The following is a summary of the ESS Tech, Inc. (GWH) Q4 2023 Earnings Call Transcript:

Financial Performance:

• ESS Tech reported Q4 revenue of $2.8 million and full-year revenue of $7.5 million, falling short of their expectations due to delayed revenue from key customers.

• The company's cost-out initiatives led to a 60% savings in the cost of building an EW in 2023.

• Despite higher Q4 Cost of Revenue at $10.3 million, Q4 adjusted EBITDA improved at negative $12.8 million.

• ESS Tech ended the year with a healthy cash balance of $108 million, which could last well into H1 2025.

Business Progress:

• ESS made significant progress in refining its iron flow battery design and has delivered systems to partners like SMUD, Army Corps of Engineers, and Burbank Water and Power.

• Large deals were signed in 2022 and 2023, presenting revenue opportunities well over a billion dollars as ESS scales its technology.

• Their partnership with Honeywell included a co-development deal for energy storage.

• With cost reductions in products, non-GAAP gross profitability on a unit basis is expected by end of 2024.

• ESS plans a significant growth year in 2024, with aims to triple or quadruple their 2023 levels.

• The company expects to break-even on EWs in the second half of 2024 via increased scale, aims to reduce the cost of their product by 40% by the year-end and plans field service productivity enhancements to lower costs and boost productivity.

More details: ESS Tech IR

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