ESS Tech, Inc.

Ladies and gentlemen, thank you for standing by. At this time, all participants are in listen only mode. Later, we will conduct a question and answer session. At that time, if you have a question, you will need to press the star one on your push button phone. I would like to turn the conference over to Mary Horn. Please proceed.

Welcome to ESS's third quarter fiscal year 2025 financial results conference call. Joining me on the call today from ESS or Kelly Goodman, interim CEO, and Kate Sudolnyk, 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. As a reminder, the information presented today will include forward-looking statements, including, without limitation, statements about our growth prospects, partnerships, energy-based product, financial performance, capital raising, including under our ATM program, and strategy for 2025 and beyond, and the impact of regulatory and legislative developments. 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. 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. 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 U.S. 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 U.S. GAAP and non-GAAP results are presented within our earnings relief. With that, I will turn the call over to Kelly.

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. 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 U.S.-sourced materials, iron, salt, and water, our systems are designed to cycle over 20,000 times without capacity fade. 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 upscale. Short duration and lithium ion technology simply cannot fill that gap cost-effectively or sustainably. 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 deployment giving ESS a strong foundation as we move from development into execution. 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-based system. Most notably, we announced a 50-megawatt-hour energy-based pilot project with Salt River Projects, 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-based platform and is a powerful validation of our technology and our teams. 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. 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 Stiefel. This is intended to provide efficient access to capital to support growth and execution as needed. 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. 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. 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 capability, and demonstrate to customers that our technology delivers safe sustainable, long-duration energy storage at competitive cost. 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-based program, and our roadmap into 2026 and beyond. With that, I will turn it over to Kate for the financial update.