Industrials · Electrical Equipment & Parts
Price
$0.85
Market Cap
$10.7M
Employees
240
Beta
1.42
Avg Volume
709,180
CEO
Drew Buckley
Business 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-site (behind-the-meter) energy management, and the Energy Center, an offering for grid-level (front-of-the-meter) power solutions. Founded in 2011, the firm maintains its headquarters in Wilsonville, Oregon.
Business History
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
-0.20
Stock Price: $0.85
EPS (Diluted): -4.34
EPS (Diluted): -4.34
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
3.19
Stock Price: $0.85
Total Equity: $8.62M
Shares: 14,601,626
Total Equity: $8.62M
Shares: 14,601,626
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
-0.15
Market Cap: $10.71M
Total Debt: $2.06M
Cash: $14.48M
EBITDA: -$52.25M
Total Debt: $2.06M
Cash: $14.48M
EBITDA: -$52.25M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$24.9M
Market Cap: $10.71M
Total Debt: $2.06M
Cash: $14.48M
Total Debt: $2.06M
Cash: $14.48M
P/S Ratio (Price per dollar of revenue)
APIStock Price / Revenue Per Share
17.34
Stock Price: $0.85
Revenue: $1.58M
Shares: 14,601,626
Revenue: $1.58M
Shares: 14,601,626
EV/Sales (Total value vs revenue — works when P/E can't)
API15.71
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
-2,110.7%
Gross Profit: -$33.41M
Revenue: $1.58M
Revenue: $1.58M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
-3,518.6%
Operating Income: -$55.70M
Revenue: $1.58M
Revenue: $1.58M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
-4,007.6%
Net Income: -$63.44M
Revenue: $1.58M
Revenue: $1.58M
ROE (Profit from shareholder equity)
APINet Income / Total Equity
-1,251.7%
Net Income: -$63.44M
Total Equity: $8.62M
Total Equity: $8.62M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
-140.8%
Operating Income: -$55.70M
Tax Rate: 0.0%
Equity: $8.62M
Total Debt: $2.06M
Cash: $14.48M
Tax Rate: 0.0%
Equity: $8.62M
Total Debt: $2.06M
Cash: $14.48M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
1.04
Current Assets: $26.25M
Current Liabilities: $25.29M
Current Liabilities: $25.29M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.24
Short-Term Debt: $0.00
Long-Term Debt: $2.06M
Total Debt: $2.06M
Total Equity: $8.62M
Long-Term Debt: $2.06M
Total Debt: $2.06M
Total Equity: $8.62M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$0.11
Revenue: $1.58M
Shares: 14,601,626
Shares: 14,601,626
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$0.59
Total Equity: $8.62M
Shares: 14,601,626
Shares: 14,601,626
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-3.68
Operating CF: -$50.28M
CapEx: -$3.39M
Shares: 14,601,626
CapEx: -$3.39M
Shares: 14,601,626
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $0.85
Stock Price: $0.85
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$63.44M
Net Income: -$63.44M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares GWH against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 27, 2026 9:05am (1h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $0 | $894,000 | $7.5M | $6.3M | $1.6M |
| Cost of Revenue | $0 | $0 | $20.5M | $51.7M | $35.0M |
| Gross Profit | $0 | $894,000 | -$13.0M | -$45.4M | -$33.4M |
| Operating Expenses | $60.6M | $106.4M | $73.0M | $44.4M | $22.3M |
| Operating Income | -$60.6M | -$105.5M | -$85.9M | -$89.8M | -$55.7M |
| Net Income | -$477.1M | -$78.0M | -$77.6M | -$86.2M | -$63.4M |
| EBITDA | -$474.7M | -$76.4M | -$71.1M | -$81.5M | -$52.2M |
| EPS | $-58.53 | $-7.66 | $-0.48 | $-7.32 | $-4.34 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 27, 2026 9:05am (1h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $238.9M | $34.8M | $20.2M | $13.3M | $14.5M |
| Total Current Assets | $245.5M | $151.6M | $118.1M | $43.4M | $26.2M |
| Total Assets | $250.2M | $173.6M | $143.2M | $71.8M | $51.2M |
| Current Liabilities | $13.6M | $28.0M | $19.8M | $27.6M | $25.3M |
| Long-Term Debt | $1.9M | $315,000 | $0 | $0 | $2.1M |
| Total Liabilities | $45.0M | $36.6M | $39.9M | $42.9M | $42.6M |
| Total Equity | $205.2M | $137.0M | $103.4M | $28.9M | $8.6M |
| Retained Earnings | -$540.6M | -$618.6M | -$696.2M | -$782.4M | -$845.8M |
Cash Flow (Annual)
Last updated: Jun 27, 2026 9:05am (1h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$51.8M | -$81.6M | -$54.9M | -$72.2M | -$50.3M |
| Capital Expenditure | -$2.8M | -$14.2M | -$5.8M | -$7.3M | -$3.4M |
| Free Cash Flow | -$54.6M | -$95.8M | -$60.7M | -$79.5M | -$53.7M |
| Acquisitions (net) | $0 | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | -$2.8M | $-310,000 | $-297,000 | $-50,000 |
| Net Change in Cash | $233.8M | -$203.6M | -$14.2M | -$7.3M | $706,000 |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 9:05am (1h ago)| Metric | 2026 | 2027 | 2028 | 2029 |
|---|---|---|---|---|
| Revenue |
$500,000 $500,000 – $500,000
|
$30.0M $30.0M – $30.0M
|
$171.2M $171.2M – $171.2M
|
$347.0M $347.0M – $347.0M
|
| EBITDA |
$-300,000 $-300,000 – $-300,000
|
-$18.0M -$18.0M – -$18.0M
|
-$102.7M -$102.7M – -$102.7M
|
-$208.2M -$208.2M – -$208.2M
|
| Net Income |
-$24.5M -$24.5M – -$24.5M
|
-$11.5M -$11.5M – -$11.5M
|
-$38.4M -$38.4M – -$38.4M
|
-$1.0M -$1.0M – -$1.0M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 27, 2026 9:05am (1h ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | — | +743.4% | -16.5% | -74.9% |
| Gross Profit Growth | — | -1,549.1% | -250.1% | +26.3% |
| Operating Income Growth | -74.1% | +18.6% | -4.5% | +38.0% |
| Net Income Growth | +83.7% | +0.5% | -11.1% | +26.4% |
| EBITDA Growth | +83.9% | +7.0% | -14.7% | +35.9% |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for GWH — it's generated by the pipeline (
market-narrative step).
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30