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ESS Tech (GWH) Financials

ESS Tech logo
$0.82 +0.01 (+0.99%)
Closing price 07/9/2026 03:59 PM Eastern
Extended Trading
$0.86 +0.04 (+4.52%)
As of 06:47 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for ESS Tech

Annual Income Statements for ESS Tech

This table shows ESS Tech's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -30 -477 -78 -78 -86 -63
Consolidated Net Income / (Loss)		 -30 -477 -78 -78 -86 -63
Net Income / (Loss) Continuing Operations		 -30 -475 -78 -78 -86 -63
Total Pre-Tax Income 		-30 -475 -78 -78 -86 -63
Total Revenue		 0.00 0.00 0.89 7.54 6.30 1.58
Net Interest Income / (Expense)		 0.00 -1.89 0.00 0.00 0.00 0.00
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
Total Non-Interest Income		 0.00 0.00 0.89 7.54 6.30 1.58
Other Non-Interest Income		 - - 0.89 7.54 6.30 1.58
Total Non-Interest Expense		 17 61 106 93 96 59
Marketing Expense		 14 33 79 50 21 12
Other Operating Expenses		 3.34 27 27 43 75 47
Nonoperating Income / (Expense), net		 -13 -415 28 8.33 3.58 -6.03
Basic Earnings per Share		 ($0.52) ($5.73) ($0.51) ($7.27) ($7.32) ($4.34)
Weighted Average Basic Shares Outstanding		 58.88M 83.26M 152.68M 10.66M 11.77M 14.60M
Diluted Earnings per Share		 ($0.52) ($5.73) ($0.51) ($7.27) ($7.32) ($4.34)
Weighted Average Diluted Shares Outstanding		 58.88M 83.26M 152.68M 10.66M 11.77M 14.60M
Weighted Average Basic & Diluted Shares Outstanding		 - 152.56M 154.31M 174.90M 12.10M 27.17M

Quarterly Income Statements for ESS Tech

This table shows ESS Tech's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -17 -16 -18 -22 -22 -23 -18 -11 -10 -24 -16
Consolidated Net Income / (Loss)		 -17 -16 -18 -22 -22 -23 -18 -11 -10 -24 -16
Net Income / (Loss) Continuing Operations		 -17 -16 -18 -22 -22 -23 -18 -11 -10 -24 -16
Total Pre-Tax Income 		-17 -16 -18 -22 -22 -23 -18 -11 -10 -24 -16
Total Revenue		 1.55 2.11 2.74 0.35 0.36 2.85 0.60 2.36 0.21 -1.59 0.47
Net Interest Income / (Expense)		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Non-Interest Income		 1.55 2.11 2.74 0.35 0.36 2.85 0.60 2.36 0.21 -1.59 0.47
Net Realized & Unrealized Capital Gains on Investments		 - - - - - - - - - - 0.47
Total Non-Interest Expense		 20 22 22 23 24 26 19 14 10 16 14
Marketing Expense		 3.67 5.94 5.58 5.55 5.21 4.59 4.43 2.73 1.39 3.59 2.88
Other Operating Expenses		 16 16 17 18 19 22 14 11 8.64 13 11
Nonoperating Income / (Expense), net		 1.52 3.62 1.18 1.19 1.19 0.02 0.12 0.50 -0.56 -6.09 -2.49
Basic Earnings per Share		 ($1.59) ($1.51) ($1.57) ($1.87) ($1.90) ($1.99) ($1.50) ($0.90) ($0.73) ($1.64) ($0.54)
Weighted Average Basic Shares Outstanding		 10.47M 10.66M 11.63M 11.72M 11.81M 11.77M 12.03M 12.27M 14.15M 14.60M 29.29M
Diluted Earnings per Share		 ($1.59) ($1.51) ($1.57) ($1.87) ($1.90) ($1.99) ($1.50) ($0.90) ($0.73) ($1.64) ($0.54)
Weighted Average Diluted Shares Outstanding		 10.47M 10.66M 11.63M 11.72M 11.81M 11.77M 12.03M 12.27M 14.15M 14.60M 29.29M
Weighted Average Basic & Diluted Shares Outstanding		 173.01M 174.90M 174.92M 176.83M 11.88M 12.10M 12.10M 14.19M 19.62M 27.17M 29.39M

