ESS announces $31M insider-led funding package, preliminary Q2 rev $2.4M, first Energy Base order

ESS Tech, Inc.

$28.5M Yorkville equity facility + $0.9M insider bridge notes + $4.0M equipment sale-leaseback cash.
Preliminary Q2 revenue ~$2.4M (+294% QoQ); net loss ~$10.3M (43% improvement); adj. EBITDA loss ~$7.6M.
Monthly cash burn reduced ~80% in June vs first 5 months average; cash & equivalents ~$0.8M as of June 30.
First Energy Base order for 8 MWh project secured; directors forego cash compensation for 2025.
NYSE delisting risk: avg market cap <$15M; may face suspension/delisting procedures.

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