ESS Tech, Inc. (GWH) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the GWH SEC filings page.
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).
ESS remains a development-stage business: operating losses persist while financing increasingly supports a shrinking asset base.
Reported net income overstates operating improvement: FY2025 showed net income of$63.4M despite operating losses of$57.4M and operating cash flow of-$50.3M . The gap indicates that a non-operating item, rather than the core business, drove the accounting profit.
Scale has contracted sharply: revenue fell from
The balance sheet has become much less flexible: total assets declined to
Financial Health Signals
Scored against emerging 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. held $14.5M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $50.3M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and ESS Tech, Inc. scores 14/100 among other emerging companies.
ESS Tech, Inc. had 27M shares outstanding at the end of fiscal year 2025, against 12M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and ESS Tech, Inc. scores 91/100 among other emerging companies.
ESS Tech, Inc. spent $8.3M on research and development in fiscal year 2025, which was 14.1% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and ESS Tech, Inc. scores 44/100 among other emerging companies.
ESS Tech, Inc. reported revenue of $1.6M in fiscal year 2025, against $6.3M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and ESS Tech, Inc. scores 5/100 among other emerging companies.
ESS Tech, Inc.'s operations used $50.3M of cash in fiscal year 2025, against $72.2M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and ESS Tech, Inc. scores 49/100 among other emerging companies.
ESS Tech, Inc.'s cash, cash equivalents and investments came to $14.5M at the end of fiscal year 2025, against $42.6M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and ESS Tech, Inc. scores 36/100 among other emerging companies.
ESS Tech, Inc. scores -26.70, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($6.3M) 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.
ESS Tech, Inc. reported an operating loss of $57.4M against $5.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
ESS Tech, Inc. generated $73K in revenue in Q2 2026. This represents a decrease of 96.9% from the same quarter a year earlier. Against the prior quarter it is down 43.0%.
ESS Tech, Inc.'s EBITDA was -$10.1M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1.5% from the same quarter a year earlier. Against the prior quarter it is up 11.7%.
ESS Tech, Inc. reported -$15.6M in net income in Q2 2026. This represents a decrease of 40.7% from the same quarter a year earlier. Against the prior quarter it is up 2.3%.
ESS Tech, Inc. earned -$0.46 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 14.8%.
Cash & Balance Sheet
ESS Tech, Inc. recorded an outflow of $9.4M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 27.8% from the same quarter a year earlier. Against the prior quarter it is up 34.4%.
ESS Tech, Inc. held $10.8M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q2 2026.
Capital Allocation
ESS Tech, Inc. invested $2.2M in research and development in Q2 2026. This represents an increase of 54.6% from the same quarter a year earlier. Against the prior quarter it is down 16.2%.
ESS Tech, Inc. invested $502K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 31.1% from the same quarter a year earlier. Against the prior quarter it is down 46.0%.
Not reported for Q2 2026.
