ESS Tech, Inc. (NYSE:GWH) Q2 2022 Earnings Conference Call August 11, 2022 5:00 PM ET Company Participants Erik Bylin - Investor Relations Eric Dresselhuys - Chief Executive Officer Amir Moftakhar - Chief Financial Officer Conference Call Participants Colin Rusch - Oppenheimer Thomas Boyes - Cowen Joseph Osha - Guggenheim Partners Operator Ladies and gentlemen, thank you for standing by. At this time, all participants are in a listening only mode. Later, we will conduct a question-and-answer session. [Opera ...

Financial Data and Key Metrics Changes - The company reported Q1 adjusted EBITDA of negative $19.2 million and non-GAAP operating expenses of $19.4 million, aligning with expectations [22][24] - The company ended Q1 with $213.5 million in cash and short-term investments, with cash used by operations amounting to $19.4 million [22][28] Business Line Data and Key Metrics Changes - The company shipped two energy warehouses to San Diego Gas and Electric in Q1 and expects to complete deliveries for a total of six units [20][21] - Despite shipping units, the company did not recognize revenue in Q1 due to delays in achieving final revenue recognition hurdles [9][21] Market Data and Key Metrics Changes - The total pipeline remains at approximately $7 billion, with a notable increase in demand from Europe, particularly for combined solar or wind plus storage solutions [33][34] - The market dynamics for long-duration storage are shifting favorably, with increasing inquiries and a growing recognition of the importance of energy storage [11][12] Company Strategy and Development Direction - The company aims to ramp up manufacturing operations while reducing unit costs, with expectations to ship 40 to 50 energy warehouses in 2022 [7][18] - The company is focused on enhancing its delivery and customer success team to ensure quick realization of value for customers and accelerate revenue recognition [10][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating supply chain challenges and maintaining production schedules, with no ongoing issues expected to impact delivery plans [23] - The company anticipates a transformative year in 2022, positioning itself as a viable alternative to lithium-based energy storage systems [17][18] Other Important Information - The company is implementing design for manufacturability improvements and has taken delivery of a second semi-automated manufacturing line, with plans for a fully automated line by Q4 [26][28] - The company expects to exit 2022 with a production capacity of 750 megawatt hours per year [26] Q&A Session Summary Question: What are the challenges with revenue recognition? - Management indicated that challenges are due to legacy contracts and customer site learnings, but they feel positive about progress [32] Question: Can you discuss the growth in the customer pipeline? - The pipeline continues to grow, particularly in Europe, with a focus on combined solar or wind plus storage solutions [33] Question: Will Energy Center systems be deployed in 2023? - Management confirmed that they still expect Energy Center systems to be operational in 2023 [37] Question: What types of component shortages have you faced? - Management noted that while there have been general supply chain challenges, they currently do not see major issues impacting production [39] Question: Is there a competitive advantage due to lithium supply issues? - Management confirmed that the current lithium supply challenges are driving increased interest in their solutions, alongside regulatory and safety concerns [75][76]

ESS Tech, Inc. (NYSE:GWH) Q4 2021 Earnings Conference Call February 24, 2022 5:00 PM ET Company Participants Eric Dresselhuys – Chief Executive Officer Amir Moftakhar – Chief Financial Officer Conference Call Participants Jed Dorsheimer – Canaccord Genuity Colin Rusch – Oppenheimer Thomas Boyd – Cowen and Company Jayson Osha – Guggenheim Operator Ladies and gentlemen, thank you for standing by. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. ...