In fiscal 2025, which ended Dec 31, 2025, ESS Tech, Inc. reported revenue of $1.6 million, down 74.9% from the year before. It recorded a net loss of $63.4 million. The operating loss came to $57.4 million, an operating margin of -3626.5%. Diluted earnings per share were -$4.34. Over the twelve months ended Jun 30, 2026, revenue was $1.2 million and the net loss was $65.8 million. Across the 4 fiscal years shown, revenue grew from $894,000 in fiscal 2022 to $1.6 million in fiscal 2025, about 21.0% a year.
USD in millions, except per-share amounts and margins. The percent under a figure is the change from the year before.
| Line |
FY 2026
Jun 30, 2026
|
FY 2025
Dec 31, 2025
|
FY 2024
Dec 31, 2024
|
FY 2023
Dec 31, 2023
|
FY 2022
Dec 31, 2022
|
FY 2021
Dec 31, 2021
|
|---|---|---|---|---|---|---|
| Revenue |
-1
-119.0%
|
2
-74.9%
|
6
-16.5%
|
8
+743.4%
|
1
|
0
|
| Cost of revenue |
28
-38.4%
|
29
-43.4%
|
52
+152.0%
|
20
|
—
|
—
|
| Gross profit |
-29
+25.6%
|
-28
+39.0%
|
-45
-250.1%
|
-13
|
—
|
—
|
| Research and development |
9
-0.8%
|
8
-29.5%
|
12
-72.4%
|
43
-40.8%
|
72
+137.8%
|
30
|
| Selling, general and administrative |
19
-35.7%
|
21
-34.4%
|
33
+7.8%
|
30
-11.9%
|
34
+13.5%
|
30
|
| Operating expenses |
28
-27.1%
|
30
-33.1%
|
44
-39.1%
|
73
|
—
|
—
|
| Operating income |
-57
+26.4%
|
-57
+36.1%
|
-90
-4.5%
|
-86
+18.6%
|
-105
-74.1%
|
-61
|
| Income tax |
0
|
0
|
—
|
—
|
—
|
—
|
| Net income |
-66
+12.3%
|
-63
+26.4%
|
-86
-11.1%
|
-78
+0.5%
|
-78
+83.7%
|
-477
|
| Basic EPS |
-2.72
+56.5%
|
-4.34
+40.7%
|
-7.32
-0.7%
|
-7.27
-1325.5%
|
-0.51
+91.1%
|
-5.73
|
| Diluted EPS |
-2.72
+56.5%
|
-4.34
+40.7%
|
-7.32
-0.7%
|
-7.27
-1325.5%
|
-0.51
+91.1%
|
-5.73
|
| Weighted average shares, basic |
24
+101.5%
|
15
+24.0%
|
12
+10.4%
|
11
-93.0%
|
153
+83.4%
|
83
|
| Weighted average shares, diluted |
24
+101.5%
|
15
+24.0%
|
12
+10.4%
|
11
-93.0%
|
153
+83.4%
|
83
|
| Other measures | ||||||
| Depreciation and amortization |
6
+8.4%
|
6
+21.5%
|
5
-27.5%
|
7
+327.6%
|
2
+166.3%
|
1
|
| EBITDA |
-51
+28.9%
|
-52
+39.3%
|
-85
-7.2%
|
-79
+23.6%
|
-104
-73.2%
|
-60
|
| Interest coverage |
—
|
—
|
—
|
—
|
—
|
-32.13x
|
| Margins | ||||||
| Gross margin |
2,462.32%
|
-1,748.07%
|
-720.54%
|
-171.82%
|
—
|
—
|
| Operating margin |
4,826.77%
|
-3,626.47%
|
-1,426.50%
|
-1,139.32%
|
-11,800.00%
|
—
|
| Profit margin |
5,612.36%
|
-4,007.58%
|
-1,369.69%
|
-1,028.89%
|
-8,721.36%
|
—
|
| EBITDA margin |
4,338.11%
|
-3,263.87%
|
-1,351.45%
|
-1,052.94%
|
-11,629.64%
|
—
|
How these figures are calculated
Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and margins. Weighted average shares are in millions. Interest expense and finance costs are positive costs. A negative amount on a gain (loss) or income (expense) line is a loss or an expense. EBITDA is operating income plus depreciation and amortization. Interest coverage is operating income divided by interest expense. The first column is the trailing twelve months through the latest quarter. More on our methodology.
New to this? Read How to Read an Income Statement, With a Real Example.
Company profile
- Industry
- Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690)
- Listed as
- GWHT (OTC)
- Fiscal year ends
- December 31
- Incorporated in
- DE
- Headquarters
- Wilsonville, OR
- SEC filer status
- Non-accelerated filer, Smaller reporting company
- SEC CIK
- 1819438
- Former names
- ACON S2 Acquisition Corp. (until Oct 8, 2021)
Other Miscellaneous Electrical Machinery, Equipment & Supplies companies
- Cae Inc CAE
- EnerSys ENS
- Novanta Inc NOVT
- QuantumScape Corp QS
- Spectrum Brands Holdings, Inc. SPB
- Energizer Holdings, Inc. ENR
- InoBat B.V. INBT
- Amprius Technologies, Inc. AMPX
All 55 Miscellaneous Electrical Machinery, Equipment & Supplies companies
Source: SEC EDGAR filings. This is company-reported data, not investment advice.