Financial Data and Key Metrics Changes - Revenue for the full year 2025 was $1.6 million, down from $6.3 million in 2024, reflecting a transition away from legacy product lines [16] - Gross loss for the year was $27.7 million, an improvement of 39% compared to a loss of $45.4 million in 2024 [17] - Total operating expenses decreased 33% year-over-year to $29.7 million, down from $44.4 million [17] - Net loss for the full year was $63.4 million compared to $86.2 million in 2024, an improvement of 26% [18] - Adjusted EBITDA improved 38% year-over-year, reflecting significant cost reductions across the business [22] Business Line Data and Key Metrics Changes - The company is refocusing on the Energy Base product, leading to a decline in revenue from legacy units [16] - Deliveries of legacy units primarily to related parties and engineering services contributed to the revenue recognized during the year [17] Market Data and Key Metrics Changes - Demand from AI data centers is projected to increase 165% by 2030, indicating a growing market for long-duration energy storage [14] - The grid will need to deploy 8 TWh of long-duration storage by 2040 to meet clean energy targets, highlighting the market opportunity [14] Company Strategy and Development Direction - The company aims to commercialize the Energy Base product in 2026, with significant revenue expected in 2027 and 2028 from tier one customers [30] - The acquisition of VoltStorage enhances the company's technological capabilities and strengthens its intellectual property portfolio [11] - The company is exploring different financial structures for the Salt River Project, which includes a 10-year PPA agreement [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the commercial momentum, citing signed agreements with significant counterparties [26] - The financial performance is improving across key metrics, with structural cost reductions being a focus [27] - The company is strategically planning future capital raises, indicating a thoughtful approach to financial management [40] Other Important Information - The company has made leadership changes, including the appointment of a permanent CFO and a new Chief Commercial Officer [11] - As of December 31, 2025, the company had $14.5 million in unrestricted cash and cash equivalents, indicating a solid liquidity position [23] Q&A Session Summary Question: Outlook for revenue ramp-up associated with key projects - The focus for 2026 will be on commercializing the Energy Base, with significant revenue expected in 2027 and 2028 [30] Question: Ownership structure for the Salt River Project - The company is still in the planning phase regarding ownership and expects to start recognizing revenues in 2028 [32] Question: Potential for follow-on deployments after the pilot project - There is potential for a follow-on project with SRP, with operational data expected by mid-2028 [34] Question: Plans for repaying the second tranche of promissory notes and future capital raises - The financial runway has improved, and the company is being strategic about future capital raises [39]

Financial Data and Key Metrics Changes - Revenue for the full year 2025 was $1.6 million, down from $6.3 million in 2024, reflecting a transition away from legacy product lines [10] - Gross loss for the year was $27.7 million, an improvement of 39% compared to a loss of $45.4 million in 2024 [11] - Total operating expenses decreased 33% year-over-year to $29.7 million, down from $44.4 million [11] - Net loss for the full year was $63.4 million compared to $86.2 million in 2024, an improvement of 26% [11] - Adjusted EBITDA improved 38% year-over-year to a loss of $44.3 million, from a loss of $71.3 million in 2024 [12][15] Business Line Data and Key Metrics Changes - The company is refocusing on the Energy Base product, leading to a decline in revenue from legacy units [10] - The organizational reset has resulted in significant cost reductions across all business lines, with R&D expenses declining by $3.5 million, sales and marketing by $5.3 million, and G&A by $5.9 million [11] Market Data and Key Metrics Changes - Demand from AI data centers is projected to increase 165% by 2030, indicating a growing market for long-duration energy storage [9] - The grid will need to deploy 8 terawatt hours of long-duration storage by 2040 to meet clean energy targets [9] Company Strategy and Development Direction - The company aims to accelerate decarbonization through its iron flow technology, which is designed for utility-scale applications [3] - ESS has executed a restructuring, made commercial progress, and strengthened its balance sheet, indicating a focus on long-term sustainability [4] - The acquisition of VoltStorage enhances the company's technological capabilities and patent coverage in the long-duration energy storage space [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the commercial momentum, with confirmed contracts from Google and the US Air Force [17] - The company is focused on delivering high-quality products and expects significant revenue growth starting in 2027 and 2028 [20] - Management is taking a strategic approach to capital raising, indicating a healthier balance sheet and improved financial runway [27] Other Important Information - The company has a combined liquidity position of $22 million as of December 31, 2025, with minimal accounts receivable and inventory [15] - The leadership team has undergone changes, with new appointments aimed at strengthening the company's strategic direction [7] Q&A Session Summary Question: Outlook for revenue ramp-up associated with key projects - Management indicated that the focus for 2026 will be on commercializing the Energy Base, with significant revenue expected in 2027 and 2028 [20] Question: Ownership structure of the Salt River Project - Management is still in the planning phase regarding ownership and expects to start recognizing revenues in 2028 [22] Question: Potential for follow-on deployments with Salt River Project - There is potential for a larger follow-on project, with operational data expected by mid-2028 [23][24] Question: Plans for capital raising and balance sheet strategy - Management stated that the financial runway has improved and they are being strategic about future capital needs [27]

