GWH Financials ESS Tech, Inc.
6 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | $2M | $63M | -1748.1% | -3626.5% | 736.1% | 124.0% | -$54M | — | $14M |
| 2024 | $6M | $86M | -720.5% | -1426.5% | 298.5% | 120.1% | -$80M | — | $13M |
| 2023 | $8M | -$78M | -171.8% | -1139.3% | -75.1% | -54.2% | -$61M | $0 | $20M |
| 2022 | $894000 | -$78M | 100.0% | -11800.0% | -56.9% | -44.9% | -$96M | $2M | $35M |
| 2021 | $0 | -$477M | — | — | -232.6% | -190.7% | -$55M | $4M | $239M |
| 2020 | $0 | -$30M | — | — | 109.1% | -337.1% | -$17M | $6M | $5M |
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| Jun '26 | $73000 | -$16M | -10165.8% | -20731.5% | 578.8% | -47.9% | -$9M | — | $11M |
| Mar '26 | $128000 | -$16M | -5498.4% | -10765.6% | -168.6% | -32.8% | -$14M | — | $15M |
| Dec '25 | -$2M | -$24M | 610.8% | 1126.8% | -278.3% | -46.9% | -$16M | — | $14M |
| Sep '25 | $214000 | -$10M | -2207.9% | -4584.6% | 587.2% | -28.7% | -$5M | — | $4M |
| Jun '25 | $2M | -$11M | -216.3% | -490.1% | -334.6% | -27.9% | -$13M | — | $797000 |
| Mar '25 | $599000 | -$18M | -1360.1% | -3029.4% | -149.2% | -33.6% | -$19M | — | $8M |
| Dec '24 | $3M | -$23M | -462.7% | -824.5% | -81.3% | -32.7% | -$24M | — | $13M |
| Sep '24 | $359000 | -$22M | -3449.0% | -6596.7% | -45.7% | -23.3% | -$20M | — | $13M |
| Jun '24 | $348000 | -$22M | -3275.9% | -6645.1% | -31.8% | -19.7% | -$16M | — | $37M |
| Mar '24 | $3M | -$18M | -306.4% | -712.0% | -20.8% | -14.8% | -$20M | — | $36M |
| Dec '23 | $3M | -$16M | -268.8% | -681.9% | -15.6% | -11.3% | -$18M | $0 | $20M |
| Sep '23 | $2M | -$17M | -559.1% | -1173.7% | -14.3% | -10.5% | -$2M | $0 | $37M |
| Jun '23 | $3M | -$23M | 100.0% | -856.3% | -23.6% | -17.9% | -$20M | $1M | $30M |
| Mar '23 | $372000 | -$22M | 100.0% | -6585.8% | -18.7% | -14.9% | -$21M | $2M | $88M |
| Dec '22 | $16000 | -$25M | 100.0% | -196225.0% | -18.3% | -14.4% | -$28M | $2M | $35M |
| Sep '22 | $192000 | -$32M | 100.0% | -14443.2% | -20.0% | -16.5% | -$25M | $2M | $43M |
| Jun '22 | $686000 | -$16M | 0.0% | -3524.2% | -8.3% | -7.2% | -$20M | $3M | $113M |
| Mar '22 | $0 | -$6M | — | — | -2.9% | -2.4% | -$23M | $3M | $212M |
| Dec '21 | $0 | -$180M | — | — | -87.9% | -72.1% | -$26M | $4M | $239M |
| Sep '21 | $0 | -$51M | — | — | 19.2% | -20.5% | -$13M | — | $8M |
Valuation over time
How the market has priced GWH against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has fallen from 2.3× (Dec '24) to 1.1× (Nov '25).
- The price-to-sales ratio has fallen from 722.8× (Mar '23) to 6.9× (Sep '26).
Frequently asked questions
Is GWH growing its revenue and profit?
See the revenue and net-income charts above for ESS Tech, Inc.'s multi-year trend.
How much debt does GWH have?
As of FY2025, ESS Tech, Inc. reported — of total debt against $14M of cash.
What is GWH's profit margin?
In FY2025, gross margin was -1748.1%, operating margin -3626.5%, and net margin 4007.6%.
What is GWH's P/E ratio?
As of Sep '26, ESS Tech, Inc. traded at a price-to-earnings ratio of about 1.1× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.