ESS Tech (GWH)
NYSE:GWH
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ESS Tech
(NYSE:GWH)
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Rating:40Underperform
Price Target:
$0.79
▼(-32.33% Downside)
Action:Reiterated
Date:06/15/26
The score is driven primarily by very weak financial performance (deep losses, shrinking revenue, and heavy cash burn). Technicals reinforce the downside with a clear downtrend and weak momentum. Valuation offers limited support given negative earnings, and the NYSE listing deficiency adds an additional risk factor.
Positive Factors
Strategic product focus: long-duration energy storage
ESS Tech’s core product is iron flow long-duration energy storage (LDES) aimed at grid and large C/I customers. This targets structural demand drivers — renewable integration, peak shifting, and grid reliability — giving the company durable market relevance as grids decarbonize.
Negative Factors
Deep and persistent unprofitability
Income statement trends show material revenue contraction and negative gross margins, indicating the business has not yet achieved scale or cost structure to reach profitable unit economics. Persistent unprofitability undermines internal funding capacity and delays path to sustainable margins.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic product focus: long-duration energy storage
ESS Tech’s core product is iron flow long-duration energy storage (LDES) aimed at grid and large C/I customers. This targets structural demand drivers — renewable integration, peak shifting, and grid reliability — giving the company durable market relevance as grids decarbonize.
Read all positive factors
ESS Tech (GWH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$23.27M
Dividend YieldN/A
Average Volume (3M)18.51M
Price to Earnings (P/E)―
Beta (1Y)1.22
Revenue Growth-73.24%
EPS Growth53.32%
CountryUS
Employees240
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-3.37
Shares Outstanding29,389,170
10 Day Avg. Volume821,393
30 Day Avg. Volume18,511,647
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)3.19
Price to Sales (P/S)17.34
P/FCF Ratio-0.51
Enterprise Value/Market Cap0.30
Enterprise Value/Revenue6.23
Enterprise Value/Gross Profit-0.21
Enterprise Value/Ebitda-0.13
Forecast
1Y Price Target
$2.00Price Target Upside72.41% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-1
Revenue Forecast (FY)$2.10M
ESS Tech Business Overview & Revenue Model
Company Description
ESS Tech, Inc. is a global energy storage enterprise focused on developing and manufacturing iron flow batteries for commercial and large-scale utility applications. The company's product portfolio includes the Energy Warehouse, designed for on-si...
How the Company Makes Money
ESS Tech primarily makes money by selling long-duration energy storage products and associated services. Key revenue streams include: (1) Product sales: Revenue generated from the sale of its iron flow battery systems (e.g., Energy Warehouse) and ...
ESS Tech Earnings Call Summary
Earnings Call Date:Mar 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Neutral
The call presented a mix of encouraging commercial progress (SRP/Google partnership, Air Force contract), structural cost reductions, strengthened IP and financing actions, and clear product strategy around the Energy Base. However, the company faces significant near-term challenges: revenue has collapsed year-over-year, substantial net losses and negative adjusted EBITDA persist, liquidity is limited relative to commercialization needs, and meaningful revenue is expected mainly in 2027–2028. Progress is evident, but financial and execution risks remain.Positive Updates
Major Commercial Wins and Partnerships
Project New Horizon: 5 MW / 50 MWh system at SRP Copper Crossing with Google confirmed as an offtaker and multiyear operational testing; $9.9 million contract awarded from Concurrent Technologies Corporation and the U.S. Air Force Research Laboratory for a deployment at U.S. Clear Space Force Station in Alaska.
Negative Updates
Steep Revenue Decline
Full year 2025 revenue was $1.6 million, down from $6.3 million in 2024 — a decline of approximately 74.6% — reflecting the deliberate wind-down of legacy product lines and limited current Energy Base shipments.
Read all updates
Q4-2025 Updates
Positive
Negative
Major Commercial Wins and Partnerships
Project New Horizon: 5 MW / 50 MWh system at SRP Copper Crossing with Google confirmed as an offtaker and multiyear operational testing; $9.9 million contract awarded from Concurrent Technologies Corporation and the U.S. Air Force Research Laboratory for a deployment at U.S. Clear Space Force Station in Alaska.
