ESS Tech Inc (GWH) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。（操作說明）

I would now like to turn the conference over to [Mary Horn]. Please proceed.

現在我想把會議交給…[瑪麗霍恩]請繼續。

Welcome to ESS' third quarter fiscal year 2025 financial results conference call. Joining me on the call today from ESS are Kelly Goodman, Interim CEO; and Kate Suhadolnik, Interim CFO. Following management's prepared remarks, we will hold a Q&A session. Earlier today, ESS released financial results for the third quarter of 2025. The earnings release is available in the Investor Relations section of the company's website.

歡迎參加 ESS 2025 財年第三季財務業績電話會議。今天與我一起參加電話會議的 ESS 代表有：臨時執行長 Kelly Goodman；以及臨時財務長 Kate Suhadolnik。在管理階層發言結束後，我們將進行問答環節。今天早些時候，ESS發布了2025年第三季的財務表現。獲利報告可在公司網站的投資人關係欄位查閱。

As a reminder, the information presented today will include forward-looking statements, including, without limitation, statements about our growth prospects, partnerships, Energy Base product, financial performance, capital raising, including under our ATM program, and strategy for 2025 and beyond and the impact of regulatory and legislative developments.

提醒各位，今天公佈的資訊將包含前瞻性陳述，包括但不限於有關我們的成長前景、合作夥伴關係、能源基礎產品、財務業績、融資（包括透過我們的 ATM 計畫）以及 2025 年及以後的策略以及監管和立法發展的影響的陳述。

The forward-looking statements are also subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those projected or implied during this call. In particular, those described in our risk factors set forth in more detail in our most recent periodic filings filed with the Securities and Exchange Commission as well as the current uncertainty and unpredictability in our business, challenges with raising capital, issues with our partnerships, the markets, the economy, the current geopolitical situation and the development and launch of the energy base.

前瞻性陳述也受到已知和未知風險及不確定性的影響，這些風險和不確定性可能導致實際結果與本次電話會議中預測或暗示的結果有重大差異。具體而言，我們在最近向美國證券交易委員會提交的定期文件中更詳細地描述了風險因素，以及我們業務中當前的不確定性和不可預測性、籌集資金的挑戰、合作夥伴關係問題、市場、經濟、當前的地緣政治局勢以及能源基地的開發和啟動。

You should not rely on our forward-looking statements as predictions of future events. All forward-looking statements that we make on this call today are based on assumptions and beliefs as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.

您不應將我們的前瞻性聲明視為對未來事件的預測。我們今天在本次電話會議上所作的所有前瞻性陳述均基於截至本次會議之日的假設和信念，除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

During the call, we will also present certain financial information on a non-GAAP basis. Management believes that non-GAAP financial measures taken in conjunction with US GAAP financial measures provide useful information for both management and investors by excluding certain items that are not indicative of our core operating results. Management uses non-GAAP measures internally to understand, manage and evaluate our business and make operating decisions. Reconciliations between US GAAP and non-GAAP results are presented within our earnings release.

在電話會議期間，我們也將以非公認會計準則（non-GAAP）為基礎提供一些財務資訊。管理階層認為，非公認會計準則財務指標與美國公認會計準則財務指標結合使用，可以排除某些無法反映我們核心經營績效的項目，從而為管理階層和投資者提供有用的資訊。管理層在內部使用非GAAP指標來了解、管理和評估我們的業務並做出營運決策。我們的獲利報告中列出了美國通用會計準則和非美國通用會計準則結果之間的調節表。

With that, I will turn the call over to Kelly.

接下來，我將把電話交給凱莉。

Thank you, Mary, and good afternoon, everyone. Before we dive into the quarterly results, I want to take a moment to reaffirm who we are as a company and the value we deliver.

謝謝你，瑪麗，大家下午好。在深入探討季度業績之前，我想花點時間重申我們作為一家公司的定位以及我們所創造的價值。

ESS is a technology leader in long-duration energy storage. Our iron flow battery platform delivers safe, sustainable, non-flammable storage capable of 10 or more hours of discharge. Built with abundant US sourced materials, iron, salt and water, our systems are designed to cycle over 20,000 times without capacity fade.

