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ESS Tech ( (GWH) ) just unveiled an announcement.
ESS Tech reported fourth-quarter and full-year 2025 results on March 5, 2026, highlighting a leadership and organizational reset, tighter financial discipline and an expansion of its technology base through the acquisition of VoltStorage’s iron-salt battery intellectual property and assets. The company strengthened its commercial pipeline with an updated collaboration with Google on Project New Horizon, a $9.9 million U.S. military storage award and a 5 MW/50 MWh deployment at Salt River Project’s Copper Crossing facility, with manufacturing for New Horizon slated to begin in 2026 and deliveries targeted for December 2027.
Financially, ESS narrowed its net loss to $63.4 million in 2025 from $86.2 million in 2024, improved adjusted EBITDA to negative $44.3 million and cut operating expenses by 33% to $29.7 million, even as revenue remained modest at $1.6 million amid a shift to its Energy Base offering and lower sales volumes. Liquidity actions included a $40 million financing in October 2025, an at-the-market equity program raising about $8.6 million, a $15 million registered direct offering in January 2026 and substantial repayment of a Yorkville promissory note, moves that bolstered cash resources but left working capital at roughly $1 million at year-end 2025.
The most recent analyst rating on (GWH) stock is a Buy with a $3.50 price target. To see the full list of analyst forecasts on ESS Tech stock, see the GWH Stock Forecast page.
Spark’s Take on GWH Stock
According to Spark, TipRanks’ AI Analyst, GWH is a Neutral.
Overall score is dragged down primarily by very weak financial performance (losses, negative cash flows, and negative equity) and bearish technicals (below key moving averages with negative MACD). The earnings call provides some offset via strategic progress and financing actions, but sharp revenue decline and ongoing losses keep risk elevated; valuation is also constrained by negative earnings and no dividend support.
To see Spark’s full report on GWH stock, click here.
More about ESS Tech
ESS Tech, Inc., listed on the NYSE as GWH, is a manufacturer of long-duration iron flow energy storage systems for commercial and utility-scale applications. Founded in 2011, the company focuses on safe, sustainable decarbonization using iron, salt and water-based technology to provide resilient energy storage that supports grid reliability and rising power demand.
Its products are designed to help customers meet increasing electricity needs without disruptions and to maximize the value of excess energy, positioning ESS in the growing long-duration energy storage market. The company targets critical applications such as defense and data infrastructure where domestically produced storage solutions are in demand.
Average Trading Volume: 574,342
Technical Sentiment Signal: Sell
Current Market Cap: $38.66M
For a thorough assessment of GWH stock, go to TipRanks’ Stock Analysis page.