ESS Tech (GWH) Financial Statements & Analysis

ESS Tech (GWH) Income Statement

ESS Tech reported revenue of $1.58M in fiscal 2025 (fiscal year ended Dec 31, 2025), down 74.9% from $6.29M a year earlier. ESS Tech posted a net loss of $63.44M, compared with a net loss of $86.22M a year earlier. Gross margin was -1748.1% and operating margin -3626.5%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $73.00K, down 96.9% from the same quarter a year earlier.

ESS Tech Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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ESS Tech, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period ending	Dec 2025	Mar 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019
Revenue & Gross Profit
Revenue	1.58	6.30	6.30	7.54	0.89	0.00	0.00	0.00
Cost of Revenue	29.26	51.65	51.65	20.50	0.00	0.00	0.44	0.00
Gross Profit	-27.67	-45.36	-45.36	-12.96	0.89	0.00	-0.44	0.00
Operating Expenses
Research & Development	6.60	11.77	11.77	42.63	71.98	30.28	12.90	6.66
Selling, General & Administrative	21.44	32.67	32.67	30.32	34.41	30.33	4.06	2.18
Operating Expenses	29.74	44.44	44.44	72.95	106.39	60.60	16.96	9.89
Operating Income	-57.41	-89.80	-89.80	-85.91	-105.49	-60.60	-17.39	-9.89
Other Income/Expense
Interest Income	-5.46	3.57	3.57	5.26	2.19	0.00	0.13	1.02
Interest Expense	5.46	0.00	-	0.00	0.00	1.89	0.13	0.00
Other Income/Expense	-6.03	3.58	0.00	8.33	27.52	-416.52	-13.03	-1.66
Income
Income Before Tax	-63.44	-86.22	-86.22	-77.58	-77.97	-477.12	-30.42	-11.55
Income Tax Expense	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00
Net Income	-63.44	-86.22	-86.22	-77.58	-77.97	-477.12	-30.42	-11.55
Net Income - Continuous Operations	-63.44	-86.22	-86.22	-77.58	-77.97	-477.12	-30.42	-11.55
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-
EBITDA	-49.97	-81.50	-85.07	-71.07	-103.97	-474.66	-29.85	-9.63
EBIT	-55.71	-	-89.80	-85.91	-105.49	-475.23	-17.39	-
Depreciation & Amortization	5.74	4.72	4.72	6.51	1.52	0.57	0.44	0.26
Earnings Per Share
Basic EPS	-4.00	-7.00	-7.00	-	-8.00	-86.00	-8.00	-2.00
Diluted EPS	-4.00	-7.00	-7.00	-	-8.00	-86.00	-8.00	-2.00
Basic Shares Outstanding	14.60	176.60	11.77	159.96	10.18	5.55	3.93	7.04
Diluted Shares Outstanding	14.60	176.60	11.77	159.96	10.18	5.55	3.93	7.04

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About ESS Tech Financial Statements

What was ESS Tech's revenue in fiscal 2025?

ESS Tech reported revenue of $1.58M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 74.9% from $6.29M a year earlier.

Is ESS Tech profitable?

No. ESS Tech reported a net loss of $63.44M in fiscal 2025. In fiscal 2024 it lost $86.22M.

What is ESS Tech's operating margin?

ESS Tech's operating income was −$57.41M on revenue of $1.58M in fiscal 2025, an operating margin of -3626.5%, compared with -1426.5% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition