Iron Flow Battery Maker ESS Tech’s Q4 Net Loss Narrows
The company's losses for the full year dropped 83.7% compared to 2021
March 3, 2023
Manufacturer of long-duration iron-flow batteries, ESS Tech, recorded a net loss of $25 million in the fourth quarter (Q4) of 2022, a year-on-year improvement of 86.12% compared to a $180.73 million loss during the corresponding period in 2021.
The company said it continued to be challenged by supply throughout the year, which hindered its ability to fully achieve its delivery ambitions for the year, resulting in losses.
However, it delivered 14 ‘Energy Warehouses’ in the fourth quarter.
The company recorded $16,000 in revenue during the quarter compared to zero revenue generation in Q4 2021.
The adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter stood at a loss of $27.52 million, an improvement of 15% YoY, compared to a loss of $23.95 million.
Full Year 2022
For the full year, ESS Tech posted a net loss of $77.97 million, a YoY improvement of 83.7% compared to $477.41 million in 2021.
The company’s revenue stood at $610,000 compared to zero revenue generation in 2021.
The adjusted EBITDA stood at a loss of $92.1 million, a YoY increase of 75.7% from a loss of $52.4 million in 2021.
Eric Dresselhuys, CEO of ESS, said, “2022 was a transformative year for ESS. We signed landmark deals with the Sacramento Municipal Utility District and ESIAP, along with many other wins with utilities and developers, and unlocked new applications such as airport decarbonization that we believe hold the promise of considerable upside.”
He added the company surpassed a critical operational goal, achieving nearly 800 MWh of annual capacity by the year’s end.
The company also entered into an agreement with Burbank Water and Power (BWP) in California to deliver BWP’s first utility-scale battery storage project. The agreement considers a 75 kW/500kWh ESS Energy Warehouse to be installed and connected to a 265 kW solar array on the BWP EcoCampus.
This project includes the first iron flow battery for a gas compression plant and is expected to provide a sustainable, resilient energy storage solution.
The company recorded a loss of $31.6 million in Q3 2022, a 38% YoY improvement compared to a loss of $51.33 million in 2021.
In Q2 2022, the company posted revenue of $686,000 compared to zero revenue generation for the same period in 2021.
Gautamee Hazarika
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