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ESS Tech, Inc.(GWH)Earnings, Financials & Key Ratios
GWH•NYSE
$1.14
$201M mkt cap·Price updated May 6, 2026
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/Equity0.06+138.6%
GWH Key Insights
ESS Tech, Inc. (GWH) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Company is almost debt free
✗Weaknesses
- ✗Weak Piotroski F-Score: 2/9
- ✗Negative free cash flow
- ✗Weak momentum: RS Rating 7 (bottom 7%)
- ✗Shares diluted 10.4% in last year
- ✗Trading more than 30% below 52-week high
- ✗Low asset turnover indicates capital-intensive operations
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
GWH Price & Volume
ESS Tech, Inc. (GWH) stock price & volume — 10-year historical chart
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GWH Growth Metrics
ESS Tech, Inc. (GWH) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years-
TTM-3.53%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM20.21%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM24.22%
Return on Capital
10 Years-85.95%
5 Years-92.3%
3 Years-75.39%
Last Year-107.11%
GWH Recent Earnings
ESS Tech, Inc. (GWH) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 5/12 qtrs (42%)●Beat Revenue 3/12 qtrs (25%)
Q2 2026Latest
Mar 5, 2026EPS
$1.97
Est $0.76
-159.2%
Revenue
$2M
Est $2M
+0.8%
Q4 2025
Nov 13, 2025EPS
$0.73
Est $0.76
+3.9%
Revenue
$214,000
Est $2M
+113.4%
Q3 2025
Aug 14, 2025EPS
$0.90
Est $0.88
-2.3%
Revenue
$2M
Est $1M
+81.4%
Q2 2025
May 15, 2025EPS
$1.50
Est $1.21
-24.5%
Revenue
$599,000
Est $3M
-82.7%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Mar 5, 2026 | $1.97vs $0.76-159.2% | $2Mvs $2M+0.8% |
| Q4 2025 | Nov 13, 2025 | $0.73vs $0.76+3.9% | $214,000vs $2M+113.4% |
| Q3 2025 | Aug 14, 2025 | $0.90vs $0.88-2.3% | $2Mvs $1M+81.4% |
| Q2 2025 | May 15, 2025 | $1.50vs $1.21-24.5% | $599,000vs $3M-82.7% |
Based on last 12 quarters of dataView full earnings history →
GWH Peer Comparison
ESS Tech, Inc. (GWH) competitors in Grid-Scale Storage and Microgrids — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 FLUX | 28.38M | 1.33 | -3.33 | 9.22% | -8.36% | -67.4% | ||
 NRGV | 728.22M | 4.21 | -6.48 | 340.86% | -52.97% | -146.8% | 1.07 | |
 STEM | 91.07M | 10.69 | -1.16 | 8.08% | 94.16% | |||
 MVST | 633.36M | 1.96 | -21.78 | 12.56% | -6.83% | -7.4% | 0.45 | |
 BE | 68.63B | 285.47 | -771.54 | 37.33% | 0.25% | 0.79% | 3.77 | |
 FCEL | 673.92M | 12.81 | -1.73 | 41.05% | -107.98% | -26.76% | 0.20 | |
 NEE | 198.92B | 95.39 | 28.99 | 11% | 29.3% | 12.66% | 1.44 | |
 AES | 10.23B | 14.34 | 11.38 | -0.37% | 8.42% | 10.65% | 2.54 |
Compare GWH vs Peers
ESS Tech, Inc. (GWH) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
GWH Income Statement
ESS Tech, Inc. (GWH) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
| Sales/Revenue | 0 | 0 | 0 | 894K | 7.54M | 6.29M | 6.02M |
| Revenue Growth % | - | - | - | - | 743.4% | -16.51% | -3.53% |
| Cost of Goods Sold | 0 | 436K | 572K | 0 | 20.5M | 51.65M | 37.18M |
| COGS % of Revenue | - | - | - | - | 271.82% | 820.54% | - |
| Gross Profit | 0▲ 0% | -436K▲ 0% | -572K▼ 31.2% | 894K▲ 256.3% | -12.96M▼ 1549.1% | -45.36M▼ 250.1% | -31.16M▲ 0% |
| Gross Margin % | - | - | - | 100% | -171.82% | -720.54% | -517.54% |
| Gross Profit Growth % | - | - | -31.19% | 256.29% | -1549.11% | -250.12% | - |
| Operating Expenses | 9.89M | 16.96M | 60.03M | 106.39M | 72.95M | 44.44M | 31.85M |
