ESS Tech, Inc.

With our lower cost power module capacity expansion, we now believe we can expand complete battery manufacturing capacity at half the cost we previously expected. With this significant operational progress and expanding relationships across great utility customers and strategic partners like Honeywell, we feel we are well positioned to capitalize on our leadership position in the long-duration energy storage market. Turning to cash flow and liquidity, we ended the first quarter with $89.6 million in cash and short-term investments. We remain focused on managing our cash burn rate, including driving ongoing efforts to optimize working capital and cap expense. Our cash on hand should support our business well into the first half of 2025. We continue to opportunistically look to strengthen our balance sheet. through dilutive and non-dilutive financing alternatives to provide the necessary capital to give us operational flexibility to respond to market demand. We feel very good about our cash position and liquidity and the extended runway we possess to push towards our longer-term goal of getting to cash flow breakeven. And with that, I'll open it up for questions.

At this time, I would like to remind everyone, in order to ask a question, please press star, then the number one on your telephone keypad. We will pause for just a moment to compile the Q&A roster.

Our first question comes from the line of Colin Roush. Your line is now open. Colin, your line is now open.