ESS Tech Inc
For the period ended Mar 31, 2024. Filed May 8, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
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Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(in thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net loss | $(18,310) | $(21,901) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 1,219 | 1,077 |
| Non-cash interest income | (995) | (762) |
| Non-cash lease expense | 326 | 299 |
| Stock-based compensation expense | 2,854 | 2,059 |
| Inventory write-down and losses on noncancellable purchase commitments | (1,979) | — |
| Change in fair value of common stock warrant liabilities | — | (688) |
| Other non-cash (income) expenses, net | 29 | (48) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | 1,309 | 4,330 |
| Inventory | 1,145 | — |
| Prepaid expenses and other current assets | (266) | 1,731 |
| Accounts payable | 153 | (529) |
| Accrued and other current liabilities | (4,024) | (4,657) |
| Accrued product warranties | 1,193 | 1,231 |
| Deferred revenue | (1,184) | (306) |
| Operating lease liabilities | (380) | (346) |
| Net cash used in operating activities | (18,910) | (18,510) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (953) | (2,610) |
| Maturities and purchases of short-term investments, net | 35,645 | 74,668 |
| Net cash provided by investing activities | 34,692 | 72,058 |
| Cash flows from financing activities: | ||
| Payments on notes payable | — | (400) |
| Proceeds from stock options exercised | — | 104 |
| Repurchase of shares from employees for income tax withholding purposes | (81) | — |
| Other, net | — | (7) |
| Net cash used in financing activities | (81) | (303) |
| Net change in cash, cash equivalents and restricted cash | 15,701 | 53,245 |
| Cash, cash equivalents and restricted cash, beginning of period | 22,483 | 36,655 |
| Cash, cash equivalents and restricted cash, end of period | $38,184 | $89,900 |
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Condensed Consolidated Statements of Cash Flows (continued)
(in thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for operating leases included in cash used in operating activities | $449 | $413 |
| Non-cash investing and financing transactions: | ||
| Purchase of property and equipment included in accounts payable and accrued and other current liabilities | 517 | 623 |
| Transfers between inventory and property and equipment, net | 1,051 | — |
| Cash and cash equivalents | $36,332 | $87,811 |
| Restricted cash, current | 906 | 1,413 |
| Restricted cash, non-current | 946 | 676 |
| Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $38,184 | $89,900 |
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