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Dec 31, 2022
ESS Tech Q4 2022 Earnings Report
Announced fourth quarter and full year 2022 financial results, achieving record unit deliveries in Q4.
Key Takeaways
ESS Tech, Inc. reported its Q4 and full year 2022 financial results, highlighting a transformative year with landmark deals and significant progress in team building and manufacturing operations. The company achieved nearly 800 MWhs of annual capacity by year end and delivered a record 14 Energy Warehouses in the fourth quarter.
Completed installation of fully automated manufacturing line in Q4, increasing annual production capacity to almost 800 MWh.
Named a finalist of the 2022 Platts Global Energy Awards by S&P Global Commodity Insights.
Entered into an agreement with Burbank Water and Power (BWP) to deliver BWP’s first utility-scale battery storage project.
Announced an agreement to deliver two Energy Warehouse systems to Turlock Irrigation District (TID) in Central California.
ESS Tech
ESS Tech
Forward Guidance
ESS plans to take a more calculated approach to scaling the business in 2023, leveraging team expertise to improve processes, optimize the supply base, and further drive down costs, with the expectation of driving considerable progress on unit profitability on Energy Warehouses.
Positive Outlook
- Continue progress in the market
- Improve processes
- Optimize the supply base
- Drive down costs
- Drive considerable progress on unit profitability on Energy Warehouses
Challenges Ahead
- Continuing supply chain issues
- Delays, disruptions, or quality control problems in the Company’s manufacturing operations
- The Company’s ability to hire, train and retain an adequate number of manufacturing employees
- Issues related to the shipment and installation of the Company’s products
- Risk of loss of government funding for customer projects