Latest news with #ESSTech
Business Wire
6 days ago
- Business
- Business Wire
ESS Confirms Path to Continued Execution of its Strategic Plan with the Energy Base
WILSONVILLE, Ore.--(BUSINESS WIRE)--ESS Tech, Inc. ('ESS' or the 'Company') (NYSE:GWH), a leading manufacturer of iron flow long-duration energy storage (LDES) systems for commercial- and utility-scale applications, today provided a business update and the continued execution of its strategic plan focused around the Energy Base product. Previously, ESS announced the potential need to take certain workforce actions in the event it was unable to raise capital to enable the Company to avoid or postpone a shutdown. ESS subsequently received sufficient capital not anticipated in the ordinary course of business to continue operations at its Wilsonville facility in the near term, though it will still undertake actions to judiciously manage its operating expenses. 'I am pleased to report this important development and the continuation of our strategic pivot and delivery of a scalable Energy Base solution manufactured here in the United States to support unprecedented growth in energy demand and the critical need for grid reliability and resiliency,' said Kelly Goodman, Interim CEO of ESS. ESS also recently executed several actions to further implement this plan and deepen collaboration with key partners. The Company closed orders for the sale of four Energy Warehouses as part of its ongoing dual strategy to move existing inventory and pivot to a focused Energy Base product offering. ESS intends to sell the associated Advanced Manufacturing Production Tax Credits (PTC) from the equipment sales this quarter. The Company is continuing discussions with potential capital providers and exploring all available financing options to support its repositioned business plan, including to close key customer contracts for its proprietary 10+ hour Energy Base product. About ESS Tech, Inc. At ESS (NYSE: GWH), our mission is to accelerate global decarbonization by providing safe, sustainable, long-duration energy storage that powers people, communities and businesses with clean, renewable energy anytime and anywhere it's needed. As more renewable energy is added to the grid, long- duration energy storage is essential to providing the reliability and resiliency we need when the sun is not shining, and the wind is not blowing. Our technology uses earth-abundant iron, salt and water to deliver environmentally safe solutions capable of providing up to 12 hours of flexible energy capacity for commercial and utility-scale energy storage applications. Established in 2011, ESS enables project developers, independent power producers, utilities and other large energy users to deploy reliable, sustainable long-duration energy storage solutions. For more information visit This release contains certain forward-looking statements, including statements regarding the Company and its management team's expectations, hopes, beliefs, intentions or strategies regarding the future. The words 'anticipate', 'believe', 'continue', 'could', 'estimate', 'expect', 'intends', 'may', 'might', 'plan', 'possible', 'potential', 'predict', 'project', 'should', 'will' and 'would' and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Examples of forward-looking statements include, among others, statements regarding operations at the Company's Wilsonville site, measures to manage operating expenses, the sale of Production Tax Credits, contracts and relationships with third parties and potential capital raising measures. These forward-looking statements are based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company and involve a number of risks, uncertainties (some of which are beyond the Company's control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, which include, but are not limited to, partnerships and customer relationships not resulting in expectant benefits, the Company's inability to sell its Production Tax Credits, and the Company's inability to raise additional capital and other risks and uncertainties described more fully in the section titled 'Risk Factors' in the Company's Quarterly Report on Form 10-Q filed on May 15, 2025, and the Company's other filings with the U.S. Securities and Exchange Commission. Except as required by law, the Company is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Yahoo
15-05-2025
- Business
- Yahoo
ESS Tech, Inc. (GWH) Reports Q1 Loss, Lags Revenue Estimates
