ESS Tech(US:GWH)2026-03-05 21:06Financial Position - As of December 31, 2025, cash, cash equivalents, and short-term investments are expected to be approximately $22.0 million, an increase of $18.5 million compared to September 30, 2025[10]. - The Company has repaid approximately $24.4 million (or 81%) of the principal amount of $30 million under the Promissory Note, with approximately $5.6 million remaining outstanding[10]. - The second tranche of the Promissory Note of $10 million is available for draw at the Company's option until February 28, 2026[10]. Revenue and Operations - Revenue for the year ended December 31, 2025, is expected to be approximately $1.6 million, a decrease of $4.7 million compared to the year ended December 31, 2024, due to the wind down of active contracts for legacy business activities[10]. - Loss from operations is expected to be approximately $55.0 million, an improvement of $34.8 million compared to the year ended December 31, 2024, reflecting ongoing cost discipline[10]. Interest and Financing - Net interest expense is expected to be approximately $5.5 million due to the Promissory Note issued, compared to net interest income of $3.6 million for the year ended December 31, 2024[10]. Stock and Offerings - The Company has issued 3,799,160 shares of common stock and raised gross proceeds totaling approximately $8.6 million under the at-the-market offering program launched on November 13, 2025[10]. - The Company has paused sales under its at-the-market offering program[10]. Corporate Governance - The Board of Directors increased its size from seven to eight directors, electing Drew Buckley as a Class I member effective January 23, 2026[7]. Reporting and Estimates - The Company is in the process of finalizing actual results for the year ended December 31, 2025, and actual results may differ from preliminary estimates[4].