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ESS Tech Inc. (GWH-3.20%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial results, reporting a net loss of $86.2 million for the year, compared to a net loss of $77.6 million in the previous year. Revenue for 2024 was $6.3 million, down from $7.5 million in 2023.
ESS Tech transitioned to commercial inventory accounting in the third quarter of 2023, impacting its cost of revenue and research and development expenses. Cost of revenue for 2024 was $51.7 million, a significant increase from $20.5 million in 2023.
Operating expenses decreased by 39% to $44.4 million in 2024, driven by a reduction in research and development expenses following the transition to commercial accounting.
ESS Tech's cash and cash equivalents were $13.3 million as of December 31, 2024, with total liquid assets of $31.6 million. The company acknowledges a need for additional financing to meet near-term operating cash flow requirements.
The company reported a working capital of $43.4 million as of December 31, 2024. ESS Tech is exploring various strategies to obtain additional funding, including equity offerings and debt issuance.
ESS Tech's product offerings include the Energy Warehouse, Energy Center, and Energy Base, with a focus on long-duration energy storage solutions. The company aims to expand its production capacity and reduce manufacturing costs.
The filing also notes the impact of macroeconomic conditions, including supply chain challenges and geopolitical tensions, on the company's operations and financial performance.
ESS Tech's board of directors has undergone changes, with the appointment of Kelly F. Goodman as interim Chief Executive Officer following the departure of Eric Dresselhuys.
ESS Tech is subject to various risks, including competition in the energy storage market, reliance on third-party suppliers, and the need to secure additional capital to continue operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ESS Tech Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.