Financial Data and Key Metrics Changes - Revenue for the full year 2025 was $1.6 million, down from $6.3 million in 2024, reflecting a transition away from legacy product lines [10][11] - Gross loss for the year was $27.7 million, an improvement of 39% compared to a loss of $45.4 million in 2024 [11] - Total operating expenses decreased 33% year-over-year to $29.7 million, down from $44.4 million [11] - Net loss for the full year was $63.4 million compared to $86.2 million in 2024, an improvement of 26% [11] - Adjusted EBITDA improved 38% year-over-year to a loss of $44.3 million, from a loss of $71.3 million in 2024 [12][14] Business Line Data and Key Metrics Changes - The company is refocusing on the Energy Base product, which is expected to drive future revenue growth [10][19] - Legacy product lines, including Energy Warehouse and Energy Center, are being phased out, impacting revenue recognition [10] Market Data and Key Metrics Changes - Demand from AI data centers is projected to increase 165% by 2030, indicating a significant market opportunity for long-duration energy storage [9] - The grid will need to deploy 8 terawatt hours of long-duration storage by 2040 to meet clean energy targets [9] Company Strategy and Development Direction - ESS is focused on commercializing the Energy Base product for tier one customers, with significant revenue potential expected in 2027 and 2028 [19] - The company has made strategic leadership changes and acquired VoltStorage to enhance its technological capabilities and patent coverage [6][7] - The company aims to strengthen its balance sheet and manage expenses to support strategic priorities [15][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the commercial momentum, citing signed agreements with major customers like Google and the US Air Force [16] - The organizational reset undertaken in 2025 is showing positive results in financial performance, with structural cost reductions [16][14] - The company is taking a pragmatic approach to ensure high-quality product delivery for the Energy Base [19] Other Important Information - The company closed a $40 million financing transaction and launched an ATM equity offering program, raising approximately $8.6 million [8][15] - As of December 31, 2025, the company had $14.5 million in unrestricted cash and cash equivalents, and $7.5 million in other liquid assets [14] Q&A Session Summary Question: Outlook for revenue ramp-up associated with key projects - Management indicated that focus for 2026 will be on commercializing the Energy Base, with significant revenue expected in 2027 and 2028 [19] Question: Ownership structure of the Salt River Project - Management is still in the planning phase regarding ownership and expects to start recognizing revenues in 2028 [20][21] Question: Potential for follow-on deployments after the pilot project - There is potential for follow-on projects with SRP, with operational data expected by mid-2028 [22][23] Question: Plans for capital raise and balance sheet strategy - Management stated that the financial runway has improved and they are being strategic about future capital raises [26][27]

Catalyzing a Cleaner Future. Every Day. Fourth Quarter and Full Year 2025 Financial Results Conference Call Investor Presentation NYSE: GWH March 5, 2026 Disclaimers No part of this presentation may be reproduced, photocopied, redistributed or passed on, directly or indirectly, to any other person, or published, in whole or in part, for any purpose without the consent of ESS Tech, Inc. ("ESS"). This presentation contains certain "forward-looking statements" within the meaning of the United States Private Se ...

