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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