ESS Tech reports FY2025 net loss $63.4M, Adj. EBITDA -$44.3M, cash strengthened

ESS Tech, Inc.

Revenue of $1.6M; net loss improved to $63.4M from $86.2M in 2024; Adj. EBITDA -$44.3M vs -$71.3M.
OpEx down 33% to $29.7M; cash & short-term investments $22M at year-end; raised $15M in Jan 2026.
Leadership reset: Drew Buckley CEO, Kelly Goodman CSO/GC, Kate Suhadolnik CFO.
Acquired VoltStorage IP; $9.9M military LDES contract; updated Google collaboration for Project New Horizon.
Repaid 95% of $30M note tranche; drew second $10M tranche from YA II PN.

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