ESS Tech, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 08, 2023 at 04:05 pm EDT
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ESS Tech, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 2.83 million compared to USD 0.686 million a year ago. Revenue was USD 2.83 million compared to USD 0.686 million a year ago. Net loss was USD 22.93 million compared to USD 16.27 million a year ago. Basic loss per share from continuing operations was USD 0.15 compared to USD 0.1 a year ago.
For the six months, sales was USD 3.2 million compared to USD 0.686 million a year ago. Revenue was USD 3.2 million compared to USD 0.686 million a year ago. Net loss was USD 44.83 million compared to USD 21.3 million a year ago. Basic loss per share from continuing operations was USD 0.29 compared to USD 0.14 a year ago.
ESS Tech, Inc. is a long-duration energy storage company specializing in iron flow battery technology. The Company designs and produces long-duration batteries using earth-abundant materials. Its batteries provide flexibility to grid operators and energy assurance for commercial and industrial customers. Its technology addresses energy delivery, duration, and cycle-life in a single battery platform that compares favorably to lithium-ion batteries. Using its iron flow battery technology, the Company is developing two products, such as Energy Warehouse and Energy Center. The Energy Warehouse that offers energy storage ranging from six to twelve-hour duration. Energy Warehouses are deployed in shipping container units, allowing a turnkey system that can be installed easily at a customerâs site. Energy Center solutions are designed specifically for utilities, independent power producers (IPPs), and large commercial and industrial consumers. Its batteries are non-flammable and non-toxic.
ESS TECH, INC. 
