The company's financial position has deteriorated significantly, with total assets contracting from $143.2M in 2023Q4 to $48.6M in 2026Q1, while the current ratio has compressed to a vulnerable 1.08.
| Total Current Assets | 24.77M | 26.25M | 43.36M | 118.1M | 151.64M | 245.52M | 6.86M | 18.95M |
| Cash & Short-Term Investments | 21.45M | 22.03M | 31.6M | 108.06M | 139.81M | 238.94M | 4.9M | 18.29M |
| Cash Only | 15.49M | 14.48M | 13.34M | 20.16M | 34.77M | 238.94M | 4.9M | 18.29M |
| Short-Term Investments | 5.97M | 7.56M | 18.26M | 87.9M | 105.05M | 0 | 0 | 0 |
| Accounts Receivable | 37K | 1.45M | 2.42M | 2.24M | 4.95M | 517K | 0 | 0 |
| Days Sales Outstanding | 142.87 | 333.87 | 140.14 | 108.58 | 2.02K | - | - | - |
| Inventory | 123K | 140K | 5.64M | 3.37M | 1.21M | 0 | 0 | 0 |
| Days Inventory Outstanding | 26.18 | 1.46 | 39.86 | 59.95 | - | - | - | - |
| Other Current Assets | 3.16M | 2.63M | 1.52M | 3.9M | 2.51M | 1.48M | 1.85M | 567K |
| Total Non-Current Assets | 23.8M | 24.93M | 28.45M | 25.13M | 21.92M | 4.68M | 2.16M | 2.19M |
| Property, Plant & Equipment | 19.63M | 20.99M | 22.09M | 18.43M | 20.97M | 4.5M | 1.84M | 1.66M |
| Fixed Asset Turnover | 0.05x | 0.08x | 0.29x | 0.41x | 0.04x | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.62M | 2.68M | 4.66M | 4.92M | 183K | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 675K | 0 | 0 | 0 |
| Other Non-Current Assets | 1.55M | 1.25M | 1.71M | 1.78M | 946K | 180K | 326K | 529K |
| Total Assets | 48.57M | 51.17M | 71.81M | 143.23M | 173.55M | 250.2M | 9.02M | 21.14M |
| Asset Turnover | 0.03x | 0.03x | 0.09x | 0.05x | 0.01x | - | - | - |
| Asset Growth % | -165.06% | -28.74% | -49.86% | -17.47% | -30.63% | 2672.9% | -57.32% | - |
| Total Current Liabilities | 23.01M | 25.29M | 27.6M | 19.77M | 27.99M | 13.62M | 8.39M | 2.89M |
| Accounts Payable | 1.33M | 3.02M | 8.07M | 2.75M | 3.04M | 1.57M | 522K | 697K |
| Days Payables Outstanding | 66.77 | 31.53 | 57.03 | 49.06 | - | 1K | 437 | - |
| Short-Term Debt | 1.85M | 1.78M | 0 | 0 | 1.6M | 1.9M | 5.68M | 365K |
| Deferred Revenue (Current) | 3.42M | 359K | 5.24M | 2.55M | 6.17M | 3.66M | 0 | 0 |
| Other Current Liabilities | 19.48M | 20.13M | 1.08M | 7.2M | 12.82M | 683K | 705K | 898K |
| Current Ratio | 1.08x | 1.04x | 1.57x | 5.97x | 5.42x | 18.02x | 0.82x | 6.56x |
| Quick Ratio | 1.07x | 1.03x | 1.37x | 5.80x | 5.37x | 18.02x | 0.82x | 6.56x |
| Cash Conversion Cycle | 102.27 | 303.8 | 122.98 | 119.46 | - | - | - | - |
| Total Non-Current Liabilities | 16.11M | 17.26M | 15.33M | 20.11M | 8.59M | 31.42M | 2.28M | 2.67M |
| Long-Term Debt | 1.57M | 2.06M | 0 | 0 | 315K | 1.87M | 19K | 463K |
| Capital Lease Obligations | 0 | 0 | 0 | 957K | 2.54M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 14.55M | 15.2M | 927K | 917K | 3.29M | 29.55M | 2.26M | 2.21M |
| Total Liabilities | 39.13M | 42.55M | 42.93M | 39.88M | 36.58M | 45.04M | 10.67M | 5.56M |
| Total Debt | 3.42M | 3.84M | 1.69M | 2.54M | 5.87M | 3.77M | 5.7M | 828K |
| Net Debt | -12.07M | -10.63M | -11.65M | -17.63M | -28.9M | -235.17M | 796K | -17.46M |
| Debt / Equity | 0.36x | 0.45x | 0.06x | 0.02x | 0.04x | 0.02x | - | 0.05x |
| Debt / EBITDA | -0.08x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.27x | - | - | - | - | - | - | - |
| Interest Coverage | -16.05x | -10.21x | - | - | - | -251.98x | -229.45x | - |
| Total Equity | 9.45M | 8.62M | 28.88M | 103.36M | 136.97M | 205.16M | -1.65M | 15.58M |
| Equity Growth % | -290.77% | -70.16% | -72.05% | -24.54% | -33.24% | 12548.97% | -110.58% | - |
| Book Value per Share | 0.32 | 0.59 | 0.16 | 0.65 | 0.90 | 2.46 | -0.42 | 2.21 |