Annual Cash Flow Statements for ESS Tech

This table details how cash moves in and out of ESS Tech's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -12 234 -204 -14 -7.29 0.71
Net Cash From Operating Activities		 -17 -52 -82 -55 -72 -50
Net Cash From Continuing Operating Activities		 -17 -52 -82 -55 -72 -50
Net Income / (Loss) Continuing Operations		 -30 -477 -78 -78 -86 -63
Consolidated Net Income / (Loss)		 -30 -477 -78 -78 -86 -63
Depreciation Expense		 0.44 0.57 1.52 6.51 4.72 5.74
Non-Cash Adjustments to Reconcile Net Income		 13 268 -14 18 12 14
Changes in Operating Assets and Liabilities, net		 0.05 157 8.46 -1.65 -2.73 -6.39
Net Cash From Investing Activities		 -0.50 -2.77 -118 15 65 7.53
Net Cash From Continuing Investing Activities		 -0.50 -2.77 -118 15 65 7.53
Purchase of Property, Leasehold Improvements and Equipment		 -0.50 -2.77 -14 -5.79 -7.29 -3.39
Purchase of Investment Securities		 - 0.00 -104 21 72 11
Net Cash From Financing Activities		 4.72 288 -4.07 26 0.17 43
Net Cash From Continuing Financing Activities		 4.72 288 -4.07 26 0.17 43
Issuance of Common Equity		 - - 0.00 27 0.00 38
Repayment of Debt		 -0.22 -21 -1.90 -1.73 0.00 -21
Other Financing Activities, Net		 0.01 278 -2.17 0.25 0.17 27
Cash Interest Paid		 0.11 1.80 0.15 - 0.00 0.52

Quarterly Cash Flow Statements for ESS Tech

This table details how cash moves in and out of ESS Tech's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 6.89 -17 16 0.41 -24 0.52 -5.00 -7.88 2.64 11 1.31
Net Cash From Operating Activities		 -1.22 -16 -19 -15 -18 -20 -18 -12 -5.83 -14 -13
Net Cash From Continuing Operating Activities		 -1.22 -16 -19 -15 -18 -20 -18 -12 -5.83 -14 -13
Net Income / (Loss) Continuing Operations		 -17 -16 -18 -22 -22 -23 -18 -11 -10 -24 -16
Consolidated Net Income / (Loss)		 -17 -16 -18 -22 -22 -23 -18 -11 -10 -24 -16
Depreciation Expense		 1.08 3.33 1.22 1.30 0.78 1.42 1.54 1.55 1.49 1.17 2.38
Non-Cash Adjustments to Reconcile Net Income		 9.87 1.19 0.24 6.17 0.89 3.29 1.63 0.44 2.12 10 3.63
Changes in Operating Assets and Liabilities, net		 4.45 -4.53 -2.05 -0.75 3.21 -1.70 -3.38 -3.29 0.94 -1.43 -3.54
Net Cash From Investing Activities		 -18 -0.93 35 15 -6.30 21 13 3.67 0.42 -9.81 0.73
Net Cash From Continuing Investing Activities		 -18 -0.93 35 15 -6.30 21 13 3.67 0.42 -9.81 0.73
Purchase of Property, Leasehold Improvements and Equipment		 -0.77 -1.58 -0.95 -0.61 -2.26 -3.47 -0.76 -0.73 0.42 -2.31 -0.93
Purchase of Investment Securities		 -17 0.65 36 16 -4.04 24 14 4.40 - -7.50 1.66
Net Cash From Financing Activities		 26 0.07 -0.08 0.14 -0.01 0.13 -0.01 0.82 8.06 35 14
Net Cash From Continuing Financing Activities		 26 0.07 -0.08 0.14 -0.01 0.13 -0.01 0.82 8.06 35 14
Issuance of Common Equity		 - - - - - - 0.00 - 4.07 33 16
Repayment of Debt		 -0.93 - - - - - 0.00 - - - -11
Other Financing Activities, Net		 -0.17 0.07 -0.08 0.14 -0.01 0.13 -0.01 0.10 3.99 23 9.20
Cash Interest Paid		 - - - - - - 0.00 - - - 0.34

