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Friday 6 November 2026
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ESS Tech, Inc.
GWHT Industrials Electrical Equipment & Parts
ESS Tech, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.6 million, down 74.9% from fiscal 2024.
- Revenue
- −96.9%
- EPS
- +48.9%
- Free cash flow
- +27.8%
Quarter to June 2026, against a year earlier
0.06
0.00
0.00%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | 1 | 8 | 6 | 2 | (1) | +21.0% | 0 | 59 | — | +508.4% | |
| Gross margin, % | — | — | — | — | 0.00 | 0.00 | 100.00 | (171.82) | (720.54) | (1,748.07) | 2,462.32 | (1,748.1) pt | ||||||
| EBT | — | — | — | — | (30) | (477) | (78) | (78) | (86) | (63) | (66) | +15.8% | ||||||
| EBT margin, % | — | — | — | — | 0.00 | 0.00 | (8,721.36) | (1,028.89) | (1,369.69) | (4,007.58) | 5,612.36 | (4,007.6) pt | ||||||
| Net income | — | 0 | — | — | (30) | (477) | (78) | (78) | (86) | (63) | (66) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 0.00 | 0.00 | 0.09 | 0.71 | 0.53 | 0.11 | (0.03) | n/m | |||||
| Earnings | — | — | — | — | (7.75) | (85.91) | (7.65) | (7.20) | (7.32) | (4.34) | (2.93) | (10.9%) | ||||||
| Cash flow | — | — | — | — | (4.24) | (9.34) | (8.01) | (5.15) | (6.13) | (3.44) | (1.24) | (4.1%) | ||||||
| Capex | — | — | — | — | (0.13) | (0.50) | (1.39) | (0.54) | (0.62) | (0.23) | (0.10) | +12.7% | ||||||
| Free cash flow | — | — | — | — | (4.37) | (9.84) | (9.41) | (5.69) | (6.75) | (3.68) | (1.34) | (3.4%) | ||||||
| Book value | — | — | — | — | (7.10) | 36.94 | 13.45 | 9.69 | 2.45 | 0.59 | (0.08) | n/m | ||||||
| Shares, m | — | — | — | — | 4 | 6 | 10 | 11 | 12 | 15 | 23 | +30.0% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | — | — | 0.00 | 24.82 | 11.00 | 17.34 | 0.00 | 13.3 | ||||||
| P/B | — | — | — | — | — | — | 2.58 | 1.81 | 2.40 | 3.19 | 0.00 | 2.5 | ||||||
| EV/Sales | — | — | — | — | — | — | 0.00 | 10.49 | 6.05 | 8.78 | 0.78 | 6.3 | ||||||
| EV/FCF | — | — | — | — | — | — | (2.21) | (1.30) | (0.48) | (0.26) | 0.02 | (1.1) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | (17) | (52) | (82) | (55) | (72) | (50) | (42) | +24.7% | |||||
| Capex | — | — | — | — | (1) | (3) | (14) | (6) | (7) | (3) | (3) | +46.5% | ||||||
| Free cash flow | — | — | — | — | (17) | (55) | (96) | (61) | (80) | (54) | (45) | +25.6% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | (2) | 232 | 124 | 98 | 16 | 1 | (6) | n/m | |||||
| Net debt | — | — | — | — | (6) | (238) | (141) | (109) | (33) | (14) | (3) | +17.5% | ||||||
| Shareholders’ equity | — | — | — | — | (28) | 205 | 137 | 103 | 29 | 9 | (3) | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | (674.25) | (368.11) | (36.80) | (48.98) | (80.19) | (103.17) | (182.63) | +571.1 pt | |||||
| ROIC | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | — | — | — | — | (34.32) | (538.29) | (45.58) | (64.56) | (130.40) | (338.33) | (21,339.71) | (304.0) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 7 | 160 | 271 | 231 | 240 | 62 | — | +54.7% | |||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.03 | 0.03 | 0.03 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026
ESS Tech, Inc. vs peers in Electrical Equipment & Parts (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| XCH XCHG Limited | $14.1M | — | — | — | n/m | — | 46.15% | (10.26%) | Compare |
| EPOW E-Power Inc. | $9.1M | — (loss-making) | 6.2× | +280.53% (above 0%: growing) | −216.67% (below 0%: shrinking) | −147.37% (below 0%: shrinking) | 2.99% | 0.00% | Compare |
| FLUX Flux Power Holdings, Inc. | $6.8M | — (loss-making) | — (loss-making) | −48.71% (below 0%: shrinking) | n/m | −58.54% (below 0%: shrinking) | 24.76% | (43.79%) | Compare |
| GWHT ESS Tech, Inc. | $6.3M | — (loss-making) | — (loss-making) | −96.90% (below 0%: shrinking) | n/m | +27.83% (above 0%: growing) | (10,165.75%) | (20,731.51%) | |
| NXUR Nxu, Inc. | $6.1M | — (loss-making) | 27.1× | −75.00% (below 0%: shrinking) | n/m | +61.06% (above 0%: growing) | (2,100.00%) | (256,000.00%) | Compare |
| CCTG CCSC Technology International Holdings Limited | $3.8M | — | — | — | — | −99.66% (below 0%: shrinking) | — | — | Compare |
| DFLI Dragonfly Energy Holdings Corp. | $3.3M | — (loss-making) | — (loss-making) | −19.01% (below 0%: shrinking) | n/m | +47.29% (above 0%: growing) | 33.00% | (22.03%) | Compare |
| XPON Expion Energy, Inc. | $2.7M | — (loss-making) | — (loss-making) | −32.10% (below 0%: shrinking) | n/m | −270.31% (below 0%: shrinking) | 32.43% | (64.10%) | Compare |
| ELPW Elong Power Holding Limited | $1.2M | — | — | — | n/m | +54.73% (above 0%: growing) | — | — | Compare |
| Median of peers | $4.9M | — | — | −32.10% | — | −58.54% | 28.60% | (32.91%) |
Pay and ownership Proxy statement filed 24 September 2026
Ownership
Directors and executive officers, together
less than 1%
Ayrton Capital LLC
9.60%
SB Energy Global Holdings One Ltd.
6.00%
Entities affiliated with Honeywell International Inc.
5.50%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement