Loading...
•
Dec 31, 2023
ESS Tech Q4 2023 Earnings Report
Announced Q4 2023 financial results, lowered Q4 Adjusted EBITDA loss by more than 50% year over year, and exited 2023 with cash and short-term investments over $100 million.
Key Takeaways
ESS Tech, Inc. reported its Q4 and full year 2023 financial results, highlighting progress in securing partnerships, optimizing operations, and reducing production costs. The company delivered its first Energy Warehouses to Honeywell, lowered Energy Warehouse manufacturing costs by 60% in 2023, and aims for a further 40% cost reduction in 2024. Despite customer-related delays impacting financial results, ESS exited the year with over $100 million in cash and short-term investments.
Lowered Q4 Adjusted EBITDA loss by more than 50% year over year.
Exited 2023 with cash and short-term investments over $100 million.
Delivered first Energy Warehouses to Honeywell.
Energy Warehouse manufacturing cost lowered by 60% in 2023.
Forward Guidance
ESS plans to further reduce EW unit costs by up to 40% as they move toward unit profitability while ramping our scale and maintaining a healthy cash balance.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...