ESS Tech, Inc. (GWH) 10-Year Financial Performance & Capital Metrics

GWH • • Industrial / General

IndustrialsElectrical EquipmentEnergy Storage SystemsGrid-Scale Energy Storage

AboutESS Tech, Inc., an energy storage company, designs and produces iron flow batteries for commercial and utility-scale energy storage applications worldwide. It offers energy storage products, which include Energy Warehouse, a behind-the-meter solution; and Energy Center, a front-of-the-meter solution. The company was founded in 2011 and is headquartered in Wilsonville, Oregon.Show more

Revenue $6M -16.5%
EBITDA -$85M -7.2%
Net Income -$86M -11.1%
EPS (Diluted) -7.32 -1425.0%
Gross Margin -720.54% -319.4%
EBITDA Margin -1351.45% -28.3%
Operating Margin -1426.5% -25.2%
Net Margin -1369.69% -33.1%
ROE -130.4% -102.0%
ROIC -130.82% -96.8%
Debt/Equity 0.06 +138.6%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Weak momentum: RS Rating 20 (bottom 20%)
✗Shares diluted 10.4% in last year
✗Trading more than 30% below 52-week high
✗Expensive at 10.9x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-

TTM-3.53%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM20.21%

EPS CAGR

10Y-

5Y-

3Y-

TTM24.22%

ROCE

10Y Avg-85.95%

5Y Avg-92.3%

3Y Avg-75.39%

Latest-107.11%

Peer Comparison

Grid-Scale Energy Storage

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
GWHESS Tech, Inc.	34.92M	1.78	-0.24	-16.51%	-10.45%	-130.4%	0.06
ZOOZZOOZ Strategy Ltd.	80.3M	0.50	-0.46	36.26%	-19.85%	-138.17%	0.59
OPTTOcean Power Technologies, Inc.	83.83M	0.43	-2.53	6.08%	-8.37%	-140.63%	0.07
EOSEEos Energy Enterprises, Inc.	5.47B	16.88	-3.71	-4.71%	-17.61%

Profit & Loss

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	0	0	0	894K	7.54M	6.29M
Revenue Growth %	-	-	-	-	7.43%	-0.17%
Cost of Goods Sold+	0	436K	572K	0	20.5M	51.65M
COGS % of Revenue	-	-	-	-	2.72%	8.21%
Gross Profit+	0	-436K	-572K	894K	-12.96M	-45.36M
Gross Margin %	-	-	-	1%	-1.72%	-7.21%
Gross Profit Growth %	-	-	-0.31%	2.56%	-15.49%	-2.5%
Operating Expenses+	9.89M	16.96M	60.03M	106.39M	72.95M	44.44M
OpEx % of Revenue	-	-	-	119%	9.68%	7.06%
Selling, General & Admin	2.18M	4.06M	29.75M	34.41M	30.32M	32.67M
SG&A % of Revenue	-	-	-	38.49%	4.02%	5.19%
Research & Development	6.66M	12.9M	30.27M	71.98M	42.63M	11.77M
R&D % of Revenue	-	-	-	80.51%	5.65%	1.87%
Other Operating Expenses	1.05M	0	0	0	0	0
Operating Income+	-9.89M	-17.39M	-60.6M	-105.49M	-85.91M	-89.8M
Operating Margin %	-	-	-	-118%	-11.39%	-14.26%
Operating Income Growth %	-	-0.76%	-2.48%	-0.74%	0.19%	-0.05%
EBITDA+	-9.63M	-16.96M	-60.03M	-103.97M	-79.39M	-85.07M
EBITDA Margin %	-	-	-	-116.3%	-10.53%	-13.51%
EBITDA Growth %	-	-0.76%	-2.54%	-0.73%	0.24%	-0.07%
D&A (Non-Cash Add-back)	260K	436K	572K	1.52M	6.51M	4.72M
EBIT	-9.89M	-30.29M	-475.23M	-105.49M	-85.91M	-89.8M
Net Interest Income+	1.02M	0	0	2.19M	5.26M	3.57M
Interest Income	1.02M	132K	1.89M	2.19M	5.26M	3.57M
Interest Expense	0	132K	1.89M	0	0	0
Other Income/Expense	-1.66M	-13.03M	-416.51M	27.52M	8.33M	3.58M
Pretax Income+	-11.55M	-30.42M	-477.12M	-77.97M	-77.58M	-86.22M
Pretax Margin %	-	-	-	-87.21%	-10.29%	-13.7%
Income Tax+	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1%
Net Income+	-11.55M	-30.42M	-477.12M	-77.97M	-77.58M	-86.22M
Net Margin %	-	-	-	-87.21%	-10.29%	-13.7%
Net Income Growth %	-	-1.63%	-14.68%	0.84%	0.01%	-0.11%
Net Income (Continuing)	-11.55M	-30.42M	-477.12M	-77.97M	-77.58M	-86.22M
Discontinued Operations	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0
EPS (Diluted)+	-1.64	-7.77	-58.53	-7.66	-0.48	-7.32
EPS Growth %	-	-3.74%	-6.53%	0.87%	0.94%	-14.25%
EPS (Basic)	-1.64	-7.77	-58.53	-7.66	-0.48	-7.32
Diluted Shares Outstanding	7.04M	3.93M	83.26M	152.68M	159.96M	176.6M
Basic Shares Outstanding	7.04M	3.93M	83.26M	152.68M	159.96M	176.6M
Dividend Payout Ratio	-	-	-	-	-	-

