ESS Tech, Inc.
For the period ended Dec 31, 2025. Filed Mar 5, 2026.
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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.
FY2025 · Filed Mar 5, 2026
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Financial Statements Consolidated Balance Sheets
(in thousands, except share data)
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $14,477 | $13,341 |
| Restricted cash, current | 806 | 906 |
| Accounts receivable, net | 13 | 215 |
| Short-term investments | 7,557 | 18,263 |
| Inventory | 140 | 5,641 |
| Prepaid expenses and other current assets | 3,254 | 4,998 |
| Total current assets | 26,247 | 43,364 |
| Property and equipment, net | 17,224 | 20,582 |
| Intangible assets, net | 2,682 | 4,656 |
| Operating lease right-of-use assets | 3,767 | 1,503 |
| Restricted cash, non-current | 618 | 948 |
| Other non-current assets | 634 | 760 |
| Total assets | $51,172 | $71,813 |
| Liabilities and stockholders’ equity | ||
| Current liabilities: | ||
| Accounts payable | $3,023 | $8,070 |
| Accrued and other current liabilities | 11,097 | 9,315 |
| Accrued product warranties | 985 | 3,288 |
| Operating lease liabilities, current | 1,784 | 1,692 |
| Deferred revenue, current | 359 | 5,237 |
| Financing obligations, current | 8,044 | — |
| Total current liabilities | 25,292 | 27,602 |
| Operating lease liabilities, non-current | 2,060 | — |
| Deferred revenue, non-current - related parties | 5,297 | 14,400 |
| Common stock warrant liabilities | 573 | 802 |
| Financing obligations, non-current | 9,291 | — |
| Other non-current liabilities | 41 | 125 |
| Total liabilities | 42,554 | 42,929 |
| 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, 2025 and 2024) | — | — |
| Common stock ($0.0001 par value; 1,000,000,000 shares authorized, 22,377,003 and 11,986,516 shares issued and outstanding as of December 31, 2025 and 2024, respectively) | 2 | 1 |
| Additional paid-in capital | 854,435 | 811,262 |
| Accumulated deficit | (845,819) | (782,379) |
| Total stockholders’ equity | 8,618 | 28,884 |
| Total liabilities and stockholders’ equity | $51,172 | $71,813 |
| See accompanying notes to financial statements | ||
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