Ess Tech, Inc. ( (GWH) ) has released its Q3 earnings. Here is a breakdown of the information Ess Tech, Inc. presented to its investors.
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ESS Tech, Inc., headquartered in Wilsonville, Oregon, is a manufacturer specializing in long-duration energy storage systems for commercial and utility-scale applications, utilizing innovative iron flow technology to support energy security and reliability. In its latest earnings report, ESS Tech, Inc. announced a challenging third quarter in 2024, with operational highlights including the commissioning of its second Energy Center and the execution of a credit agreement with the Export-Import Bank of the United States for manufacturing expansion. The company reported total revenue of $359,000 for the third quarter, a decrease from the previous year, with a net loss of $22.5 million. ESS Tech faced delays in revenue recognition due to challenges with its Australian partner, but remains optimistic about achieving significant revenue growth by year-end. Looking ahead, ESS Tech, Inc. is focused on scaling its operations, reducing costs, and driving towards profitability, with plans to ship its first commercial EC products in the fourth quarter of 2024.