ESS Tech, Inc. (GWH) came out with a quarterly loss of $1.50 per share versus the Zacks Consensus Estimate of a loss of $1.66. This compares to loss of $1.50 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 9.64%. A quarter ago, it was expected that this company would post a loss of $1.51 per share when it actually produced a loss of $1.97, delivering a surprise of -30.46%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. ESS Tech , which belongs to the Zacks Electronics - Miscellaneous Products industry, posted revenues of $0.6 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 75.04%. This compares to year-ago revenues of $2.74 million. The company has not been able to beat consensus revenue estimates over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. ESS Tech shares have lost about 53.4% since the beginning of the year versus the S&P 500's gain of 0.2%. While ESS Tech has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for ESS Tech: favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is -$1.01 on $1.5 million in revenues for the coming quarter and -$4.53 on $8.5 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Electronics - Miscellaneous Products is currently in the bottom 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the broader Zacks Computer and Technology sector, Zoom Communications (ZM), has yet to report results for the quarter ended April 2025. The results are expected to be released on May 21. This video-conferencing company is expected to post quarterly earnings of $1.30 per share in its upcoming report, which represents a year-over-year change of -3.7%. The consensus EPS estimate for the quarter has been revised 0.4% lower over the last 30 days to the current level. Zoom Communications' revenues are expected to be $1.16 billion, up 2% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ESS Tech, Inc. (GWH) : Free Stock Analysis Report Zoom Communications, Inc. (ZM) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Business Wire
14-05-2025
- Business
- Business Wire
ESS Schedules First Quarter 2025 Financial Results Conference Call
WILSONVILLE, Ore.--(BUSINESS WIRE)--ESS Tech, Inc. (ESS) (NYSE: GWH), a leading manufacturer of iron flow long-duration energy storage systems (LDES) for commercial and utility-scale applications, today announced that it will hold a conference call on Thursday, May 15, 2025 at 5:00 p.m. EDT to discuss financial results for its first quarter 2025 ended March 31, 2025. The news release announcing the first quarter 2025 financial results will be disseminated on May 15, 2025 after the market closes. Interested parties may join the conference call beginning at 5:00 p.m. EDT on Thursday, May 15, 2025 via telephone by calling (833) 470-1428 in the U.S., or for international callers, by calling +1 (404) 975-4839 and entering conference ID 788626. A telephone replay will be available until May 22, 2025, by dialing (866) 813-9403 in the U.S., or for international callers, +1 (929) 458-6194 with conference ID 107029. A live webcast of the conference call will be available on ESS' Investor Relations website at A replay of the call will be available via the web at About ESS Tech, Inc. ESS (NYSE: GWH) is the leading manufacturer of long-duration iron flow energy storage solutions. ESS was established in 2011 with a mission to accelerate decarbonization safely and sustainably through longer lasting energy storage. Using easy-to-source iron, salt, and water, ESS iron flow technology enables energy security, reliability and resilience. We build flexible storage solutions that allow our customers to meet increasing energy demand without power disruptions and maximize the value potential of excess energy. For more information, visit
Yahoo
31-03-2025
- Business
- Yahoo
Will ESS Tech, Inc. (GWH) Report Negative Earnings Next Week? What You Should Know
The market expects ESS Tech, Inc. (GWH) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended December 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on March 31. On the other hand, if they miss, the stock may move lower. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. This company is expected to post quarterly loss of $1.34 per share in its upcoming report, which represents a year-over-year change of +0.7%. Revenues are expected to be $4.96 million, up 77.1% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 11.41% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction). The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For ESS Tech, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%. On the other hand, the stock currently carries a Zacks Rank of #4. So, this combination makes it difficult to conclusively predict that ESS Tech will beat the consensus EPS estimate. Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that ESS Tech would post a loss of $1.97 per share when it actually produced a loss of $1.90, delivering a surprise of +3.55%. Over the last four quarters, the company has beaten consensus EPS estimates three times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. ESS Tech doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ESS Tech, Inc. (GWH) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Yahoo
25-02-2025
- Business
- Yahoo
ESS Global Fleet Achieves Operational Milestone Surpassing 2 GWh of Transacted Energy
