customer in December 2024, contributing significantly to revenue [14][44] - The Energy Center design achieved breakeven on a non-GAAP gross margin basis by the end of Q4 2024, hitting the target almost a year earlier than expected [19][50] - The company reported a 35% reduction in costs for the Energy Warehouse (EW) and a 26% reduction for the EC [52] Market Data and Key Metrics Changes - The demand for electricity in the U.S. is expected to grow by 35% to 50% between 2024 and 2040, driven by economic growth and the electrification of transport and heating [33] - The company is actively bidding on projects with the new energy base product, which is designed to meet increasing energy demands [34] Company Strategy and Development Direction - The company plans to accelerate its strategic shift towards the Energy Center product deployment and the new energy base product in 2025 [13][20] - The energy base product is designed to be modular and scalable, allowing for greater flexibility in manufacturing and deployment [25][32] - The company aims to leverage partnerships, such as with Honeywell, to enhance manufacturing capabilities and reduce costs [24][98] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the current operating environment, including capital raising and geopolitical uncertainties [5][37] - The company is focused on extending its cash runway through securing new capital and efficient management of expenses [66] - Management expressed optimism about the long-term potential of the energy storage market and the company's positioning within it [67] Other Important Information - The company is in the process of raising capital to bolster its balance sheet and support growth objectives [37][63] - The company received notice of falling below the NYSE market cap requirement of $50 million and is taking action to remedy this situation [40][41] Q&A Session Summary Question: Revenue growth trajectory and 2025 expectations - Management indicated that they will not provide guidance for 2025 but expect moderate revenue growth in the first half of the year, with a scale-up in the second half [73] Question: Trends in gross margins for 2025 - Management stated that they do not anticipate being U.S. GAAP gross margin positive in 2025 but expect to achieve that post-2025 [77] Question: Capital raising needs and Export-Import Bank financing - Management is looking to raise at least $50 million to access the full amount of the Export-Import Bank loan and anticipates drawing on it in the second quarter [79] Question: Performance metrics of products in the field - Management acknowledged operational issues with new technology deployments but highlighted improvements in software and documentation to enhance user experience [84][86] Question: Future operating expenses - Management indicated that operating expenses are expected to be slightly lower than the previous year, with a focus on reallocating resources to key initiatives [90][92] Question: Energy base product and manufacturing partners - Management clarified that the energy base product will involve manufacturing core components while potentially leveraging external partners for balance of system components [96][98]

Technology and Product Development - ESS Tech, Inc. has invested approximately $176.4 million in research and development since January 1, 2019, focusing on improving technology and bringing energy storage products to market[42]. - The company offers a ten-year warranty for its batteries, backed by investment-grade insurance policies from Munich Re, enhancing customer confidence and reducing technology risk[23][41]. - ESS's iron flow batteries can be cycled over 20,000 times without capacity fade, providing a competitive advantage over lithium-ion alternatives for storage durations greater than eight hours[24][28]. - The Energy Center product is designed for large-scale applications, allowing configurations from sub-megawatt to tens-of-megawatt scale, enhancing flexibility for customers[31]. - ESS aims to expand its total addressable market by reducing technology, financing, and importing risks through strategic partnerships and insurance coverage[23][41]. - The company has developed over 333 patents related to its technology, with the earliest patents set to expire in 2028, ensuring a strong intellectual property position[44]. - ESS's batteries are made from earth-abundant materials, significantly lowering production costs compared to competitors using rare earth metals[39]. - The company targets both 'behind-the-meter' and 'front-of-the-meter' markets, serving utilities and commercial customers to enhance energy resiliency and sustainability[36][37]. - ESS's technology can operate in extreme temperatures from -15°C to 50°C, making it suitable for locations where lithium-ion batteries cannot be deployed[22]. Market Competition and Challenges - The energy storage industry is highly competitive, with key competitors including Tesla, LG Chem, and various non-lithium-ion technologies, but ESS believes its innovative technology positions it well in the market[45][46]. - The company faces significant barriers in producing energy storage products, with some still under development, impacting potential revenue generation[63]. - The company has limited deployment of energy storage products as of December 31, 2024, and may face challenges in scaling production[67]. - The company’s energy storage products face competition from established technologies like lithium-ion batteries, which may hinder market acceptance of its products[111]. - Competition in the energy storage market is intensifying, with competitors having greater resources and advanced technologies[116]. - The company anticipates significant competition due to regulatory pushes for lower-carbon energy sources and advancements in alternative technologies[117]. - The energy storage market's growth is uncertain and influenced by factors such as product cost competitiveness and government policies[112]. Financial Performance and Risks - The company reported net losses of $86.2 million and $77.6 million for the years ended December 31, 2024 and 2023, respectively, with an accumulated deficit of $782.4 million as of December 31, 2024[100]. - Cash and cash equivalents were $31.6 million at December 31, 2024, 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[103]. - Future profitability depends on increasing unit sales and reducing manufacturing costs, as current production costs significantly exceed selling prices[82]. - The company has experienced quality and performance issues with installed units, which may lead to cost and warranty implications, affecting market acceptance[69]. - The cost of components for iron flow batteries has increased due to rising raw material prices and supply chain disruptions, impacting manufacturing and profitability[72]. - The company relies on third-party suppliers for key raw materials and components, facing risks related to quality, supply chain delays, and potential cost increases[71]. - The company is dependent on a small number of customers for a significant portion of revenue, posing risks related to non-payment[122]. Operational