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Mar 31, 2023
ESS Tech Q1 2023 Earnings Report
Announced partnership with Coldwell Solar and faced project delays that limited shipments and revenue recognition.
Key Takeaways
ESS Tech announced Q1 2023 financial results, reporting revenue of $372 thousand. The company built nine Energy Warehouses and faced challenges including project delays that affected shipments and revenue recognition. They are confident that this timing issue will be resolved.
ESS built nine Energy Warehouses in Q1, continuing strong production pace.
ESS LDES units received certification to the Underwriters Laboratories’ (UL) 1973 standard.
Entered into a partnership with Coldwell Solar to install three Energy Warehouses in a microgrid for wineries in Mendocino County, CA.
ESS has been awarded over 20 additional patents for its iron flow battery technology since the beginning of 2022, bringing the total to 62 worldwide.
Revenue by Segment
Forward Guidance
The company's operational initiatives for 2023 to optimize manufacturing supply base and processes, drive down costs to improve leverage, and conserve cash balance remain on track.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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