ESS Tech Q4 2024 Earnings Report
Key Takeaways
In Q4 2024, ESS Tech generated $2.85 million in total revenue, including $49,000 from related parties. The company reported a significant gross loss of $13.19 million due to high production costs and ended the quarter with a net loss of $23.48 million. Despite the losses, ESS achieved breakeven profitability on its latest Energy Center design and announced its next-generation Energy Base product.
Q4 revenue totaled $2.85 million, with $49,000 from related parties.
Gross loss widened to $13.19 million due to $16 million in cost of revenue.
Net loss increased to $23.48 million, with an EPS of -$1.97.
Company achieved breakeven on Energy Center design ahead of schedule.
ESS Tech
ESS Tech
ESS Tech Revenue by Segment
Forward Guidance
ESS aims to capitalize on energy transition opportunities through its new Energy Base product and global partnerships, with a focus on cost optimization and scaling operations.
Positive Outlook
- Launched Energy Base, a modular gigawatt-hour scale storage solution
- Achieved breakeven profitability on Energy Center design
- Delivered eight Energy Centers to Florida utility
- Surpassed 2 GWh of transacted energy globally
- Partnerships with SB Energy and Honeywell support strategic growth
Challenges Ahead
- Revenue fell short of guidance due to partner funding delays
- High cost of revenue impacted margins significantly
- Continued operating and net losses
- Challenges in executing commercial scaling amid strategic pivot
- Ongoing need to secure funding and manage supply chain pressures