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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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Years Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Cash flows from operating activities: | ||
| Net loss | $(77,578) | $(77,969) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 6,513 | 1,523 |
| Non-cash interest income | (3,635) | (1,349) |
| Non-cash lease expense | 1,234 | 1,134 |
| Stock-based compensation expense | 10,635 | 11,889 |
| Inventory write-down and losses on noncancellable purchase commitments | 11,932 | — |
| Change in fair value of common stock warrant liabilities | (2,292) | (25,788) |
| Other non-cash income and expenses, net | (60) | 483 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | 3,633 | (1,886) |
| Inventory | (14,661) | — |
| Prepaid expenses and other current assets | 2,422 | (311) |
| Accounts payable | (229) | 1,464 |
| Accrued and other current liabilities | (3,378) | 6,789 |
| Accrued product warranties | 486 | 1,643 |
| Deferred revenue | 11,500 | 1,881 |
| Operating lease liabilities | (1,418) | (1,123) |
| Net cash used in operating activities | (54,896) | (81,620) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (5,790) | (14,180) |
| Maturities and purchases of short-term investments, net | 20,861 | (103,704) |
| Net cash provided by (used in) investing activities | 15,071 | (117,884) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of common stock and common stock warrants, net of issuance costs | 27,132 | — |
| Payments on notes payable | (1,733) | (1,900) |
| Proceeds from stock options exercised | 237 | — |
| Repurchase of shares from employees for income tax withholding purposes | (310) | (2,808) |
| Proceeds from contributions to Employee Stock Purchase Plan | 541 | 492 |
| Proceeds from warrants exercised | — | 165 |
| Other, net | (214) | (22) |
| Net cash provided by (used in) financing activities | 25,653 | (4,073) |
| Net change in cash, cash equivalents and restricted cash | (14,172) | (203,577) |
| Cash, cash equivalents and restricted cash, beginning of period | 36,655 | 240,232 |
| Cash, cash equivalents and restricted cash, end of period | $22,483 | $36,655 |
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Statements of Cash Flows (continued)
(in thousands)
| Years Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for operating leases included in cash used in operating activities | $1,670 | $1,625 |
| Cash paid for interest | — | 154 |
| Non-cash investing and financing transactions: | ||
| Common stock warrants issued for the acquisition of intangible assets | 4,990 | — |
| Purchase of property and equipment included in accounts payable and accrued and other current liabilities | 704 | 1,358 |
| Right-of-use operating lease assets obtained in exchange for lease obligations | — | 4,534 |
| Right-of-use finance lease assets obtained in exchange for lease obligations | — | 123 |
| Warrant vested under contracts with customers | — | 46 |
| Cash and cash equivalents | $20,165 | $34,767 |
| Restricted cash, current | 1,373 | 1,213 |
| Restricted cash, non-current | 945 | 675 |
| Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $22,483 | $36,655 |
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