ESS Tech

Q2 FY2026 EarningsQ2 FY26 missed consensus on top and bottom lines: revenue was $73K vs. $100K expected, and Diluted EPS (GAAP) was -$0.46 vs. -$0.44. While total revenue fell 97% YoY due to minimal equipment deliveries, the company shifted focus to its new sodium-ion 'Bridge' system and announced a non-binding strategic business combination at a $515M enterprise value. A significant miss in Operating Cash Flow ($22.4M burn for H1 vs. $11M expected for Q2) highlights ongoing liquidity pressure, with cash declining to $5.6M as of July 31.