ESS Tech(GWH) - 2024 Q2 - Quarterly Results

Financial Performance - Total revenue for Q2 2024 was $348,000, a decrease of 87.7% compared to $2.83 million in Q2 2023[10] - The net loss for Q2 2024 was $21.94 million, compared to a net loss of $22.93 million in Q2 2023[10] - Net loss for the six months ended June 30, 2024, was $40,250 million, compared to a net loss of $44,830 million for the same period in 2023, showing an improvement of 10.5%[12] - Adjusted EBITDA for the six months ended June 30, 2024, was $(34,218) million, compared to $(41,817) million for the same period in 2023, indicating an improvement of 18.3%[15] Revenue Growth Expectations - The company expects to grow revenue by three to four times in 2024[1] Funding and Grants - ESS has secured a $10 million grant from the California Energy Commission for a long-duration battery storage project in partnership with SMUD[2] - The company is finalizing a funding agreement for up to $50 million with the Export-Import Bank of the United States to expand manufacturing capacity[2] Production and Capacity - ESS began production of its second Energy Center in July 2024, with expectations to connect to the grid by late 2024[1] - The company plans to add a second manufacturing line later this year, which is expected to triple production capacity[2] Cash and Investments - The company reported cash and short-term investments exceeding $74 million, expected to sustain operations into 2025[1] - Cash and cash equivalents increased from $20,165 million to $36,744 million, representing an increase of 82.0%[11] - Net cash used in operating activities for the six months ended June 30, 2024, was $(34,131) million, compared to $(37,532) million for the same period in 2023, reflecting a decrease of 9.6%[12] - Cash flows from investing activities provided $50,187 million for the six months ended June 30, 2024, compared to $33,923 million for the same period in 2023, an increase of 47.8%[12] Operating Expenses - Operating expenses for Q2 2024 were $11.73 million, down from $27.03 million in Q2 2023[10] - Total operating expenses for the six months ended June 30, 2024, were $22,831 million, down from $51,905 million in the same period of 2023, a decrease of approximately 56.1%[14] - Research and development expenses for the six months ended June 30, 2024, were $6,382 million, down from $37,181 million in the same period of 2023, a decrease of approximately 82.8%[14] Assets and Liabilities - Total current assets decreased from $118,098 million as of December 31, 2023, to $84,659 million as of June 30, 2024, a decline of approximately 28.4%[11] - Total liabilities increased from $39,875 million to $42,089 million, an increase of approximately 5.5%[11] - Total stockholders' equity decreased from $103,357 million as of December 31, 2023, to $69,044 million as of June 30, 2024, a decline of approximately 33.2%[11] Operational Milestones - The Energy Warehouse system at Schiphol Airport is the first operational long-duration energy storage at an airport[1]