Core Insights - The Huai'an Salt Cavern Compressed Air Energy Storage (CAES) project in Jiangsu, China, is now fully operational, marking it as the world's largest CAES station [1] - Shanghai Electric supplied essential equipment for the project, including air turbine units, generators, electric motors, and molten salt storage tanks [1] - The project features two 300 MW CAES units, totaling 600 MW of installed capacity and 2,400 MWh of storage, with a conversion efficiency of approximately 71% [1] Project Details - The CAES system compresses air during low-demand periods and releases it to generate power during peak times, aiding in grid stability through peak shaving and frequency regulation [1] - The project utilizes about 980,000 cubic meters of salt caverns located 1,150 to 1,500 meters underground, employing a high-temperature adiabatic compression technology that does not rely on fossil fuels [1] - The total investment for the project is $520 million, with an expected annual electricity generation of 792 million kWh, sufficient to power around 600,000 households [1] Environmental Impact - The CAES station is projected to save approximately 250,000 tons of standard coal and reduce CO emissions by 600,000 tons annually, contributing positively to the region's energy transition [1] - Long-duration energy storage technologies like CAES are essential for enhancing grid resilience and facilitating the integration of renewable energy sources as the world moves towards carbon neutrality [1] Company Capabilities - Shanghai Electric's involvement in the project highlights its integrated engineering capabilities across turbine machinery, power equipment, and thermal storage systems [1] - The company aims to advance high-end equipment manufacturing and integrated solutions to support global energy transition and power system modernization [1]

Nearly three-quarters of all long-duration energy storage has been installed in China https://t.co/aKCk6osXrA ...

Core Insights - Eos Energy Enterprises reported strong revenue growth but faced operational setbacks that led to missing its 2025 guidance, primarily due to high equipment downtime, slower automated production quality, and supplier issues [3][5][4] Operational Performance - Equipment downtime was significantly higher than industry norms, with Eos experiencing downtime in the mid-30% range compared to a target of around 10% [1] - The company has made improvements in robotics, hardware, controls, maintenance schedules, and spare parts, leading to significant improvements in downtime in early Q1 [1] - Eos completed self-assembly automation for its battery line, achieving a production capacity of 2 GWh at its Turtle Creek facility by year-end 2025 [2] Financial Performance - Eos reported $58 million in revenue for Q4 and $114.2 million for FY2025, marking over 7x year-over-year growth, but incurred a net loss of $969.6 million due to non-cash adjustments [4][12][14] - The company ended 2025 with approximately $625 million in cash, following a refinancing that improved its financial position and removed "going concern" language from its filings [15] Market Demand and Backlog - Eos ended the quarter with a backlog of just over $701 million and a commercial pipeline valued at $23.6 billion, with 63% of opportunities focused on 8-hour or longer systems [6][10] - The demand for reliable, long-duration energy storage is accelerating, driven by sectors such as data centers and electrification of transportation [3][10] Product Development - Eos is evolving from selling DC battery systems to providing integrated projects that include batteries, software, controls, and site design [7] - The company introduced the Indensity product, designed for better performance, serviceability, and energy density, with a modular design allowing vertical stacking [8] Future Guidance - Eos has set a revenue guidance for 2026 between $300 million and $400 million, with expectations of becoming gross margin positive in the second half of 2026 [17][18] - The company is targeting an annual manufacturing capacity of 4 GWh by the end of 2026, aligning with customer requirements and backlog [19]

