The following is a summary of the ESS Tech, Inc. (GWH) Q1 2024 Earnings Call Transcript:

Financial Performance:

• ESS Tech, Inc. reported Q1 2024 revenue of $2.7 million.

• Their Q1 adjusted EBITDA was negative $15.4 million, representing an improvement year over year and showing progress towards profitability.

• Aim for non-GAAP gross margin profitability by the end of the year.

• Had $89.6 million in cash and short-term investments at the end of the quarter.

Business Progress:

• Announced a new relationship with Sapele Power in Nigeria, aiming to better the effectiveness of Sapele's existing assets.

• Demonstrated their technology's effectiveness through installations at Schiphol Airport and Burbank Water and Power. Additionally, a unit is being commissioned with SP Energy in Colorado.

• Their inaugural Energy Center system passed the highest level of IEEE 693 certification and is qualified for deployment as critical infrastructure across the U.S.

• Ordered their second automation line, to be operational early next year, aiming to increase capacity and lower costs.

• Maintains its revenue growth expectations for the year, aiming to triple or quadrilateral based on their EW and EC shipment forecast.

More details: ESS Tech IR

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