Financial Statements — GWH
Balance Sheet
(in millions USD)| Metric | Q2 2026 | Q1 2026 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 | Q3 2021 | Q2 2021 | Q1 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 10.85 | 15.49 | 3.54 | 0.80 | 8.42 | 12.82 | 36.74 | 36.33 | 37.17 | 30.29 | 87.81 | 42.90 | 112.71 | 212.33 | 0.00 | 0.03 | 0.32 |
| Accounts Receivable | 0.01 | 0.04 | 0.11 | 0.15 | 0.25 | 0.41 | 0.98 | 1.04 | 1.26 | 1.39 | 0.69 | 0.08 | 2.49 | 2.93 | -- | -- | -- |
| Inventory | 0.11 | 0.12 | 4.65 | 4.67 | 6.88 | 7.04 | 4.43 | 3.16 | 2.26 | -- | -- | -- | -- | -- | -- | -- | -- |
| Total Current Assets | 13.59 | 24.77 | 11.56 | 11.17 | 23.69 | 68.55 | 84.66 | 98.25 | 131.43 | 105.42 | 125.06 | 171.24 | 199.37 | 220.83 | 0.16 | 0.25 | 0.57 |
| Property, Plant & Equipment | 11.79 | 16.29 | 18.48 | 21.89 | 22.51 | 19.86 | 17.76 | 16.93 | 17.99 | 18.48 | 18.37 | 15.95 | 12.46 | 10.06 | -- | -- | -- |
| Intangible Assets | 2.55 | 2.62 | 4.46 | 4.52 | 4.59 | 4.72 | 4.79 | 4.86 | 4.99 | -- | -- | -- | -- | -- | -- | -- | -- |
| Total Non-current Assets* | 18.89 | 23.80 | 24.59 | 28.45 | 29.89 | 28.14 | 26.47 | 25.39 | 27.23 | 22.34 | 22.39 | 20.62 | 16.75 | 14.65 | 250.06 | 250.05 | 250.10 |
| Total Assets | 32.48 | 48.57 | 36.15 | 39.62 | 53.58 | 96.70 | 111.13 | 123.63 | 158.66 | 127.76 | 147.45 | 191.86 | 216.12 | 235.48 | 250.22 | 250.30 | 250.66 |
| Accounts Payable | 1.23 | 1.33 | 9.47 | 10.63 | 10.22 | 10.94 | 5.83 | 2.91 | 3.19 | 2.84 | 2.70 | 1.09 | 1.44 | 1.75 | 0.22 | 0.33 | 0.04 |
| Total Current Liabilities | 20.00 | 23.01 | 23.80 | 23.96 | 22.25 | 32.08 | 26.00 | 19.89 | 18.64 | 22.71 | 23.02 | 22.13 | 22.01 | 18.35 | 2.14 | 0.53 | 0.22 |
| Long-term Debt | -- | -- | -- | -- | -- | -- | -- | -- | 0.00 | 1.13 | 1.52 | 2.31 | 2.83 | 3.30 | -- | -- | -- |
| Total Non-current Liabilities* | 15.16 | 16.11 | 14.11 | 12.36 | 19.26 | 15.42 | 16.09 | 15.93 | 23.56 | 7.75 | 7.19 | 11.48 | 7.26 | 17.69 | 28.97 | 26.73 | 20.62 |
| Total Liabilities | 35.16 | 39.13 | 37.91 | 36.31 | 41.50 | 47.50 | 42.09 | 35.81 | 42.20 | 30.46 | 30.22 | 33.60 | 29.27 | 36.03 | 31.11 | 27.27 | 20.84 |
| Retained Earnings | (877.29) | (861.74) | (821.84) | (811.46) | (800.40) | (758.90) | (736.41) | (714.47) | (680.03) | (663.41) | (640.48) | (593.50) | (561.91) | (546.32) | (30.89) | (26.96) | (20.18) |
| Total Stockholder Equity | (2.69) | 9.45 | (1.77) | 3.30 | 12.08 | 49.20 | 69.04 | 87.82 | 116.46 | 97.30 | 117.24 | 158.26 | 186.85 | 199.45 | (30.89) | (26.96) | (20.18) |
* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | 0.07 | 0.13 | (1.59) | 0.21 | 2.36 | 0.60 | 2.85 | 0.36 | 0.35 | 2.74 | 2.80 | 1.55 | 2.83 | 0.37 | 0.02 | 0.19 | 0.69 | -- | 0.00 | 0.00 |
| Cost of Revenue | 7.49 | 7.17 | 8.11 | 4.94 | 7.46 | 8.75 | 16.04 | 12.74 | 11.75 | 11.13 | 10.31 | 10.18 | -- | -- | -- | -- | -- | -- | -- | -- |
| Gross Profit | (7.42) | (7.04) | (9.70) | (4.72) | (5.10) | (8.15) | (13.19) | (12.38) | (11.40) | (8.39) | (7.52) | (8.64) | -- | -- | -- | -- | -- | -- | -- | -- |
