NYSE$GWH
Ess Tech Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Announced third quarter 2023 financial results and strategic partnership with Honeywell.
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.
Headline financials
Revenue & EPS history
ESS Tech · Revenue · Quarterly
$1.55M
Revenue by segment
ESS Tech · $1 total across 1 segment · Q1 2023
- Revenue - Related Parties$1—100.0%
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.
Tailwinds
- 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
Headwinds
- 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
- Issues related to the shipment and installation of products
- 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 2023
-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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