GWH Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $73K-96.9% | $128K-78.6% | N/A | $214K-40.4% | $2.4M+577.6% | $599K-78.1% | $2.9M+1.9% | $359K-76.8% |
| Cost of Revenue | $7.5M+0.5% | $7.2M-18.1% | N/A | $4.9M-61.2% | $7.5M-36.5% | $8.7M-21.4% | $16.0M+55.5% | $12.7M+25.1% |
| Gross Profit | -$7.4M-45.5% | -$7.0M+13.6% | N/A | -$4.7M+61.8% | -$5.1M+55.3% | -$8.1M+2.9% | -$13.2M-75.5% | -$12.4M-43.3% |
| R&D Expenses | $2.2M+54.6% | $2.6M+5.9% | N/A | $1.0M-61.7% | $1.4M-49.8% | $2.5M-30.1% | $2.7M-29.5% | $2.7M+66.8% |
| SG&A Expenses | $5.0M+32.8% | $3.9M-30.7% | N/A | $3.7M-39.2% | $3.7M-39.7% | $5.6M+0.8% | $5.7M+1.9% | $6.1M+4.4% |
| Operating Income | -$15.1M-31.0% | -$13.8M+24.1% | N/A | -$9.8M+58.6% | -$11.6M+50.0% | -$18.1M+6.9% | -$23.5M-23.2% | -$23.7M-30.6% |
| EBITDA | -$10.1M-1.5% | -$11.4M+31.3% | N/A | -$8.3M+63.4% | -$9.9M+54.5% | -$16.6M+9.1% | -$22.2M-41.3% | -$22.8M-33.7% |
| Interest Expense | $596K | $2.5M | N/A | $456K | N/A | N/A | N/A | N/A |
| Income Tax | $0 | $0 | N/A | $0 | $0 | $0 | N/A | $0 |
| Net Income | -$15.6M-40.7% | -$15.9M+11.7% | N/A | -$10.4M+53.9% | -$11.1M+49.6% | -$18.0M+1.6% | $149.0M+1023.5% | -$22.5M-35.4% |
| EPS (Basic) | -$0.46+48.9% | -$0.54+64.0% | -$1.26+36.0% | -$0.73+61.6% | -$0.90+51.9% | -$1.50+4.5% | -$1.97-2362.5% | -$1.90-19.5% |
| EPS (Diluted) | -$0.46 | -$0.54 | -$1.26 | -$0.73+61.6% | -$0.90+51.9% | -$1.50+4.5% | -$1.97 | -$1.90-19.5% |
| Diluted Shares (Avg) | 34M | 29M | N/A | 14M+19.8% | 12M+4.7% | 12M+3.4% | N/A | 12M+12.8% |
GWH Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $32.5M-18.0% | $48.6M-9.3% | $51.2M-28.7% | $36.1M-62.6% | $39.6M-64.4% | $53.6M-56.7% | $71.8M-49.9% | $96.7M-39.1% |
| Current Assets | $13.6M+21.7% | $24.8M+4.6% | $26.2M-39.5% | $11.6M-83.1% | $11.2M-86.8% | $23.7M-75.9% | $43.4M-63.3% | $68.6M-47.8% |
| Cash & Equivalents | $10.8M+1261.1% | $15.5M+83.9% | $14.5M+8.5% | $3.5M-72.4% | $797K-97.8% | $8.4M-76.8% | $13.3M-33.8% | $12.8M-65.5% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $112K-97.6% | $123K-98.2% | $140K-97.5% | $4.7M-33.9% | $4.7M+5.6% | $6.9M+117.8% | $5.6M+67.6% | $7.0M+211.9% |
| Accounts Receivable | $10K-93.2% | $37K-85.4% | $13K-94.0% | $108K-73.8% | $148K-84.9% | $253K-75.6% | $215K-89.2% | $413K-67.4% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $35.2M-3.2% | $39.1M-5.7% | $42.6M-0.9% | $37.9M-20.2% | $36.3M-13.7% | $41.5M+15.9% | $42.9M+7.7% | $47.5M+12.5% |
| Current Liabilities | $20.0M-16.5% | $23.0M+3.4% | $25.3M-8.4% | $23.8M-25.8% | $24.0M-7.9% | $22.2M+11.9% | $27.6M+39.6% | $32.1M+72.1% |
| Non-Current Liabilities | $15.2M+22.7% | $16.1M-16.3% | $17.3M+12.6% | $14.1M-8.5% | $12.4M-23.2% | $19.3M+20.9% | $15.3M-23.8% | $15.4M-34.6% |
| Total Equity | -$2.7M-181.3% | $9.4M-21.8% | $8.6M-70.2% | -$1.8M-103.6% | $3.3M-95.2% | $12.1M-86.2% | $28.9M-72.1% | $49.2M-57.8% |
| Retained Earnings | -$877.3M-8.1% | -$861.7M-7.7% | -$845.8M-8.1% | -$821.8M-8.3% | -$811.5M-10.2% | -$800.4M-12.0% | -$782.4M-12.4% | -$758.9M-11.6% |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$8.9M+27.6% | -$13.5M+26.2% | -$13.9M+32.3% | -$5.8M+66.9% | -$12.4M+18.8% | -$18.2M+3.6% | -$20.5M-26.8% | -$17.6M-1344.8% |
