NYSE$GWH
Ess Tech Inc · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
Announced third quarter results, highlighting revenue recognition from an Energy Warehouse™ unit and progress in manufacturing automation.
ESS Tech, Inc. reported revenue of $189 thousand in the third quarter of 2022. The company is focused on increasing production capacity and operational efficiency, including automating their manufacturing line and reducing labor input. They also announced a significant deal with SMUD to supply up to 2 GWh of energy storage over the next five years.
- Recognized revenue on one Energy Warehouse™ unit in less than three months.
- Installing a fully-automated manufacturing line expected to be operational before the end of the year, increasing annual production capacity to more than 750 MWh.
- Reduced labor input to Energy Warehouses by half compared to the start of the year.
- Announced an agreement with the Sacramento Municipal Utility District (SMUD) to supply up to 2 GWh of long-duration energy storage over the next five years.
Headline financials
Revenue & EPS history
ESS Tech · Revenue · Quarterly
$192K
Revenue by segment
ESS Tech · $1K total across 1 segment · Q3 2022
- Revenue - Related Parties$1K—100.0%
Forward guidance
The company is focused on scaling production capacity, improving operational efficiency, and fulfilling the SMUD agreement, while facing risks related to supply chain issues, manufacturing challenges, customer acceptance, and inflationary pressures.
Tailwinds
- Expected to begin shipping to SMUD next year.
- ESS also intends to set up facilities for battery system assembly, operations and maintenance support and project delivery in Sacramento, creating local, high-paying jobs.
- ESS and SMUD plan to team up with local colleges and universities to establish a Center of Excellence to expand and train the workforce that will be needed to support long-duration energy storage technology.
- The fully-automated manufacturing line is expected to be operational before year end.
- Value proposition of our long-duration energy storage solutions has never been clearer and we are excited to capitalize on the opportunity it presents.
Headwinds
- 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
- The Company’s need to achieve significant business growth to achieve sustained, long-term profitability.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2022
-4.1%
Avg return
Earnings day
-9.7%
Avg return
5 days after
-16.4%
Avg return
30 days after
19%
4 / 21 earnings
Positive
+31.3%
Q1 2022
Best reaction
-34.5%
Q3 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.6% | -33.1% | -21.8% | |
| Q4 2025 | -4.4% | -3.7% | -11.0% | |
| Q3 2025 | -34.5% | -40.7% | -50.8% | |
| Q1 2025 | -15.2% | -28.1% | -58.6% | |
| Q4 2024 | -12.6% | -27.0% | -27.6% | |
| Q3 2024 | -19.5% | -46.0% | -44.1% | |
| Q2 2024 | -12.9% | -16.5% | -45.8% | |
| Q1 2024 | -10.9% | -16.0% | -18.5% | |
| Q4 2023 | -5.8% | -19.5% | -17.8% | |
| Q3 2023 | -7.2% | -11.2% | -6.4% | |
| Q2 2023 | -4.1% | -20.9% | -11.0% | |
| Q1 2023 | +13.8% | +0.0% | +22.9% | |
| Q4 2022 | -8.2% | -13.7% | -23.6% | |
| Q3 2022 | -4.9% | -9.3% | -13.1% | |
| Q2 2022 | +13.5% | +18.3% | -6.9% | |
| Q1 2022 | +31.3% | +46.4% | -14.1% | |
| Q4 2021 | +12.1% | +25.6% | +43.2% | |
| Q2 2021 | -12.5% | -8.9% | -27.6% | |
| Q3 2021 | -1.1% | -0.3% | -13.1% | |
| Q1 2021 | +0.0% | +0.5% | +0.7% | |
| Q4 2020 | -0.9% | -0.4% | -0.1% | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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