| OpEx % of Revenue | - | - | - | 11900% | 967.51% | 705.96% | - |
| Selling, General & Admin | 2.18M | 4.06M | 29.75M | 34.41M | 30.32M | 32.67M | 24.21M |
| SG&A % of Revenue | - | - | - | 3848.66% | 402.1% | 518.95% | - |
| Research & Development | 6.66M | 12.9M | 30.27M | 71.98M | 42.63M | 11.77M | 7.63M |
| R&D % of Revenue | - | - | - | 8051.34% | 565.41% | 187.01% | - |
| Other Operating Expenses | 1.05M | 0 | 0 | 0 | 0 | 0 | 1 |
| Operating Income | -9.89M▲ 0% | -17.39M▼ 75.9% | -60.6M▼ 248.4% | -105.49M▼ 74.1% | -85.91M▲ 18.6% | -89.8M▼ 4.5% | -63.01M▲ 0% |
| Operating Margin % | - | - | - | -11800% | -1139.32% | -1426.5% | -1046.52% |
| Operating Income Growth % | - | -75.87% | -248.45% | -74.07% | 18.57% | -4.53% | - |
| EBITDA | -9.63M | -16.96M | -60.03M | -103.97M | -79.39M | -85.07M | -57.02M |
| EBITDA Margin % | - | - | - | -11629.64% | -1052.94% | -1351.45% | -946.99% |
| EBITDA Growth % | - | -76.09% | -254.03% | -73.2% | 23.64% | -7.16% | 27.59% |
| D&A (Non-Cash Add-back) | 260K | 436K | 572K | 1.52M | 6.51M | 4.72M | 5.99M |
| EBIT | -9.89M | -30.29M | -475.23M | -105.49M | -85.91M | -89.8M | -63.12M |
| Net Interest Income | 1.02M | 0 | 0 | 2.19M | 5.26M | 3.57M | 267K |
| Interest Income | 1.02M | 132K | 1.89M | 2.19M | 5.26M | 3.57M | 723K |
| Interest Expense | 0 | 132K | 1.89M | 0 | 0 | 0 | 456K |
| Other Income/Expense | -1.66M | -13.03M | -416.51M | 27.52M | 8.33M | 3.58M | 75K |
| Pretax Income | -11.55M▲ 0% | -30.42M▼ 163.5% | -477.12M▼ 1468.5% | -77.97M▲ 83.7% | -77.58M▲ 0.5% | -86.22M▼ 11.1% | -62.94M▲ 0% |
| Pretax Margin % | - | - | - | -8721.36% | -1028.89% | -1369.69% | -1045.27% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -11.55M▲ 0% | -30.42M▼ 163.5% | -477.12M▼ 1468.5% | -77.97M▲ 83.7% | -77.58M▲ 0.5% | -86.22M▼ 11.1% | -62.94M▲ 0% |
| Net Margin % | - | - | - | -8721.36% | -1028.89% | -1369.69% | -1045.27% |
| Net Income Growth % | - | -163.46% | -1468.48% | 83.66% | 0.5% | -11.14% | 20.21% |
| Net Income (Continuing) | -11.55M | -30.42M | -477.12M | -77.97M | -77.58M | -86.22M | -62.94M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.64▲ 0% | -7.77▼ 373.8% | -58.53▼ 653.3% | -7.66▲ 86.9% | -0.48▲ 93.7% | -7.32▼ 1425.0% | -4.45▲ 0% |
| EPS Growth % | - | -373.78% | -653.28% | 86.91% | 93.73% | -1425% | 24.22% |
| 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 | 14.15M |
| Basic Shares Outstanding | 7.04M | 3.93M | 83.26M | 152.68M | 159.96M | 176.6M | 14.15M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
GWH Balance Sheet
ESS Tech, Inc. (GWH) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
| Total Current Assets | 18.95M | 6.86M | 245.52M | 151.64M | 118.1M | 43.36M | 11.56M |
| Cash & Short-Term Investments | 18.29M | 4.9M | 238.94M | 139.81M | 108.06M | 31.6M | 3.54M |
| Cash Only | 18.29M | 4.9M | 238.94M | 34.77M | 20.16M | 13.34M | 3.54M |
| Short-Term Investments | 0 | 0 | 0 | 105.05M | 87.9M | 18.26M | 0 |
| Accounts Receivable | 0 | 0 | 517K | 4.95M | 2.24M | 2.42M | 108K |
| Days Sales Outstanding | - | - | - | 2.02K | 108.58 | 140.14 | 44.34 |
| Inventory | 0 | 0 | 0 | 1.21M | 3.37M | 5.64M | 4.65M |
| Days Inventory Outstanding | - | - | - | - | 59.95 | 39.86 | 53.62 |
| Other Current Assets | 567K | 1.85M | 1.48M | 2.51M | 3.9M | 1.52M | 3.26M |
| Total Non-Current Assets | 2.19M | 2.16M | 4.68M | 21.92M | 25.13M | 28.45M | 24.59M |
