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ESS Tech cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$9.4M in Q2 2026 · −$45.4M over twelve months

Operating cash flow−$8.9M
Capital spending−$502K
Free cash flow−$9.4M
Cash conversion cycle15 days

Analysis

In Q2 2026, ESS Tech generated −$8.9M of operating cash flow and spent $502K on capital projects, leaving free cash flow of −$9.4M. That is $3.6M more than in Q2 2025 (−$13.1M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$42.1M; the largest uses were operating cash flow ($42.1M), capital spending ($3.3M), taxes on employees’ shares ($23K); besides operations, cash came from other financing ($55.5M), other investing ($159K); the cash balance rose by $10.3M.

Operating cash flow was −$8.9M against net income of −$15.6M. The largest differences: depreciation & amortization +$698K, stock-based pay +$681K, prepaid and other assets +$446K.

Its cash conversion cycle was 15 days (receivables 29 + inventory 1 − payables 16).

Free cash flow

ESS Tech: free cash flow by quarterESS Tech: free cash flow by quarter−$19.9MQ3 2024−$23.9MQ4 2024−$19.0MQ1 2025−$13.1MQ2 2025−$5.4MQ3 2025−$16.2MQ4 2025−$14.4MQ1 2026−$9.4MQ2 2026
Operating cash flow less capital spending.
ESS Tech: operating cash flow against capital spendingESS Tech: operating cash flow against capital spendingOperating cash flowCapital spending−$17.6M$2.3MQ3 2024−$20.5M$3.5MQ4 2024−$18.2M$762KQ1 2025−$12.4M$729KQ2 2025−$5.8M−$417KQ3 2025−$13.9M$2.3MQ4 2025−$13.5M$930KQ1 2026−$8.9M$502KQ2 2026
Latest (Q2 2026): Operating cash flow −$8.9M, Capital spending $502K.

Capital allocation, year by year

ESS Tech: where the cash came from (up) and went (down), by fiscal yearESS Tech: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$51.8MFY2021: Net borrowing −$1.1MFY2021: Shares issued $671KFY2021: Capital spending −$2.8M$671KFY2021FY2022: Operating cash flow −$81.6MFY2022: Net borrowing −$1.9MFY2022: Capital spending −$14.2MFY2022FY2023: Operating cash flow −$54.9MFY2023: Net borrowing −$1.7MFY2023: Shares issued $237KFY2023: Capital spending −$5.8M$237KFY2023FY2024: Operating cash flow −$72.2MFY2024: Shares issued $86KFY2024: Capital spending −$7.3M$86KFY2024FY2025: Operating cash flow −$50.3MFY2025: Shares issued $83KFY2025: Capital spending −$3.4M$83KFY2025
Over these 5 years operating cash flow totalled −$311M; the largest uses were operating cash flow ($311M) and capital spending ($33.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$10.8M
Debtnone
Net cash$10.8M
Cash runway3 months

ESS Tech is burning cash: its operations consume cash, a free cash flow of −$45.4M a year at the current rate against $10.8M of cash and investments: a runway of about 3 months before any new financing.

Where the cash came from and went

ESS Tech: sources (+) and uses (−) of cash, Q2 2026ESS Tech: sources (+) and uses (−) of cash, Q2 2026Operating cash flow−$8.9MOther investing$6.0MCash drawn (+) / kept (−)$4.6MOther financing−$3.9MShares issued$2.7MCapital spending−$502K
ESS Tech: sources (+) and uses (−) of cash, TTM to Q2 2026ESS Tech: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$55.5MOperating cash flow−$42.1MCash drawn (+) / kept (−)−$10.3MCapital spending−$3.3MOther investing$159KShares issued$77KTaxes on employees’ shares−$23K

From profit to cash

ESS Tech: net income to operating cash flow, Q2 2026ESS Tech: net income to operating cash flow, Q2 2026Net income−$15.6MDepreciation & amortization$698KStock-based pay$681KOther non-cash−$1KReceivables$27KInventory$11KPayables−$29KDeferred revenue−$66KContract assets$119KPrepaid and other assets$446KOperating cash flow−$8.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20262911615
Q1 202618227-8
Q3 20255587187-45
Q2 2025870127-49
Q1 20253564946
Q4 2024103655-8
Q3 20241794161159

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$8.9M−$502K$2.7M$4.6M−$9.4M
Q1 2026−$13.5M−$930K$2.1M−$1.3M−$14.4M
Q4 2025−$13.9M−$2.3M$78K−$10.9M−$16.2M
Q3 2025−$5.8M$417K−$1K−$2.6M−$5.4M
Q2 2025−$12.4M−$729K$723K$7.9M−$13.1M
Q1 2025−$18.2M−$762K$4K$5.0M−$19.0M
Q4 2024−$20.5M−$3.5M$6K−$520K−$23.9M
Q3 2024−$17.6M−$2.3M$59K$23.9M−$19.9M

ESS Tech: income statement and cash flow

ESS Tech, Q2 2026: revenue $73K (-97% year over year). The chart follows the revenue to costs, profit and cash.

ESS Tech: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.