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ESS Tech
(NYSE:GWH)
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Rating:43Neutral
Price Target:
$0.62
▼(-17.33% Downside)
Action:Reiterated
Date:07/16/26
The score is driven primarily by weak financial performance (deep unprofitability, contracting revenue, and persistent cash burn), with added pressure from negative listing-related corporate events. Technicals are only neutral and do not show a clear trend reversal, while valuation remains unattractive due to losses (negative P/E) and no dividend support.
Positive Factors
Long-duration energy storage product focus
ESS Tech’s core offering targets multi-hour grid and C&I storage needs via iron flow batteries. This aligns with structural demand for renewable integration, peak shifting and grid reliability, giving the company a durable addressable market distinct from short-duration lithium solutions.
Negative Factors
Persistent cash burn
Material and persistent negative operating and free cash flow necessitate ongoing external funding. Continued burn depletes liquidity, increases dilution risk from future capital raises, and constrains the company’s ability to sustain R&D, scale manufacturing, or weather project delivery delays.
Read all positive and negative factors
Positive Factors
Negative Factors
Long-duration energy storage product focus
ESS Tech’s core offering targets multi-hour grid and C&I storage needs via iron flow batteries. This aligns with structural demand for renewable integration, peak shifting and grid reliability, giving the company a durable addressable market distinct from short-duration lithium solutions.
Read all positive factors
ESS Tech (GWH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$20.41M
Dividend YieldN/A
Average Volume (3M)18.51M
Price to Earnings (P/E)―
Beta (1Y)0.98
Revenue Growth-119.02%
EPS Growth53.13%
CountryUS
Employees62
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-2.93
Shares Outstanding32,970,024
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 Cap<0.01
Enterprise Value/Revenue>-0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$2.00Price Target Upside166.67% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-1.68
Revenue Forecast (FY)$500.00K
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:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 18, 2026
Earnings Call Sentiment Neutral
The call balanced meaningful commercial and technical progress (Bridge rollout, 8.5 GWh supply LOI, Juniper LOI, first module cycling, and disciplined cost reductions) against acute near-term financial pressures (revenue collapse, persistent adjusted EBITDA loss, sizable gross loss due to fixed overhead, low cash balances and a disclosed going-concern risk). The strategic pipeline and potential business combination provide upside, but liquidity and revenue realization are immediate concerns.Positive Updates
Commercial Momentum and Large Early-Stage Pipeline
Early-stage sodium-ion opportunities approaching $1.0 billion; letter of intent with Juniper Energy for 500+ MWh of sodium-ion systems through 2032, anchored by a planned 10 MW / 80 MWh California utility project targeted for 2027.
Negative Updates
Revenue Collapse and Underutilized Manufacturing
Q2 revenue fell to $73,000 from $2.4 million a year ago, a decline of ~97%, driven by winding down legacy contract equipment deliveries and underutilized capacity resulting in fixed manufacturing overhead burden.
Read all updates
Q2-2026 Updates
Positive
Negative
Commercial Momentum and Large Early-Stage Pipeline
Early-stage sodium-ion opportunities approaching $1.0 billion; letter of intent with Juniper Energy for 500+ MWh of sodium-ion systems through 2032, anchored by a planned 10 MW / 80 MWh California utility project targeted for 2027.