Financial Data and Key Metrics Changes - The company achieved a record revenue of $58 million in Q4 2025, nearly double that of Q3 2025, and exceeded the combined revenue of the first three quarters of 2025 [39] - Full-year revenue reached $114.2 million, representing over 7 times year-over-year growth [39] - The gross loss for the year was $143.8 million, showing a 408 percentage point margin improvement year-over-year [40] - The company ended 2025 with a cash position of just under $625 million, the strongest in its history [42][43] Business Line Data and Key Metrics Changes - The company reported a backlog of over $701 million, with nearly 1.1 gigawatt hours booked across eight customers and nine projects, marking a 9% sequential increase [32] - The commercial pipeline expanded to $23.6 billion, representing approximately 99 gigawatt hours of opportunity, up 4% sequentially and 64% year-over-year [34] Market Data and Key Metrics Changes - Demand for integrated, long-duration storage solutions continues to accelerate, particularly in the hyperscaler and AI-related projects, which saw a 50% increase in leads quarter-over-quarter [35] - The company is actively working on large-scale opportunities with a global power company and has submitted projects under NYSERDA's Bulk Storage Procurement Program [36] Company Strategy and Development Direction - The company is focused on building out capabilities, improving product reliability, and expanding its market presence, targeting to cover 25% of the U.S. market in the near future [11][12] - The launch of the Indensity product aims to enhance serviceability, cost efficiency, and site energy density, allowing the company to compete more effectively in the marketplace [29][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in meeting operational targets but emphasized the importance of execution and the potential for future growth [20][21] - The company is confident in achieving gross margin positivity in the second half of 2026, driven by improved operational efficiencies and the introduction of new products [48] Other Important Information - The company has removed the going concern language from its filings, indicating improved financial stability [43] - The operational focus includes addressing inefficiencies in production and enhancing the automation process to support scaling [25][26] Q&A Session Summary Question: What are the expectations for annualized manufacturing capacity by the end of 2026? - The company is targeting 4 gigawatt hours of annualized manufacturing capacity by the end of 2026, aligning with customer requirements [49][50] Question: What recent operational metrics validate achieving the Q1 2026 positive gross margin target? - Management believes the business is structurally profitable and is focused on executing improvements in operations to achieve profitability [52][53] Question: Can you comment on the competitive environment? - The company acknowledges competition from peers in lithium-ion technology but emphasizes its unique value proposition and ongoing progress in backlog and operational capabilities [80]

Core Insights - ESS Tech, Inc. has appointed Randall Selesky as Chief Commercial Officer to enhance global growth and commercial execution in long-duration energy storage solutions [1] - Selesky brings over 20 years of experience in the energy sector, including significant expertise in the battery storage industry [1] - The appointment is part of ESS's leadership transformation aimed at strengthening governance, execution, and financial discipline [1] Company Overview - ESS Tech, Inc. is a leading manufacturer of long-duration iron flow energy storage solutions, established in 2011 [1] - The company focuses on accelerating decarbonization through sustainable energy storage using iron, salt, and water [1] - ESS aims to provide flexible storage solutions that enhance energy security and reliability while maximizing the value of excess energy [1] Leadership and Strategy - Randall Selesky will lead global commercial strategy, sales, marketing, product management, and business development initiatives [1] - His previous role as Chief Commercial Officer at VoltStorage involved shaping commercial strategy and guiding market expansion [1] - CEO Drew Buckley emphasized Selesky's proven ability to build high-performing teams and convert market demand into revenue [1] Market Context - The demand for long-duration energy storage is increasing, driven by the need for improved grid reliability and deeper renewable integration [1] - Selesky's expertise is expected to position ESS to expand its market presence and meet the growing needs of the energy transition [1] - The company is focused on delivering high-performing, market-ready solutions to customers seeking reliable long-duration storage [1]

Core Viewpoint - VanadiumCorp Resource Inc. has reported positive interim results from its metallurgical testing program, indicating effective selective vanadium extraction and optimization of the processing flowsheet for its Lac Doré property [1][10]. Metallurgical Program Overview - The metallurgical testing program was executed in two phases to assess the beneficiation characteristics and evaluate downstream vanadium extraction options [3]. - Phase 1 focused on comminution and wet magnetic separation, resulting in a vanadium magnetite concentrate and an ilmenite pre-concentrate [4]. - The vanadium magnetite concentrate produced showed upgraded vanadium content suitable for further processing [5]. Phase 2 – Vanadium Extraction - Phase 2 involved oxidative roasting and sulfuric acid leaching to evaluate vanadium extractability from the beneficiated concentrate [6]. - Results indicated a positive correlation between roasting temperature and vanadium extraction efficiency, with recoveries reaching approximately 65% at 1,050°C [7][13]. Highlights of Interim Metallurgical Results - The vanadium-magnetite concentrate achieved a grade of approximately 0.93% V₂O₅ and ~78% Fe₂O₃, with a mass pull of ~63% under non-optimized conditions [13]. - Selective vanadium extraction was demonstrated, with limited dissolution of iron and titanium during leaching [13]. Strategic Significance - The interim results support the company's strategy to integrate hydrometallurgical processing with traditional beneficiation for a potential vanadium supply chain [10]. - The findings align with the company's proprietary VEPT hydrometallurgical process, which has shown high vanadium recoveries from similar feedstocks [10]. Recommendations for Further Work - IGS has recommended continued optimization, including refining the beneficiation flowsheet and conducting additional roasting and leaching tests [14].