ESS是長時儲能領域的科技領導者。我們的鐵液流電池平台可提供安全、可持續、不易燃的存儲，能夠連續放電 10 小時或更長時間。我們的系統採用美國豐富的原料——鐵、鹽和水——製造而成，設計循環次數超過 20,000 次，容量不會衰減。

That combination of durability, safety and sustainability positions ESS to meet a critical market need as data centers expand, electrification accelerates and utilities seek reliable clean power at scale. Short-duration and lithium-ion technologies simply cannot fill that gap cost effectively or sustainably.

耐用性、安全性和永續性的結合，使 ESS 能夠滿足資料中心擴張、電氣化加速以及公用事業公司尋求大規模可靠清潔能源的關鍵市場需求。短時電池和鋰離子電池技術根本無法以經濟有效或可持續的方式填補這一空白。

We have built strong relationships with Tier 1 customers, including SB Energy, Honeywell, Portland General Electric, Sacramento Municipal Utility District and most recently, Salt River Project. These partnerships validate our technology and highlight its readiness for real-world deployments, giving ESS a strong foundation as we move from development into execution.

我們與一級客戶建立了牢固的關係，包括 SB Energy、霍尼韋爾、波特蘭通用電氣、薩克拉門托市政公用事業區，以及最近的鹽河項目。這些合作關係驗證了我們的技術，並突顯了其在現實世界中部署的準備情況，為 ESS 從開發階段過渡到執行階段奠定了堅實的基礎。

The third quarter was an important continuation of the strategic plan we have been executing throughout 2025. We advanced key customer programs, strengthened our capital position and laid the foundation for the delivery of our first Energy Base system.

第三季是我們2025年策略計畫的重要延續。我們推進了重點客戶項目，增強了資本實力，並為交付我們的第一個能源基地系統奠定了基礎。

Most notably, we announced a 50-megawatt-hour Energy Base pilot project with Salt River Project, or SRP, one of the nation's leading utilities and a recognized innovator in long-duration storage. This project represents the first commercial scale deployment of our next-generation Energy Base platform and is a powerful validation of our technology and our team.

最值得一提的是，我們宣布與鹽河計畫（SRP）合作進行 50 兆瓦時的能源基地試點計畫。 SRP 是美國領先的公用事業公司之一，也是公認的長期儲能創新者。該專案代表了我們下一代能源基地平台的首次商業規模部署，是對我們技術和團隊的有力驗證。

Shortly after the SRP announcement, we completed a $40 million financing with Yorkville Advisors. That transaction reinforced our balance sheet and gave us the flexibility to move forward with confidence as we prepare for manufacturing and delivery in the next 18 months. Since closing that transaction, we have already repaid $15 million of the original $30 million drawn to date.

SRP 公告發布後不久，我們與 Yorkville Advisors 完成了 4000 萬美元的融資。那筆交易鞏固了我們的資產負債表，並使我們能夠靈活地、充滿信心地為未來 18 個月的生產和交付做好準備。自完成交易以來，我們已經償還了最初提取的 3000 萬美元中的 1500 萬美元。

For additional capital to support execution, we are launching a $75 million at-the-market equity program with a syndicate, including Yorkville, BMO, Canaccord, Needham and Stifel. This is intended to provide efficient access to capital to support growth and execution as needed.

為了獲得額外的資金支持執行，我們正在啟動一項 7,500 萬美元的按市價股權融資計劃，參與的財團包括 Yorkville、BMO、Canaccord、Needham 和 Stifel。此舉旨在根據需要提供高效的資金管道，以支持成長和執行。

As I step back and look at where we are, the progress this year has been clear and deliberate. We started 2025 with a focus on strengthening our leadership team and tightening our cost base. From there, we aligned our organization around the Energy Base, a product designed and manufactured in America to meet the growing need for 10-plus hour storage. Today, we are executing with customers who understand that long-duration storage is essential to a decarbonized and resilient grid.

當我回顧過去，審視我們所處的位置時，今年的進展是清晰而有計劃的。2025年伊始，我們專注於加強了領導團隊建設，並降低了成本。從那以後，我們圍繞著能源基地調整了組織架構。能源基地是一款在美國設計和製造的產品，旨在滿足日益增長的 10 小時以上儲能需求。如今，我們與那些了解長時間儲能對於實現脫碳和增強電網韌性至關重要的客戶合作。

We are particularly encouraged by the strength of our commercial pipeline. Since launching the Energy Base earlier this year, 100% of our active opportunities are centered on this platform, with RFP activity and proposal volume continuing to increase. These engagements are larger in scale, longer in duration and more strategically aligned with the needs of major utilities, data center developers and industrial customers.