Read all positive updates
Company Guidance
The company guided that 2026 will focus on commercializing the Energy Base with manufacturing beginning in 2026 and deliveries targeted for December 2027, with most revenue expected in 2027–2028 (SRP Project New Horizon: 5 MW / 50 MWh with Google as an offtaker; a $9.9M CTC/U.S. Air Force award is underway and SRP’s 10‑year PPA would begin recurring revenue in 2028 if structured as such). Financially, FY2025 revenue was $1.6M (down from $6.3M), gross loss $27.7M (improved 39% from $45.4M), operating expenses $29.7M (down 33% from $44.4M) with R&D down $3.5M, S&M down $5.3M and G&A down $5.9M; net loss was $63.4M (vs. $86.2M, a 26% improvement) and adjusted EBITDA was a loss of $44.3M (improved 38% and ~$27M versus a $71.3M loss in 2024). Liquidity as of 12/31/25 was $14.5M cash + $7.5M other liquid assets = $22M (AR ≈ $0, inventory $0.1M); capital actions include a $40M Yorkville financing ($30M drawn initially, second $10M tranche drawn in early 2026, ~$28.5M or 95% of the first $30M tranche repaid), a $15M registered direct in Jan‑2026, and ~$8.6M gross from the ATM—management expects additional capital needs for 2027+ but sees an improved runway and does not plan to tap the ATM immediately.ESS Tech Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
48
Neutral
Cash Flow
10
Very Negative
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.11M | 1.58M | 6.29M | 7.54M | 894.00K | 0.00 |
| Gross Profit | -32.30M | -33.41M | -45.36M | -12.96M | 894.00K | 0.00 |
| EBITDA | -51.55M | -52.24M | -81.50M | -71.06M | -76.45M | -474.66M |
| Net Income | -61.34M | -63.44M | -86.22M | -77.58M | -77.97M | -477.12M |
Balance Sheet | ||||||
| Total Assets | 48.57M | 51.17M | 71.81M | 143.23M | 173.55M | 250.20M |
| Cash, Cash Equivalents and Short-Term Investments | 21.45M | 22.03M | 31.60M | 108.06M | 139.81M | 238.94M |
| Total Debt | 12.46M | 11.89M | 1.69M | 2.54M | 5.87M | 3.77M |
| Total Liabilities | 39.13M | 42.55M | 42.93M | 39.88M | 36.58M | 45.04M |
| Stockholders Equity | 9.45M | 8.62M | 28.88M | 103.36M | 136.97M | 205.16M |
Cash Flow | ||||||
| Free Cash Flow | -49.06M | -53.67M | -79.51M | -60.69M | -95.80M | -54.62M |
| Operating Cash Flow | -45.51M | -50.28M | -72.22M | -54.90M | -81.62M | -51.85M |
| Investing Cash Flow | -5.00M | 7.53M | 64.76M | 15.07M | -117.88M | -2.77M |
| Financing Cash Flow | 57.52M | 43.46M | 174.00K | 25.65M | -4.07M | 288.45M |
ESS Tech Technical Analysis
Negative
1.16
Price Trends
1.00
Negative
1.20
Negative
1.92
Negative
Market Momentum
-0.06
Positive
36.55
Neutral
27.46
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GWH, the sentiment is Negative. The current price of 1.16 is above the 20-day moving average (MA) of 0.91, above the 50-day MA of 1.00, and below the 200-day MA of 1.92, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 36.55 is Neutral, neither overbought nor oversold. The STOCH value of 27.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GWH.
ESS Tech Risk Analysis
ESS Tech disclosed 82 risk factors in its most recent earnings report. ESS Tech reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ESS Tech Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
55 Neutral | $1.63B | -5.85 | -31.69% | ― | 29.71% | 11.38% | |
52 Neutral | $2.60B | ― | 41.50% | ― | 725.76% | 20.97% | |
43 Neutral | $19.78M | -1.08 | 209.00% | ― | ― | 72.29% | |
42 Neutral | $18.37M | -2.91 | -737.52% | ― | -19.55% | 31.32% | |
41 Neutral | $105.83M | -0.91 | -62.92% | ― | -3.74% | 9.32% | |
40 Underperform | $23.27M | -0.38 | -926.77% | ― | -73.24% | 53.32% |
* Industrials Sector Average
GWH
ESS Tech
0.79
-0.28
-26.07%
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24.04
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308.84%
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0.86
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EOSE
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7.65
3.46
82.58%
SDST
Stardust Power
1.87
-0.02
-1.06%
NVX
NOVONIX Ltd Sponsored ADR
0.53
-0.53
-50.00%
ESS Tech Corporate Events
Delistings and Listing ChangesRegulatory Filings and Compliance
ESS Tech Discloses NYSE Listing Deficiency and Compliance Plan
Negative
Jun 15, 2026
On June 9, 2026, ESS Tech, Inc. received a deficiency notice from the New York Stock Exchange after its average closing share price fell below the $1.00 minimum over a consecutive 30 trading-day period, registering $0.98 as of June 8. The notice d...
Executive/Board ChangesShareholder Meetings
ESS Tech Stockholders Approve Directors, Auditor and Pay
Neutral
May 29, 2026
On May 29, 2026, ESS Tech, Inc. held its 2026 annual stockholders’ meeting online, with 15,682,283 of 27,922,991 outstanding shares represented. Shareholders elected two Class II directors, Sandeep Nijhawan and Harry Quarls, to the board to ...
Executive/Board Changes
ESS Tech announces founding chairman Michael Niggli’s resignation
Neutral
Apr 15, 2026
ESS Tech, Inc. announced that founding chairman Michael Niggli notified the company on April 10, 2026, of his decision to resign from the board of directors, Audit Committee, and Nominating and Corporate Governance Committee, effective as of the 2...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.