ESS Tech Q2 revenue $73K, net loss $15.6M; signs LOI for $515M EV business combination

ESS Tech, Inc.

Revenue $73K vs $2.4M YoY; net loss -$15.6M (-$0.46/share); adjusted EBITDA loss -$7.9M.
Signed non-binding LOI for strategic business combination; implies $515M combined EV; ESS holders get 5-10% of combined co.
LOI with Juniper Energy for 500+ MWh sodium-ion storage; planned 10MW/80MWh California project, commercial op 2027.
Cash $5.6M at July 31; repaid $37M of $40M Yorkville note; pursuing incremental liquidity.
Sodium-ion early-stage opportunities ~$1B; first Bridge module testing begun; Alsym LOI for 8.5 GWh cells.

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