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Sep 30, 2023
ESS Tech Q3 2023 Earnings Report
Announced third quarter 2023 financial results and strategic partnership with Honeywell.
Key Takeaways
ESS Tech, Inc. reported a year-to-date revenue increase of nearly 700% compared to last year, reaching $4.7 million. The company commissioned units at existing customer sites, strengthened its balance sheet through a strategic collaboration with Honeywell, and broadened customer traction. They anticipate a material increase in revenue in the fourth quarter, expecting to reach $9 million in revenue for the full year.
ESS made significant progress improving internal operations and commissioning units at customer sites.
The company strengthened its balance sheet and broadened customer traction.
ESS expects a material increase in revenue in the fourth quarter, projecting $9 million for the full year.
A transformative partnership with Honeywell validates ESS's iron flow battery technology and market position, bolstering the balance sheet and extending the cash runway into 2025.
Forward Guidance
ESS anticipates a material increase in revenue in the fourth quarter, expecting to reach $9 million in revenue for the full year. The company is also underway in building its first Energy Center with Portland General Electric and expect it to be operational this year, which should translate to shipping commercial units in the second half of 2024.
Positive Outlook
- Expected material increase in revenue in Q4
- Full year revenue target of $9 million
- Transformative partnership with Honeywell to strengthen technology, operations, and go-to-market strategies
- Cash infusion from Honeywell bolsters balance sheet and extends cash runway into 2025
- Building first Energy Center with Portland General Electric, expected to be operational this year
Challenges Ahead
- Continuing supply chain issues
- Delays, disruptions, or quality control problems in manufacturing operations
- Ability to hire, train and retain an adequate number of manufacturing employees
Historical Earnings Impact
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Avg. Return Before/After Earnings
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