1. Despite improvements in various metrics, technology providers have not provided guidance on when they expect to become profitable on a sequential basis.
2. Stock prices for ESS Inc, Eos, and Energy Vault remain low following their SPAC business combinations, with ESS Inc at US$0.81, Eos at US$1.00, and Energy Vault at US$1.90.
3. Energy Vault reported strong financial performance in FY 2023 with revenue of US$341.5 million, but also reported a net loss and adjusted non-GAAP EBITDA. The company has diversified its offerings and expects to reach profitability on an adjusted EBITDA basis through cost reductions.
Despite improvements in various metrics, technology providers like ESS Inc, Eos Energy Enterprises, and Energy Vault have not provided guidance on when they expect to become profitable on a sequential basis. Stock prices for these companies remain low, with ESS Inc at US$0.81, Eos at US$1.00, and Energy Vault at US$1.90 as of March 13th.
Energy Vault, known for its gravity-based energy storage system, reported revenue of US$341.5 million in FY 2023, a 134% increase year-on-year. The company’s cash position was US$146 million with no debts, but it reported an adjusted EBITDA of -US$62.1 million for the year. Energy Vault is working on projects in China and the US to generate high margin revenue streams.
Eos Energy Enterprises saw a revenue decrease in 2023 but expects to earn between US$60 million and US$90 million in 2024. The company is focusing on automated production lines to reduce costs and improve its value proposition with the development of its Z3 battery product. Eos is based in the US to take advantage of tax credits for clean energy technologies.
ESS Inc, a flow battery company, achieved its highest annual revenue to date in 2023 but fell short of guidance. The company is focused on partnerships, milestones, and customer projects to progress in the industry. ESS Inc aims to lower production costs and improve its products for utility-scale long-duration battery storage solutions. All three companies are working towards profitability in the growing energy storage market.