Read all positive updates
Company Guidance
Guidance from the call centered on near-term commercialization and financing milestones: ESS expects its first sodium‑ion module already cycling and its first full Bridge unit (a 1.2 MWh AC modular block—stackable 4× to 4.8 MWh, ~2–16 hour duration, 20‑year design life, –40° to +50°C, forklift‑installable in a 10‑ft stackable container) operating in‑house toward the end of 2026, with market rollout underway; early‑stage sodium‑ion opportunities are approaching $1 billion, supported by an 8.5 GWh LOI with Alsym and a Juniper LOI for 500+ MWh through 2032 (anchored by a 10 MW / 80 MWh project targeted for 2027). Financial and corporate guidance: management seeks a definitive business‑combination agreement by end‑September and a close before year‑end (contemplated combined EV ≈ $515M with ESS holders to own ~5–10% at close), expects to be self‑funded near term while pursuing additional financing, and highlighted balance‑sheet actions including $37M repaid of a $40M Yorkville note; Q2 metrics cited included $73K revenue, $7.5M cost of revenue, $7.4M gross loss, $7.7M OpEx (+19%), $15.6M net loss ($0.46/sh), adjusted EBITDA loss $7.9M, Q2 unrestricted cash $10.8M (total liquid assets $11.0M) and July 31 cash+ST investments ≈ $5.6M, with H1 operating expenses down 12% to $14.5M and operating cash use down 27% to $22.4M.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 | -1.17M | 1.58M | 6.29M | 7.54M | 894.00K | 0.00 |
| Gross Profit | -34.62M | -33.41M | -45.36M | -12.96M | 894.00K | 0.00 |
| EBITDA | -57.35M | -52.24M | -81.50M | -71.06M | -76.45M | -474.66M |
| Net Income | -65.83M | -63.44M | -86.22M | -77.58M | -77.97M | -477.12M |
Balance Sheet | ||||||
| Total Assets | 32.48M | 51.17M | 71.81M | 143.23M | 173.55M | 250.20M |
| Cash, Cash Equivalents and Short-Term Investments | 10.85M | 22.03M | 31.60M | 108.06M | 139.81M | 238.94M |
| Total Debt | 2.98M | 11.89M | 1.69M | 2.54M | 5.87M | 3.77M |
| Total Liabilities | 35.16M | 42.55M | 42.93M | 39.88M | 36.58M | 45.04M |
| Stockholders Equity | -2.69M | 8.62M | 28.88M | 103.36M | 136.97M | 205.16M |
Cash Flow | ||||||
| Free Cash Flow | -45.42M | -53.67M | -79.51M | -60.69M | -95.80M | -54.62M |
| Operating Cash Flow | -42.09M | -50.28M | -72.22M | -54.90M | -81.62M | -51.85M |
| Investing Cash Flow | -3.17M | 7.53M | 64.76M | 15.07M | -117.88M | -2.77M |
| Financing Cash Flow | 55.51M | 43.46M | 174.00K | 25.65M | -4.07M | 288.45M |
ESS Tech Technical Analysis
Negative
0.75
Price Trends
0.80
Negative
0.93
Negative
1.53
Negative
Market Momentum
-0.07
Positive
40.41
Neutral
15.94
Positive
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 0.75 is above the 20-day moving average (MA) of 0.72, below the 50-day MA of 0.80, and below the 200-day MA of 1.53, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 40.41 is Neutral, neither overbought nor oversold. The STOCH value of 15.94 is Positive, 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% | |
53 Neutral | $1.79B | -3.40 | -31.69% | ― | 29.71% | 11.38% | |
46 Neutral | $1.46B | -0.89 | 55.63% | ― | 533.87% | 31.49% | |
43 Neutral | $20.41M | -0.21 | -1251.69% | ― | -119.02% | 53.13% | |
43 Neutral | $9.45M | -0.38 | 302.33% | ― | ― | 67.65% | |
41 Neutral | $12.71M | -1.75 | -737.52% | ― | -19.55% | 31.32% | |
41 Neutral | $105.71M | -0.75 | -63.74% | ― | -3.74% | 9.32% |
* Industrials Sector Average
GWH
ESS Tech
0.62
-1.01
-62.02%
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NVX
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ESS Tech Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
ESS Tech Updates ATM Offering, Adds Roth Capital
Neutral
Jul 17, 2026
On July 16, 2026, ESS Tech, Inc. amended its at-the-market offering program covering $75 million of common stock, revising the sales agreement first executed on November 13, 2025. The company terminated BMO Capital Markets, Canaccord Genuity, Need...
Delistings and Listing Changes
ESS Tech NYSE Delists and Suspends Public Warrants
Negative
Jul 1, 2026
On June 30, 2026, ESS Tech, Inc. was notified by the New York Stock Exchange that it would begin proceedings to delist the company’s public warrants, which trade under the symbol GWH.W and allow fifteen warrants to be exercised for one share...
Business Operations and StrategyDelistings and Listing ChangesFinancial DisclosuresProduct-Related AnnouncementsRegulatory Filings and Compliance
ESS Tech Accelerates U.S. Sodium-Ion Storage Development
Neutral
Jun 23, 2026
On June 23, 2026, ESS Tech announced it will accelerate development of its U.S.-made sodium-ion battery energy storage systems after reporting strong early customer interest from data centers, critical infrastructure and utility markets. The compa...
Executive/Board Changes
ESS Tech announces board resignation and audit committee change
Neutral
Jun 19, 2026
On June 12, 2026, ESS Tech, Inc. announced that director Rich Hossfeld resigned from the company’s board of directors and its Audit Committee, effective the same day. The company stated that his departure was not due to any disagreement over...
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 ...
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.