Balance Sheet

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	18.95M	6.86M	245.52M	151.64M	118.1M	43.36M
Cash & Short-Term Investments	18.29M	4.9M	238.94M	139.81M	108.06M	31.6M
Cash Only	18.29M	4.9M	238.94M	34.77M	20.16M	13.34M
Short-Term Investments	0	0	0	105.05M	87.9M	18.26M
Accounts Receivable	0	0	517K	4.95M	2.24M	2.42M
Days Sales Outstanding	-	-	-	2.02K	108.58	140.14
Inventory	0	0	0	1.21M	3.37M	5.64M
Days Inventory Outstanding	-	-	-	-	59.95	39.86
Other Current Assets	567K	1.85M	1.48M	2.51M	3.9M	1.52M
Total Non-Current Assets+	2.19M	2.16M	4.68M	21.92M	25.13M	28.45M
Property, Plant & Equipment	1.66M	1.84M	4.5M	20.97M	18.43M	22.09M
Fixed Asset Turnover	-	-	-	0.04x	0.41x	0.29x
Goodwill	0	0	0	0	0	0
Intangible Assets	0	0	0	183K	4.92M	4.66M
Long-Term Investments	0	0	0	675K	0	0
Other Non-Current Assets	529K	326K	180K	946K	1.78M	1.71M
Total Assets+	21.14M	9.02M	250.2M	173.55M	143.23M	71.81M
Asset Turnover	-	-	-	0.01x	0.05x	0.09x
Asset Growth %	-	-0.57%	26.73%	-0.31%	-0.17%	-0.5%
Total Current Liabilities+	2.89M	8.39M	13.62M	27.99M	19.77M	27.6M
Accounts Payable	697K	522K	1.57M	3.04M	2.75M	8.07M
Days Payables Outstanding	-	437	1K	-	49.06	57.03
Short-Term Debt	365K	5.68M	1.9M	1.6M	0	0
Deferred Revenue (Current)	0	0	1000K	1000K	1000K	1000K
Other Current Liabilities	898K	705K	683K	12.82M	7.2M	1.08M
Current Ratio	6.56x	0.82x	18.02x	5.42x	5.97x	1.57x
Quick Ratio	6.56x	0.82x	18.02x	5.37x	5.80x	1.37x
Cash Conversion Cycle	-	-	-	-	119.46	122.98
Total Non-Current Liabilities+	2.67M	2.28M	31.42M	8.59M	20.11M	15.33M
Long-Term Debt	463K	19K	1.87M	315K	0	0
Capital Lease Obligations	0	0	0	2.54M	957K	0
Deferred Tax Liabilities	0	0	0	0	0	0
Other Non-Current Liabilities	2.21M	2.26M	29.55M	3.29M	917K	927K
Total Liabilities	5.56M	10.67M	45.04M	36.58M	39.88M	42.93M
Total Debt+	828K	5.7M	3.77M	5.87M	2.54M	1.69M
Net Debt	-17.46M	796K	-235.17M	-28.9M	-17.63M	-11.65M
Debt / Equity	0.05x	-	0.02x	0.04x	0.02x	0.06x
Debt / EBITDA	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-
Interest Coverage	-	-131.76x	-32.13x	-	-	-
Total Equity+	15.58M	-1.65M	205.16M	136.97M	103.36M	28.88M
Equity Growth %	-	-1.11%	125.49%	-0.33%	-0.25%	-0.72%
Book Value per Share	2.21	-0.42	2.46	0.90	0.65	0.16
Total Shareholders' Equity	15.58M	-1.65M	205.16M	136.97M	103.36M	28.88M
Common Stock	1K	6K	16K	16K	18K	1K
Retained Earnings	-33.07M	-63.49M	-540.61M	-618.58M	-696.16M	-782.38M
Treasury Stock	0	0	0	0	0	0
Accumulated OCI	153K	153K	0	0	0	0
Minority Interest	0	0	0	0	0	0

