ESS Tech, Inc. GWH
ESS Tech, Inc. ("Legacy ESS") was founded in 2011 and became a publicly traded company through a business combination with a special purpose acquisition company named ACON S2 Acquisition Corp. ("STWO") which changed its name to ESS Tech, Inc. upon closing (the "Business Combination"). As a result of the Business Combination, Legacy ESS survived and became a wholly owned subsidiary of ESS Tech, Inc. On March 31, 2024, Legacy ESS merged with ESS Tech, Inc. leaving ESS Tech, Inc. as the successor legal entity.
ESS is a long-duration energy storage company specializing in iron flow battery technology. We design and produce long-duration batteries predominantly using earth-abundant materials that we believe can be cycled over 20,000 times without capacity fade based on lab-scale results. Because our batteries are designed to operate using an electrolyte of primarily salt, iron and water, our products are environmentally sustainable and substantially recyclable or reusable. Our batteries provide flexibility to grid operators and energy assurance for commercial and industrial customers. Our technology addresses energy delivery, duration and cycle-life in a single battery platform that compares favorably to lithium-ion batteries, the most widely deployed alternative technology. We design and build this core technology, including battery stacks, electrolyte and electrolyte health management solutions into a core power train that is then sold in our current product focus: the gigawatt-hour scale, fully configurable Energy Base and core power trains that can be assembled at the customer site into complete storage solutions. Our original product offering included the Energy Warehouse and Energy Center, which we are not currently offering for sale. With each battery deployed, we further our mission to accelerate the transition to a zero-carbon energy future with increased grid reliability.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $1.6M | $6.3M | $7.5M | $894.0K | $0 | $0 | — |
| Cost of revenue | $29.3M | $51.7M | $20.5M | $0 | — | — | — |
| Gross profit | -$27.7M | -$45.4M | -$13.0M | $894.0K | — | — | — |
| R&D | $8.3M | $11.8M | $42.6M | $72.0M | $30.3M | $12.9M | — |
| SG&A | $17.6M | $23.5M | $22.6M | $27.5M | $27.3M | $3.3M | — |
| Total operating expenses | $29.7M | $44.4M | $73.0M | $106.4M | $60.6M | $17.4M | — |
| Operating income | -$57.4M | -$89.8M | -$85.9M | -$105.5M | -$60.6M | -$17.4M | — |
| Interest expense | — | $3.6M | $5.3M | $2.2M | $1.9M | $132.0K | — |
| Pre-tax income | $63.4M | — | — | — | — | — | — |
| Income tax | $0 | — | — | — | — | — | — |
| Net income | $63.4M | $86.2M | -$77.6M | -$78.0M | -$477.1M | -$30.4M | — |
| EPS, basic | -4.34 | -7.32 | -7.27 | -0.51 | -5.73 | -0.52 | — |
| EPS, diluted | -4.34 | -7.32 | -7.27 | -0.51 | -5.73 | -0.52 | — |
| Shares, diluted (wtd. avg.) | 14.6M | 11.8M | 10.7M | 152.7M | 83.3M | 58.9M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $14.5M | $13.3M | $22.5M | $36.7M | $240.2M | $6.4M | $18.8M |
| Receivables | $13.0K | $215.0K | $2.0M | $5.0M | $451.0K | $0 | — |
| Inventory | $140.0K | $5.6M | $3.4M | $0 | — | — | — |
| Total current assets | $26.2M | $43.4M | $118.1M | $151.6M | $245.5M | $6.9M | — |
| Property, plant and equipment | $17.2M | $20.6M | $16.3M | $17.6M | $4.5M | $1.8M | — |
| Other intangibles | $2.7M | $4.7M | $4.9M | $0 | — | — | — |
| Total assets | $51.2M | $71.8M | $143.2M | $173.6M | $250.2M | $9.0M | — |
| Accounts payable | $3.0M | $8.1M | $2.8M | $3.0M | $1.6M | $522.0K | — |
| Short-term debt | — | — | $0 | $1.6M | $1.9M | $5.7M | — |
| Total current liabilities | $25.3M | $27.6M | $19.8M | $28.0M | $13.6M | $8.4M | — |
| Long-term debt | — | — | $0 | $315.0K | $1.9M | $19.0K | — |
| Total liabilities | $42.6M | $42.9M | $39.9M | $36.6M | $45.0M | $36.9M | — |
| Retained earnings | -$845.8M | -$782.4M | -$696.2M | -$618.6M | -$540.6M | -$63.5M | — |
| Total equity | $8.6M | $28.9M | $103.4M | $137.0M | $205.2M | -$27.9M | $2.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$50.3M | -$72.2M | -$54.9M | -$81.6M | -$51.8M | -$16.6M | — |
| Depreciation and amortisation | $5.7M | $4.7M | $6.5M | $1.5M | $572.0K | $436.0K | — |
| Stock-based compensation | $5.4M | $11.6M | $10.6M | $11.9M | $7.9M | $310.0K | — |
| Capital expenditure | $3.4M | $7.3M | $5.8M | $14.2M | $2.8M | $502.0K | — |
| Investing cash flow | $7.5M | $64.8M | $15.1M | -$117.9M | -$2.8M | -$502.0K | — |
| Financing cash flow | $43.5M | $174.0K | $25.7M | -$4.1M | $288.5M | $4.7M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001819438-26-000023.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $0 | $0 | $894.0K | $7.5M | $6.3M | $1.6M |
| Gross profit | — | — | — | $894.0K | -$13.0M | -$45.4M | -$27.7M |
| Net income | — | -$30.4M | -$477.1M | -$78.0M | -$77.6M | $86.2M | $63.4M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Results announced Item 2.02
- Other event Item 8.01
- Material agreement signed Item 1.01
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Results announced Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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