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ESS Tech
(OTC:GWHT)
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Rating:40Underperform
Price Target:
$0.10
▼(-72.86% Downside)
Action:Reiterated
Date:10/09/26
Overall score is driven down primarily by very weak financial performance (large ongoing losses, sustained cash burn, and negative equity) and bearish technicals (price far below key moving averages with negative momentum). Earnings-call updates provide some upside through product milestones and early commercial traction, but liquidity/going-concern risk and the NYSE-to-OTC listing change materially increase near-term risk.
Positive Factors
Bridge Product Commercialization
The Bridge rollout and module-level cycling milestone show progress from product development toward commercialization. A modular system designed for multi-hour storage and a long operating life could support repeatable deployments if execution continues, broadening ESS’s product platform.
Negative Factors
Revenue Collapse and Gross Losses
The steep revenue decline and widening gross loss show that commercial shipments are not yet absorbing the company’s fixed manufacturing cost base. Without a durable recovery in deliveries, revenue volatility and negative gross margins can continue to consume cash and delay breakeven.
Read all positive and negative factors
Positive Factors
Negative Factors
Bridge Product Commercialization
The Bridge rollout and module-level cycling milestone show progress from product development toward commercialization. A modular system designed for multi-hour storage and a long operating life could support repeatable deployments if execution continues, broadening ESS’s product platform.
Read all positive factors
ESS Tech (GWHT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.35M
Dividend YieldN/A
Average Volume (3M)1.23M
Price to Earnings (P/E)―
Beta (1Y)0.97
Revenue Growth-119.02%
EPS Growth53.13%
CountryUS
Employees62
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-2.93
Shares Outstanding40,274,150
10 Day Avg. Volume1,374,083
30 Day Avg. Volume1,230,999
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)3.19
Price to Sales (P/S)17.34
P/FCF Ratio-0.51
Enterprise Value/Market Cap8.71
Enterprise Value/Revenue-32.23
Enterprise Value/Gross Profit-1.10
Enterprise Value/Ebitda-0.67
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-1.55
Revenue Forecast (FY)$450.50K
ESS Tech Business Overview & Revenue Model
Company Description
ESS Tech, Inc. is a long-duration energy storage company, which specializes in iron flow battery technology. It develops long duration iron flow batteries for commercial and utility-scale energy storage applications requiring four or more hours of...
How the Company Makes Money
ESS Tech makes money primarily by selling energy storage products and associated services. The company’s key revenue stream is product revenue from the sale of its iron flow battery-based energy storage systems (i.e., complete storage units and/or...
ESS Tech Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
18
Very Negative
Cash Flow
10
Very Negative
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | -1.18M | 1.58M | 6.29M | 7.54M | 894.00K | 0.00 |
| Gross Profit | -34.63M | -33.41M | -45.36M | -12.96M | 894.00K | 0.00 |
| EBITDA | -56.30M | -52.24M | -81.50M | -71.06M | -76.45M | -474.66M |
| Net Income | -65.83M | -63.44M | -86.22M | -77.58M | -77.97M | -477.12M |
Balance Sheet | ||||||
| Total Assets | 32.48M | 51.17M | 71.81M | 143.23M | 173.55M | 250.20M |
| Cash, Cash Equivalents and Short-Term Investments | 10.85M | 22.03M | 31.60M | 108.06M | 139.81M | 238.94M |
| Total Debt | 2.98M | 11.89M | 1.69M | 2.54M | 5.87M | 3.77M |
| Total Liabilities | 35.16M | 42.55M | 42.93M | 39.88M | 36.58M | 45.04M |
| Stockholders Equity | -2.69M | 8.62M | 28.88M | 103.36M | 136.97M | 205.16M |
Cash Flow | ||||||
| Free Cash Flow | -45.42M | -53.67M | -79.51M | -60.69M | -95.80M | -54.62M |
| Operating Cash Flow | -42.09M | -50.28M | -72.22M | -54.90M | -81.62M | -51.85M |
| Investing Cash Flow | -3.17M | 7.53M | 64.76M | 15.07M | -117.88M | -2.77M |
| Financing Cash Flow | 55.51M | 43.46M | 174.00K | 25.65M | -4.07M | 288.45M |
ESS Tech Technical Analysis
Negative
0.35
Price Trends
0.41
Negative
0.64
Negative
1.03
Negative
Market Momentum
-0.08
Positive
19.87
Positive
27.40
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GWHT, the sentiment is Negative. The current price of 0.35 is above the 20-day moving average (MA) of 0.26, below the 50-day MA of 0.41, and below the 200-day MA of 1.03, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 19.87 is Positive, neither overbought nor oversold. The STOCH value of 27.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GWHT.
ESS Tech Risk Analysis
ESS Tech disclosed 84 risk factors in its most recent earnings report. ESS Tech reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ESS Tech Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
49 Neutral | $917.70M | -0.56 | 55.63% | ― | 533.87% | 31.49% | |
47 Neutral | $1.44B | -5.26 | -22.15% | ― | 1.09% | 62.70% | |
43 Neutral | $10.18M | -1.23 | -261.63% | ― | -36.58% | 5.31% | |
43 Neutral | $64.87M | -0.47 | -63.44% | ― | -52.63% | -7.51% | |
41 Neutral | $2.26M | -0.03 | 256.59% | ― | ― | 67.65% | |
40 Underperform | $4.35M | -0.04 | -1934.84% | ― | -119.02% | 53.13% |
* Industrials Sector Average
GWHT
ESS Tech
0.11
-8.94
-98.81%
FCEL
Fuelcell Energy
18.03
7.86
77.29%
FLUX
Flux Power Holdings
0.47
-5.39
-91.98%
EOSE
Eos Energy Enterprises
2.52
-14.53
-85.22%
SDST
Stardust Power
0.06
-5.09
-98.93%
NVX
NOVONIX Ltd Sponsored ADR
2.50
-25.70
-91.14%
ESS Tech Corporate Events
Business Operations and StrategyDelistings and Listing ChangesRegulatory Filings and Compliance
ESS Tech Challenges NYSE Delisting, Moves to OTC Market
Negative
Oct 5, 2026
On October 2, 2026, ESS Tech was notified by the New York Stock Exchange that trading in its common stock was suspended and delisting proceedings would begin after the company fell below the NYSE’s $15 million average global market capitaliz...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.