ESS Tech, Inc.
ESS Tech, Inc. designs and produces long-duration batteries using earth-abundant materials, which the company claims can be cycled over 20,000 times without capacity fade based on lab-scale results.
Business. ESS Tech, Inc. (NYSE: GWH) is an industrial machinery and equipment company that operates within the Industrial Goods sector. The firm generates revenue primarily through the sale of products. Specific details regarding the company's operating segments, headquarters location, and geographic mix are not provided in the available data.
Analyst recommendations
1 analysts · consensus BuyAt a glance
What drives this business
The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.
News & coverage
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- Company
- EarningsQ3 2026 earnings (expected)2026-10-28 · estimated
- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
ESS Tech, Inc. (GWH) has recorded a notable addition to its shareholder base, marking the first material change identified in this analysis cycle. As of June 30, 2024, a new investor (ID 466) acquired a position of 835,493 shares, valued at approximately $0.68 million. This acquisition represents a weight of roughly 0.0015% in the investor’s portfolio, signaling a fresh entry into the company’s ownership structure. This development is significant as it establishes the initial baseline for tracking ownership dynamics for GWH. With no prior basis for delta computation in previous analyses, this addition serves as the starting point for monitoring future shifts in institutional or major holder activity. The presence of this new holder adds to the company’s existing roster of 11 top holders, providing a clearer picture of its current capital support. The change occurs within a broader context where ESS Tech, Inc. currently reports zero active analyst coverage and no index memberships. The absence of analyst ratings and index inclusion suggests that the company’s valuation and visibility are currently driven more by direct holder activity than by broad market consensus or passive index flows. Consequently, individual holder moves like this one carry disproportionate weight in signaling market interest. While the specific identity of investor ID 466 is not disclosed in the available data, the timing of the acquisition—detected in June 2026 for the period ending June 2024—highlights the importance of monitoring filing delays and reporting lags. For a company with limited external coverage, such holder changes provide critical, albeit sparse, data points for assessing investor sentiment and potential future liquidity trends.
Signals & dispatch
Composite-score breakdown
Synthesis
ESS Tech, Inc. (NYSE: GWH) is an industrial machinery and equipment company that operates within the Industrial Goods sector. The firm generates revenue primarily through the sale of products. Specific details regarding the company's operating segments, headquarters location, and geographic mix are not provided in the available data.
The company's capital structure is characterized by a high price-to-book ratio of 4.29 and a price-to-tangible-book ratio of 4.29, indicating that the market is valuing the company's intangible assets at a premium relative to its tangible book value. The company has no long-term or short-term debt, and its cash and equivalents amount to $15.49 million, which is a significant portion of its total assets of $48.57 million. The current ratio of 1.08 suggests that the company's current assets are only slightly higher than its current liabilities, placing it near the minimum comfort range for liquidity.
Profitability metrics are negative, with a return on equity of -1.69 and a return on assets of -0.33, indicating that the company is not generating returns for its shareholders or assets. The gross profit is -$7.04 million, and the operating income is -$13.78 million, both of which are significantly below the industry median for industrial machinery companies. The net income is -$15.92 million, reflecting a substantial loss for the period.
The company's revenue is concentrated in a single product line, the Energy Base product, which is the focus of its strategic pivot. There is no disclosed geographic segmentation, but the company's operations are subject to global supply chain challenges, tariffs, and trade restrictions. The company's exposure to international markets is a risk factor, particularly in light of geopolitical tensions and macroeconomic developments.
The company's growth trajectory is uncertain, with a negative operating cash flow of -$13.46 million and a free cash flow of -$14.39 million. The diluted share count is 29.29 million, which is moderately higher than the basic share count of 27.92 million, indicating potential dilution risk. The company's capital expenditure of $930,000 is relatively low compared to its operating cash outflows, suggesting that the company is not investing heavily in growth at this time.
The company faces several risk factors, including the potential for further dilution through equity offerings, the need to regain compliance with NYSE listing requirements, and the uncertainty surrounding the deployment of proceeds from prior and future offerings. The risk assessment indicates a high dilution risk and a medium liquidity risk, with the current ratio being a key concern. The company's ability to obtain and maintain intellectual property protection and to execute on its strategic pivot is also a significant risk.
Recent events include the company's partial coverage by Companyfacts, which backfilled short-term and long-term debt data. The company has also experienced leadership transitions and is navigating a complex regulatory and geopolitical environment. The company's 10-Q filing highlights the risks associated with its forward-looking statements and the potential for material differences between actual results and those suggested by the statements.
