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Jun 30, 2022
ESS Tech Q2 2022 Earnings Report
Achieved Revenue Recognition on Energy Warehouses and Announced Partnership with Energy Storage Industries Asia Pacific and Energy Center Deal with Tampa Electric Company
Key Takeaways
ESS Tech, Inc. reported revenue of $686 thousand in Q2 2022, marking a significant milestone. The company also secured a partnership with Energy Storage Industries Asia Pacific and a deal with Tampa Electric Company.
Recognized $686 thousand in revenue for three Energy Warehouses™ in the second quarter.
Ramped our second semi-automated manufacturing line in the second quarter, which doubles our annual production capacity to 500 MWh.
Completed delivery of all six of the Energy Warehouse™ units ordered by SDG&E in the second quarter.
Entered into a relationship with Energy Storage Industries Asia Pacific, or ESI, where ESS will supply Energy Warehouses™.
ESS Tech
ESS Tech
ESS Tech Revenue by Segment
Revenue by Segment
Revenue Related Parties Revenue
CapyFin.com Forward Guidance
While operational initiatives to lower costs and increase capacity remain on track, the company has encountered supply challenges with certain vendors that may impact their ability to deliver to their plan of 40 to 50 Energy Warehouses™ this year. Second semi-automated manufacturing line is now fully operational, adding another 250 MWh of annual production capacity. Additionally, the development of customer success team is progressing well and they are already seeing incremental value in customer deployments.
Positive Outlook
- Second semi-automated manufacturing line is now fully operational
- Second line adds another 250 MWh of annual production capacity
- Customer success team development progressing well
- Seeing incremental value in customer deployments
Challenges Ahead
- Encountered supply challenges with certain vendors
- Challenges may impact ability to deliver plan of 40 to 50 Energy Warehouses™ this year