{"id":66924,"date":"2024-11-14T14:15:54","date_gmt":"2024-11-14T14:15:54","guid":{"rendered":"https:\/\/efimarkets.com\/blog\/?p=66924"},"modified":"2024-11-14T14:17:48","modified_gmt":"2024-11-14T14:17:48","slug":"ess-tech-falls-19-after-earnings-miss-and-analyst-downgrades","status":"publish","type":"post","link":"https:\/\/bhimmarkets.com\/blog\/ess-tech-falls-19-after-earnings-miss-and-analyst-downgrades\/","title":{"rendered":"ESS Tech Falls 19% After Earnings Miss and Analyst Downgrades"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"66924\" class=\"elementor elementor-66924\">\n\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-23eb95a e-con-boxed e-flex e-con\" data-id=\"23eb95a\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;boxed&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b5dc290 elementor-widget elementor-widget-image\" data-id=\"b5dc290\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.13.0 - 24-04-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.investing.com\/\">\n\t\t\t\t\t\t\t<img decoding=\"async\" loading=\"lazy\" width=\"225\" height=\"225\" src=\"https:\/\/bhimmarkets.com\/blog\/wp-content\/uploads\/2024\/11\/images.png\" class=\"attachment-large size-large wp-image-66925\" alt=\"ESS Tech Falls\" srcset=\"https:\/\/bhimmarkets.com\/blog\/wp-content\/uploads\/2024\/11\/images.png 225w, https:\/\/bhimmarkets.com\/blog\/wp-content\/uploads\/2024\/11\/images-150x150.png 150w\" sizes=\"(max-width: 225px) 100vw, 225px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e43cff4 e-con-boxed e-flex e-con\" data-id=\"e43cff4\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;boxed&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-637b14b elementor-widget elementor-widget-text-editor\" data-id=\"637b14b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.13.0 - 24-04-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<h1><span style=\"color: #000000;\"><strong>ESS Tech Falls 19% on Unexpected Q3 Losses<\/strong><\/span><\/h1><p><span style=\"color: #000000;\">Shares in ESS Tech Inc. (NYSE: GWH) plunged nearly 19% in premarket trading on Thursday, following a significant earnings miss for fiscal Q3 2024. The energy storage provider reported much weaker-than-expected results, disappointing investors and analysts.<\/span><\/p><h3><span style=\"color: #000000;\">Disappointing Financial Results for Q3 2024<\/span><\/h3><p><span style=\"color: #000000;\">ESS reported a third-quarter loss per share of $1.90, a stark contrast to the anticipated $0.10 loss per share. Revenue for the period came in at just $360,000, missing the $5.29 million consensus estimate by a wide margin.<\/span><\/p><h3><span style=\"color: #000000;\">Operational Progress Amid Revenue Challenges<\/span><\/h3><p><span style=\"color: #000000;\">Despite these setbacks, CEO Eric Dresselhuys highlighted ongoing progress in key operational areas. Dresselhuys noted ESS&#8217;s Australian customer has achieved important milestones, such as securing major utility contracts and acquiring funds to construct a new factory aimed at meeting Queensland\u2019s demand for long-duration energy storage.<\/span><\/p><p><span style=\"color: #000000;\">However, Dresselhuys acknowledged that delays in finalizing this funding prevented the company from shipping completed units and recognizing revenue for Q3.<\/span><\/p><h3><span style=\"color: #000000;\">Optimism for Q4 Revenue Growth<\/span><\/h3><p><span style=\"color: #000000;\">Dresselhuys expressed optimism for Q4, stating that shipments and payments are now moving forward. He projected Q4 revenues between $9 to $11 million, which would mark meaningful growth compared to the previous year, driven by the EC product line and shipments to Australia.<\/span><\/p><h3><span style=\"color: #000000;\">Analyst Downgrades Reflect Market Concerns<\/span><\/h3><p><span style=\"color: #000000;\">Following the earnings report, Oppenheimer downgraded ESS Tech to \u201cPerform,\u201d citing a need for more clarity on capital structure and delivery schedules. Analyst Colin Rusch highlighted the long-term potential for ESS in long-duration energy storage but recommended a cautious approach in the short term.<\/span><\/p><p><span style=\"color: #000000;\">Similarly, Baird analysts downgraded their rating to \u201cNeutral,\u201d citing current market conditions and slower-than-expected technology adoption. They lowered their price target for ESS from $14 to $9, emphasizing the need for greater adoption and additional financing to improve confidence.<\/span><\/p><h5><span style=\"color: #000000;\">Trade Anytime, Anywhere with EFI\u00a0Markets<\/span><\/h5><p><span style=\"color: #000000;\">EFI Markets is a trusted<\/span>\u00a0<a href=\"https:\/\/efimarkets.com\/stocks\">stock market trading platform<\/a><span style=\"color: #000000;\">,\u00a0making trading easy with its efficient interface and a variety of tools and features.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>ESS Tech Falls 19% on Unexpected Q3 Losses Shares in ESS Tech Inc. (NYSE: GWH) plunged nearly 19% in premarket trading on Thursday, following a significant earnings miss for fiscal Q3 2024. The energy storage provider reported much weaker-than-expected results, disappointing investors and analysts. Disappointing Financial Results for Q3 2024 ESS reported a third-quarter loss &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/bhimmarkets.com\/blog\/ess-tech-falls-19-after-earnings-miss-and-analyst-downgrades\/\"> <span class=\"screen-reader-text\">ESS Tech Falls 19% After Earnings Miss and Analyst Downgrades<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":66925,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[12,3],"tags":[20,14,5,34,43,10],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ESS Tech Falls 19% After Earnings Miss and Analyst Downgrades -<\/title>\n<meta name=\"description\" content=\"ESS Tech Falls 19% 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