ESS Tech, Inc. (GWH) has recorded a notable addition to its shareholder base, marking the first material change identified in this analysis cycle. As of June 30, 2024, a new investor (ID 466) acquired a position of 835,493 shares, valued at approximately $0.68 million. This acquisition represents a weight of roughly 0.0015% in the investor’s portfolio, signaling a fresh entry into the company’s ownership structure. This development is significant as it establishes the initial baseline for tracking ownership dynamics for GWH. With no prior basis for delta computation in previous analyses, this addition serves as the starting point for monitoring future shifts in institutional or major holder activity. The presence of this new holder adds to the company’s existing roster of 11 top holders, providing a clearer picture of its current capital support. The change occurs within a broader context where ESS Tech, Inc. currently reports zero active analyst coverage and no index memberships. The absence of analyst ratings and index inclusion suggests that the company’s valuation and visibility are currently driven more by direct holder activity than by broad market consensus or passive index flows. Consequently, individual holder moves like this one carry disproportionate weight in signaling market interest. While the specific identity of investor ID 466 is not disclosed in the available data, the timing of the acquisition—detected in June 2026 for the period ending June 2024—highlights the importance of monitoring filing delays and reporting lags. For a company with limited external coverage, such holder changes provide critical, albeit sparse, data points for assessing investor sentiment and potential future liquidity trends.
- The company is operating at a significant loss with negative returns on equity and assets.
- The company's liquidity is constrained, with a current ratio near the minimum comfort range.
- The company's strategic pivot to the Energy Base product is a key growth driver but is subject to execution risk.
- The company faces high dilution risk due to a moderately elevated diluted share count.
- The company's operations are exposed to global supply chain and geopolitical risks.
Bull / Bear case
Generated · model-assistedAnalysts project 190.7% upside to a $2.50 target price, signaling strong institutional confidence in future recovery.
The company maintains a zero debt-to-equity ratio, ranking above the 75th percentile within its industrial machinery cohort.
Capital expenditure intensity of 7.27% of revenue ranks as best-in-class compared to the cohort median.
Net income deteriorated to $86.2 million loss in FY2024, reflecting a severe -124.4% net margin.
Free cash flow turned negative at -$79.5 million in FY2024, indicating significant ongoing cash burn.
Operating margin of -107.7% places the company in the bottom quartile of its 877-firm cohort.
High dilution risk flags suggest potential equity issuance, which could significantly erode existing shareholder value.
In focus — financials by report
Revenue $128.0k; Operating income -$13.8M.
- ▍Revenue $128.0k
- ▍Operating income -$13.8M
- ▍Net margin -12439.1%
Revenue $3.2M; Operating income -$39.5M.
- ▍Revenue $3.2M
- ▍Operating income -$39.5M
- ▍Net margin -1244.3%
Revenue $3.0M; Operating income -$29.7M.
- ▍Revenue $3.0M
- ▍Operating income -$29.7M
- ▍Net margin -983.5%
Revenue $1.6M; Operating income -$57.4M.
- ▍Revenue $1.6M
- ▍Operating income -$57.4M
- ▍Net margin -4007.6%
Revenue $6.3M; Operating income -$89.8M.
- ▍Revenue $6.3M
- ▍Operating income -$89.8M
- ▍Net margin -1369.7%
Revenue $6.3M; Operating income -$89.8M.
- ▍Revenue $6.3M
- ▍Operating income -$89.8M
- ▍Net margin -1369.7%
Revenue $7.5M; Operating income -$85.9M.
- ▍Revenue $7.5M
- ▍Operating income -$85.9M
- ▍Net margin -1028.9%
Revenue $7.5M; Operating income -$85.9M.
- ▍Revenue $7.5M
- ▍Operating income -$85.9M
- ▍Net margin -1028.9%
Valuation FY
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | -1,00 |
| Revenue | —no estimate | —no estimate | 2,1M USD |
| Operating income | —no estimate | —no estimate | -34,7M USD |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Diluted share count is moderately above the basic share count.
- Current ratio is close to the minimum comfort range.