Annual Balance Sheets for ESS Tech

This table presents ESS Tech's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 9.02 250 174 143 72 51
Cash and Due from Banks		 4.90 239 35 20 13 14
Restricted Cash		 1.49 1.29 1.89 2.32 1.85 1.42
Trading Account Securities		 - 0.00 105 88 18 7.56
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 1.84 4.50 18 16 21 17
Intangible Assets		 - - 0.00 4.92 4.66 2.68
Other Assets		 0.79 5.40 14 12 13 7.81
Total Liabilities & Shareholders' Equity		 9.02 250 174 143 72 51
Total Liabilities		 37 45 37 40 43 43
Short-Term Debt		 6.20 3.47 4.64 2.76 8.07 3.02
Accrued Interest Payable		 2.19 6.49 16 12 11 13
Other Short-Term Payables		 0.00 3.66 7.81 4.68 8.53 9.39
Long-Term Debt		 0.02 1.87 0.32 - 0.00 9.29
Other Long-Term Liabilities		 28 30 8.27 20 15 7.97
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -28 205 137 103 29 8.62
Total Preferred & Common Equity		 -28 205 137 103 29 8.62
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -28 205 137 103 29 8.62
Common Stock		 35 746 756 800 811 854
Retained Earnings		 -63 -541 -619 -696 -782 -846

Quarterly Balance Sheets for ESS Tech

This table presents ESS Tech's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 159 124 111 97 54 40 36 49
Cash and Due from Banks		 37 36 37 13 8.42 0.80 3.54 15
Restricted Cash		 2.32 1.85 1.85 1.85 1.77 1.52 1.42 1.72
Trading Account Securities		 87 53 38 42 4.38 0.00 0.00 5.97
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 18 17 18 20 23 22 18 16
Intangible Assets		 4.99 4.86 4.79 4.72 4.59 4.52 4.46 2.62
Other Assets		 8.87 10 12 15 12 11 8.24 6.49
Total Liabilities & Shareholders' Equity		 159 124 111 97 54 40 36 49
Total Liabilities		 42 36 42 47 42 36 38 39
Short-Term Debt		 3.19 2.91 5.83 11 10 11 9.47 1.33
Accrued Interest Payable		 11 8.10 11 12 8.64 9.75 8.58 11
Other Short-Term Payables		 4.06 8.88 8.93 9.33 3.39 3.58 5.75 10
Long-Term Debt		 0.00 - - - - - 8.29 8.99
Other Long-Term Liabilities		 24 16 16 15 19 12 5.82 7.12
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 116 88 69 49 12 3.30 -1.77 9.45
Total Preferred & Common Equity		 116 88 69 49 12 3.30 -1.77 9.45
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 116 88 69 49 12 3.30 -1.77 9.45
Common Stock		 796 802 805 808 812 815 820 871
Retained Earnings		 -680 -714 -736 -759 -800 -811 -822 -862

