ESS Tech (GWH)
NYSE:GWH
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ESS Tech
(NYSE:GWH)
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Rating:45Neutral
Price Target:
$1.00
▼(-11.50% Downside)
Action:ReiteratedDate:03/06/26
The score is primarily constrained by weak financial performance (sharp revenue decline, persistent losses, and heavy cash burn) and bearish technicals (price below key moving averages with negative MACD). The earnings call provides some offset through cost reductions and commercialization progress, but delayed revenue timing and ongoing capital needs remain significant risks, while valuation metrics provided are not strong enough to materially improve the score.
Positive Factors
Tier‑1 commercial partnerships
Validated engagements with Salt River Project/Google and a U.S. Air Force award provide durable commercial validation and potential multi‑year revenue streams. Tier‑1 partners and offtaker arrangements materially de‑risk technology adoption and support a long‑term project pipeline into 2027–2028.
Negative Factors
Revenue collapse and delayed ramp
A deliberate wind‑down of legacy lines left 2025 revenue sharply reduced, and management expects material sales only once manufacturing and deliveries scale in 2027–2028. That multi‑year gap concentrates execution risk, creates uncertain near‑term demand visibility, and heightens dependence on future milestones.
Read all positive and negative factors
Positive Factors
Negative Factors
Tier‑1 commercial partnerships
Validated engagements with Salt River Project/Google and a U.S. Air Force award provide durable commercial validation and potential multi‑year revenue streams. Tier‑1 partners and offtaker arrangements materially de‑risk technology adoption and support a long‑term project pipeline into 2027–2028.
Read all positive factors
ESS Tech (GWH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$30.71M
Dividend YieldN/A
Average Volume (3M)18.51M
Price to Earnings (P/E)―
Beta (1Y)1.33
Revenue Growth-3.53%
EPS Growth24.37%
CountryUS
Employees240
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-1.20
Shares Outstanding27,173,758
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 Cap0.12
Enterprise Value/Revenue2.27
Enterprise Value/Gross Profit-0.11
Enterprise Value/Ebitda-0.07
Forecast
1Y Price Target
$2.50Price Target Upside121.24% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.68
Revenue Forecast (FY)$4.70M
ESS Tech Business Overview & Revenue Model
Company Description
ESS Tech, Inc., an energy storage company, designs and produces iron flow batteries for commercial and utility-scale energy storage applications worldwide. It offers energy storage products, which include Energy Warehouse, a behind-the-meter solut...
How the Company Makes Money
ESS Tech primarily makes money by selling long-duration energy storage systems and associated components to customers deploying grid-connected or behind-the-meter storage projects. The core revenue stream is product revenue from its iron flow batt...
ESS Tech Earnings Call Summary
Earnings Call Date:Mar 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 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
9
Very Negative
Balance Sheet
54
Neutral
Cash Flow
12
Very Negative
| Breakdown | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.58M | 6.29M | 7.54M | 894.00K | 0.00 |
| Gross Profit | -33.41M | -45.36M | -12.96M | 894.00K | -572.00K |
| EBITDA | -49.96M | -85.07M | -79.39M | -103.97M | -474.66M |
| Net Income | -63.44M | -86.22M | -77.58M | -77.97M | -477.12M |
Balance Sheet | |||||
| Total Assets | 51.17M | 71.81M | 143.23M | 173.55M | 250.20M |
| Cash, Cash Equivalents and Short-Term Investments | 22.03M | 31.60M | 108.06M | 139.81M | 238.94M |
| Total Debt | 3.84M | 1.69M | 2.54M | 5.87M | 3.77M |
| Total Liabilities | 42.55M | 42.93M | 39.88M | 36.58M | 45.04M |
| Stockholders Equity | 8.62M | 28.88M | 103.36M | 136.97M | 205.16M |
Cash Flow | |||||
| Free Cash Flow | -53.67M | -79.51M | -60.69M | -95.80M | -54.62M |
| Operating Cash Flow | -50.28M | -72.22M | -54.90M | -81.62M | -51.85M |
| Investing Cash Flow | 7.53M | 64.76M | 15.07M | -117.88M | -2.77M |
| Financing Cash Flow | 43.46M | 174.00K | 25.65M | -4.07M | 288.45M |
ESS Tech Technical Analysis
Negative
1.13
Price Trends
1.50
Negative
2.01
Negative
2.07
Negative
Market Momentum
-0.10
Positive
33.43
Neutral
28.21
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 1.13 is below the 20-day moving average (MA) of 1.30, below the 50-day MA of 1.50, and below the 200-day MA of 2.07, indicating a bearish trend. The MACD of -0.10 indicates Positive momentum. The RSI at 33.43 is Neutral, neither overbought nor oversold. The STOCH value of 28.21 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 80 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% | |
51 Neutral | $23.72M | -1.45 | 209.00% | ― | ― | 61.78% | |
48 Neutral | $345.95M | -4.17 | -26.54% | ― | 41.05% | -1.02% | |
47 Neutral | $21.55M | 10.40 | 365.40% | ― | 2.14% | 5.01% | |
46 Neutral | $1.65B | -3.08 | 73.98% | ― | 324.10% | -214.91% | |
45 Neutral | $30.71M | -0.43 | -265.36% | ― | -3.53% | 24.37% | |
42 Neutral | $160.13M | -1.85 | -75.11% | ― | -14.27% | -28.56% |
* Industrials Sector Average
GWH
ESS Tech
1.13
-2.22
-66.27%
FCEL
Fuelcell Energy
6.53
1.83
38.94%
FLUX
Flux Power Holdings
1.01
-0.87
-46.28%
EOSE
Eos Energy Enterprises
4.86
0.92
23.35%
SDST
Stardust Power
2.38
-2.57
-51.92%
NVX
NOVONIX Ltd Sponsored ADR
0.68
-0.47
-40.87%
ESS Tech Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
ESS Tech Reports 2025 Results Amid Strategic Reset
Neutral
Mar 5, 2026
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 i...
Private Placements and Financing
ESS Tech Announces $13.5 Million Registered Direct Offering
Neutral
Jan 30, 2026
On January 29, 2026, ESS Tech, Inc. entered into a securities purchase agreement with institutional investors for a registered direct offering of 3,471,428 shares of common stock and pre-funded warrants for 5,100,000 additional shares at approxima...
Executive/Board Changes
ESS Tech expands board, appoints CEO Drew Buckley
Neutral
Jan 29, 2026
On January 23, 2026, ESS Tech’s board of directors expanded its size from seven to eight members and elected Chief Executive Officer Drew Buckley as a Class I director, with a term running until the company’s 2028 annual meeting of sto...
Business Operations and StrategyExecutive/Board ChangesPrivate Placements and Financing
ESS Tech Overhauls Executive Team With New Leadership
Positive
Jan 6, 2026
On January 6, 2026, ESS Tech, Inc. announced a broad leadership reshuffle effective January 1, 2026, appointing former Head of Capital Markets Strategy Drew Buckley as chief executive officer, elevating interim CEO Kelly Goodman to chief strategy ...
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.