ESS Tech, Inc. (GWH) Cash Flow Statement
Where GWH’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$50.3M
- Capital expenditures
- $3.4M 214.0% of revenue
- Free cash flow
- −$53.7M −3,390.5% margin
- Returned to shareholders
- $50,000
- Change in cash
- $706,000 cash at year-end $15.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
GWH operating cash flow, capex and free cash flow
GWH cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$6.7M2019 | −$50.3M2025 | — | |
| Capital expenditures | $851,0002019 | $3.4M2025 | +25.9%/yr | |
| Free cash flow | −$7.5M2019 | −$53.7M2025 | — | |
| Free cash flow margin | −7,961.5%2021 | −3,390.5%2025 | +4,571.1 pts | |
| Stock-based compensation | $175,0002019 | $5.4M2025 | +77.3%/yr | |
| Share buybacks (net) | $02019 | $50,0002025 | — | |
| Capex / revenue | 403.4%2021 | 214.0%2025 | −189.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GWH cash flow by activity
GWH net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
GWH cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | −$63.4M | −$86.2M | −$77.6M | −$78.0M | −$477.1M | −$30.4M | −$11.5M |
| Depreciation & amortization | $5.7M | $4.7M | $6.5M | $1.5M | $572,000 | $436,000 | $260,000 |
| Stock-based compensation | $5.4M | $11.6M | $10.6M | $11.9M | $7.9M | $310,000 | $175,000 |
| Change in working capital | −$6.4M | −$6.5M | −$1.6M | $8.5M | $2.1M | $47,000 | $2.4M |
| Other non-cash items | $8.4M | $4.2M | $7.2M | −$25.5M | $414.7M | $13.0M | $2.1M |
| Cash from operating activities | −$50.3M | −$72.2M | −$54.9M | −$81.6M | −$51.8M | −$16.6M | −$6.7M |
| Investing activities | |||||||
| Capital expenditures | −$3.4M | −$7.3M | −$5.8M | −$14.2M | −$2.8M | −$502,000 | −$851,000 |
| Investments (net) | $10.9M | $64.8M | $32.8M | −$103.7M | −$2.8M | −$502,000 | −$103.7M |
| Acquisitions & other investing | $0 | $7.3M | −$11.9M | $0 | $2.8M | $502,000 | $103.7M |
| Cash from investing activities | $7.5M | $64.8M | $15.1M | −$117.9M | −$2.8M | −$502,000 | −$851,000 |
| Financing activities | |||||||
| Dividends paid | — | — | — | −$657,000 | — | — | — |
| Share repurchases & issuance (net) | −$50,000 | −$297,000 | −$310,000 | −$2.8M | $3.8M | $7,000 | $6,000 |
| Net borrowing (repayment) | — | $0 | −$1.7M | −$1.9M | −$1.1M | $4.7M | $2.5M |
| Shares issued | $37.7M | $0 | $27.1M | $15.6M | $27.0M | $0 | $0 |
| Other financing | $5.9M | $471,000 | $564,000 | −$14.3M | $258.7M | $0 | $19.8M |
| Cash from financing activities | $43.5M | $174,000 | $25.7M | −$4.1M | $288.5M | $4.7M | $22.3M |
| Summary | |||||||
| Net change in cash | $706,000 | −$7.3M | −$14.2M | −$203.6M | $233.8M | −$12.4M | $18.8M |
| Cash at end of period | $15.9M | $15.2M | $22.5M | $36.7M | $240.2M | $6.4M | $18.8M |
| Free cash flow | −$53.7M | −$79.5M | −$60.7M | −$95.8M | −$54.6M | −$17.1M | −$7.5M |
| Free cash flow margin | −3,390.5% | −1,263.1% | −804.9% | −10,715.9% | −7,961.5% | — | — |
| Capex / revenue | 214.0% | 115.9% | 76.8% | 1,586.1% | 403.4% | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$15.6M | −$15.9M | −$24.0M | −$10.4M | −$11.1M | −$18.0M | −$23.5M | −$22.5M | −$21.9M | −$18.3M | −$16.1M | −$16.6M |
| Depreciation & amortization | $698,000 | $2.4M | $1.2M | $1.5M | $1.5M | $1.5M | $1.4M | $781,000 | $1.3M | $1.2M | $3.3M | $1.1M |
| Stock-based compensation | $681,000 | $1.1M | $1.5M | $1.2M | $1.5M | $1.2M | $3.0M | $2.7M | $3.0M | $2.9M | $3.0M | $2.9M |
| Change in working capital | $286,000 | −$3.5M | −$344,000 | $939,000 | −$4.4M | −$2.6M | −$1.7M | −$2.0M | −$753,000 | −$2.1M | −$4.5M | $990,000 |
