ESS Tech, Inc. (GWHT) Income Statement
GWHT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsGWHT revenue and net income
Where GWHT's revenue goes
2025Each bar shows an amount and its share of revenue. GWHT kept −4,007.6% of revenue as net income.
GWHT profit margins
GWHT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −74.9% | +21.0% | — | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
GWHT quarterly EPS vs estimates
ESS Tech beat the analyst EPS estimate in 2 of the last 4 quarters.
GWHT income statement
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Revenue | $1.6M | $6.3M | $7.5M | $894,000 |
| Cost of revenue | $35.0M | $51.7M | $20.5M | $0 |
| Gross profit | −$33.4M | −$45.4M | −$13.0M | $894,000 |
| Research & development | $8.3M | $11.8M | $42.6M | $72.0M |
| Sales, general & admin | $17.6M | $32.7M | $30.3M | $34.4M |
| Total operating expenses | $22.3M | $44.4M | $73.0M | $106.4M |
| Operating income | −$55.7M | −$89.8M | −$85.9M | −$105.5M |
| Interest income | — | $3.6M | $5.3M | $2.2M |
| Interest expense | $5.5M | — | — | — |
| Income before taxes | −$63.4M | −$86.2M | −$77.6M | −$78.0M |
| Net income | −$63.4M | −$86.2M | −$77.6M | −$78.0M |
| EBITDA | −$52.2M | −$81.5M | −$71.1M | −$76.4M |
| EPS (diluted) | −$1.93 | — | — | — |
| Gross margin | −2,110.7% | −720.5% | −171.8% | 100.0% |
| Operating margin | −3,518.6% | −1,426.5% | −1,139.3% | −11,800.0% |
| Net margin | −4,007.6% | −1,369.7% | −1,028.9% | −8,721.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | |
|---|---|---|---|---|---|
| Revenue | $69,000 | $128,000 | $0 | $214,000 | $2.4M |
| Cost of revenue | $7.5M | $7.2M | $13.9M | $4.9M | $7.5M |
| Gross profit | −$7.4M | −$7.0M | −$15.4M | −$4.7M | −$5.1M |
| Research & development | $2.2M | $2.6M | $3.4M | $1.0M | $1.4M |
| Sales, general & admin | $5.5M | $4.1M | $4.6M | $4.1M | $5.0M |
| Total operating expenses | $7.7M | $6.7M | $747,000 | $5.1M | $13.9M |
| Operating income | −$15.1M | −$13.8M | −$16.2M | −$9.8M | −$11.6M |
| Interest income | — | — | — | — | $30,000 |
| Interest expense | $596,000 | $2.5M | $5.2M | $456,000 | — |
| Income before taxes | −$15.6M | −$15.9M | −$24.0M | −$10.4M | −$11.1M |
| Net income | −$15.6M | −$15.9M | −$24.0M | −$10.4M | −$11.1M |
| EBITDA | −$14.3M | −$16.0M | −$17.6M | −$8.4M | −$10.0M |
| EPS (diluted) | −$0.41 | −$0.54 | −$1.20 | −$0.73 | — |
| Gross margin | −10,760.9% | −5,498.4% | — | −2,207.9% | −216.3% |
| Operating margin | −21,933.3% | −10,765.6% | — | −4,584.6% | −490.1% |
| Net margin | −22,540.6% | −12,439.1% | — | −4,848.1% | −468.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in GWHT's financial statements (latest annual report filed March 5, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
GWHT financial results
In fiscal year 2025 (ended December 31, 2025), ESS Tech reported revenue of $1.6 million, down 74.9% from the year before. It had a net loss of $63.4 million, a net profit margin of −4,007.6%. Diluted earnings per share came to −$1.93.
See the GWHT stock overview for the latest quote and news, or the GWHT chart for price history and technical indicators.
GWHT income statement FAQ
What is ESS Tech's annual revenue?
ESS Tech reported total revenue of $1.6 million for fiscal year 2025, which ended on December 31, 2025. That was down 74.9% from $6.3 million the previous year.
Is ESS Tech profitable?
No. ESS Tech reported a net loss of $63.4 million in fiscal 2025, a net profit margin of −4,007.6%; its operating margin was −3,518.6%.
What is ESS Tech's gross margin?
ESS Tech's gross margin was −2,110.7% in fiscal 2025: for every $100 of revenue, ESS Tech kept $-2111 after the direct cost of its products and services.
How much does ESS Tech spend on research and development?
ESS Tech spent $8.3 million on research and development in fiscal 2025, 524.1% of revenue.
What are ESS Tech's earnings per share?
ESS Tech earned $-1.93 per diluted share in fiscal 2025.
When does ESS Tech's fiscal year end?
ESS Tech's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 5, 2026.