ESS Tech, Inc. (GWH) AI Stock Analysis

Founded in 2011 and based in Wilsonville, Oregon, ESS Tech, Inc. specializes in the design and manufacture of iron flow batteries tailored for commercial and utility-scale energy storage deployments. Its flagship offerings include the Energy Warehouse, designed as a behind-the-meter storage solution for commercial use, and the Energy Center, developed as a front-of-the-meter platform optimized for utility grids. Through its iron flow battery technology, the company supports renewable energy integration such as solar and wind power, grid stability, and energy efficiency, working through research and development and strategic partnerships.

Between FY2021 and FY2025, revenue grew at a four-year compound annual growth rate of 23.3%, rising from $686,000 in FY2021 to a peak of $7.5M in FY2023 before dropping to $6.3M in FY2024 and $1.6M in FY2025. In FY2025, revenue fell 74.9%, accompanied by an operating margin of -3518.6% and a net income of -$63.4M. For the latest quarter ended June 30, 2026, quarterly revenue fell 96.9% year-over-year, while trailing twelve months revenue stood at -$1.2M with a trailing operating margin of -20731.5% and diluted earnings per share of -$2.95.

As of June 30, 2026, ESS Tech held $10.8M in cash and short-term investments against total debt of $3.0M, resulting in net cash of $7.9M. Total assets stood at $32.5M, while shareholders' equity was -$2.7M alongside a current ratio of 0.68. The business has sustained negative operating cash flows, including -$50.3M in FY2025 alongside free cash flow of -$53.7M. Cash deployment during FY2025 included $3.4M in capital expenditures and $50,000 dedicated to share buybacks.

ESS Tech trades at a price-to-sales multiple of 16.9x, an enterprise value to revenue multiple of 7.3x, and a price-to-book ratio of 1.8x, based on an enterprise value of $21.3M and a market capitalization of $6.3M. By comparison, the median of its US-listed Industrials peers trades at a price-to-sales ratio of 1.5x and an enterprise value to EBITDA multiple of 13.9x. The stock closed at $0.09 on October 16, 2026, falling 98.1% over the past year and 100.0% over five years, underperforming the S&P 500 benchmark returns of 16.8% and 83.0% over the same respective periods.

Wall Street coverage includes a mean price target of $2.00, representing a 2252.9% premium over the last closing price of $0.09. For the fiscal year ending December 31, 2026, analysts estimate revenue of $401,000 and an EPS of -$1.68. For the next fiscal year, one analyst projects revenue of $44.3M, reflecting estimated growth of 10947.4%, and an EPS of -$0.79. Over the last four quarters, the company delivered 1 EPS beat, and the next earnings date is scheduled for November 12, 2026.

This page is an AI-written research summary of ESS Tech, Inc. (GWH). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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