Slide 1: Fourth Quarter and Full Year 2025 Financial Results Conference Call
Catalyzing a Cleaner Future. Every Day. Fourth Quarter and Full Year 2025 Financial Results Conference Call Investor Presentation NYSE: GWH March 5, 2026
Slide 2: Disclaimers
Disclaimers No part of this presentation may be reproduced, photocopied, redistributed or passed on, directly or indirectly, to any other person, or published, in whole or in part, for any purpose without the consent of ESS Tech, Inc. (“ESS”). This presentation contains certain “forward-looking stat
Slide 3: Agenda
Agenda COMPANY OVERVIEW On the Call Today: OPERATIONAL UPDATES PIPELINE OPPORTUNITIES GO FORWARD STRATEGY Drew Buckley Kate Suhadolnik Chief Executive Officer Chief Financial Officer FINANCIAL UPDATES CLOSING SUMMARY 2
Slide 4: Corporate Overview
Corporate Overview ESS is a leading manufacturer of long- duration iron flow energy storage solutions. • “Energy Base”: 10-22 hour long-duration energy storage systems (LDES) for 24/7 renewable power where Li-ion is too costly, unsafe, or inefficient. • Iron flow: stores energy using iron, salt, and
Slide 5: FY25 Operational Highlights & Business Updates
FY25 Operational Highlights & Business Updates ESS is executing on restructuring, commercial progress, and balance sheet improvements ● $9.9 million contract from Concurrent Technologies ● Launched ATM equity offering program and raised Corporation and the United States Air Force Research approximat
Slide 6: Financial Results
ESS Tech, Inc. Financial Results ($ in millions, except per share data) FY 2025 FY 2024 Change (%) Q4 2025 Highlights Revenue $1.6 $6.3 (75%) Gross Profit (Loss) $(27.7) $(45.4) 39% FY25 Recent Highlights Operating Expenses $29.7 $44.4 (33%) • Continued reductions in cost of revenue and operating ex
Slide 7: Reconciliation of GAAP Net Loss to Adjusted EBITDA
Reconciliation of GAAP Net Loss to Adjusted EBITDA ($ in millions) FY25 FY24 Net loss $(63.4) $(86.2) Interest expense (income), net $5.5 ($3.5) Stock-based compensation $5.4 $11.6 FY25 Net Loss and Adjusted EBITDA Depreciation and amortization $5.7 $4.7 • Net loss improved by $22.8 million year ove
Slide 8: Cash & Financing
ESS Tech, Inc. Cash & Financing ($ in millions) FY25 FY24 Change Cash & Financing Update Cash1 & Investments $22.0 $31.6 $(9.6) • In October, completed a $40 million financing with Yorkville ($30 million drawn as of 12/31). Other Liquid Assets Repaid approximately $28.5 million, or 95%, of the first
Slide 9: Closing Summary
Closing Summary Commercial Momentum & Pipeline • Google confirmed as offtaker for Project New Horizon; manufacturing expected to begin in 2026, delivery expected to occur in December 2027. • $9.9M CTC/AFRL contract awarded for LDES deployment at U.S. military installation in Alaska. Improved Financi
Slide 10: Questions and Answers
Questions Catalyzing a Cleaner Future. and Answers Every Day. ESS Tech, Inc. Investor Relations Location Chris Tyson 26440 SW Parkway Ave, Executive Vice President Bldg. 83 MZ Group - MZ North Wilsonville, OR, 97070 America 949-491-8235 essinc.com NYSE: GWH investors@essinc.com essinc.com