ESS Tech, Inc.
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 31, 2025
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Financial Statements Balance Sheets
Balance Sheets
(in thousands, except share data)
| December 31, 2024 | December 31, 2023 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $13,341 | $20,165 |
| Restricted cash, current | 906 | 1,373 |
| Accounts receivable, net | 215 | 1,990 |
| Short-term investments | 18,263 | 87,899 |
| Inventory | 5,641 | 3,366 |
| Prepaid expenses and other current assets | 4,998 | 3,305 |
| Total current assets | 43,364 | 118,098 |
| Property and equipment, net | 20,582 | 16,266 |
| Intangible assets, net | 4,656 | 4,923 |
| Operating lease right-of-use assets | 1,503 | 2,167 |
| Restricted cash, non-current | 948 | 945 |
| Other non-current assets | 760 | 833 |
| Total assets | $71,813 | $143,232 |
| Liabilities and stockholders’ equity | ||
| Current liabilities: | ||
| Accounts payable | $8,070 | $2,755 |
| Accrued and other current liabilities | 9,315 | 10,755 |
| Accrued product warranties | 3,288 | 2,129 |
| Operating lease liabilities, current | 1,692 | 1,581 |
| Deferred revenue, current | 5,237 | 2,546 |
| Total current liabilities | 27,602 | 19,766 |
| Operating lease liabilities, non-current | — | 957 |
| Deferred revenue, non-current | — | 3,835 |
| Deferred revenue, non-current - related parties | 14,400 | 14,400 |
| Common stock warrant liabilities | 802 | 917 |
| Other non-current liabilities | 125 | — |
| Total liabilities | 42,929 | 39,875 |
| Commitments and contingencies (Note 10) | ||
| Stockholders’ equity: | ||
| Preferred stock ($0.0001 par value; 200,000,000 shares authorized, none issued and outstanding as of December 31, 2024 and 2023) | — | — |
| Common stock ($0.0001 par value; 1,000,000,000 shares authorized, 11,986,516 and 11,614,127 shares issued and outstanding as of December 31, 2024 and 2023, respectively) | 1 | 1 |
| Additional paid-in capital | 811,262 | 799,513 |
| Accumulated deficit | (782,379) | (696,157) |
| Total stockholders’ equity | 28,884 | 103,357 |
| Total liabilities and stockholders’ equity | $71,813 | $143,232 |
| See accompanying notes to financial statements | ||
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