Annual Metrics And Ratios for ESS Tech

This table displays calculated financial ratios and metrics derived from ESS Tech's official financial filings.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 31,250,000.00 434,027,199.00 153,258,791.00 173,008,042.00 - 19,617,070.00
DEI Adjusted Shares Outstanding		 2,083,333.00 28,935,147.00 10,217,253.00 11,533,869.00 - 19,617,070.00
DEI Earnings Per Adjusted Shares Outstanding		 -14.60 -16.49 -7.63 -6.73 - -3.23
Growth Metrics		 - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 743.40% -14.99% -74.85%
EBITDA Growth		 0.00% -254.03% -73.20% 23.64% -7.01% 39.27%
EBIT Growth		 0.00% -248.45% -74.07% 18.57% -4.40% 36.07%
NOPAT Growth		 0.00% -248.45% -74.07% 18.57% -4.40% 36.07%
Net Income Growth		 0.00% -1,468.48% 83.66% 0.50% -11.14% 26.42%
EPS Growth		 0.00% -1,001.92% 91.10% 0.50% -0.69% 40.71%
Operating Cash Flow Growth		 0.00% -211.50% -57.42% 32.74% -31.56% 30.37%
Free Cash Flow Firm Growth		 0.00% 0.00% 98.08% -361.54% 126.23% -483.57%
Invested Capital Growth		 0.00% 1,071.43% -32.58% -25.23% -65.17% -43.36%
Revenue Q/Q Growth		 0.00% 0.00% 1.82% 38.40% 13.09% -74.20%
EBITDA Q/Q Growth		 0.00% 0.00% 0.25% 15.24% -7.12% 9.20%
EBIT Q/Q Growth		 0.00% 0.00% -0.26% 11.94% -4.36% 8.73%
NOPAT Q/Q Growth		 0.00% 0.00% -0.26% 11.94% -4.36% 8.73%
Net Income Q/Q Growth		 0.00% 0.00% 66.58% 10.34% -9.32% -0.80%
EPS Q/Q Growth		 0.00% 0.00% 65.07% 10.34% -9.58% 2.47%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -1.86% 13.89% -6.38% 11.64%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 7.45% 1,091.75% -20,439.14%
Invested Capital Q/Q Growth		 0.00% 0.00% -12.21% -11.32% -38.55% 30.89%
Profitability Metrics		 - - - - - -
EBITDA Margin		 0.00% 0.00% -11,629.64% -1,052.94% -1,325.41% -3,263.87%
EBIT Margin		 0.00% 0.00% -11,800.00% -1,139.32% -1,399.11% -3,626.47%
Profit (Net Income) Margin		 0.00% 0.00% -8,721.36% -1,028.89% -1,345.12% -4,007.58%
Tax Burden Percent		 100.00% 100.40% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 174.90% 784.18% 73.91% 90.31% 96.14% 110.51%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% -41.91% -48.49% -87.76% -138.84%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% -122.06% -501.24% -520.90% -367.01%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% -3.67% -16.07% -42.64% -199.49%
Return on Equity (ROE)		 109.08% -538.29% -45.58% -64.56% -130.40% -338.33%
Cash Return on Invested Capital (CROIC)		 0.00% -130.45% -2.99% -19.61% 8.92% -83.48%
Operating Return on Assets (OROA)		 0.00% 0.00% -49.79% -54.24% -83.41% -93.36%
Return on Assets (ROA)		 0.00% 0.00% -36.80% -48.98% -80.19% -103.17%
Return on Common Equity (ROCE)		 109.08% -538.29% -45.58% -64.56% -130.40% -338.33%
Return on Equity Simple (ROE_SIMPLE)		 109.08% -232.56% -56.92% -75.06% -298.51% -736.13%
Net Operating Profit after Tax (NOPAT)		 -12 -42 -74 -60 -63 -40
NOPAT Margin		 0.00% 0.00% -8,260.00% -797.53% -979.38% -2,538.53%
Net Nonoperating Expense Percent (NNEP)		 293.37% 7,520.69% 80.15% 452.75% 433.14% 228.17%
SG&A Expenses to Revenue		 0.00% 0.00% 8,827.40% 668.12% 326.57% 766.33%
Operating Expenses to Revenue		 0.00% 0.00% 11,900.00% 1,239.32% 1,499.11% 3,726.47%
Earnings before Interest and Taxes (EBIT)		 -17 -61 -105 -86 -90 -57
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -17 -60 -104 -79 -85 -52
