Significant Capital Secured
ESS secured up to $31 million in new capital, strengthening the balance sheet and extending the operational runway. This includes $2 million raised in the first 6 weeks through a Standby Equity Purchase Agreement.
Major Cost Reductions Achieved
Operating cash burn rate reduced by approximately 80% in June compared to the first quarter average. Cost of revenue decreased by 37% year-over-year, and total operating expenses fell by 45%.
Launch and Demand for New Product
Successfully launched the Energy Base product with 1.1 gigawatt hours of proposals submitted and the first commercial order closed for an 8-megawatt hour project, indicating strong market interest.
Financial Performance Improvements
Net loss improved by 50%, and adjusted EBITDA improved nearly 60% compared to Q2 of last year, reflecting the positive impact of cost discipline.