我們尤其對我們強大的商業管道感到鼓舞。自今年稍早推出能源基地以來，我們 100% 的活躍機會都集中在這個平台上，RFP 活動和提案數量持續成長。這些合作項目規模更大、持續時間更長，並且在策略上更符合大型公用事業公司、資料中心開發人員和工業客戶的需求。

Looking forward, our focus over the next 18 months is on execution, building, delivering and validating performance in the field. We are continuing to drive operational discipline, scale manufacturing capabilities and demonstrate to customers that our technology delivers safe, sustainable, long-duration energy storage at competitive costs.

展望未來，未來 18 個月，我們的重點是執行、建造、交付和驗證現場績效。我們將繼續推動營運規範，擴大生產能力，並向客戶證明，我們的技術能夠以具有競爭力的成本提供安全、可持續、持久的儲能。

Finally, I am pleased to share that we plan to host an Investor Day in early 2026, where we will provide an in-depth look at our progress, the Energy Base program and our road map into 2026 and beyond.

最後，我很高興地宣布，我們計劃在 2026 年初舉辦投資者日活動，屆時我們將深入介紹我們的進展、能源基地計劃以及我們 2026 年及以後的發展路線圖。

With that, I will turn it over to Kate for the financial update.

接下來，我將把財務報告交給凱特。

Thank you, Kelly, and good afternoon, everyone. Unless otherwise noted, all figures I'll reference are on a non-GAAP basis and reconciliations can be found in our earnings release.

謝謝你，凱莉，大家下午好。除非另有說明，我將引用的所有數據均為非GAAP數據，相關調整資訊可在我們的收益報告中找到。

For the third quarter of 2025, we reported revenue of $200,000 compared to $2.4 million in the second quarter. The year-to-date trend reflects our ongoing transition from Energy Warehouse and Energy Center deliveries to the Energy Base platform, which will become the foundation of our commercial activity going forward.

2025 年第三季度，我們的營收為 20 萬美元，而第二季為 240 萬美元。今年迄今為止的趨勢反映了我們正在從能源倉庫和能源中心交付向能源基地平台的持續過渡，這將成為我們未來商業活動的基礎。

GAAP cost of revenues totaled $4.9 million while operating expenses were $5.1 million, consistent with our commitment to disciplined cost control. Net loss for the quarter was $10.4 million or $0.73 per share.

GAAP 收入成本總計 490 萬美元，而營運費用為 510 萬美元，這符合我們對嚴格成本控制的承諾。本季淨虧損為 1,040 萬美元，即每股虧損 0.73 美元。

We ended the quarter with cash, cash equivalents and short-term investments of $3.5 million which, as a reminder, does not include the $30 million of proceeds from the Yorkville financing, which closed after quarter end. These funds provide a solid runway to continue advancing manufacturing readiness and support early project execution.

本季末，我們持有現金、現金等價物和短期投資 350 萬美元。需要提醒的是，這還不包括在季度末完成的 Yorkville 融資所得的 3,000 萬美元。這些資金為繼續推進製造準備工作和支持早期專案執行提供了堅實的基礎。

As Kelly noted, we are launching a $75 million at-the-market program, which we view as an additional tool, not a requirement for accessing capital. With the funding we secured earlier this quarter, we have the flexibility to time any use of the ATM strategically based on market conditions and our progress towards key milestones. Together with continued cost control, this positions us to execute from a position of strength.

正如凱利所指出的，我們正在啟動一項 7500 萬美元的市場融資計劃，我們認為這是一個額外的工具，而不是獲得資金的必要條件。憑藉本季早些時候獲得的資金，我們可以靈活地根據市場狀況和我們實現關鍵里程碑的進展情況，有策略地安排 ATM 的使用時間。再加上持續的成本控制，這使我們能夠從優勢地位出發執行各項任務。

Operationally, we continue to focus our resources on productization of the Energy Base, vendor optimization and supply chain readiness for 2026 delivery. At the same time, we remain highly selective in spending, aligning every dollar to programs that directly support execution, delivery or validation in the field.