Valuation Ratios		 - - - - - -
Price to Book Value (P/BV)		 0.00 8.07 2.72 1.91 2.42 4.28
Price to Tangible Book Value (P/TBV)		 0.00 8.07 2.72 2.00 2.88 6.21
Price to Revenue (P/Rev)		 0.00 0.00 416.58 26.16 10.90 23.30
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 6.75 2.40 1.67 1.70 1.59
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 381.11 23.54 9.79 21.03
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 9.84 0.00
Leverage & Solvency		 - - - - - -
Debt to Equity		 -0.22 0.03 0.04 0.03 0.28 1.43
Long-Term Debt to Equity		 0.00 0.01 0.00 0.00 0.00 1.08
Financial Leverage		 -0.22 0.07 0.03 0.03 0.08 0.54
Leverage Ratio		 -0.32 1.46 1.24 1.32 1.63 3.28
Compound Leverage Factor		 -0.57 11.47 0.92 1.19 1.56 3.62
Debt to Total Capital		 -28.70% 2.54% 3.49% 2.60% 21.84% 58.83%
Short-Term Debt to Total Capital		 -28.61% 1.65% 3.27% 2.60% 21.84% 14.44%
Long-Term Debt to Total Capital		 -0.09% 0.89% 0.22% 0.00% 0.00% 44.39%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 128.70% 97.46% 96.51% 97.40% 78.16% 41.17%
Debt to EBITDA		 -0.37 -0.09 -0.05 -0.03 -0.10 -0.24
Net Debt to EBITDA		 0.01 3.91 0.30 0.25 0.08 0.07
Long-Term Debt to EBITDA		 0.00 -0.03 0.00 0.00 0.00 -0.18
Debt to NOPAT		 -0.51 -0.13 -0.07 -0.05 -0.13 -0.31
Net Debt to NOPAT		 0.01 5.54 0.43 0.33 0.11 0.09
Long-Term Debt to NOPAT		 0.00 -0.04 0.00 0.00 0.00 -0.23
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - -
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -275 -5.27 -24 6.38 -24
Operating Cash Flow to CapEx		 -3,315.74% -1,873.83% -575.60% -948.12% -990.12% -1,484.62%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.05 0.06 0.03
Fixed Asset Turnover		 0.00 0.00 0.08 0.45 0.35 0.08
Capital & Investment Metrics		 - - - - - -
Invested Capital		 -22 211 142 106 37 21
Invested Capital Turnover		 0.00 0.00 0.01 0.06 0.09 0.05
Increase / (Decrease) in Invested Capital		 0.00 232 -69 -36 -69 -16
Enterprise Value (EV)		 310 1,420 341 178 63 33
Market Capitalization		 310 1,655 372 197 70 37
Book Value per Share		 ($0.89) $1.42 $0.89 $0.60 $2.43 $0.44
Tangible Book Value per Share		 ($0.89) $1.42 $0.89 $0.57 $2.04 $0.30
Total Capital		 -22 211 142 106 37 21
Total Debt		 6.22 5.34 4.95 2.76 8.07 12
Total Long-Term Debt		 0.02 1.87 0.32 0.00 0.00 9.29
Net Debt		 -0.18 -235 -32 -20 -7.13 -3.59
Capital Expenditures (CapEx)		 0.50 2.77 14 5.79 7.29 3.39
Net Nonoperating Expense (NNE)		 18 435 4.12 17 23 23
Net Nonoperating Obligations (NNO)		 6.22 5.34 4.95 2.76 8.07 12
Total Depreciation and Amortization (D&A)		 0.44 0.57 1.52 6.51 4.72 5.74
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($5.73) ($0.51) ($7.20) ($7.32) ($4.34)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 83.26M 152.68M 10.66M 11.77M 14.60M
Adjusted Diluted Earnings per Share		 $0.00 ($5.73) ($0.51) ($7.20) ($7.32) ($4.34)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 83.26M 152.68M 10.66M 11.77M 14.60M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 152.56M 154.31M 11.66M 12.10M 27.17M
Normalized Net Operating Profit after Tax (NOPAT)		 -12 -42 -74 -60 -63 -40
Normalized NOPAT Margin		 0.00% 0.00% -8,260.00% -797.53% -979.38% -2,538.53%
Pre Tax Income Margin		 0.00% 0.00% -8,721.36% -1,028.89% -1,345.12% -4,007.58%
Debt Service Ratios		 - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for ESS Tech

