ESS Tech, Inc. (GWH) Financial Statements
Industry: Miscellaneous Electrical Machinery, Equipment & Supplies
In fiscal 2025, ESS Tech reported revenue of $1.6M, down 74.9% from $6.3M the year before. Net income was -$63.4M (a -4007.6% net margin), or -$4.34 per diluted share. Gross margin was -1748.1% and operating margin was -3626.5%. Operating activities generated -$50.3M of cash, leaving -$53.7M of free cash flow. At fiscal year end, ESS Tech held $51.2M in total assets against $42.6M in total liabilities, including $14.5M of cash and equivalents.
Open the full interactive ESS Tech financials → Quarterly statements, key ratios, valuation history and price charts.
ESS Tech Key Stats
| Share Price | $0.09 |
|---|---|
| Market Cap | $3.1M |
| Revenue YoY Growth | -74.9% |
| 52-Week Range | $0.09 – $9.05 |
| Shares Outstanding | 33.8 million (basic, 2026 Q2) |
ESS Tech Income Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $0 | $894,000 | $7.5M | $6.3M | $1.6M |
| Gross Profit | — | — | -$13.0M | -$45.4M | -$27.7M |
| Operating Income | -$60.6M | -$105.5M | -$85.9M | -$89.8M | -$57.4M |
| Pre-Tax Income | -$477.1M | -$78.0M | -$77.6M | -$86.2M | -$63.4M |
| Income Tax | — | — | — | — | $0 |
| Net Income | -$477.1M | -$78.0M | -$77.6M | -$86.2M | -$63.4M |
| Diluted EPS | -$5.73 | -$0.51 | -$0.48 | -$7.32 | -$4.34 |
ESS Tech Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $214,000 | — | $128,000 | $73,000 |
| Net Income | -$10.4M | -$24.0M | -$15.9M | -$15.6M |
| Diluted EPS | -$0.73 | -$1.64 | -$0.54 | -$0.46 |
ESS Tech Balance Sheet
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash & Equivalents | $238.9M | $34.8M | $20.2M | $13.3M | $14.5M |
| Current Assets | $245.5M | $151.6M | $118.1M | $43.4M | $26.2M |
| Total Assets | $250.2M | $173.6M | $143.2M | $71.8M | $51.2M |
| Current Liabilities | $13.6M | $28.0M | $19.8M | $27.6M | $25.3M |
| Total Long-Term Debt | $3.8M | $1.9M | — | — | — |
| Total Liabilities | $45.0M | $36.6M | $39.9M | $42.9M | $42.6M |
| Shareholders' Equity | $205.2M | $137.0M | $103.4M | $28.9M | $8.6M |
ESS Tech Cash Flow Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash From Operations | -$51.8M | -$81.6M | -$54.9M | -$72.2M | -$50.3M |
| Cash From Investing | -$2.8M | -$117.9M | $15.1M | $64.8M | $7.5M |
| Cash From Financing | $288.5M | -$4.1M | $25.7M | $174,000 | $43.5M |
| Free Cash Flow | -$54.6M | -$95.8M | -$60.7M | -$79.5M | -$53.7M |
Figures from ESS Tech's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full ESS Tech financials page for every line item.
ESS Tech Company Profile
| Ticker | GWH |
|---|---|
| Exchange | NYSE, OTC |
| Industry | Miscellaneous Electrical Machinery, Equipment & Supplies |
| Headquarters | Wilsonville, Oregon |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company |
| SEC CIK | 0001819438 |
Frequently Asked Questions
What was ESS Tech's revenue in fiscal 2025?
ESS Tech (GWH) reported revenue of $1.6M for fiscal 2025.
What is ESS Tech's annual revenue history?
ESS Tech's annual revenue by fiscal year: 2021: $0; 2022: $894,000; 2023: $7.5M; 2024: $6.3M; 2025: $1.6M.
What was ESS Tech's net income in fiscal 2025?
ESS Tech reported net income of -$63.4M for fiscal 2025.
What was ESS Tech's earnings per share (EPS) in fiscal 2025?
ESS Tech's diluted EPS was -$4.34 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did ESS Tech generate in fiscal 2025?
ESS Tech generated -$53.7M of free cash flow in fiscal 2025.
What was ESS Tech's revenue last quarter?
In its most recent reported quarter (2026 Q2), ESS Tech reported revenue of $73,000.
How many shares of ESS Tech are outstanding?
ESS Tech reported a weighted average of 33.8 million basic shares outstanding in 2026 Q2.
What is ESS Tech's market cap?
Based on its latest closing price, ESS Tech (GWH) has a market capitalization of about $3.1M.
When does ESS Tech's fiscal year end?
ESS Tech's fiscal year end, as registered with the SEC, is December 31.
Where is ESS Tech headquartered?
ESS Tech lists its business address in Wilsonville, Oregon in its SEC filings.
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