Revenue: As of FY2026 Q1, the actual value is USD 128 K, missing the estimate of USD 400 K.EPS: As of FY2026 Q1, the actual value is USD -0.54, missing the estimate of USD -0.29.EBIT: As of FY2026 Q1, the actual value is USD -11.28 M.<h3>Financial Highlights for the Three Months Ended March 31, 2026</h3><h4>Revenue</h4>Total revenue was $128 thousand for the three months ended March 31, 2026, which is a decrease from $0.6 million in the prior-year period, primarily due to fewer deliveries of equipment to customers. <h4>Operational Metrics</h4><ul><li>Gross Loss: Gross loss was - $7,038 thousand for the three months ended March 31, 2026, showing an improvement from - $8,147 thousand in the prior-year period. </li><li>Operating Expenses: Total operating expenses decreased by 33% to $6.7 million for the three months ended March 31, 2026, compared with $10.0 million in the prior-year period. This decrease was primarily driven by a $1.7 million reduction in sales and marketing expenses and a $1.7 million reduction in general and administrative expenses. Research and development expenses were $2,625 thousand in 2026, up from $2,478 thousand in 2025. Sales and marketing expenses were $254 thousand in 2026, down from $1,950 thousand in 2025. General and administrative expenses were $3,863 thousand in 2026, down from $5,571 thousand in 2025. </li><li>Loss from Operations: Loss from operations was - $13,780 thousand for the three months ended March 31, 2026, an improvement from - $18,146 thousand in the prior-year period. </li><li>Other Income/Expense: Interest (expense) income, net was - $2,496 thousand in 2026, compared to $216 thousand in 2025. There was a gain on revaluation of common stock warrant liabilities of $344 thousand in 2026, compared to a loss of - $115 thousand in 2025. Other income, net was $10 thousand in 2026, compared to $19 thousand in 2025. </li><li>Net Loss: Net loss improved to - $15.9 million for the three months ended March 31, 2026, compared with - $18.0 million in the prior-year period. </li><li>Adjusted EBITDA Loss: Adjusted EBITDA loss improved by 31% year-over-year to - $10.3 million for the three months ended March 31, 2026, compared to - $15.0 million for the three months ended March 31, 2025. </li></ul><h4>Cash Flow</h4><ul><li>Net cash used in operating activities was - $13.5 million for the three months ended March 31, 2026, an improvement from - $18.2 million in the prior-year period. </li><li>Net cash provided by investing activities was $725 thousand in 2026, compared to $13,252 thousand in 2025. </li><li>Net cash provided by financing activities was $14,046 thousand in 2026, compared to - $13 thousand in 2025. </li></ul><h4>Liquidity</h4>As of March 31, 2026, unrestricted cash and cash equivalents totaled $15.5 million, and short-term investments were $6.0 million, resulting in a total liquidity of $21.5 million. <h4>Outlook / Guidance</h4>ESS Tech, Inc. anticipates increased commercial activity as projects advance from contracting to delivery and commissioning, supported by an active pipeline in targeted markets. The company believes recent progress reinforces growing demand for resilient, domestically produced long-duration energy storage. Management expects their commercial and technology momentum to better position ESS Tech, Inc. to convert this demand into meaningful commercial progress.

ESS Tech | 8-K: FY2026 Q1 Revenue Misses Estimate at USD 128 K