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ESS Tech, Inc. (GWH) Reports Q3 Loss, Misses Revenue Estimates
GWHESS Tech(GWH) ZACKS·2024-11-13 23:20

Company Performance - ESS Tech, Inc. reported a quarterly loss of 1.90pershare,whichwasbetterthantheZacksConsensusEstimateofalossof1.90 per share, which was better than the Zacks Consensus Estimate of a loss of 1.97, but worse than the loss of 1.65persharefromthepreviousyear,indicatinga15.151.65 per share from the previous year, indicating a 15.15% increase in loss year-over-year [1] - The company posted revenues of 0.36 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 92.53%, and down from 1.55millioninthesamequarterlastyear[2]−Overthelastfourquarters,ESSTechhassurpassedconsensusEPSestimatesthreetimes,buthasnotbeenabletobeatconsensusrevenueestimates[2]StockPerformance−ESSTechshareshavedeclinedapproximately46.81.55 million in the same quarter last year [2] - Over the last four quarters, ESS Tech has surpassed consensus EPS estimates three times, but has not been able to beat consensus revenue estimates [2] Stock Performance - ESS Tech shares have declined approximately 46.8% since the beginning of the year, contrasting with the S&P 500's gain of 25.5% [3] - The current consensus EPS estimate for the upcoming quarter is -1.51 on revenues of 11.91million,andforthecurrentfiscalyear,itis−11.91 million, and for the current fiscal year, it is -6.72 on revenues of $19.85 million [7] Industry Outlook - The Zacks Industry Rank for Electronics - Miscellaneous Products is currently in the top 24% of over 250 Zacks industries, suggesting a favorable industry outlook [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]