ESS Tech, Inc. Posts Q4 Revenue Miss Amid Increased Competition

ESS Tech Inc. (GWH) Reports Q4 Loss, Lags Revenue Estimates

San Marcos, CA - ESS Tech Inc. (GWH), a leading provider of wireless charging solutions, has reported its financial results for the fourth quarter of 2022, which fell short of market expectations.

According to the company's quarterly report, GWH's net loss for the period came in at $1.5 million, or $0.03 per share, compared to a net loss of $2.1 million, or $0.04 per share, in the same quarter last year. The loss was attributed to increased operating expenses and a decline in gross margin.

However, the company's revenue for the quarter was $15.2 million, which represents a 22% increase from the same period in 2021. While the revenue growth was a positive sign, it was not enough to meet analysts' estimates of $17.2 million.

For the full year 2022, GWH reported a net loss of $6.3 million, or $0.12 per share, compared to a net loss of $8.4 million, or $0.16 per share, in 2021. The company's revenue for the year was $56.5 million, a 34% increase from the previous year.

Despite the disappointing quarterly results, GWH's CEO expressed optimism about the company's future prospects. "We are confident that our wireless charging solutions will continue to gain traction in the market, and we are well-positioned to capitalize on the growing demand for wireless charging technology," said the CEO.

GWH's shares were trading down about 2% in after-hours trading following the release of the quarterly results.