| Property, Plant & Equipment | 1.66M | 1.84M | 4.5M | 20.97M | 18.43M | 22.09M | 18.88M |
| Fixed Asset Turnover | - | - | - | 0.04x | 0.41x | 0.29x | 0.28x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 183K | 4.92M | 4.66M | 4.46M |
| Long-Term Investments | 0 | 0 | 0 | 675K | 0 | 0 | 0 |
| Other Non-Current Assets | 529K | 326K | 180K | 946K | 1.78M | 1.71M | 5.88M |
| Total Assets | 21.14M▲ 0% | 9.02M▼ 57.3% | 250.2M▲ 2672.9% | 173.55M▼ 30.6% | 143.23M▼ 17.5% | 71.81M▼ 49.9% | 36.15M▲ 0% |
| Asset Turnover | - | - | - | 0.01x | 0.05x | 0.09x | 0.12x |
| Asset Growth % | - | -57.32% | 2672.9% | -30.63% | -17.47% | -49.86% | -233.5% |
| Total Current Liabilities | 2.89M | 8.39M | 13.62M | 27.99M | 19.77M | 27.6M | 23.8M |
| Accounts Payable | 697K | 522K | 1.57M | 3.04M | 2.75M | 8.07M | 9.47M |
| Days Payables Outstanding | - | 437 | 1K | - | 49.06 | 57.03 | 94.19 |
| Short-Term Debt | 365K | 5.68M | 1.9M | 1.6M | 0 | 0 | 439K |
| Deferred Revenue (Current) | 0 | 0 | 3.66M | 6.17M | 2.55M | 5.24M | 9.31M |
| Other Current Liabilities | 898K | 705K | 683K | 12.82M | 7.2M | 1.08M | 12.57M |
| Current Ratio | 6.56x | 0.82x | 18.02x | 5.42x | 5.97x | 1.57x | 1.57x |
| Quick Ratio | 6.56x | 0.82x | 18.02x | 5.37x | 5.80x | 1.37x | 1.37x |
| Cash Conversion Cycle | - | - | - | - | 119.46 | 122.98 | 3.77 |
| Total Non-Current Liabilities | 2.67M | 2.28M | 31.42M | 8.59M | 20.11M | 15.33M | 14.11M |
| Long-Term Debt | 463K | 19K | 1.87M | 315K | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 2.54M | 957K | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 405K |
| Other Non-Current Liabilities | 2.21M | 2.26M | 29.55M | 3.29M | 917K | 927K | 16.6M |
| Total Liabilities | 5.56M | 10.67M | 45.04M | 36.58M | 39.88M | 42.93M | 37.91M |
| Total Debt | 828K | 5.7M | 3.77M | 5.87M | 2.54M | 1.69M | 439K |
| Net Debt | -17.46M | 796K | -235.17M | -28.9M | -17.63M | -11.65M | -3.1M |
| Debt / Equity | 0.05x | - | 0.02x | 0.04x | 0.02x | 0.06x | 0.06x |
| Debt / EBITDA | - | - | - | - | - | - | -0.01x |
| Net Debt / EBITDA | - | - | - | - | - | - | 0.05x |
| Interest Coverage | - | -131.76x | -32.13x | - | - | - | -138.42x |
| Total Equity | 15.58M▲ 0% | -1.65M▼ 110.6% | 205.16M▲ 12549.0% | 136.97M▼ 33.2% | 103.36M▼ 24.5% | 28.88M▼ 72.1% | -1.77M▲ 0% |
| Equity Growth % | - | -110.58% | 12548.97% | -33.24% | -24.54% | -72.05% | -357.11% |
| Book Value per Share | 2.21 | -0.42 | 2.46 | 0.90 | 0.65 | 0.16 | -0.12 |
| Total Shareholders' Equity | 15.58M | -1.65M | 205.16M | 136.97M | 103.36M | 28.88M | -1.77M |
| Common Stock | 1K | 6K | 16K | 16K | 18K | 1K | 460K |
| Retained Earnings | -33.07M | -63.49M | -540.61M | -618.58M | -696.16M | -782.38M | -821.84M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 153K | 153K | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
GWH Cash Flow Statement
ESS Tech, Inc. (GWH) cash flow — operating, investing & free cash flow history
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
| Cash from Operations | -6.67M | -16.64M | -51.85M | -81.62M | -54.9M | -72.22M | -72.22M |
| Operating CF Margin % | - | - | - | -9129.75% | -728.06% | -1147.24% | - |
| Operating CF Growth % | - | -149.36% | -211.5% | -57.42% | 32.74% | -31.56% | 62.41% |
| Net Income | -11.55M | -30.42M | -477.12M | -77.97M | -77.58M | -86.22M | -62.94M |
