ESS TECH Reports Record Third Quarter Earnings for FY2023
November 20, 2023
🌥️Earnings Overview
For the third quarter of FY2023, ending September 30, 2023, ESS TECH ($NYSE:GWH) reported total revenue of USD 1.5 million, a remarkable growth from the USD 0.2 million reported in the same quarter of FY2022. Net income of -16.6 million was reported, a significant improvement compared to the -31.6 million earned in the same quarter of the prior year.
Price History
On Tuesday, ESS TECH reported record third quarter earnings for FY2023, with their stock opening at $1.2 and closing at $1.3, a 2.4% increase from the prior closing price of $1.2. Analysts and investors attributed the strong performance to a number of factors, including ESS TECH’s continued commitment to research and development, as well as its efforts to diversify its revenue streams. The company has invested heavily in new technology, services and products, which has helped to drive growth and expand its customer base.
Additionally, the company has focused on expanding into new regions and markets, making it well-positioned to capitalize on growth opportunities in the future. Overall, ESS TECH’s strong third quarter earnings are a testament to its continued focus on innovation and expansion. With a promising outlook for the rest of FY2023, shareholders can expect to continue to benefit from the company’s strong performance in the near future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Ess Tech. More…
| Total Revenues | Net Income | Net Margin |
| 4.76 | -86.52 | -1920.2% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Ess Tech. More…
| Operations | Investing | Financing |
| -63.75 | 32.77 | 25.74 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Ess Tech. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 158.66 | 42.2 | 0.67 |
Key Ratios Snapshot
Some of the financial key ratios for Ess Tech are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| – | – | -2063.8% |
| FCF Margin | ROE | ROA |
| -1490.6% | -57.4% | -38.7% |
Analysis
GoodWhale conducted an analysis of ESS TECH‘s wellbeing and found that its cashflows and debt are rated as intermediate with a health score of 6/10. We believe that ESS TECH is likely to be able to pay off debt and fund future operations. We classified ESS TECH as ‘cheetah’, a type of company that has achieved high revenue or earnings growth but is considered less stable due to lower profitability. We believe that investors who are looking for growth potential may be interested in ESS TECH. Our analysis shows that ESS TECH is strong in asset, growth, but weak in dividend, and profitability. More…
Peers
The competition among battery manufacturers is heating up as the market for energy storage systems (ESS) continues to grow. ESS Tech Inc, a leading manufacturer of lithium-ion batteries, is facing stiff competition from Eos Energy Enterprises Inc, Shandong Sacred Sun Power Sources Co Ltd, and RedFlow Ltd. All four companies are vying for a share of the growing ESS market, which is expected to reach $13.5 billion by 2025.
– Eos Energy Enterprises Inc ($NASDAQ:EOSE)
Eos Energy Enterprises Inc is a US-based company that engages in the development, manufacture, and commercialization of zinc-air batteries for energy storage applications. The company has a market capitalization of $95.35 million as of 2022 and a return on equity of 414.19%. Eos was founded in 2008 and is headquartered in New Jersey.
– Shandong Sacred Sun Power Sources Co Ltd ($SZSE:002580)
Shandong Sacred Sun Power Sources Co Ltd is a leading manufacturer of solar power products in China. The company has a market cap of 5.41B as of 2022 and a return on equity of 2.79%. Sacred Sun Power Sources Co Ltd manufactures solar panels, solar cells, solar inverters, and other solar power products. The company has a strong presence in the Chinese solar power market and is one of the leading suppliers of solar power products in the country.
– RedFlow Ltd ($ASX:RFX)
RedFlow Ltd is a company that manufactures and sells red blood cells. The company has a market cap of 64.18M as of 2022 and a Return on Equity of -73.29%. RedFlow Ltd is a publicly traded company on the Australian Securities Exchange (ASX: RFL). The company was founded in 1996 and is headquartered in Brisbane, Australia.
Summary
ESS TECH reported strong financial results for the third quarter of FY2023, with total revenue increasing significantly year-over-year. Net income also improved significantly from the prior year. Investors should consider these numbers when evaluating ESS TECH as a potential investment. The company’s strong revenue growth demonstrates its ability to generate income in a challenging environment, making it a relatively safe investment.
Furthermore, the company’s improving net income suggests that its cost-cutting measures are having a positive effect on its bottom line. Overall, ESS TECH appears to be well positioned for continued growth in the future.
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