ESS Tech(US:GWH)2025-05-15 20:09Financial 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]