and Management Issues - The company employs 240 full-time employees as of December 31, 2024, with approximately one-third involved in product manufacturing[55]. - The company has experienced management changes, with Kelly F. Goodman appointed as interim CEO following the resignation of Eric Dresselhuys[59]. - The company is committed to continuous improvement in product offerings and robust research and development to stay competitive[48]. - The ability to manage growth effectively is crucial for executing the business plan and maintaining customer service levels[125]. - The company has a history of product recalls, which could adversely affect its reputation and financial condition if quality issues arise in the future[92]. Regulatory and Compliance Challenges - The company is subject to various federal, state, and local regulations that impact operations, particularly in the renewable energy sector[49]. - Compliance with environmental and safety regulations is critical, as failure to meet these requirements could adversely affect operations and increase costs[194][195]. - The company is subject to governmental restrictions due to grants received, which may limit its ability to capitalize on developed technologies and could affect revenue[215]. - The company faces regulatory challenges that could limit its ability to sell products directly in certain markets, impacting future sales[188]. - The company is subject to various privacy and cybersecurity laws, and any breaches could result in significant legal and financial repercussions[201]. Strategic Partnerships and Market Expansion - The company entered into a strategic partnership with Energy Storage Industries Asia Pacific (ESI) in 2022, with deliveries of Energy Warehouse systems expected to continue through 2025[181]. - The company is expanding into new geographic markets, including the US, Europe, Africa, and Australia, and is launching the Energy Base product for long-duration storage applications[138]. - Successful operation in new markets will depend on the ability to meet regulatory requirements and manage increased manufacturing capacity[139]. - Entering new markets may expose the company to various risks, including regulatory differences, currency fluctuations, and compliance challenges[140][141]. Supply Chain and Production Risks - The company relies on third-party suppliers for key raw materials and components, which poses risks to manufacturing and supply chain[65]. - The ongoing geopolitical conflicts and sanctions may disrupt the company's supply chain and operations, adding to market volatility[74]. - The company is qualifying alternative sources for components due to trade tensions, which may lead to increased costs and supply disruptions[168]. - Operational problems with manufacturing equipment could lead to production delays, increased costs, and potential legal liabilities[87]. - The company is seeking to expand production capacity to meet planned targets, but faces risks related to construction and management of new facilities[88]. Cybersecurity and Data Risks - Information security breaches could result in loss of proprietary data and expose the company to legal claims and regulatory investigations[156][157]. - The effectiveness of IT systems is critical for operations, and vulnerabilities could disrupt business continuity and sales[158]. - The company has not been materially impacted by cybersecurity incidents to date, but any future disruptions could affect its ability to produce timely and accurate financial information[161]. - Significant capital resources may be required to protect against security breaches and system disruptions, with evolving threats increasing compliance burdens and costs[162]. Legal and Liability Risks - The company is exposed to risks related to personal injury claims from product use, which could lead to litigation and financial liabilities[211]. - Legal proceedings and claims could adversely affect the company's financial condition, as litigation can be expensive and disruptive to operations[210]. - The company carries comprehensive insurance, but may face significant out-of-pocket costs before reaching deductibles, which could impact financial results[212].

Financial Performance - ESS reported total revenue of $6.3 million for FY 2024, a decrease from $7.54 million in FY 2023, representing a decline of approximately 16.5%[3][16] - The gross profit loss for FY 2024 was $45.36 million, compared to a loss of $12.96 million in FY 2023, indicating a significant increase in losses[16] - The net loss for FY 2024 was $86.22 million, compared to a net loss of $77.58 million in FY 2023, resulting in a net loss per share of $7.32[16] - Net loss for 2024 was $86,222 million, compared to a net loss of $77,578 million in 2023, representing an increase in losses of about 11%[20] - Adjusted EBITDA for 2024 was $(71,333) million, compared to $(18,244) million for the fourth quarter, indicating ongoing operational challenges[26] Operating Expenses - Operating expenses for FY 2024 totaled $44.44 million, down from $72.95 million in FY 2023, reflecting a reduction in R&D expenses[16] - Non-GAAP total operating expenses for 2024 were $35,338 million, up from $44,440 million in 2023, a decrease of approximately 20%[24] - Research and development expenses for 2024 totaled $11,772 million, with stock-based compensation accounting for $2,457 million[24] Assets and Liabilities - Total assets decreased from $143,232 million in 2023 to $71,813 million in 2024, a decline of approximately 50%[18] - Total current liabilities increased from $19,766 million in 2023 to $27,602 million in 2024, an increase of approximately 40%[18] - Cash, cash equivalents, and restricted cash decreased from $22,483 million at the end of 2023 to $15,195 million at the end of 2024, a decline of about 32%[22] - The company reported a significant increase in accounts payable from $2,755 million in 2023 to $8,070 million in 2024, an increase of approximately 193%[18] Operational Developments - The company achieved breakeven profitability on its latest Energy Center design almost a year ahead of schedule, driven by cost reductions in battery pack and labor[2] - ESS delivered eight Energy Center systems to a major Florida utility, marking the first commercial deliveries of this product[2][8] - ESS's global fleet surpassed 2 GWh of transacted energy, highlighting its market presence and operational scale[2] - The company announced the Energy Base, a new modular, non-containerized gigawatt-hour scale long-duration energy storage solution[3][2] - ESS's cost-down program has established a foundation for developing and productizing new technologies, enhancing operational flexibility and reducing costs[2] - The company is exploring potential commercial or financial transactions to support its strategic pivot and growth initiatives[8][11] Inventory and Cash Flow - Inventory increased from $3,366 million in 2023 to $5,641 million in 2024, a rise of approximately 67%[18] - Cash flows from operating activities showed a net cash used of $72,219 million in 2024, compared to $54,896 million in 2023, an increase of about 31%[20]