Ess Tech Inc Financials
Ess Tech Inc (GWH) reported $1.6M in revenue for fiscal year 2025, down 74.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Development-stage economics remain dominant: financing supports operations while reported profitability diverges from cash generation.
FY2025’s positive net income of$63.4M coexisted with operating cash flow of-$50.3M , so the accounting result did not translate into cash. Free cash flow remained-$53.7M even as financing supplied$43.5M , indicating that external funding, rather than operations, supported much of the year’s cash needs.
R&D spending of
FY2025 liabilities of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Ess Tech Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Ess Tech Inc's reported operating margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 16/100.
Ess Tech Inc's revenue declined 74.9% year-over-year, from $6.3M to $1.6M. This contraction results in a growth score of 1/100.
Ess Tech Inc has elevated debt relative to equity (D/E of 4.94), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 11/100, reflecting increased financial risk.
Ess Tech Inc's current ratio of 1.04 is below the typical benchmark, resulting in a score of 21/100. However, the company holds substantial cash reserves (57% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
Ess Tech Inc's reported free cash flow margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 1/100.
Ess Tech Inc generates a 736.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 19/100. This is up from 298.5% the prior year.
Ess Tech Inc scores -26.59, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($13.8M) relative to total liabilities ($42.6M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Ess Tech Inc passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Ess Tech Inc used $0.79 of operating cash (-$50.3M OCF vs $63.4M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Key Financial Metrics
Earnings & Revenue
Ess Tech Inc generated $1.6M in revenue in fiscal year 2025. This represents a decrease of 74.9% from the prior year.
Ess Tech Inc's EBITDA was -$51.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 39.3% from the prior year.
Ess Tech Inc reported $63.4M in net income in fiscal year 2025. This represents a decrease of 26.4% from the prior year.
Ess Tech Inc earned -$4.34 per diluted share (EPS) in fiscal year 2025. This represents an increase of 40.7% from the prior year.
Cash & Balance Sheet
Ess Tech Inc recorded an outflow of $53.7M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 32.5% from the prior year.
Ess Tech Inc held $14.5M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Ess Tech Inc's ROE was 736.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 437.6 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is above 100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Ess Tech Inc invested $8.3M in research and development in fiscal year 2025. This represents a decrease of 29.5% from the prior year.
Ess Tech Inc invested $3.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 53.6% from the prior year.
Not reported for fiscal year 2025.
GWH Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $73K-43.0% | $128K | N/A | $214K-90.9% | $2.4M+293.7% | $599K-79.0% | $2.9M+693.9% | $359K |
| Cost of Revenue | $7.5M+4.6% | $7.2M | N/A | $4.9M-33.8% | $7.5M-14.7% | $8.7M-45.5% | $16.0M+25.9% | $12.7M |
| Gross Profit | -$7.4M-5.4% | -$7.0M | N/A | -$4.7M+7.4% | -$5.1M+37.4% | -$8.1M+38.2% | -$13.2M-6.5% | -$12.4M |
| R&D Expenses | $2.2M-16.2% | $2.6M | N/A | $1.0M-27.9% | $1.4M-42.5% | $2.5M-8.4% | $2.7M+0.8% | $2.7M |
| SG&A Expenses | $5.0M+28.1% | $3.9M | N/A | $3.7M-0.8% | $3.7M-33.1% | $5.6M-2.5% | $5.7M-6.1% | $6.1M |
| Operating Income | -$15.1M-9.8% | -$13.8M | N/A | -$9.8M+15.1% | -$11.6M+36.3% | -$18.1M+22.8% | -$23.5M+0.8% | -$23.7M |
| Income Tax | $0 | $0 | N/A | $0 | $0 | $0 | N/A | $0 |
| Net Income | -$15.6M+2.3% | -$15.9M | N/A | -$10.4M+6.2% | -$11.1M+38.7% | -$18.0M-112.1% | $149.0M+762.3% | -$22.5M |
| EPS (Diluted) | -$0.46+14.8% | -$0.54+57.1% | -$1.26-72.6% | -$0.73+18.9% | -$0.90+40.0% | -$1.50+23.9% | -$1.97-3.7% | -$1.90 |
Not reported in any period shown, so not listed: Interest Expense.