| Other non-cash items | $4.9M | $2.6M | $7.8M | $871,000 | $64,000 | −$377,000 | $248,000 | $3.4M | $3.1M | −$2.6M | −$1.8M | $10.4M |
| Cash from operating activities | −$8.9M | −$13.5M | −$13.9M | −$5.8M | −$12.4M | −$18.2M | −$20.5M | −$17.6M | −$15.2M | −$18.9M | −$16.1M | −$1.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$502,000 | −$930,000 | −$2.3M | −$417,000 | −$729,000 | −$762,000 | −$3.5M | −$2.3M | −$612,000 | −$953,000 | −$1.6M | −$769,000 |
| Investments (net) | $6.0M | $1.7M | −$7.5M | $417,000 | $3.7M | $13.3M | $20.9M | −$6.3M | $15.5M | $34.7M | −$928,000 | −$17.9M |
| Acquisitions & other investing | $0 | $0 | $0 | $417,000 | $729,000 | $762,000 | $3.5M | $2.3M | $612,000 | $953,000 | $1.6M | $769,000 |
| Cash from investing activities | $5.5M | $725,000 | −$9.8M | $417,000 | $3.7M | $13.3M | $20.9M | −$6.3M | $15.5M | $34.7M | −$928,000 | −$17.9M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | −$27.6M | −$27.2M |
| Share repurchases & issuance (net) | $0 | $0 | −$14,000 | −$9,000 | −$10,000 | −$17,000 | −$52,000 | −$67,000 | −$97,000 | −$81,000 | −$145,000 | −$83,000 |
| Net borrowing (repayment) | — | — | — | — | — | — | $0 | $0 | — | — | — | −$933,000 |
| Shares issued | $2.7M | $15.7M | $32.9M | $4.1M | $721,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$3.9M | −$1.6M | $1.8M | $4.0M | $105,000 | $4,000 | $177,000 | $59,000 | $235,000 | $0 | $27.8M | $54.3M |
| Cash from financing activities | −$1.2M | $14.0M | $34.6M | $8.1M | $816,000 | −$13,000 | $125,000 | −$8,000 | $138,000 | −$81,000 | $65,000 | $26.0M |
| Summary | ||||||||||||
| Net change in cash | −$4.6M | $1.3M | $10.9M | $2.6M | −$7.9M | −$5.0M | $520,000 | −$23.9M | $412,000 | $15.7M | −$17.0M | $6.9M |
| Cash at end of period | $12.6M | $17.2M | $15.9M | $4.3M | $2.3M | $10.2M | $15.2M | $14.7M | $38.6M | $38.2M | $22.5M | $39.5M |
| Free cash flow | −$9.4M | −$14.4M | −$16.2M | −$5.4M | −$13.1M | −$19.0M | −$23.9M | −$19.9M | −$15.8M | −$19.9M | −$17.7M | −$2.0M |
| Free cash flow margin | −13,688.4% | −11,241.4% | — | −2,530.8% | −555.0% | −3,172.0% | −840.2% | −5,534.8% | −4,549.7% | −725.5% | −634.0% | −128.7% |
| Capex / revenue | 727.5% | 726.6% | — | 194.9% | 30.9% | 127.2% | 121.8% | 629.0% | 175.9% | 34.8% | 56.5% | 49.8% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
GWH cash generation
In fiscal 2025 (ended December 31, 2025), ESS Tech generated -$50.3 million of cash from operations and spent $3.4 million on capital expenditures, leaving free cash flow of -$53.7 million, −3,390.5% of revenue. It returned $0.1 million to shareholders through dividends ($0) and net share buybacks ($0.1 million). Cash and equivalents rose by $0.7 million over the year.
Related: GWH income statement, GWH balance sheet. See the GWH stock overview for the latest quote and news.
GWH cash flow FAQ
What is ESS Tech's free cash flow?
ESS Tech's free cash flow was -$53.7 million in fiscal 2025: -$50.3 million of operating cash flow minus $3.4 million of capital expenditures It was -$79.5 million a year earlier..
How much cash does ESS Tech generate from operations?
ESS Tech generated -$50.3 million of cash from operating activities in fiscal 2025.
How much does ESS Tech spend on capital expenditures?
ESS Tech spent $3.4 million on capital expenditures in fiscal 2025, 214.0% of revenue, compared with $7.3 million the year before.
How much stock does ESS Tech buy back?
ESS Tech spent $0.1 million on net share repurchases in fiscal 2025.