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ESS Tech, Inc.

GWH

ESS Tech, Inc. • NYSE
$2.75 ▲ 3.77% (+0.10)
Market Cap $34.64 M
52w High $13.87
52w Low $0.76
Dividend Yield 0%
P/E -0.54
Volume 515.40K
Outstanding Shares 12.60M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $214K ▼ $5.086M ▼ $-10.375M ▲ -4.848K% ▼ $-0.73 ▲ $-8.433M ▲
Q2-2025 $2.358M ▲ $6.456M ▼ $-11.056M ▲ -468.872% ▲ $-0.9 ▲ $-10.012M ▲
Q1-2025 $599K ▼ $9.999M ▼ $-18.026M ▲ -3.009K% ▼ $-1.5 ▲ $-16.606M ▲
Q4-2024 $2.85M ▲ $10.309M ▼ $-23.479M ▼ -823.825% ▲ $-1.97 ▼ $-22.075M ▲
Q3-2024 $359K $11.3M $-22.493M -6.265K% $-1.9 $-22.901M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.539M ▲ $36.145M ▼ $37.912M ▲ $-1.767M ▼
Q2-2025 $797K ▼ $39.617M ▼ $36.313M ▼ $3.304M ▼
Q1-2025 $12.801M ▼ $53.581M ▼ $41.502M ▼ $12.079M ▼
Q4-2024 $31.604M ▼ $71.813M ▼ $42.929M ▼ $28.884M ▼
Q3-2024 $55.114M $96.697M $47.496M $49.201M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-10.375M ▲ $-5.833M ▲ $417K ▼ $8.058M ▲ $2.642M ▲ $-5.416M ▲
Q2-2025 $-11.056M ▲ $-12.359M ▲ $3.668M ▼ $816K ▲ $-7.875M ▼ $-13.088M ▲
Q1-2025 $-18.026M ▲ $-18.238M ▲ $13.252M ▼ $-13K ▼ $-4.999M ▼ $-19M ▲
Q4-2024 $-23.479M ▼ $-20.476M ▼ $20.871M ▲ $125K ▲ $520K ▲ $-23.947M ▼
Q3-2024 $-22.493M $-17.612M $-6.301M $-8K $-23.921M $-19.87M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Other Product Or Service
Other Product Or Service
 $0 ▲$0 ▲$0 ▲$0 ▲
Product
Product
 $0 ▲$0 ▲$0 ▲$0 ▲
Service
Service
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement ESS Tech looks like a very early‑stage business from an income perspective. Revenue is still extremely small and has not yet scaled in a meaningful way. The cost of building and delivering its systems is higher than what it earns from customers, so gross profit is negative. Operating losses have been consistent year after year, reflecting ongoing spending on development, manufacturing ramp‑up, and commercialization. Net losses remain substantial, and past earnings per share figures are also distorted by share structure changes, which makes the economic picture look even harsher on a per‑share basis. Overall, the income statement shows a company still firmly in the investment and build‑out phase, not yet in a steady commercial phase.

Balance Sheet

Balance Sheet The balance sheet shows a shrinking base of assets and cash compared with the period just after listing. Cash balances have come down significantly as the company has funded losses and growth initiatives. Shareholders’ equity is still positive, but it has been eroding as net losses accumulate over time. On the positive side, the company carries very little financial debt, so leverage risk is low for now. The trade‑off is that, with a modest asset base and limited cash, the business appears dependent on future capital injections, strategic partnerships, or improved operating performance to support its long‑term plans.

Cash Flow

Cash Flow Cash flow patterns are typical of an early, technology‑heavy manufacturer. Operating cash flow has been consistently negative, meaning the core business is consuming cash rather than generating it. Free cash flow is also clearly negative, as the company invests in production capability and product development on top of its operating costs. Capital expenditure itself is not excessive in absolute terms but still adds to the cash burn. This profile suggests a company that will likely need ongoing external funding unless it can rapidly grow sales and improve margins. The key question is how quickly the move from pilot and early deployments to larger, repeatable projects can reduce cash outflows.

Competitive Edge

Competitive Edge ESS Tech is targeting a very specific and fast‑emerging niche: long‑duration energy storage for the grid. Its technology is differentiated from mainstream lithium‑ion batteries by focusing on iron flow chemistry, which uses abundant, relatively low‑risk materials and aims for long life, safety, and sustainability. The company has built a substantial patent portfolio and secured third‑party validation and insurance support, which strengthens credibility. Partnerships, especially with a large industrial player like Honeywell, provide further validation and potential market access. However, ESS remains a small player in a market where large incumbents, well‑funded new entrants, and multiple competing storage technologies are all vying for position. Its competitive strength will ultimately depend on demonstrating reliable performance at scale and proving that its total lifetime cost really beats alternatives in real‑world projects.

Innovation and R&D

Innovation and R&D Innovation is the clear focal point of ESS Tech. The company’s iron flow batteries are designed for very long operating life, long discharge durations, and high safety, using iron, salt, and water rather than critical minerals. Recent technical progress, including longer energy duration and better efficiency achieved earlier than planned, points to a strong R&D engine and active product improvement. The new Energy Base architecture and the planned increase in automated manufacturing capacity show an effort to move from one‑off systems to more standardized, scalable solutions, which is crucial for lowering costs. At the same time, this path is capital‑intensive and technically demanding. The main risks are execution—getting from promising prototypes and pilot projects to reliable, low‑cost mass production—and making sure the technology stays competitive as rivals also innovate.

Summary

ESS Tech is a young, technology‑driven energy storage company still in the early commercial phase. Financially, it has very limited revenue, persistent operating and net losses, negative cash flow, and a shrinking cash cushion, though with little debt on the balance sheet. Strategically, the company is aiming at a high‑potential segment—long‑duration grid storage—where its iron flow technology offers attractive advantages in safety, sustainability, and raw material security. A sizable patent portfolio, third‑party validation, and industrial partnerships all work in its favor. The flip side is substantial uncertainty: the business must prove it can scale manufacturing, deliver systems reliably at competitive lifetime cost, and move toward self‑funding operations before its financial resources are strained. In short, this is a high‑innovation, high‑execution‑risk profile where the technical story is promising, but the financials still reflect an early, unproven commercial stage.

NEWS

November 13, 2025 · 4:29 PM UTC

ESS Tech, Inc. Announces Third Quarter 2025 Financial Results

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October 23, 2025 · 4:05 PM UTC

ESS Schedules Third Quarter 2025 Financial Results Conference Call

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October 14, 2025 · 9:05 AM UTC

ESS Announces Closing of $40 Million Financing Transaction

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October 9, 2025 · 4:05 PM UTC

SRP and ESS Announce New 50 MWh Long Duration Energy Storage Pilot Project

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