- Source documents mention dilution or offering risk.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Derivative transactions
- SEE REMARKS · Stock Option (right to buy) → Common StockAcquired 137 500 @ $1,44grant · 2026-02-13
- Chief Financial Officer · Stock Option (right to buy) → Common StockAcquired 137 500 @ $1,44grant · 2026-02-13
- Director, CEO · Stock Option (right to buy) → Common StockAcquired 550 000 @ $1,68grant · 2026-01-28
Actions
Ask Handelsavisen
- Market data
- Regulatory filings
- Issuer disclosures
- Public news
- Earnings transcripts
- Consensus estimates
- ESG data
- Return On Equitynet_income / total_equity
- Price To Bookmarket_price / (adjusted_book_value / shares_outstanding_diluted)
- Dilution Ratio(shares_outstanding_diluted - shares_outstanding_basic) / shares_outstanding_basic
- Market Priceinput from market-data provider (delayed close or quote-shim mid)
- Market Capmarket_price * shares_outstanding_diluted
- Ev To Revenueenterprise_value / revenue
- ESS Tech, Inc. company facts · 2026-05-28
- ESS Tech, Inc. 10-Q 2026-05-07 · 2026-05-28
- ESS Tech, Inc. 10-K 2026-03-05 · 2026-05-28
- ESS Tech, Inc. 10-Q 2025-11-13 · 2026-05-28
- ESS Tech, Inc. 10-Q 2025-08-14 · 2026-05-28
Ownership & reference
Top holders
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2024-06-300,00 %$1M
- Investment Managers · as of 2025-12-310,00 %$1M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Institutional Investor · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Institutional Investor · as of 2026-03-310,00 %$0M
- Brokerage Firms · as of 2026-03-310,00 %$0M
Insider activity
- Director, CEO · Common StockBought 25 000 @ $1,03$26K · 2026-06-04
- Director · Common StockOther 13 513 · 2026-05-29
- Director · Common StockOther 13 513 · 2026-05-29
- Director · Common StockOther 13 513 · 2026-05-29
- Director · Common StockOther 13 513 · 2026-05-29
- Director · Common StockOther 13 513 · 2026-05-29
- Chief Financial Officer · Common StockSold 1 922 @ $0,93$2K · 2026-05-22
- SEE REMARKS · Common StockSold 2 751 @ $0,93$3K · 2026-05-22
- Chief Financial Officer · Common StockSold 1 735 @ $0,92$2K · 2026-05-21
- SEE REMARKS · Common StockSold 2 482 @ $0,92$2K · 2026-05-21
- Chief Financial Officer · Common StockSold 741 @ $1,54$1K · 2026-02-20
- SEE REMARKS · Common StockSold 2 269 @ $1,54$3K · 2026-02-20
- SEE REMARKS · Common StockOther 137 500 · 2026-02-13
- Chief Financial Officer · Common StockOther 137 500 · 2026-02-13
- Interim CEO · Common StockOther 4 513 @ $2,40$11K · 2025-11-20
- Interim CFO · Common StockOther 1 299 @ $2,40$3K · 2025-11-20
- Director · Common StockOther 13 513 · 2025-10-13
- Director · Common StockOther 13 513 · 2025-10-13
- Director · Common StockOther 13 513 · 2025-10-13
- Director · Common StockOther 13 513 · 2025-10-13
- Director · Common StockOther 13 513 · 2025-10-13
- Director · Common StockOther 13 513 · 2025-10-13
- Director · Common StockOther 13 513 · 2025-10-13
- Interim CFO · Common StockOther 1 232 @ $1,61$2K · 2025-08-20
- COO · Common StockOther 275 000 · 2025-08-18
Short positioning
Geographic breakdown
Intel & risk
Evidence & claims
From filings & derived data- R&D expense (YoY) (2025-12-31 vs 2024-12-31): -29.5%Derived (calculated)
- Net income (YoY) (2025-12-31 vs 2024-12-31): -26.4%Derived (calculated)
- Operating cash flow (YoY) (2025-12-31 vs 2024-12-31): 30.4%Derived (calculated)
- Operating income (YoY) (2025-12-31 vs 2024-12-31): 36.1%Derived (calculated)
- Gross profit (YoY) (2025-12-31 vs 2024-12-31): 39.0%Derived (calculated)
- Cost of revenue (YoY) (2025-12-31 vs 2024-12-31): -43.4%Derived (calculated)
- Total liabilities (YoY) (2025-12-31 vs 2024-12-31): -0.9%Derived (calculated)
- Total assets (YoY) (2025-12-31 vs 2024-12-31): -28.7%Derived (calculated)
- Shareholders' equity (YoY) (2025-12-31 vs 2024-12-31): -70.2%Derived (calculated)
- Net margin (FY 2025-12-31): 4,007.6%Derived (calculated)
- Gross margin (FY 2025-12-31): -1,748.1%Derived (calculated)
- Return on equity (FY 2025-12-31): 736.1%Derived (calculated)
- Return on assets (FY 2025-12-31): 124.0%Derived (calculated)
- Current ratio (FY 2025-12-31): 1.04xDerived (calculated)
- Debt-to-equity (FY 2025-12-31): 4.94xDerived (calculated)
- Capex (YoY) (2025-12-31 vs 2024-12-31): -53.6%Derived (calculated)
- Cash & equivalents (YoY) (2025-12-31 vs 2024-12-31): 8.5%Derived (calculated)
- Revenue (YoY) (2025-12-31 vs 2024-12-31): -74.9%Derived (calculated)
- EPS (basic) (YoY) (2025-12-31 vs 2024-12-31): 40.7%Derived (calculated)
- EPS (diluted) (YoY) (2025-12-31 vs 2024-12-31): 40.7%Derived (calculated)
- Revenue (annual): USD 1.58MSEC XBRL filing
- EPS (basic) (annual): USD-PER-SHARES -4SEC XBRL filing
- Cost of revenue (annual): USD 29.25MSEC XBRL filing
- Total operating expenses (annual): USD 29.73MSEC XBRL filing