| Total Shareholders' Equity | 9.45M | 8.62M | 28.88M | 103.36M | 136.97M | 205.16M | -1.65M | 15.58M |
| Common Stock | 232K | 2K | 1K | 18K | 16K | 16K | 6K | 1K |
| Retained Earnings | -861.74M | -845.82M | -782.38M | -696.16M | -618.58M | -540.61M | -63.49M | -33.07M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 153K | 153K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Critical liquidity and dilution
As reported in recent financial filings, GWH's total assets have contracted significantly from $143.2M in 2023Q4 to $48.6M in 2026Q1, reflecting a rapid depletion of resources that suggests the company is struggling to maintain its operational scale amidst persistent, deep-seated manufacturing and commercialization challenges.
The consistent decline in total assets indicates that the company is consuming its capital base to fund ongoing operating losses rather than reinvesting in productive capacity. This trajectory suggests that the business model has yet to achieve the necessary scale to stabilize its balance sheet, leaving the firm increasingly reliant on external financing.
Based on the latest quarterly data, GWH's current ratio has compressed to 1.08, down from a peak of 5.97 in 2023Q4, indicating that the company's ability to cover short-term obligations is rapidly diminishing as cash reserves are exhausted to support ongoing manufacturing and R&D activities.
The sharp reduction in liquidity suggests that the company is operating with a very thin margin of safety, which may limit its flexibility to navigate unexpected supply chain disruptions or project delays. Investors should monitor the cash runway closely, as the current liquidity profile appears insufficient to sustain operations without further capital raises.
According to the company's balance sheet, equity has plummeted from $103.4M in 2023Q4 to $9.4M in 2026Q1, a trend driven primarily by the accumulation of massive retained earnings deficits that now total -$861.7M, signaling significant value destruction for shareholders over the observed period.
The rapid erosion of equity highlights the persistent nature of the company's losses and the lack of a clear path to profitability. This deterioration suggests that the firm's capital structure is becoming increasingly fragile, potentially necessitating dilutive equity issuances to maintain solvency.
As evidenced by the balance sheet, the presence of $2.6M in goodwill alongside $19.6M in net PPE warrants further investigation, as these assets may be subject to impairment charges if the company fails to achieve its projected manufacturing throughput and commercialization milestones in the near term.
The reliance on PPE as a significant portion of the asset base is concerning given the company's inability to generate positive gross margins, which may imply that these assets are not being utilized efficiently. If the technology fails to gain market traction, the carrying value of these assets could be significantly overstated, posing a risk of future write-downs.
Quick answers to the most common questions about buying GWH stock.
As of 2025, ESS Tech, Inc. (GWH) had total assets of $51.2M including $26.2M in current assets.
ESS Tech, Inc. (GWH) carries total debt of $3.8M, offset by $22.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ESS Tech, Inc. (GWH) has total shareholders' equity (book value) of $8.6M ($0.59 book value per share). Book value represents the net worth of the company belonging to common stock holders.
ESS Tech, Inc. (GWH) reported a current ratio of 1.04x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.