在營運方面，我們將繼續把資源集中在能源基地的產品化、供應商優化以及為 2026 年交付做好供應鏈準備。同時，我們在支出方面仍然非常謹慎，將每一分錢都用於直接支援現場執行、交付或驗證的項目。

In summary, Q3 was another step forward in strengthening our financial and operational foundation. We have greater visibility, improved efficiency and growing customer momentum, all key ingredients as we prepare for our next phase of growth.

總而言之，第三季我們在加強財務和營運基礎方面又向前邁進了一步。我們擁有更高的知名度、更強的效率和不斷增長的客戶需求，這些都是我們為下一階段成長做好準備的關鍵要素。

With that, I'll hand it back to Kelly for closing remarks.

接下來，我將把發言權交還給凱利，請她作總結發言。

Thank you, Kate. To close, ESS' priorities remain clear. One, deliver on customer commitments, starting with SRP and our early Energy Base programs; two, execute with discipline, controlling costs, scaling responsibly and ensuring operational excellence; three, convert momentum into long-term growth, validating performance and building durable relationships with leading utilities and developers.

謝謝你，凱特。最後，ESS 的優先事項依然明確。第一，履行對客戶的承諾，從 SRP 和我們早期的能源基礎計劃開始；第二，嚴格執行，控製成本，負責任地擴大規模，並確保卓越的運營；第三，將勢頭轉化為長期增長，驗證業績，並與領先的公用事業公司和開發商建立持久的關係。

We are proud of what the ESS team has achieved this year. The pieces we have put into place, technology, capital, customers and people are setting the stage for the next chapter of growth and value creation.

我們為 ESS 團隊今年的成就感到自豪。我們已經投入了技術、資金、客戶和人才等要素，為下一個成長和價值創造篇章奠定了基礎。

Thank you for your continued support. And with that, we will open the line for questions.

感謝您一直以來的支持。接下來，我們將開放提問環節。

(Operator Instructions)

（操作說明）

Justin Clare, Roth Capital Partners.

Justin Clare，Roth Capital Partners。

Hi, thanks for the time. So first, I wanted to start out with the Energy Base product here. I was wondering if you could just talk about the scale of the projects that you're currently pursuing with the Energy Base? And what kind of durations your customers might be looking for?

您好，感謝您抽空。首先，我想先介紹一下這款能量基礎產品。我想請您談談您目前與能源基地合作的專案的規模？您的客戶可能希望服務時長是多少？

And then also, just in recent RFPs, could you talk about the technologies that you're most frequently competing against? Is this lithium-ion potentially? Or is it primarily alternative long-duration technologies that you're seeing?

另外，就最近的招標書而言，您能否談談您最常遇到的競爭對手所採用的技術？這是鋰離子電池嗎？或者，您主要看到的是其他長效技術？

Sure. Thanks, Justin. This is Kelly. So to answer your questions in order, as far as scale, our strategy over the next couple of years is to deliver projects similar in size to SRP, which is a 5-megawatt -- 50-watt -- 50-megawatt-hour project but projects that have a significant follow-on opportunity in the next couple of years. So by that, I mean 100-megawatt or 200-megawatt project opportunities.

當然。謝謝你，賈斯汀。這是凱莉。為了按順序回答您的問題，就規模而言，我們未來幾年的策略是交付與 SRP 規模類似的項目，SRP 是一個 5 兆瓦 - 50 瓦 - 50 兆瓦時的項目，但這些項目在未來幾年內具有重要的後續機會。我的意思是，100兆瓦或200兆瓦的專案機會。

As far as duration, our current Energy Base offering is a 10-hour duration. By 2029, we're targeting having a 16-hour battery. So that's sort of the duration we plan to offer in the later years.

就持續時間而言，我們目前提供的能量基礎套餐持續時間為 10 小時。到 2029 年，我們的目標是實現 16 小時的電池續航力。所以，這大概就是我們計劃在未來幾年提供的課程時長。

As far as RFPs and technologies, I would divide those into two buckets. We're seeing more and more RFPs that are specifically targeting long duration like SRP. And by that, I mean technologies that offer more than 10 hours. So in those RFP, we're competing against technologies that can actually offer more than what you see in the normal four-hour space.

至於 RFP 和技術，我會將它們分為兩類。我們看到越來越多的招​​標書專門針對像SRP這樣的​​長期專案。我的意思是，能夠提供超過 10 小時續航時間的技術。因此，在這些 RFP 中，我們與一些技術競爭，這些技術實際上可以提供比普通四小時解決方案更多的功能。

In other RFPs that are sort of storage agnostic, we are competing against lithium, other competitors that offer for our storage, where we're really pleased by what we're seeing as an emerging trend and recognition that longer duration 10-plus hours will be needed.

在其他一些對儲存技術沒有特定要求的 RFP 中，我們正在與鋰電池和其他競爭對手競爭，他們也提供我們的儲存方案。我們很高興地看到，一種新興趨勢正在興起，人們認識到需要更長（10 小時以上）的儲存。

Got it. Okay. I appreciate that. And then I guess, just following up for the RFPs that you are pursuing here, can you talk about the types of customers that are issuing me. So are these utilities, IPPs or are you participating in RFPs directly with data centers, whether it's behind the meter or front-of-the-meter approach?

知道了。好的。我很感激。然後，我想就您正在進行的 RFP 跟進一下，您能談談向我發出 RFP 的客戶類型嗎？那麼，這些是公用事業公司、獨立發電商，還是你們直接參與資料中心的招標，無論是採用表後方式還是表前方式？

Sure. So in the RFP space, I would say the customers are either utilities or they are IPPs acting on behalf of the utility. We are not engaged in RFPs behind the meter but rather for data centers and other customer hyperscale like that, those are bilateral conversations.

當然。因此，在 RFP 領域，我認為客戶要么是公用事業公司，要么是代表公用事業公司行事的獨立發電商 (IPP)。我們不參與計量表背後的 RFP，但對於資料中心和其他類似客戶的超大規模應用，這些都是雙邊對話。

Got it. Got it. Okay. And then just on the balance sheet here. So you've obviously raised a decent amount of capital. And so wondering if you could just talk a little bit more about the use of proceeds for that capital in the near term. And then just thinking about your liquidity needs, how much runway does that capital provide you? And how are you thinking about liquidity ahead?

知道了。知道了。好的。然後就從資產負債表上看起。顯然你們已經籌集到了一筆可觀的資金。所以我想請您再詳細談談這筆資金在近期內的用途。然後，再考慮一下你的流動性需求，這筆資金能為你提供多久的緩衝期？您如何看待未來的流動性問題？

Yeah, Justin, this is Kate. I'll take that one. I'm happy to give some more details as a lot has definitely changed in the last few weeks since the end of the quarter.

是的，賈斯汀，這是凱特。我選那個。我很樂意提供更多細節，因為自季度末以來的幾週內，很多事情都發生了變化。

As of today, we have roughly $30 million in cash on hand, and we still do have the ability to draw the remaining $10 million from Yorkville's promissory note at our discretion. So together with that and the new ATM program that we announced today, I think we feel we have significant flexibility to manage liquidity sort of on our terms as we need it over the coming months and quarters.

截至今日，我們手頭上約有 3000 萬美元現金，我們仍然可以酌情從 Yorkville 的本票中提取剩餘的 1000 萬美元。因此，結合這一點以及我們今天宣布的新 ATM 計劃，我認為我們擁有相當大的靈活性，可以在未來幾個月和幾個季度內根據需要，以我們自己的方式管理流動性。

Over the past 11 months, we've taken a lot of deliberate steps to streamline the company. We're really focused now rather than on survival, which has been kind of our focus on execution and really driving towards delivering on the SRP project, pursuing new opportunities. And as I mentioned, just really executing on those milestones as we move forward.

過去11個月裡，我們採取了許多有意識的措施來精簡公司。我們現在的重點不再是生存，而是執行和推進 SRP 項目，並尋求新的機會。正如我之前提到的，我們只需要認真執行這些里程碑，繼續前進。

Okay, appreciate it. Thank you.

好的，謝謝。謝謝。

Thank you. That seems like all the questions we have. So I'll pass it back over to the ESS team for any closing or further remarks.

謝謝。看來我們所有的問題都問完了。所以，我會把這個問題交還給 ESS 團隊，讓他們做最後的總結或補充說明。

Yeah, thanks for that. This is Kelly. Just wanted to say thank you. Thank you for joining. Thank you for the support and look forward to what's ahead of us.

是啊，謝謝。這是凱莉。只想說聲謝謝。感謝您的參與。感謝大家的支持，期待未來更加精彩的篇章。

Thank you. That will conclude today's call. Thank you for your participation. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。