This table displays calculated financial ratios and metrics derived from ESS Tech's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 155,590,152.00 173,008,042.00 174,898,086.00 174,918,926.00 176,825,064.00 - 12,103,750.00 12,103,750.00 14,189,663.00 19,617,070.00 27,173,757.00
DEI Adjusted Shares Outstanding		 10,372,677.00 11,533,869.00 11,659,872.00 11,661,262.00 11,788,338.00 - 12,103,750.00 12,103,750.00 14,189,663.00 19,617,070.00 27,173,757.00
DEI Earnings Per Adjusted Shares Outstanding		 -1.60 -1.40 -1.57 -1.88 -1.91 - -1.49 -0.91 -0.73 -1.22 -0.59
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 704.69% 13,075.00% 158.30% -87.69% -76.76% 35.20% -78.12% 577.59% -40.39% -155.72% -21.20%
EBITDA Growth		 37.69% 46.50% 19.61% 5.85% -34.30% -34.38% 9.13% 54.12% 63.65% 24.24% 33.42%
EBIT Growth		 34.61% 37.09% 18.13% 4.47% -30.59% -18.95% 6.91% 50.02% 58.57% 23.85% 25.96%
NOPAT Growth		 34.61% 37.09% 18.13% 4.47% -30.59% -18.95% 6.91% 50.02% 58.57% 23.85% 25.96%
Net Income Growth		 47.41% 35.67% 16.40% 4.31% -35.35% -45.56% 1.55% 49.61% 53.87% -2.15% 11.67%
EPS Growth		 47.41% 35.67% 16.40% 4.31% -19.50% -31.79% 4.46% 51.87% 61.58% 17.59% 64.00%
Operating Cash Flow Growth		 94.48% 35.42% -2.16% 19.98% -1,344.79% -26.83% 3.55% 18.80% 66.88% 32.34% 26.20%
Free Cash Flow Firm Growth		 -23.39% -52.82% -74.26% -86.01% 46.48% 139.75% 226.29% 418.15% -13.18% -93.37% -112.35%
Invested Capital Growth		 -25.98% -25.23% -25.30% -26.06% -49.74% -65.17% -75.43% -81.39% -73.41% -43.36% -11.32%
Revenue Q/Q Growth		 -45.35% 36.44% 29.89% -87.29% 3.16% 693.87% -78.98% 293.66% -90.92% -842.06% 129.72%
EBITDA Q/Q Growth		 26.43% 3.67% -11.25% -19.41% -4.94% 3.61% 24.77% 39.71% 16.85% -100.89% 33.89%
EBIT Q/Q Growth		 25.09% -8.93% 1.31% -18.63% -2.41% 0.78% 22.77% 36.31% 15.11% -82.38% 24.91%
NOPAT Q/Q Growth		 25.09% -8.93% 1.31% -18.63% -2.41% 0.78% 22.77% 36.31% 15.11% -82.38% 24.91%
Net Income Q/Q Growth		 27.52% 2.94% -13.52% -19.83% -2.52% -4.38% 23.23% 38.67% 6.16% -131.16% 33.61%
EPS Q/Q Growth		 27.52% 2.94% -13.52% -19.83% -1.60% -4.74% 24.62% 40.00% 18.89% -124.66% 67.07%
Operating Cash Flow Q/Q Growth		 93.59% -1,224.45% -17.13% 19.51% -15.71% -16.26% 10.93% 32.23% 52.80% -137.51% 2.85%
Free Cash Flow Firm Q/Q Growth		 -59.79% -25.00% -22.31% -40.28% 320.93% 22.76% 5.74% -5.17% -29.47% -90.62% -296.81%
Invested Capital Q/Q Growth		 18.16% -11.32% -14.50% -17.47% -19.68% -38.55% -39.67% -37.50% 14.78% 30.89% -5.55%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 -1,103.69% -779.27% -667.46% -6,270.98% -6,379.11% -774.56% -2,772.29% -424.60% -3,890.19% 0.00% -2,342.58%
EBIT Margin		 -1,173.72% -937.05% -711.98% -6,645.11% -6,596.66% -824.46% -3,029.38% -490.12% -4,584.58% 0.00% -2,846.61%
Profit (Net Income) Margin		 -1,075.60% -765.18% -668.74% -6,304.60% -6,265.46% -823.82% -3,009.35% -468.87% -4,848.13% 0.00% -3,373.31%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 91.64% 81.66% 93.93% 94.88% 94.98% 99.92% 99.34% 95.67% 105.75% 134.04% 118.50%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -31.82% -39.88% -43.30% -355.93% -285.24% -51.72% -155.95% -48.53% -517.32% 0.00% -137.94%
ROIC Less NNEP Spread (ROIC-NNEP)		 -150.94% -99.65% -174.12% -473.35% -368.98% -181.62% -237.08% -84.56% -541.76% 0.00% -201.40%
Return on Net Nonoperating Assets (RNNOA)		 -3.62% -3.20% -6.06% -27.88% -31.47% -14.87% -31.15% -19.24% -327.75% 0.00% -192.18%
Return on Equity (ROE)		 -35.44% -43.07% -49.36% -383.81% -316.71% -66.58% -187.10% -67.77% -845.07% 0.00% -330.12%
Cash Return on Invested Capital (CROIC)		 -18.68% -19.61% -24.87% -34.03% -0.81% 8.92% 11.54% 16.23% 0.31% -83.48% -163.39%