| Depreciation & Amortization | $5.1M+210.1% | $2.4M+54.5% | $1.2M-17.8% | $1.5M+63.0% | $1.6M+22.5% | $1.5M+26.3% | $1.4M-57.2% | $900K-18.2% |
| Stock-Based Compensation | $614K-63.2% | $1.1M-13.8% | N/A | $1.0M-60.8% | $1.7M-44.8% | $1.2M-56.8% | N/A | $2.7M-8.0% |
| Capital Expenditures | $502K-31.1% | $930K+22.0% | $2.3M-33.4% | -$417K-81.5% | $729K+19.1% | $762K-20.0% | $3.5M+119.5% | $2.3M+193.6% |
| Free Cash Flow | -$9.4M+27.8% | -$14.4M+24.3% | -$16.2M+32.5% | -$6.3M+68.5% | -$13.1M+17.3% | -$19.0M+4.3% | -$23.9M-35.1% | -$19.9M-899.5% |
| Investing Cash Flow | $5.5M+49.9% | $725K-94.5% | -$9.8M-147.0% | $417K+106.6% | $3.7M-76.3% | $13.3M-61.8% | $20.9M+2349.0% | -$6.3M+64.8% |
| Financing Cash Flow | -$1.2M-246.6% | $14.0M+108146.2% | $34.6M+27580.8% | $8.1M+100825.0% | $816K+491.3% | -$13K+84.0% | $125K+92.3% | -$8K-100.0% |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| 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%-19.3pp | N/A | N/A | -334.6%-302.8pp | -149.2%-128.4pp | 515.7%+531.3pp | -45.7%-31.4pp |
| Return on Assets | -47.9%-20.0pp | -32.8%+0.9pp | N/A | -28.7%-5.4pp | -27.9%-8.2pp | -33.6%-18.8pp | 207.4%+218.7pp | -23.3%-12.8pp |
| Current Ratio | 0.68+0.2x | 1.080.0x | 1.04-0.5x | 0.49-1.7x | 0.47-2.8x | 1.06-3.9x | 1.57-4.4x | 2.14-4.9x |
| Debt-to-Equity | N/A | 4.14+0.7x | 4.94+3.5x | N/A | 10.99+10.4x | 3.44+3.0x | 1.49+1.5x | 0.97+1.0x |
| Asset Turnover | 0.00-0.1x | 0.000.0x | N/A | 0.010.0x | 0.06+0.1x | 0.010.0x | 0.040.0x | 0.000.0x |
| 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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| ESS Tech, Inc. GWH | FY2025 | $1.6M | $63.4M | N/A | $6.3M | 40/100 |
| CCSC Technology International Holdings Limited CCTG | FY2026 | $17.3M | -$4.8M | -27.8% | $5.4M | 32/100 |
| E-Power Inc. EPOW | FY2025 | $46.4M | -$16.6M | -35.8% | $7.7M | 22/100 |
| Dragonfly Energy Holdings Corp. DFLI | FY2025 | $58.6M | -$69.9M | N/A | $6.1M | 39/100 |
| Solidion Technology, Inc. STI | FY2025 | $13K | N/A | N/A | $43.7M | — |
| Flux Power Holdings, Inc. FLUX | FY2026 | $42.1M | -$7.4M | -17.7% | $10.1M | 20/100 |
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.
What is ESS Tech, Inc.'s P/E ratio?
ESS Tech, Inc. (GWH) trades at 0.1x earnings, its market capitalization divided by net income of $63.4M net income, FY2025. The market capitalization is $6.3M as of Oct 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is ESS Tech, Inc.'s price-to-sales ratio?
ESS Tech, Inc. (GWH) trades at 4.0x sales, its market capitalization divided by revenue of $1.6M revenue, FY2025. The market capitalization is $6.3M as of Oct 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
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 -26.70, 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.
Can ESS Tech, Inc. cover its interest payments?
ESS Tech, Inc. (GWH) reported an operating loss of $57.4M against $5.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is ESS Tech, Inc.?
ESS Tech, Inc. (GWH) scores 40 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), 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.