ESS Tech tumbles 19% on disappointing results, analyst downgrades [Yahoo! Finance]
ESS Tech, Inc. (GWH)
Company Research
Source: Yahoo! Finance
The company posted a third-quarter loss per share of $1.90, significantly wider than the $0.10 loss per share that analysts had anticipated. ESS generated a revenue of just $360 thousand for the period, a far cry from the $5.29 million consensus estimate. “We continue to make strong progress on our key operational initiatives, but have faced challenges that have delayed our revenue ramp,” said Eric Dresselhuys, CEO of ESS. Dresselhuys said that ESS's Australian customer has achieved significant milestones, including securing contracts with major utilities and obtaining funding to construct a factory to meet the high demand for long-duration energy storage in Queensland. However, he noted that delays in finalizing this funding have "affected our ability to ship and recognize revenue in Q3 for units that were already built." “We are receiving payments and are shipping units now so we are optimistic we will get this over the finish line in the fourth quarter and that, coupled
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GWH
News
- ESS Tech, Inc. (NYSE: GWH) was downgraded by analysts at Baird R W from a "strong-buy" rating to a "strong sell" rating.MarketBeat
- ESS Tech, Inc. (NYSE: GWH) had its "hold" rating re-affirmed by analysts at Canaccord Genuity Group Inc.. They now have a $8.00 price target on the stock.MarketBeat
- ESS Tech, Inc. (NYSE: GWH) was downgraded by analysts at Oppenheimer Holdings Inc. from an "outperform" rating to a "market perform" rating.MarketBeat
- ESS Tech, Inc. (NYSE: GWH) was downgraded by analysts at Robert W. Baird from a "neutral" rating to an "underperform" rating. They now have a $9.00 price target on the stock, down previously from $14.00.MarketBeat
- ESS Tech Inc (GWH.WS) Q3 2024 Earnings Call Highlights: Navigating Financial Challenges and ... [Yahoo! Finance]Yahoo! Finance
GWH
Earnings
- 11/13/24 - Beat
GWH
Sec Filings
- 11/18/24 - Form 4
- 11/14/24 - Form 10-Q
- 11/13/24 - Form 8-K
- GWH's page on the SEC website