Energy storage technology firms Eos and Energy Vault have both released their Q2 results, with contrasting figures but both still having a long way to go to scale up and reach profitability.
Battery energy storage system (BESS) integrator Fluence had a mixed third financial quarter, with a revenue fall and a narrowing down of its full-year guidance, but a record quarterly intake and increased profit margins.
US system integrator Stem Inc has seen its share price fall by over 40% after its financial results for the second quarter of the year, which saw falling sales, bookings and a huge net loss.
The Gore Street Energy Storage Fund’s international diversification helped it maintain average revenues across its portfolio, which spans the Great Britain (GB), Ireland, Germany and Texas, US.
US zinc hybrid cathode battery storage manufacturer Eos Energy Enterprises has reaffirmed revenue guidance and expects to achieve a positive contribution margin this year.
Commissioning has been completed on the first commercial-scale project using Energy Vault’s gravity energy storage technology, while the firm has also secured a 400MWh BESS order for a project in Australia. However, it expects revenues this year to be 70-85% lower than 2023.
Stem Inc has reaffirmed guidance of positive adjusted EBITDA for 2024, despite starting the year with a 62% year-on-year decrease in reported revenues and a fall in bookings.
