ESS Tech Q2 net loss widens on fewer deliveries, higher operating costs

ESS Tech

11/08/2026 21:20

Overview
U.S. non-lithium battery maker's Q2 revenue fell sharply yr/yr on fewer equipment deliveries
Q2 net loss widened as operating expenses rose on legal and R&D costs
Company signed non-binding LOI for potential strategic business combination at premium valuation

Outlook
Company sees early-stage opportunities for sodium-ion battery systems approaching $1 bln
Company expects first operational Bridge sodium-ion product toward end of 2026
ESS continues to pursue incremental liquidity to support operations and long-term growth

Result Drivers
FEWER DELIVERIES - Co attributed sharp yr/yr revenue decline to fewer equipment deliveries to customers
HIGHER LEGAL AND R&D COSTS - Q2 operating expenses rose mainly due to increased legal expenses related to contingent liability accruals and higher research and development spending
HIGHER OPERATING COSTS - Co said Q2 operating expenses rose 19% on higher legal expenses tied to contingent liability accruals and increased R&D spending

Company press release: ID:nBw52rRVpa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Loss Per Basic Share
 
$0.46
 
Q2 Operating Expenses
 
$7.71 mln
 

Analyst Coverage
The one available analyst rating on the shares is "buy"
The average consensus recommendation for the electrical components & equipment peer group is "buy"
Wall Street's median 12-month price target for ESS Tech, Inc. is $2.00, about 243.8% above its August 10 closing price of $0.58

Reuters Recommended Reads
Aug 10 - Microvast Q2 revenue falls on tariff refunds; co swings to net loss
Aug 11 - South Korea's Samsung SDI to buy out GM's stake in battery joint venture
Aug 10 - Plug Power Q2 adjusted EPS loss narrows, lifts 2026 outlook

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)