Cash Flow

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-6.67M	-16.64M	-51.85M	-81.62M	-54.9M	-72.22M
Operating CF Margin %	-	-	-	-91.3%	-7.28%	-11.47%
Operating CF Growth %	-	-1.49%	-2.11%	-0.57%	0.33%	-0.32%
Net Income	-11.55M	-30.42M	-477.12M	-77.97M	-77.58M	-86.22M
Depreciation & Amortization	260K	436K	572K	1.52M	6.51M	4.72M
Stock-Based Compensation	175K	310K	7.92M	11.89M	10.63M	11.57M
Deferred Taxes	0	0	0	0	0	0
Other Non-Cash Items	2.05M	12.98M	414.69M	-25.52M	7.18M	4.18M
Working Capital Changes	2.38M	47K	2.09M	8.46M	-1.65M	-6.47M
Change in Receivables	0	0	0	-1.89M	3.63M	1.55M
Change in Inventory	0	0	0	0	-14.66M	-8.63M
Change in Payables	0	-221K	886K	1.46M	-229K	4.24M
Cash from Investing+	-851K	-502K	-2.77M	-117.88M	15.07M	64.76M
Capital Expenditures	-851K	-502K	-2.77M	-14.18M	-5.79M	-7.29M
CapEx % of Revenue	-	-	-	15.86%	0.77%	1.16%
Acquisitions	-	-	-	-	-	-
Investments	-	-	-	-	-	-
Other Investing	0	0	0	0	20.86M	72.05M
Cash from Financing+	22.25M	4.72M	288.45M	-4.07M	25.65M	174K
Debt Issued (Net)	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-
Other Financing	19.79M	7K	262.5M	635K	564K	471K
Net Change in Cash	-	-	-	-	-	-
Free Cash Flow+	-7.53M	-17.15M	-54.62M	-95.8M	-60.69M	-79.51M
FCF Margin %	-	-	-	-107.16%	-8.05%	-12.63%
FCF Growth %	-	-1.28%	-2.19%	-0.75%	0.37%	-0.31%
FCF per Share	-1.07	-4.37	-0.66	-0.63	-0.38	-0.45
FCF Conversion (FCF/Net Income)	0.58x	0.55x	0.11x	1.05x	0.71x	0.84x
Interest Paid	0	111K	1.8M	154K	0	0
Taxes Paid	0	0	0	0	0	0

Key Ratios

Metric	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-74.1%	-436.62%	-468.89%	-45.58%	-64.56%	-130.4%
Return on Invested Capital (ROIC)	-	-	-	-202.7%	-66.49%	-130.82%
Gross Margin	-	-	-	100%	-171.82%	-720.54%
Net Margin	-	-	-	-8721.36%	-1028.89%	-1369.69%
Debt / Equity	0.05x	-	0.02x	0.04x	0.02x	0.06x
Interest Coverage	-	-131.76x	-32.13x	-	-	-
FCF Conversion	0.58x	0.55x	0.11x	1.05x	0.71x	0.84x
Revenue Growth	-	-	-	-	743.4%	-16.51%

Revenue by Segment

	2022	2023	2024
Product	803K	5.1M	4.79M
Product Growth	-	535.49%	-6.04%
Other Product Or Service	-	2.25M	1.37M
Other Product Or Service Growth	-	-	-39.31%
Service	91K	183K	132K
Service Growth	-	101.10%	-27.87%

Revenue by Geography

	2022	2023	2024
UNITED STATES	-	-	3.44M
UNITED STATES Growth	-	-	-
Non-US	-	-	2.85M
Non-US Growth	-	-	-

Frequently Asked Questions

Growth & Financials

ESS Tech, Inc. (GWH) reported $6.0M in revenue for fiscal year 2024.

ESS Tech, Inc. (GWH) saw revenue decline by 16.5% over the past year.

ESS Tech, Inc. (GWH) reported a net loss of $62.9M for fiscal year 2024.

Dividend & Returns

ESS Tech, Inc. (GWH) has a return on equity (ROE) of -130.4%. Negative ROE indicates the company is unprofitable.

ESS Tech, Inc. (GWH) had negative free cash flow of $61.5M in fiscal year 2024, likely due to heavy capital investments.

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