| Depreciation & Amortization | 260K | 436K | 572K | 1.52M | 6.51M | 4.72M | 5.99M |
| Stock-Based Compensation | 175K | 310K | 7.92M | 11.89M | 10.63M | 11.57M | 5.74M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 2.05M | 12.98M | 414.69M | -25.52M | 7.18M | 4.18M | 2.05M |
| Working Capital Changes | 2.38M | 47K | 2.09M | 8.46M | -1.65M | -6.47M | -7.75M |
| Change in Receivables | 0 | 0 | 0 | -1.89M | 3.63M | 1.55M | 305K |
| Change in Inventory | 0 | 0 | 0 | 0 | -14.66M | -8.63M | 1.45M |
| Change in Payables | 0 | -221K | 886K | 1.46M | -229K | 4.24M | -1.07M |
| Cash from Investing | -851K | -502K | -2.77M | -117.88M | 15.07M | 64.76M | 38.21M |
| Capital Expenditures | -851K | -502K | -2.77M | -14.18M | -5.79M | -7.29M | -4.54M |
| CapEx % of Revenue | - | - | - | 1586.13% | 76.79% | 115.87% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 20.86M | 72.05M | 42.75M |
| Cash from Financing | 22.25M | 4.72M | 288.45M | -4.07M | 25.65M | 174K | 8.99M |
| Debt Issued (Net) | 2.46M | 4.71M | -1.07M | -1.9M | -1.73M | 0 | 4M |
| Equity Issued (Net) | 0 | 0 | 1000K | -1000K | 1000K | -297K | 1.64M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -2.81M | -310K | -297K | -88K |
| Other Financing | 19.79M | 7K | 262.5M | 635K | 564K | 471K | 286K |
| Net Change in Cash | 18.82M▲ 0% | -12.43M▼ 166.0% | 233.84M▲ 1982.0% | -203.58M▼ 187.1% | -14.17M▲ 93.0% | -7.29M▲ 48.6% | -9.71M▲ 0% |
| Free Cash Flow | -7.53M▲ 0% | -17.15M▼ 127.8% | -54.62M▼ 218.5% | -95.8M▼ 75.4% | -60.69M▲ 36.7% | -79.51M▼ 31.0% | -61.45M▲ 0% |
| FCF Margin % | - | - | - | -10715.88% | -804.85% | -1263.11% | -1020.61% |
| FCF Growth % | - | -127.84% | -218.52% | -75.41% | 36.65% | -31.02% | 16.16% |
| FCF per Share | -1.07 | -4.37 | -0.66 | -0.63 | -0.38 | -0.45 | -0.45 |
| FCF Conversion (FCF/Net Income) | 0.58x | 0.55x | 0.11x | 1.05x | 0.71x | 0.84x | 0.98x |
| Interest Paid | 0 | 111K | 1.8M | 154K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
GWH Key Ratios
ESS Tech, Inc. (GWH) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | TTM |
|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -436.62% | -468.89% | -45.58% | -64.56% | -130.4% | -592.34% |
| Return on Invested Capital (ROIC) | - | - | -202.7% | -66.49% | -130.82% | -130.82% |
| Gross Margin | - | - | 100% | -171.82% | -720.54% | -517.54% |
| Net Margin | - | - | -8721.36% | -1028.89% | -1369.69% | -1045.27% |
| Debt / Equity | - | 0.02x | 0.04x | 0.02x | 0.06x | 0.06x |
| Interest Coverage | -131.76x | -32.13x | - | - | - | -138.42x |
| FCF Conversion | 0.55x | 0.11x | 1.05x | 0.71x | 0.84x | 0.98x |
| Revenue Growth | - | - | - | 743.4% | -16.51% | -3.53% |
GWH SEC Filings & Documents
ESS Tech, Inc. (GWH) SEC filings — annual & quarterly reports (10-K, 10-Q)
GWH Frequently Asked Questions
ESS Tech, Inc. (GWH) stock FAQ — growth, dividends, profitability & financials explained
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.
Explore More GWH
ESS Tech, Inc. (GWH) financial analysis — history, returns, DCA and operating performance tools
Total Return Calculator
Historical returns with dividends reinvested
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Dividend History
Yield, growth, payout safety & DRIP
Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
Sales growth patterns & revenue breakdown
Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates