ESS Tech Inc
For the period ended Dec 31, 2023. Filed Mar 14, 2024.
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FY2023 · Filed Mar 14, 2024
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Consolidated Financial Statements Consolidated Balance Sheets
(in thousands, except share data)
| December 31, 2023 | December 31, 2022 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $20,165 | $34,767 |
| Restricted cash, current | 1,373 | 1,213 |
| Accounts receivable, net | 1,990 | 4,952 |
| Short-term investments | 87,899 | 105,047 |
| Inventory | 3,366 | — |
| Prepaid expenses and other current assets | 3,305 | 5,657 |
| Total current assets | 118,098 | 151,636 |
| Property and equipment, net | 16,266 | 17,570 |
| Intangible assets, net | 4,923 | — |
| Operating lease right-of-use assets | 2,167 | 3,401 |
| Restricted cash, non-current | 945 | 675 |
| Other non-current assets | 833 | 271 |
| Total assets | $143,232 | $173,553 |
| Liabilities and Stockholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable | $2,755 | $3,036 |
| Accrued and other current liabilities | 10,755 | 14,125 |
| Accrued product warranties | 2,129 | 1,643 |
| Operating lease liabilities, current | 1,581 | 1,421 |
| Deferred revenue, current | 2,546 | 6,168 |
| Notes payable, current | — | 1,600 |
| Total current liabilities | 19,766 | 27,993 |
| Notes payable, non-current | — | 315 |
| Operating lease liabilities, non-current | 957 | 2,535 |
| Deferred revenue, non-current | 3,835 | 2,442 |
| Deferred revenue, non-current - related parties | 14,400 | — |
| Common stock warrant liabilities | 917 | 3,209 |
| Other non-current liabilities | — | 85 |
| Total liabilities | 39,875 | 36,579 |
| Commitments and contingencies (Note 11) | ||
| Stockholders’ equity: | ||
| Preferred stock ($0.0001 par value, 200,000,000 shares authorized, none issued and outstanding as of December 31, 2023 and 2022) | — | — |
| Common stock ($0.0001 par value; 2,000,000,000 shares authorized, 174,211,911 and 153,821,339 shares issued and outstanding as of December 31, 2023 and 2022, respectively) | 18 | 16 |
| Additional paid-in capital | 799,496 | 755,537 |
| Accumulated deficit | (696,157) | (618,579) |
| Total stockholders’ equity | 103,357 | 136,974 |
| Total liabilities and stockholders’ equity | $143,232 | $173,553 |
| See accompanying notes to consolidated financial statements | ||
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