| Research & Development | 2.20 | 2.63 | 3.37 | 1.03 | 1.42 | 2.48 | 2.71 | 2.68 | 2.84 | 3.55 | 3.84 | 1.61 | 19.45 | 17.73 | 22.79 | 20.13 | 16.17 | 12.90 | 10.73 | -- |
| Selling, General & Admin | 4.95 | 3.86 | 4.61 | 3.70 | 3.73 | 5.57 | 5.72 | 6.09 | 6.18 | 5.53 | 5.61 | 5.83 | 5.85 | 5.29 | 6.90 | 5.98 | 6.80 | 7.79 | 24.66 | 1.70 |
| Total Operating Expenses | 7.71 | 6.74 | 8.19 | 5.09 | 6.46 | 10.00 | 10.31 | 11.30 | 11.73 | 11.11 | 11.55 | 9.50 | 27.03 | 24.87 | 31.41 | 27.92 | 24.86 | 22.19 | 31.13 | -- |
| Operating Income | (15.13) | (13.78) | (17.89) | (9.81) | (11.56) | (18.15) | (23.50) | (23.68) | (23.12) | (19.49) | (19.07) | (18.13) | (24.21) | (24.50) | (31.40) | (27.73) | (24.18) | (22.19) | (57.98) | (1.70) |
| Interest Expense | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 0.03 | -- | -- |
| Pretax Income* | (15.55) | (15.92) | (23.98) | (10.37) | (11.06) | (18.03) | -- | (22.49) | (21.94) | (18.31) | -- | (16.62) | (22.93) | (21.90) | -- | (31.60) | (15.59) | (5.71) | -- | -- |
| Tax Provision | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -- | 0.00 | 0.00 | 0.00 | -- | 0.00 | 0.00 | 0.00 | -- | 0.00 | 0.00 | 0.00 | -- | -- |
| Net Income | (15.55) | (15.92) | (23.98) | (10.37) | (11.06) | (18.03) | (23.48) | (22.49) | (21.94) | (18.31) | (16.13) | (16.62) | (22.93) | (21.90) | (25.07) | (31.60) | (15.59) | (5.71) | (475.64) | (3.93) |
| Basic EPS | (0.46) | (0.54) | (1.21) | (0.73) | (0.90) | (1.50) | (5.20) | (1.90) | (0.12) | (0.10) | (0.08) | (0.11) | (0.15) | (0.14) | (0.16) | (0.21) | (0.10) | (0.04) | (1.11) | -- |
| Diluted EPS | (0.46) | (0.54) | (1.21) | (0.73) | (0.90) | (1.50) | (5.20) | (1.90) | (0.12) | (0.10) | (0.08) | (0.11) | (0.15) | (0.14) | (0.16) | (0.21) | (0.10) | (0.04) | (1.11) | -- |
* Derived from reported values
Cash Flow Statement
(in millions USD)| Metric | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | (8.94) | (13.46) | (13.85) | (5.83) | (12.36) | (18.24) | (20.48) | (17.61) | (15.22) | (18.91) | (16.14) | (1.22) | (19.02) | (18.51) | (25.00) | (22.09) | (15.16) | (19.37) | (51.38) | (0.03) |
| Capital Expenditures | 0.50 | 0.93 | 2.31 | (0.42) | 0.73 | 0.76 | 3.47 | 2.26 | 0.61 | 0.95 | 1.58 | 0.77 | 0.83 | 2.61 | 2.99 | 2.72 | 4.42 | 4.04 | -- | -- |
| Free Cash Flow* | (9.44) | (14.39) | (16.17) | (5.42) | (13.09) | (19.00) | (23.95) | (19.87) | (15.83) | (19.86) | (17.73) | (1.99) | (19.85) | (21.12) | (27.99) | (24.81) | (19.58) | (23.41) | -- | -- |
| Investing Cash Flow | 5.50 | 0.73 | (9.81) | 0.42 | 3.67 | 13.25 | 20.87 | (6.30) | 15.50 | 34.69 | (0.93) | (17.92) | (38.13) | 72.06 | 16.77 | (46.59) | (84.02) | (4.04) | (2.77) | 0.00 |
| Financing Cash Flow | (1.20) | 14.05 | 34.60 | 8.06 | 0.82 | (0.01) | 0.13 | (0.01) | 0.14 | (0.08) | 0.07 | 26.03 | (0.14) | (0.30) | 0.15 | (0.53) | (0.44) | (3.24) | -- | -- |
* Derived from reported values