ESS Tech Announces First Quarter 2026 Financial Results

ESS Tech, Inc., a prominent producer of long-duration energy storage systems (LDES) designed for commercial and utility-scale applications, has officially reported its financial results for the first quarter ended March 31, 2026. The announcement highlights the company’s continued focus on advancing large-scale energy storage solutions that support commercial enterprises and utility providers in meeting growing energy reliability and sustainability needs.

“The first quarter and second quarter to date reflect continued initiatives to reset ESS around execution, capital discipline, and scalable commercial opportunities,” said Drew Buckley, Chief Executive Officer of ESS. “We continued to strengthen our leadership team, improve our financial position, and sharpen our operating focus as we advance into the Company’s next phase. We advanced Project New Horizon with Salt River Project and Google, were awarded a $9.9 million contract with Concurrent Technologies Corporation (“CTC”) and the United States Air Force Research Laboratory (“AFRL”) for a large capacity energy storage system, recently announced our partnership with Alsym Energy, and added commercial leadership with the appointment of Randy Selesky as Chief Commercial Officer.

“On the technology side, the final report issued in connection with Burbank Water and Power for the American Public Power Association (“APPA”) to evaluate the application of ESS’s Iron Flow Battery technology in a real-world utility environment. The report concluded that ESS’s Iron Flow Battery technology works as intended and there is a use case for this battery technology in a utility’s overall energy storage strategy. We believe that our acquisition of VoltStorage GmbH’s assets has strengthened and expanded our intellectual property base and technology platform.

“Looking ahead, we expect commercial activity to increase as projects progress from contracting to delivery and commissioning, supported by an active pipeline across targeted end markets. Recent progress reinforces what we believe is growing demand for resilient, domestically produced long-duration energy storage, and we believe our commercial and technology momentum better positions ESS to convert growing demand for safe, long-duration, American-made energy storage into meaningful commercial progress.”

First Quarter 2026 and Subsequent Highlights

Final report issued by Burbank Water and Power for the American Public Power Association concluded that ESS’s Iron Flow Battery technology works as intended and there is a use case for this battery technology in a utility’s overall energy storage strategy.
Successfully commissioned two ESS Iron Flow battery systems at Turlock Irrigation District (“TID”) in California’s Central Valley, pairing ESS Iron Flow battery technology with solar panels, designed to generate renewable electricity while helping reduce water evaporation.
Signed a letter of intent for a strategic partnership with Alsym Energy, a pioneer in non-flammable, high performance sodium-ion batteries, to develop next generation battery solutions designed to address use cases traditionally served by lithium-ion systems but without the inherent thermal runaway risks associated with lithium chemistries.
Engaging with international investor relations specialists MZ Group to lead a comprehensive strategic investor relations and financial communications program across all key markets.
Announced a collaboration framework with Salt River Project and Google for Project New Horizon at SRP’s Copper Crossing Energy and Research Center in Florence, Arizona. The 5 MW / 50 MWh pilot will deploy ESS’s Energy Base technology. Manufacturing is expected to begin in 2026 and delivery is targeted for December 2027.
Appointed Randall Selesky as Chief Commercial Officer to lead global commercial strategy, sales, marketing, product management, and business development. Mr. Selesky brings more than 20 years of leadership in the energy sector, including more than a decade in the battery storage industry and previously served as Chief Commercial Officer at VoltStorage.
Acquired the intellectual property and assets of VoltStorage GmbH, adding VoltStorage’s patents, technical development work, and key personnel to ESS’s existing platform.
Closed $15 million registered direct offering at $1.75 per share, which was a premium to the January 28, 2026 closing price. The financing is intended to support general corporate purposes and working capital.
Awarded a $9.9 million contract with Concurrent Technologies Corporation and the United States Air Force Research Laboratory for a large capacity energy storage system of up to 27 MWh to support U.S. operations.
Announced leadership changes naming Drew Buckley as Chief Executive Officer, Kelly Goodman as Chief Strategy Officer and General Counsel, and Kate Suhadolnik as Chief Financial Officer as the Company continued its leadership and organizational reset focused on governance, execution, and financial discipline.

First Quarter 2026 Financial Highlights

Revenue was $128 thousand for the three months ended March 31, 2026, compared with $0.6 million in the prior-year period due to fewer deliveries of equipment to customers.
Total operating expenses decreased 33% to $6.7 million for the three months ended March 31, 2026, compared with $10.0 million in the prior-year period. The decrease was primarily due to a decrease in sales and marketing expenses of $1.7 million, and a decrease in general and administrative expenses of $1.7 million, reflecting our ongoing commitment to reduce sales and marketing and general administrative expenses as part of our efforts to prioritize investment in our product development.
Net loss improved to $(15.9) million, or $(0.54) per share, for the three months ended March 31, 2026, compared with $(18.0) million, or $(1.50) per share, in the prior-year period.
Adjusted EBITDA loss improved 31% year-over-year to $(10.3) million for the three months ended March 31, 2026 compared to $(15.0) million for the three months ended March 31, 2025.
Net cash used in operating activities was $13.5 million for the three months ended March 31, 2026, compared with $18.2 million in the prior-year period.
Unrestricted cash and cash equivalents were $15.5 million as of March 31, 2026, and short-term investments were $6.0 million, representing total liquidity of $21.5 million.

Kate Suhadolnik, Chief Financial Officer of ESS, commented, “We remain focused on expense control, liquidity, and maintaining financial flexibility as we support the business through its transition and commercialization efforts. Total operating expenses declined 33% year-over-year and we also benefited from the capital raised through our registered direct offering during the quarter. We ended the quarter with $15.5 million in unrestricted cash and cash equivalents and $6.0 million in short-term investments, representing total liquidity of $21.5 million. We remain focused on the strategic allocation of capital as we advance our operational and commercialization priorities.”

Conference Call Details

ESS Chief Executive Officer Drew Buckley and Chief Financial Officer Kate Suhadolnik will host the conference call, followed by a question-and-answer period. The call will be accompanied by a presentation, which will be available following the call via the investor relations section of the Company’s website.