ESS Tech, Inc.
For the period ended Dec 31, 2025. Filed Mar 5, 2026.
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FY2025 · Filed Mar 5, 2026
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Years Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss | $(63,440) | $(86,222) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 5,740 | 4,724 |
| Asset abandonment | 1,707 | — |
| Non-cash interest (income) expense | 4,981 | (2,422) |
| Non-cash lease expense | 1,526 | 1,350 |
| Stock-based compensation expense | 5,434 | 11,575 |
| Change in fair value of common stock warrant liabilities | (229) | (115) |
| Other non-cash (income) expenses, net | 388 | 459 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | 202 | 1,549 |
| Inventory | 4,833 | (3,326) |
| Prepaid expenses and other assets | 1,870 | (1,620) |
| Accounts payable | (3,842) | 4,243 |
| Accrued and other liabilities | (2,841) | (1,123) |
| Accrued product warranties | (2,303) | 1,159 |
| Deferred revenue | (2,672) | (918) |
| Operating lease liabilities | (1,638) | (1,532) |
| Net cash used in operating activities | (50,284) | (72,219) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (3,387) | (7,294) |
| Maturities and purchases of short-term investments, net | 10,915 | 72,051 |
| Net cash provided by investing activities | 7,528 | 64,757 |
| Cash flows from financing activities: | ||
| Proceeds from issuance of common stock and common stock warrants, net of issuance costs | 37,651 | — |
| Proceeds from financing arrangements | 27,028 | — |
| Debt issuance costs | (308) | — |
| Payments on financing obligations | (21,049) | — |
| Proceeds from stock options exercised | 83 | 86 |
| Repurchase of shares from employees for income tax withholding purposes | (50) | (297) |
| Proceeds from contributions to Employee Stock Purchase Plan | 107 | 385 |
| Net cash provided by financing activities | 43,462 | 174 |
| Net change in cash, cash equivalents and restricted cash | 706 | (7,288) |
| Cash, cash equivalents and restricted cash, beginning of period | 15,195 | 22,483 |
| Cash, cash equivalents and restricted cash, end of period | $15,901 | $15,195 |
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(in thousands)
| Years Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Supplemental disclosures of cash flow information: | ||
| Cash paid during the year for: | ||
| Operating leases included in cash used in operating activities | $1,776 | $1,738 |
| Interest | 520 | — |
| Non-cash investing and financing transactions: | ||
| Purchase of property and equipment included in accounts payable and accrued and other current liabilities | 28 | 1,586 |
| Adjustment to right-of-use assets from lease modification | 3,790 | 686 |
| Transfers between inventory and property and equipment, net | 668 | 1,051 |
| Application of deferred revenue to financing obligations | 6,518 | — |
| Cash and cash equivalents | $14,477 | $13,341 |
| Restricted cash, current | 806 | 906 |
| Restricted cash, non-current | 618 | 948 |
| Total cash, cash equivalents and restricted cash | $15,901 | $15,195 |
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