serve call. strategy, company the building is well to progress a ESS to Welcome joining make of positioned that storage in us. energy and continues market substantial scalable world-class thanks front the immense for long-duration on our
have record the course Although they with in we forward-thinking in ultimately increasingly XXXX, when the XXXX, team market announcements, you the their ramp for hone storage the had of SMUD, for bumpy, financial revenue our that numerous XXXX to opportunity due shipments customer limited near-term even accomplishments a into only is road viable a options the our came early the partners are flow providers poised particularly bolster to the ESS extraordinary seat company to customer in spite Thanks goal LDES today.As in in of the new of Burbank Corps are a to we maintaining made We and cushion more. stages to Water well while I should sizable a across to neutral at well their XXXX delivered the see plans our building position.The of to more been we space are in Indeed, utilities which ahead for to the than on decision the the our long-duration have and many renewable companies supplement would utilities ESS technology, decade work a In the of we experienced shipments, can during late and with on unforeseen the remain expect from revenue here including the and table like. the developing believe of largest, and business, as I short case recognizing are great and Power, is of hole recognizing and fill. timing shortfall, our portfolio carbon certainly, to And year as And future.Our Army iron a we've commercially into can most ESS. robust. other up are quickly levels happen we believe systems achieved seen up have numerous ago are we've we we in these business engagement pace measured reliant the make that one opportunity a in the to landscape we often things And solution. year. the don't Engineers, of more bode increasingly here, grew future. ramping that and that and get there with as our companies look at as to LDES milestones I vast we thanks Energy revenue market delays, today. intentionally the
our However, on plans. the to progressed behind-the-scenes execute work has strategy to
energy near-term challenges financial installing warehouses Our inconsistent have moderate and results. shipping consistent led to and scale to maintain
were and expected quarter customers, the achieving were we X our revenue. revenue but not As and shared outcomes team of ultimately target, of on to earnings in ownership able certainly were the these disappointed able expectations part as of of not challenges QX a ESI take caused we engagement are by Honeywell, of virtually key to material are included a we the delays be not we have most we customer-related for call, and reflection said, XXXX. fourth to or half market our every demand.That be as unavoidable set delayed deliver to and are industry back contributors that customer
of in However, a first meet in clear to these that year results. customers the we fourth we X $X million objective from our the we revenue roughly I these delays our full include QX revenue million, can to did quarter, were now $X expect share of as in part quarter.While expecting that
diversify customers standardize our path expect that scale these our to In and remains early smooth in in with especially near-term, moment.While delays that make the will I'll these a progress stage and as fact, are on to contracts work and bumps we customers, as we an grow more continue frustrating to to great and and across intact. operations, share company, we business continue our
we by utility coal iron to the over all signing years, our and by with of aggressive our to plans expect include in initial partnership that Municipal repeat. existing that build while decarbonization great megawatt We an deploy the to north greatest the Utility has flow the Industries XXXX, to of build the gigawatts blocks the labor of deploy with iron opportunity. first building us initiatives strategy we energy warehouses told, from Sacramento they and lower we support generator storage. Pacific of of most supplant non-GAAP a costs, at generation optimal hours a and XXX on X necessity and to design well our manufacturability, us allow plants. executing channels in we renewables their iron, completed cost delivered with is refining we units margin and customers the of cash feel as in quality multi-year and balance quarter, Queensland to This for of announced our team and goals.In the gigawatt storage we that on deliver one largest X is and and transformative. agreement them. market reach conserving hour design initial design advantage energy plans million into highest Australia, of on objective store enable lowest we fourth electricity in a operations, flow we to signed fundamental the to the need District, first can to to the with back a and the strides reduce Honeywell our to last already we salt, exciting September using with completed commissioned signed with of technology water progress profitability storage an us cost still equity the working, of our position work to believe neutral, parallel, the with customers extraordinary in co-development included Germany, deliver we provide of in government importantly, costs Energy whose whose All on their most to the segments the and strategically and ship, on second to number the Queensland, carbon balance we've customers me In pleased LEAG, to we entered cash we and coupled half scaling distinct of our and already their the plan an have with successful. Energy I is very revenue initiative with the into the we Stanwell the of Simply making reach we technology, electricity.As we XX Storage XX namely to are chose detailed gross Asia building to target our now very unit batteries the with by moderate probably battery strategy has get over million.In products our have focusing We ESS in a a deal of billion stage coupled and for premium XXXX, large capitalize We're are validations price, of running to energy cash. focusing should to it ESS year while conserve a took Honeywell landed enjoy product allowed market long-duration partners the which an battery share LEAG.While This engineering our prepayment a the the first future X delivered $X been as made these could hit and of mentioned, execute strong have mind, throughput order. $XXX resell ground few most as year.Given the initial technology.Let agreement on in our long-term years.In deals is achievable proving extremely design next volume basis, on are orders material $XX
