ESS Tech, Inc. (GWH) Stock

ESS Tech, Inc. (GWH) is a Industrials stock trading at $0.39 (as of 2026-08-20), with a market capitalization of $12.92M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

ESS Tech, Inc. designs and manufactures iron flow battery energy storage systems for commercial and utility-scale applications. Its offerings include behind-the-meter Energy Warehouse and front-of-the-meter Energy Center, serving customers with energy storage needs worldwide.

Understand ESS Tech, Inc.: how it makes money

ESS Tech designs and produces iron flow batteries for commercial and utility-scale energy storage, selling behind-the-meter Energy Warehouse and front-of-the-meter Energy Center systems to customers worldwide.

ESS's profit engine is the conversion of energy storage project awards into delivered iron flow battery solutions, for both behind-the-meter (Energy Warehouse) and front-of-the-meter (Energy Center), with performance and cost targets (such as unit cost reductions and commissioning time) aimed at improving economics over time.

Business quality (Weak): The business is focused on selling and delivering iron flow batteries for energy storage, but the latest provided financial snapshot shows revenue of 0.0B and very negative gross and operating margins, consistent with a challenging path to profitability.

Bull case

Two commercial product pathways: ESS sells both Energy Warehouse (behind-the-meter) and Energy Center (front-of-the-meter), which can diversify where deployments occur.
Active project conversion signals: Company-tracked metrics include Energy Base Project Awarded and Energy Warehouses Delivered, which together reflect progress from awards to delivered installations.
Cost and execution improvement focus: Operational KPI topics include Battery Pack Cost Reduction, Energy Warehouse Production Unit Cost Reductions, and Energy Warehouse Commissioning Time Reduction, pointing to efforts to improve unit economics.

Bear case

Profitability is currently a major concern: The latest provided figures show revenue of 0.0B and negative gross and operating margins, indicating losses in the period snapshot provided.
Project timing risk: Because results depend on converting awarded storage work into deliveries and transactions, delays or slower contract execution can impact reported progress.
Technology and cost targets must keep landing: The investment thesis relies on achieving ongoing improvements reflected in KPIs like cost reduction and commissioning time reduction, and falling short would pressure economics.

Valuation — source: SEC EDGAR (first-party)
Price	$0.39
Market Cap	$12.92M
Price / Sales	23.80
FCF Yield	-697.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$1.58M
Net Margin	-4007.6%
Revenue Growth (YoY)	-74.9%
EPS Growth (YoY)	-40.7%
FCF Growth (YoY)	-32.5%

Financial Health — source: SEC EDGAR
Altman Z-Score	-26.64 (distress)

Valuation vs Sector & Industry
Sector P/E (Industrials)	25.9
Industry P/E (Electrical Equipment)	37.8

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	SOFTBANK GROUP CORP. ($2.80M)
Institutional Holders Tracked	10

Company
Sector	Industrials
Industry	Electrical Equipment
CEO	Drew Buckley
Employees	240
Country	US
IPO Date	2021-01-04

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Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.