Operating Return on Assets (OROA)		 -36.48% -44.61% -48.42% -374.91% -286.90% -49.15% -142.09% -40.84% -423.53% 0.00% -81.15%
Return on Assets (ROA)		 -33.43% -36.43% -45.48% -355.70% -272.50% -49.11% -141.15% -39.07% -447.87% 0.00% -96.16%
Return on Common Equity (ROCE)		 -35.44% -43.07% -49.36% -383.81% -316.71% -66.58% -187.10% -67.77% -845.07% 0.00% -330.12%
Return on Equity Simple (ROE_SIMPLE)		 -74.29% 0.00% -84.25% -105.73% -160.31% 0.00% -711.47% -2,271.61% 3,561.74% 0.00% -649.33%
Net Operating Profit after Tax (NOPAT)		 -13 -14 -14 -16 -17 -16 -13 -8.09 -6.87 -13 -9.41
NOPAT Margin		 -821.61% -655.93% -498.39% -4,651.58% -4,617.66% -577.12% -2,120.57% -343.08% -3,209.21% 0.00% -1,992.63%
Net Nonoperating Expense Percent (NNEP)		 119.11% 59.77% 130.81% 117.42% 83.74% 129.90% 81.12% 36.04% 24.44% 112.42% 63.45%
SG&A Expenses to Revenue		 237.22% 281.69% 203.80% 1,593.97% 1,452.09% 161.16% 739.23% 115.69% 648.13% 0.00% 609.96%
Operating Expenses to Revenue		 1,273.72% 1,037.05% 811.98% 6,745.11% 6,696.66% 924.46% 3,129.38% 590.12% 4,684.58% 0.00% 2,946.61%
Earnings before Interest and Taxes (EBIT)		 -18 -20 -19 -23 -24 -23 -18 -12 -9.81 -18 -13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -17 -16 -18 -22 -23 -22 -17 -10 -8.33 -17 -11
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.51 1.91 1.44 2.07 1.51 2.42 3.27 4.87 0.00 4.28 3.37
Price to Tangible Book Value (P/TBV)		 2.62 2.00 1.52 2.23 1.68 2.88 5.27 0.00 0.00 6.21 4.65
Price to Revenue (P/Rev)		 53.69 26.16 13.72 21.23 13.42 10.90 9.49 2.56 3.52 23.30 21.84
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 2.14 1.67 1.01 1.47 1.18 1.70 1.77 1.75 2.15 1.59 1.26
Enterprise Value to Revenue (EV/Rev)		 47.03 23.54 9.90 16.37 12.74 9.79 9.50 3.89 5.60 21.03 17.11
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 9.84 6.05 3.39 289.26 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.03 0.03 0.03 0.08 0.22 0.28 0.85 3.22 -10.05 1.43 1.09
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -4.69 1.08 0.95
Financial Leverage		 0.02 0.03 0.03 0.06 0.09 0.08 0.13 0.23 0.61 0.54 0.95
Leverage Ratio		 1.28 1.32 1.32 1.44 1.54 1.63 1.77 2.08 2.80 3.28 4.75
Compound Leverage Factor		 1.17 1.08 1.24 1.36 1.46 1.62 1.76 1.99 2.96 4.40 5.62
Debt to Total Capital		 2.67% 2.60% 3.21% 7.79% 18.19% 21.84% 45.82% 76.29% 111.05% 58.83% 52.22%
Short-Term Debt to Total Capital		 2.67% 2.60% 3.21% 7.79% 18.19% 21.84% 45.82% 76.29% 59.20% 14.44% 6.74%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 51.85% 44.39% 45.48%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 97.33% 97.40% 96.79% 92.21% 81.81% 78.16% 54.18% 23.71% -11.05% 41.17% 47.78%
Debt to EBITDA		 -0.03 -0.03 -0.04 -0.08 -0.14 -0.10 -0.12 -0.15 -0.31 -0.24 -0.22
Net Debt to EBITDA		 0.39 0.25 0.47 0.45 0.05 0.08 0.00 -0.12 -0.22 0.07 0.15
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.15 -0.18 -0.20
Debt to NOPAT		 -0.05 -0.05 -0.05 -0.10 -0.18 -0.13 -0.17 -0.20 -0.40 -0.31 -0.28
Net Debt to NOPAT		 0.53 0.33 0.62 0.58 0.06 0.11 0.00 -0.15 -0.29 0.09 0.19
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.19 -0.23 -0.24
Noncontrolling Interest Sharing Ratio		 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 29 22 17 10 43 53 56 53 37 3.50 -6.88
Operating Cash Flow to CapEx		 -158.52% -1,021.19% -1,984.26% -2,487.09% -779.98% -589.92% -2,393.44% -1,695.34% 0.00% -598.96% -1,447.20%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.03 0.05 0.07 0.06 0.04 0.06 0.05 0.08 0.09 0.03 0.03
Fixed Asset Turnover		 0.32 0.45 0.52 0.37 0.29 0.35 0.21 0.32 0.32 0.08 0.08