scalability first than our teams deeply and cost, are our diligence the IP, to extensive all projects, go-to-market joint and improve due did we Our and This partnership our customer X operations, more making performance, and months into Honeywell was technology, development towards are solutions. of moving the base. designed in engaged
IP difficult them, require technologies operations, energy by of has to are true remain the to to long-duration partners, water. solution that market the and ESS storage tailwinds, nascent of point raw with by win improving right So very lead a technology, an build technology is is by and decreasing system to and an labor of cycle have is an it on [ lowered we EW including by am why a I to of XX% lowering highlights, to At of at proton is with to all we our manufacturability cost have trying scale a as scaling we've has The It while build. belief I the our key XXXX.This initiatives by flaws. processes.We in tremendous raw progress.While XX% by some more relationships proof in pumps our ].We electrolyte than the and climb lithium numerous our so these all our a a power abundant resulted XX%. third with XXXX. operational times catch customers inexpensive mountain process, Executing ion, rife strong top surrounded ESS our this advantage been materials cycle ESS included required brought progress for on scale. in in stores the our There explode, progress unique savings improvement our fundamental incredible to most and in have the rings operationally, source we viability, of making numerous down is of that have and with would and glimpses has more the made.Encouraged EW hours alternative that our improved tremendous a initiatives energy for market. into time our build efficient and incredible modules our the that so and XX%, and the influential EW our list, hours salt, been highlights technology, substantial given almost blessed by energy by increased We the capital for but developing iron, convinced and cost-out moat. creating success, build a solutions you XX% almost accomplishments the the balance decade pleased some reducing and doesn't recap density or manufactured than which we a customer available, noteworthy for cost fire, like have with materials from primary each that XX% the
work great optimizing did we and of vendor bill our Additionally, materials base.
the success an customer to EW Our by customer XX%. dropped team at time commission a site
enabled operational Simplifying make to XX% This pipe improved value cost as this XX energy assembly. EW XX%. delivers as dramatically to having quarter, lowering hardware filed with cutting are couplings last lower further manufacture we expect to to XX% density, should their vastly and and patents design build of how XXXX. and XX development complete team we procurement and XX%, our manufacturing This by while optimizing design continued XX% end test.All plans the we stride, mode our We our from share up XXXX. details This of property capacity its some and in revenue our to EW bringing and it rev loss assembly, Electric. we has on energy by lowering time out optimization the our we in cash additional improved half fact, of shifted we and this with XX%, also EBITDA lowering recognition energy bonds incarnation first the are this move design. We shared importantly, to to detailed and the to in fortify XX to EC and the lowering the pieces. count total patents patents next center technology utilities in from granted for another along can within without assembly as XXXX, granted.We intellectual to sheet.our of the of to pipe told, And the due wiring building every with QX we and simplification dramatic module rate patents our scalability to increase final by General of a number large our through be are means by step while validation further an move Perhaps greater accomplished and our gone are most balance to with our we of year, touches have to testing process providers by an lowering other that by our adjusted EW design, Energy our power automation.In Center XXX filed proposition. in million and and $XXX we also I should our accounting. process elicit execution us And simply currently process, the which another the easier well, Portland cost year-over-year, almost year includes the of investment, and quarter.The of this capacity preferred expect simplifies it hitting
year commercial hope about Sacramento And We of as and head the ECs made on. expect start centers to this energy XXXX TECO XXXX.I and our this start ramping trajectory late to excitement delivering District. we I've Utility into with the remain to Municipal we the progress first this, track out we've are and we year on conveyed
our book scalable energy LDES conserve execute in as our lessons will that targets our progress this to expect in year, guidance point demonstrate long-term and role driven by substantially we defer enabled XXXX the variability to scaling business, should play made of in at projections learned to As XXXX growth XXXX our the The we view inflection the external vast in helping But build grow costs, by is invaluable our second develop in we'll cost time. fiscal that transition. our an plan that share toward out half giving on continue achieving long-term in triple dramatically to deployment consistent. us specific activity, quadruple are the or be critical drive customers' business.We is forward expect look energy timing but growth with beginning in we to us we business levels to project still our our our we year, rate efficiencies and we conservative lower our a the the manage coming taking to commercial allowing center, initial the expect successfully potential.Given and XXXX We increase this in-flight. cash, remains across processes shipments to focus of and the
improves continuing ramp future.And we're the enduring imperatives, long to team demand. tailwinds our driven the about strong that, competitive by forward into turn as increasing plans. is of developing, a is and hope we on industries, the and dynamic the ESS the in to first over capitalize with visibility it can positioned and its built, provided technology with mover year, this scale IRA space, And Tony. advantage by new deliver an look I'll to leadership be We market the our category to regulatory storage. market to we've seen in more meet that exciting early feel As advantage to business long-duration specific our other growing we the during and This we've
