ESS Tech, Inc. (GWHT) AI Stock Analysis

ESS Tech, Inc. is an energy storage company that designs and produces iron flow batteries for commercial and utility-scale energy storage applications worldwide. The company provides energy storage products, including Energy Warehouse, which serves as a behind-the-meter solution. It also produces the gigawatt-hour energy base storage product, featuring a fully configurable layout that integrates with any site location while allowing power to be decoupled from capacity. Founded in 2011 and headquartered in Wilsonville, Oregon, ESS Tech operates within the Electrical Equipment & Parts industry and employs 62 people.

Between FY2022 and FY2025, revenue achieved a three-year compound annual growth rate of 21.0%, rising from $894,000 in FY2022 to $7.5M in FY2023, before contracting to $6.3M in FY2024 and $1.6M in FY2025. Net losses remained substantial, recording -$78.0M in FY2022, -$77.6M in FY2023, -$86.2M in FY2024, and -$63.4M in FY2025, when EPS was -$1.93. Operating margin was -3518.6% in FY2025 and gross margin was -2110.7%. For the trailing twelve months ended June 30, 2026, revenue stood at -$1.2M, operating margin was -20731.5%, and quarterly revenue fell 96.9% year-over-year.

As of June 30, 2026, ESS Tech held $10.8M in cash and short-term investments and $3.0M in total debt, yielding net cash of $7.9M. Total assets stood at $32.5M, but shareholders' equity was -$2.7M, reflecting negative equity, alongside a current ratio of 0.68. The business has sustained continuous cash deficits, recording an operating cash flow of -$50.3M and free cash flow of -$53.7M in FY2025. In FY2025, capital expenditures were $3.4M, while share buybacks totaled $50,000.

GWHT trades at an enterprise value of $21.3M and an enterprise value to revenue multiple of 7.3x, with a price-to-book ratio of 1.8x based on a market capitalization of $3.4M. By comparison, the median of its US-listed Industrials peers trades at a price-to-sales multiple of 1.5x and an EV to EBITDA ratio of 13.9x. The stock has underperformed broader markets significantly, dropping 98.1% over the past year and 100.0% over five years, compared to gains of 16.8% and 83.0% for the S&P 500 over the respective periods.

The stock has a mean price target of $2.00, compared to its last close of $0.09, implying a premium of 2252.9%. For the fiscal year ending December 31, 2026, consensus estimates project an EPS of -$1.42 and revenue of $401,000. For the following fiscal year, 1 analyst expects revenue of $58.6M and an EPS of -$0.35, representing 75.3% earnings growth. Over the last four quarters, ESS Tech has beaten consensus EPS estimates 2 times.

This page is an AI-written research summary of ESS Tech, Inc. (GWHT). 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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