# Ess Tech Inc. (GWH)

**Exchange:** NYSE  
**Sector:** Industrials  
**Market cap:** $12M  
**Price:** $0.84

> Ess Tech Inc. is a long-duration energy storage company that designs and manufactures iron flow battery systems for commercial, industrial, and utility-scale applications worldwide. Its core purpose is to provide flexible energy capacity for projects requiring four or more hours of storage, supporting grid stability and integration of renewable energy resources. Ess Tech Inc. offers a portfolio of products including Energy Warehouse, a behind-the-meter solution for sites such as microgrids and commercial facilities, and Energy Center, a scalable front-of-the-meter platform suited for sub-megawatt to multi–tens-of-megawatt projects. These systems use iron, salt, and water as key inputs, resulting in non-flammable, non-toxic, and environmentally benign storage solutions based on earth-abundant materials. Headquartered in Wilsonville, Oregon and founded in 2011, the company serves utilities, independent power producers, and commercial and industrial customers seeking long-duration energy storage to enhance energy security, resilience, and the effective use of renewable generation.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $2M | -$28M | -$57M | -$63M | — |
| 2024 | $6M | -$45M | -$90M | -$86M | — |
| 2023 | $8M | -$13M | -$86M | -$78M | — |
| 2022 | $894,000 | $894,000 | -$105M | -$78M | — |
| 2021 | — | — | -$61M | -$477M | — |
| 2020 | — | — | -$17M | -$30M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $51M | $43M | $9M | $14M | — |
| 2024 | $72M | $43M | $29M | $13M | — |
| 2023 | $143M | $40M | $103M | $20M | — |
| 2022 | $174M | $37M | $137M | $35M | $2M |
| 2021 | $250M | $45M | $205M | $239M | $4M |
| 2020 | $9M | $37M | -$28M | $5M | $6M |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$50M | $3M | -$54M |
| 2024 | -$72M | $7M | -$80M |
| 2023 | -$55M | $6M | -$61M |
| 2022 | -$82M | $14M | -$96M |
| 2021 | -$52M | $3M | -$55M |
| 2020 | -$17M | $502,000 | -$17M |

Source: [CompaniesByCap](https://companiesbycap.com/company/GWH)