ESS Tech (GWH) Cash Flow: Operating & Free Cash Flow

ESS Tech Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for ESS Tech, Inc. (GWH) - 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
Operating Activities
Net Income	-63.44	-86.22	-86.22	-77.58	-77.97	-477.12	-30.42	-11.55
Depreciation & Amortization	5.74	4.72	4.72	6.51	1.52	0.57	0.44	0.26
Stock Based Compensation	5.43	11.58	11.58	10.64	11.89	7.92	0.31	0.18
Change in Working Capital	-6.39	-6.47	-1.57	-1.65	8.46	2.09	0.05	2.38
Change in Accounts Receivable	0.20	1.55	1.55	3.63	-1.89	0.00	0.00	0.00
Change in Inventory	4.83	-8.63	-3.33	-14.66	0.00	0.00	0.00	0.00
Change in Accounts Payable	-3.84	4.24	4.24	-0.23	1.46	0.89	-0.22	0.00
Change in Other Working Capital	8.60	-3.63	-0.61	9.61	-1.43	1.20	0.27	2.38
Other Operating Activities	8.60	4.18	-0.61	7.18	-25.52	414.69	12.98	2.05
Net Cash from Operating Activities	-50.28	-72.22	-72.22	-54.90	-81.62	-51.85	-16.65	-6.68
Investing Activities
Capital Expenditures	-3.39	-7.29	-7.29	-5.79	-14.18	-2.77	-0.50	-0.85
Purchases of Investments	10.92	0.00	72.05	0.00	-103.70	0.00	0.00	0.00
Sales/Maturities of Investments	10.92	0.00	72.05	0.00	-103.70	0.00	0.00	0.00
Other Investing Activities	0.00	72.05	-	20.86	0.00	0.00	0.00	0.00
Net Cash from Investing Activities	7.53	64.76	64.76	15.07	-117.88	-2.77	-0.50	-0.85
Financing Activities
Debt Repayment	5.67	0.00	-	-1.73	-1.90	-1.07	4.72	2.46
Common Stock Issued	37.65	0.00	0.47	27.13	0.66	11.00	0.01	0.00
Common Stock Repurchased	-0.05	-0.30	-0.30	-0.31	-2.81	0.00	0.00	0.00
Other Financing Activities	5.67	0.47	-	0.56	-0.02	278.53	0.01	19.79
Net Cash from Financing Activities	43.46	0.17	0.17	25.65	-4.07	288.45	4.72	22.25
Summary
Effect of Forex Changes on Cash	0.00	0.00	-	0.00	0.00	0.00	0.00	4.09
Net Change in Cash	0.71	-7.29	-7.29	-14.17	-203.58	233.84	-12.43	18.82
Cash at Beginning of Period	15.20	22.48	22.48	36.66	240.23	6.39	18.82	0.00
Cash at End of Period	15.90	15.20	15.20	22.48	36.66	240.23	6.39	18.82
Free Cash Flow	-53.67	-79.51	-79.51	-60.69	-95.80	-54.62	-17.15	-7.53
Supplemental Disclosures
Interest Paid	-	-	-	-	0.15	1.80	0.11	-

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 Cash Flow

What is ESS Tech's free cash flow?

ESS Tech had negative free cash flow of $53.67M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −$50.28M minus $3.39M of capital expenditures.

How much does ESS Tech spend on capital expenditures?

ESS Tech spent $3.39M on capital expenditures in fiscal 2025, compared with $7.29M a year earlier.

Does ESS Tech pay dividends or buy back shares?

Yes. In fiscal 2025 ESS Tech returned $50.00K in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition