Adjusted EBITDA loss narrowed to $16.4 million from $20.1 million year-over-year.
Adjusted net loss per share improved to $0.95 from $1.74, excluding noncash impairments and restructuring costs.
Backlog grew 4% to $1.24 billion, including $24 million product backlog and $7.7 million service backlog from CGN agreement.
Loss from operations widened to $95.4 million in Q3 2025 from $33.6 million in Q3 2024, driven by $64.5 million noncash impairment and $4.1 million restructuring expenses.
Net loss attributable to common stockholders was $92.5 million, or $3.78 per share, compared to $33.5 million, or $1.99 per share, in the prior year quarter.
Product revenues surged to $26 million from $0.3 million, driven by module deliveries to GGE and Ameresco contracts.
Service agreement revenues increased to $3.1 million from $1.4 million, mainly from GGE long-term service agreement.
Total revenues increased 97% year-over-year to $46.7 million in Q3 2025 from $23.7 million in Q3 2024.
Strategic Pivot to Long-Duration Energy Storage and Market Focus
ESS has shifted its strategic focus towards long-duration energy storage solutions, emphasizing the Energy Base product as a core growth driver.
The company highlighted the limitations of short-duration storage and lithium-ion technologies, positioning itself as a leader in scalable, safe, and sustainable long-duration storage.
Management noted a significant increase in market demand, with proposal activity exceeding 1.1 gigawatt hours since the Energy Base launch in February.
The company’s relationships with Tier 1 customers and utilities are foundational to its long-term growth strategy in the evolving energy transition market.
ESS’s pivot includes a focus on building a commercial pipeline with a growing number of RFPs and strategic partnerships, signaling a shift from project-based to pipeline-based revenue.
The company aims to convert commercial momentum into multiyear agreements, targeting revenue growth starting in 2026.
Electrolyzer sales more than tripled year-over-year, reaching approximately $45 million in the quarter.
Gross margins improved significantly from negative 92% in Q2 2024 to negative 31% in Q2 2025 due to operational efficiencies, pricing discipline, and cost reductions.
Net cash from operating and investing activities declined over 40% year-over-year, ending the quarter with over $140 million in cash and access to more than $300 million in additional debt capacity.
Plug Power reported Q2 2025 revenue of $174 million, a 21% increase year-over-year, driven by strong demand across GenDrive, GenFuel, and GenEco platforms.
Devon Energy's Business Optimization Plan and $1 Billion Free Cash Flow Target
Devon Energy aims to create an incremental $1 billion of annual free cash flow by the end of 2026 through operational efficiencies and cost reductions.
Management highlighted that 40% of their $1 billion target was achieved within the first 4 months of the initiative.
The company is leveraging technology, including AI, to drive production enhancements and operational efficiencies.
Significant progress has been made in reducing capital guidance by 10%, or $400 million, while increasing production outlook.
The plan includes strategic asset sales, such as the Matterhorn Pipeline divestiture, and acquisitions like Cotton Draw Midstream to strengthen financial position.
Management emphasized transparency and accountability in tracking progress toward the free cash flow goal.
Dafinchi