GWH Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $32.5M-33.1% | $48.6M-5.1% | $51.2M+41.6% | $36.1M-8.8% | $39.6M-26.1% | $53.6M-25.4% | $71.8M-25.7% | $96.7M |
| Current Assets | $13.6M-45.1% | $24.8M-5.6% | $26.2M+127.1% | $11.6M+3.5% | $11.2M-52.9% | $23.7M-45.4% | $43.4M-36.7% | $68.6M |
| Cash & Equivalents | $10.8M-30.0% | $15.5M+7.0% | $14.5M+309.1% | $3.5M+344.0% | $797K-90.5% | $8.4M-36.9% | $13.3M+4.0% | $12.8M |
| Inventory | $112K-8.9% | $123K-12.1% | $140K-97.0% | $4.7M-0.4% | $4.7M-32.1% | $6.9M+22.0% | $5.6M-19.8% | $7.0M |
| Accounts Receivable | $10K-73.0% | $37K+184.6% | $13K-88.0% | $108K-27.0% | $148K-41.5% | $253K+17.7% | $215K-47.9% | $413K |
| Total Liabilities | $35.2M-10.1% | $39.1M-8.1% | $42.6M+12.2% | $37.9M+4.4% | $36.3M-12.5% | $41.5M-3.3% | $42.9M-9.6% | $47.5M |
| Current Liabilities | $20.0M-13.1% | $23.0M-9.0% | $25.3M+6.3% | $23.8M-0.6% | $24.0M+7.7% | $22.2M-19.4% | $27.6M-14.0% | $32.1M |
| Total Equity | -$2.7M-128.4% | $9.4M+9.6% | $8.6M+587.7% | -$1.8M-153.5% | $3.3M-72.6% | $12.1M-58.2% | $28.9M-41.3% | $49.2M |
| Retained Earnings | -$877.3M-1.8% | -$861.7M-1.9% | -$845.8M-2.9% | -$821.8M-1.3% | -$811.5M-1.4% | -$800.4M-2.3% | -$782.4M-3.1% | -$758.9M |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
GWH Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$8.9M+33.6% | -$13.5M+2.9% | -$13.9M-137.5% | -$5.8M+52.8% | -$12.4M+32.2% | -$18.2M+10.9% | -$20.5M-16.3% | -$17.6M |
| Capital Expenditures | $502K-46.0% | $930K-59.8% | $2.3M+454.7% | -$417K-42.8% | $729K-4.3% | $762K-78.0% | $3.5M+53.7% | $2.3M |
| Free Cash Flow | -$9.4M+34.4% | -$14.4M+11.0% | -$16.2M-158.7% | -$6.3M+52.2% | -$13.1M+31.1% | -$19.0M+20.7% | -$23.9M-20.5% | -$19.9M |
| Investing Cash Flow | $5.5M+658.3% | $725K+107.4% | -$9.8M-2452.3% | $417K-88.6% | $3.7M-72.3% | $13.3M-36.5% | $20.9M+431.2% | -$6.3M |
| Financing Cash Flow | -$1.2M-108.5% | $14.0M-59.4% | $34.6M+329.4% | $8.1M+887.5% | $816K+6376.9% | -$13K-110.4% | $125K+1662.5% | -$8K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
GWH Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -10165.8% | -5498.4% | N/A | -2207.9% | -216.3% | -1360.1% | -462.7% | -3449.0% |
| Operating Margin | -20731.5% | -10765.6% | N/A | -4584.6% | -490.1% | -3029.4% | -824.5% | -6596.7% |
| Net Margin | -21305.5% | -12439.1% | N/A | -4848.1% | -468.9% | -3009.3% | 5226.8% | -6265.5% |
| Return on Equity | N/A | -168.6% | N/A | N/A | -334.6%-185.4pp | -149.2%-665.0pp | 515.7%+561.5pp | -45.7% |
| Return on Assets | -47.9%-15.1pp | -32.8% | N/A | -28.7%-0.8pp | -27.9%+5.7pp | -33.6%-241.1pp | 207.4%+230.7pp | -23.3% |
| Current Ratio | 0.68-0.4x | 1.080.0x | 1.04+0.6x | 0.490.0x | 0.47-0.6x | 1.06-0.5x | 1.57-0.6x | 2.14 |
| Debt-to-Equity | N/A | 4.14-0.8x | 4.94 | N/A | 10.99+7.6x | 3.44+1.9x | 1.49+0.5x | 0.97 |
| FCF Margin | -12938.4% | -11241.4% | N/A | -2920.6% | -555.1% | -3171.9% | -840.3% | -5534.8% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where Ess Tech Inc Ranks
Frequently Asked Questions
What is Ess Tech Inc's annual revenue?
Ess Tech Inc (GWH) reported $1.6M in total revenue for fiscal year 2025. This represents a -74.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ess Tech Inc's revenue growing?
Ess Tech Inc (GWH) revenue declined by 74.9% year-over-year, from $6.3M to $1.6M in fiscal year 2025.
Is Ess Tech Inc profitable?
Yes, Ess Tech Inc (GWH) reported a net income of $63.4M in fiscal year 2025.
What is Ess Tech Inc's EBITDA?
Ess Tech Inc (GWH) had EBITDA of -$51.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Ess Tech Inc's return on equity (ROE)?
Ess Tech Inc (GWH) has a return on equity of 736.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Ess Tech Inc's free cash flow?
Ess Tech Inc (GWH) recorded an outflow of $53.7M in free cash flow during fiscal year 2025. This represents a 32.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ess Tech Inc's operating cash flow?
Ess Tech Inc (GWH) recorded an outflow of $50.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Ess Tech Inc's total assets?
Ess Tech Inc (GWH) had $51.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ess Tech Inc's capital expenditures?
Ess Tech Inc (GWH) invested $3.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Ess Tech Inc spend on research and development?
Ess Tech Inc (GWH) invested $8.3M in research and development during fiscal year 2025.
What is Ess Tech Inc's current ratio?
Ess Tech Inc (GWH) had a current ratio of 1.04 as of fiscal year 2025, which is considered adequate.
What is Ess Tech Inc's debt-to-equity ratio?
Ess Tech Inc (GWH) had a debt-to-equity ratio of 4.94 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Ess Tech Inc's return on assets (ROA)?
Ess Tech Inc (GWH) had a return on assets of 124.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Ess Tech Inc's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Ess Tech Inc (GWH) held $14.5M in cash, cash equivalents and investments, and reported an operating cash outflow of $50.3M over that year. Dividing the one by the other, the reported balance equals about 3 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Ess Tech Inc's Altman Z-Score?
Ess Tech Inc (GWH) has an Altman Z-Score of -26.59, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Ess Tech Inc's Piotroski F-Score?
Ess Tech Inc (GWH) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ess Tech Inc's earnings high quality?
For every $1 of reported earnings, Ess Tech Inc (GWH) used $0.79 of operating cash (-$50.3M OCF vs $63.4M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Ess Tech Inc?
Ess Tech Inc (GWH) scores 12 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.