Additional Energy Center™ products are delivered to Florida utility and product line achieves safety and operational certifications. WILSONVILLE, Ore., February 25, 2025--(BUSINESS WIRE)--ESS Tech, Inc. (ESS) (NYSE: GWH), a leading manufacturer of iron flow long-duration energy storage systems (LDES) for commercial and utility-scale applications, today announced that the company's global fleet of LDES solutions has transacted nearly 2.5 GWh of transacted energy. This operational milestone was achieved as the company continues to deliver and begin commissioning of its Energy Center™ products and earns new safety and operational certifications, underscoring the company's leadership in the LDES industry. In December, ESS completed construction and initial testing of two Energy Center™ units for Portland General Electric and began shipment of Energy Center™ systems to a major Florida utility. Eight Energy Center™ systems have now been delivered for the Florida project. Both projects are expected to become fully operational this year. "These milestones illustrate the value that ESS systems are delivering to our customers and our steady progress in scaling the business," said Hugh McDermott, ESS SVP of Business Development. "The Energy CenterTM is our 8+ hour product and we continue to build on the evolution of our systems. We're now looking to add 12+ hour projects with our Energy BaseTM product line while continuing to grow the overall ESS fleet to provide safe and sustainable LDES, including delivering green baseload, for decades to come." Underscoring the safety and sustainability of the solution, the Energy Center™ product line recently earned industry-leading certifications including ETL certification to the UL 9540 standard. UL 9540 is a comprehensive safety standard for grid-connected energy storage systems which affirms the safety of the battery system and its environmental performance. The standard covers stationary energy storage systems for both outdoor and indoor installations. To facilitate deployment and operation of ESS products, the Energy Center™ product line also recently passed the Modular Energy System Architecture (MESA) Standards Alliance's MESA-Device profile test, the first energy storage technology to demonstrate compliance, and has also received SunSpec Alliance Modbus Certification. The Energy Center's software was rigorously assessed against the MESA-Device profile test to confirm its ability to reliably communicate and share data between systems at a project site and to enable clean, predictable command and control operation. These new certifications are in addition to IEEE 693-High certification, which the Energy Center product line received in 2024. IEEE 693 is a widely accepted seismic rating for energy infrastructure. ESS was the first non-lithium LDES provider to receive the certification, providing assurance that the Energy Center product line qualifies for deployment as critical infrastructure in seismically active regions. If you would like to learn more about these developments, including information about ESS' new Energy BaseTM product line, representatives from ESS will be exhibiting at Intersolar North America in San Diego from February 25-27 in booth number 2405. For more information or to schedule a meeting, please visit About ESS Tech Inc.: ESS (NYSE: GWH) is the leading manufacturer of long-duration iron flow energy storage solutions. ESS was established in 2011 with a mission to accelerate decarbonization safely and sustainably through longer lasting energy storage. Using easy-to-source iron, salt, and water, ESS iron flow technology enables energy security, reliability and resilience. We build flexible storage solutions that allow our customers to meet increasing energy demand without power disruptions and maximize the value potential of excess energy. For more information visit Forward-Looking Statements This communication contains certain forward-looking statements, including statements regarding ESS and its management team's expectations, hopes, beliefs, intentions or strategies regarding the future. The words "anticipate", "believe", "continue", "could", "estimate", "expect", "intends", "may", "might", "plan", "possible", "potential", "predict", "project", "should", "will" and "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Examples of forward-looking statements include, among others, statements regarding the Company's leadership team, expectations regarding future activities, the exploration of strategic alternatives and the installation of energy storage systems for applications in the 12 to 24 hour long duration storage market, which are currently at the RFP stage. These forward-looking statements are based on ESS' current expectations and beliefs concerning future developments and their potential effects on ESS. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication. There can be no assurance that the future developments affecting ESS will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond ESS control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, which include, but are not limited to, our product specifications and performance and customer installations, as well as those risks and uncertainties set forth in the section entitled "Risk Factors" in the Company's Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2024, filed with the Securities and Exchange Commission (the "SEC") on November 14, 2024, and its other filings filed with the SEC. Except as required by law, ESS is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. View source version on Contacts Investors: Erik Bylin Investors@ Media: Morgan Pitts 503.568.0755 Sign in to access your portfolio
