ESS Tech, Inc. Announces Third Quarter 2025 Financial Results
Nov 13, 2025, 16:29 GMT-510 min read
 GWH-3.41%
Announced 50 MWh long-duration storage pilot project with Salt River Project (SRP)
Closed $40 million financing with Yorkville Advisors Global and subsequently repaid $15 million of the promissory note; completed the $25 million Standby Equity Purchase Agreement (SEPA)
Announced plans to launch a $75 million at-the-market (ATM) program with Yorkville, BMO, Canaccord, Needham, and Stifel
Investor Day planned for January 2026 to provide an in-depth update on execution and strategic priorities
WILSONVILLE, Ore.--(BUSINESS WIRE)--November 13, 2025--
ESS Tech, Inc. ("ESS," "ESS, Inc." or the "Company") GWH, a leading manufacturer of long-duration energy storage systems (LDES) for commercial and utility-scale applications, today announced financial results for its third quarter ended September 30, 2025.
The third quarter continued ESS's steady execution of its strategic plan. Following leadership additions and organizational alignment earlier in the year, the Company advanced key customer programs and strengthened its capital position, laying the groundwork for manufacturing of its first Energy Base projects and broader commercialization commencing in 2026. During the quarter, ESS announced a 50 MWh Energy Base pilot project with Salt River Project ("SRP"), a major validation from one of the nation's leading utilities, which marks the first large-scale deployment of the Company's next-generation platform. Soon after, ESS completed a $40 million financing with YA II PN, Ltd., an investment fund managed by Yorkville Advisors Global, L.P. ("Yorkville"), further enhancing liquidity to support manufacturing readiness and upcoming project execution.
"We've built strong momentum over the course of 2025," said Kelly Goodman, Interim Chief Executive Officer of ESS. "With key customer programs underway and new capital secured, our focus is now squarely on execution--delivering the Energy Base platform and demonstrating the performance and reliability that customers are demanding. Our technology is well-positioned to support the fast-growing digital infrastructure sector, where long-duration storage is essential to enabling a resilient, decarbonized grid."
Since the financing, ESS has repaid $15 million of the first tranche of $30 million of the Yorkville promissory note and completed the $25 million Standby Equity Purchase Agreement ("SEPA"), reflecting continued capital discipline and proactive balance sheet management. These steps provide near-term flexibility and demonstrate the Company's ability to efficiently access and deploy capital as needed.
ESS announced plans to launch a $75 million at-the-market ("ATM") program with a syndicate including Yorkville, BMO, Canaccord, Needham, and Stifel to further strengthen that flexibility. The program is designed to provide efficient, discretionary access to capital when market conditions are favorable, ensuring ESS can raise funds opportunistically--not out of necessity--as it executes its next phase of growth.
As ESS advances into 2026, its focus will remain on execution, fulfilling the SRP pilot program, scaling manufacturing processes, and proving out the long-term economics of the Energy Base platform. This work will lay the foundation for broader commercialization and future contracts. Over the next 18 months, ESS expects its success to be measured less by traditional product revenue and more by operational progress, which includes validating performance, building customer confidence, and preparing for volume growth.
ESS also plans to host an Investor Day in January 2026, where management will outline progress across key initiatives and share its roadmap for 2026 and beyond.
Conference Call Details
ESS will hold a conference call on Thursday, November 13, 2025 at 5:00 p.m. EDT to discuss financial results for its third quarter 2025 ended September 30, 2025. Interested parties may join the conference call beginning at 5:00 p.m. EDT on Thursday, November 13, 2025 via telephone by calling +1 (646) 844-6383 and entering conference ID 359373. A telephone replay will be available until November 20, 2025, by dialing (866) 813-9403 in the U.S., or for international callers, +1 (929) 458-6194 with conference ID 302525. A live webcast of the conference call will be available on ESS' Investor Relations website at investors.essinc.com.
A replay of the call will be available via the web at investors.essinc.com.
About ESS, Inc.
ESS GWH is the leading manufacturer of long-duration iron flow energy storage solutions. ESS was established in 2011 with a mission to accelerate decarbonization safely and sustainably through longer lasting energy storage. Using easy-to-source iron, salt, and water, ESS iron flow technology enables energy security, reliability and resilience. We build flexible storage solutions that allow our customers to meet increasing energy demand without power disruptions and maximize the value potential of excess energy. For more information visit www.essinc.com.
Use of Non-GAAP Financial Measures |