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 120 106 91 75 60 37 22 14 16 21 20
Invested Capital Turnover		 0.04 0.06 0.09 0.08 0.06 0.09 0.07 0.14 0.16 0.05 0.07
Increase / (Decrease) in Invested Capital		 -42 -36 -31 -26 -60 -69 -68 -61 -44 -16 -2.52
Enterprise Value (EV)		 256 178 91 110 71 63 39 24 34 33 25
Market Capitalization		 293 197 127 143 75 70 39 16 22 37 32
Book Value per Share		 $0.75 $0.60 $0.50 $0.39 $0.28 $2.43 $1.02 $0.27 ($0.12) $0.44 $0.35
Tangible Book Value per Share		 $0.72 $0.57 $0.47 $0.37 $0.25 $2.04 $0.63 ($0.10) ($0.44) $0.30 $0.25
Total Capital		 120 106 91 75 60 37 22 14 16 21 20
Total Debt		 3.19 2.76 2.91 5.83 11 8.07 10 11 18 12 10
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8.29 9.29 8.99
Net Debt		 -36 -20 -35 -33 -3.74 -7.13 0.02 8.31 13 -3.59 -6.89
Capital Expenditures (CapEx)		 0.77 1.58 0.95 0.61 2.26 3.47 0.76 0.73 -0.42 2.31 0.93
Net Nonoperating Expense (NNE)		 3.92 2.30 4.66 5.75 5.92 7.03 5.32 2.97 3.51 11 6.52
Net Nonoperating Obligations (NNO)		 3.19 2.76 2.91 5.83 11 8.07 10 11 18 12 10
Total Depreciation and Amortization (D&A)		 1.08 3.33 1.22 1.30 0.78 1.42 1.54 1.55 1.49 1.17 2.38
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($1.65) ($22.65) ($1.50) ($1.80) ($1.90) ($1.99) ($1.50) ($0.90) ($0.73) ($1.64) ($0.54)
Adjusted Weighted Average Basic Shares Outstanding		 10.47M 710.93K 11.63M 11.72M 11.81M 11.77M 12.03M 12.27M 14.15M 14.60M 29.29M
Adjusted Diluted Earnings per Share		 ($1.65) ($22.65) ($1.50) ($1.80) ($1.90) ($1.99) ($1.50) ($0.90) ($0.73) ($1.64) ($0.54)
Adjusted Weighted Average Diluted Shares Outstanding		 10.47M 710.93K 11.63M 11.72M 11.81M 11.77M 12.03M 12.27M 14.15M 14.60M 29.29M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($22.65) $0.00 $0.00 $0.00 ($1.99) $0.00 $0.00 $0.00 ($1.64) $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 11.53M 11.66M 11.66M 11.79M 11.88M 12.10M 12.10M 14.19M 19.62M 27.17M 29.39M
Normalized Net Operating Profit after Tax (NOPAT)		 -13 -14 -14 -16 -17 -16 -13 -8.09 -6.87 -13 -9.41
Normalized NOPAT Margin		 -821.61% -655.93% -498.39% -4,651.58% -4,617.66% -577.12% -2,120.57% -343.08% -3,209.21% 0.00% -1,992.63%
Pre Tax Income Margin		 -1,075.60% -765.18% -668.74% -6,304.60% -6,265.46% -823.82% -3,009.35% -468.87% -4,848.13% 0.00% -3,373.31%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

ESS Tech Financials - Frequently Asked Questions

According to the most recent income statement we have on file, ESS Tech's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

ESS Tech's net income appears to be on a downward trend, with a most recent value of -$63.44 million in 2025, rising from -$30.42 million in 2020. The previous period was -$86.22 million in 2024. Check out ESS Tech's forecast to explore projected trends and price targets.

Over the last 5 years, ESS Tech's total revenue changed from $0.00 in 2020 to $1.58 million in 2025, a change of 158,300,000.0%.

ESS Tech's total liabilities were at $42.55 million at the end of 2025, a 0.9% decrease from 2024, and a 15.3% increase since 2020.

In the past 5 years, ESS Tech's cash and equivalents has ranged from $4.90 million in 2020 to $238.94 million in 2021, and is currently $14.48 million as of their latest financial filing in 2025.

Over the last 5 years, ESS Tech's book value per share changed from -0.89 in 2020 to 0.44 in 2025, a change of -149.2%.


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Financial statements for NYSE:GWH last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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