ESS Tech, Inc.
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
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FY2024 · Filed Mar 31, 2025
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Statements of Cash Flows
(in thousands)
| Years Ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net loss | $(86,222) | $(77,578) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 4,724 | 6,513 |
| Non-cash interest income | (2,422) | (3,635) |
| Non-cash lease expense | 1,350 | 1,234 |
| Stock-based compensation expense | 11,575 | 10,635 |
| Inventory write-down and losses on noncancellable purchase commitments | 4,904 | 11,932 |
| Change in fair value of common stock warrant liabilities | (115) | (2,292) |
| Other non-cash (income) expenses, net | 459 | (60) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | 1,549 | 3,633 |
| Inventory | (8,634) | (14,661) |
| Prepaid expenses and other assets | (1,620) | 2,422 |
| Accounts payable | 4,243 | (229) |
| Accrued and other liabilities | (719) | (3,378) |
| Accrued product warranties | 1,159 | 486 |
| Deferred revenue | (918) | 11,500 |
| Operating lease liabilities | (1,532) | (1,418) |
| Net cash used in operating activities | (72,219) | (54,896) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (7,294) | (5,790) |
| Maturities and purchases of short-term investments, net | 72,051 | 20,861 |
| Net cash provided by investing activities | 64,757 | 15,071 |
| 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) |
| Proceeds from stock options exercised | 86 | 237 |
| Repurchase of shares from employees for income tax withholding purposes | (297) | (310) |
| Proceeds from contributions to Employee Stock Purchase Plan | 385 | 541 |
| Other, net | — | (214) |
| Net cash provided by financing activities | 174 | 25,653 |
| Net change in cash, cash equivalents and restricted cash | (7,288) | (14,172) |
| Cash, cash equivalents and restricted cash, beginning of period | 22,483 | 36,655 |
| Cash, cash equivalents and restricted cash, end of period | $15,195 | $22,483 |
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Statements of Cash Flows (continued)
(in thousands)
| Years Ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for operating leases included in cash used in operating activities | $1,738 | $1,670 |
| 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 | 1,586 | 704 |
| Adjustment to right-of-use assets from lease modification | 686 | — |
| Transfers between inventory and property and equipment, net | 1,051 | — |
| Cash and cash equivalents | $13,341 | $20,165 |
| Restricted cash, current | 906 | 1,373 |
| Restricted cash, non-current | 948 | 945 |
| Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $15,195 | $22,483 |
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