ESS Tech (NYSE:GWH) Issues Earnings Results

ESS Tech (NYSE:GWH) released its quarterly earnings results on Thursday. The company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.25), FiscalAI reports. The business had revenue of $0.13 million during the quarter, compared to analysts’ expectations of $0.40 million. ESS Tech had a negative net margin of 1,045.28% and a negative return on equity of 1,811.99%.

Here are the key takeaways from ESS Tech’s conference call:

• Project New Horizon announced with Salt River Project and Google for a 5 MW / 50 MWh pilot (manufacturing in 2026, targeted delivery December 2027) under a 10-year capacity agreement, providing a flagship commercial reference for ESS’s Energy Base.
• Independent, real-world validation was achieved—APPA’s 21-month DEED demonstration at Burbank Water & Power validated ESS’s non-flammable iron saltwater chemistry, and two systems were successfully commissioned at Turlock Irrigation District.
• ESS is expanding its addressable market via a letter of intent with Alsym Energy to jointly develop non-flammable sodium‑ion short/medium-duration batteries and by acquiring VoltStorage IP and assets, strengthening its technology and IP base.
• Financials remain constrained—Q1 revenue was just $128k, net loss was $15.9M and adjusted EBITDA loss was $10.3M; liquidity totaled roughly $21.5M after a $15M registered direct offering, while net cash used in operations was $13.5M in the quarter.
• Management laid out a milestone-driven roadmap (200 kW Wilsonville commission in Q3 2026, first 800 kW client system H1 2027, then the 5 MW SRP delivery end of 2027) and says over 500 MW of scaled manufacturing capacity is in place to support commercialization.

ESS Tech Stock Performance

NYSE GWH traded down $0.34 on Friday, hitting $0.78. 7,796,962 shares of the company’s stock traded hands, compared to its average volume of 525,983. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 1.08. ESS Tech has a 1-year low of $0.57 and a 1-year high of $13.87. The firm’s 50-day moving average price is $1.23 and its two-hundred day moving average price is $2.02. The firm has a market capitalization of $21.17 million, a PE ratio of -0.23 and a beta of 1.43.

Institutional Trading of ESS Tech

Institutional investors and hedge funds have recently bought and sold shares of the business. LPL Financial LLC acquired a new stake in ESS Tech during the 4th quarter valued at approximately $27,000. Citadel Advisors LLC acquired a new stake in ESS Tech during the 3rd quarter valued at approximately $30,000. Engineers Gate Manager LP acquired a new stake in ESS Tech during the 4th quarter valued at approximately $31,000. State Street Corp lifted its stake in ESS Tech by 188.1% during the 4th quarter. State Street Corp now owns 46,975 shares of the company’s stock valued at $88,000 after acquiring an additional 30,671 shares during the period. Finally, XTX Topco Ltd lifted its stake in ESS Tech by 137.8% during the 4th quarter. XTX Topco Ltd now owns 49,609 shares of the company’s stock valued at $93,000 after acquiring an additional 28,749 shares during the period. 46.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GWH has been the topic of several research analyst reports. Roth Mkm dropped their target price on shares of ESS Tech from $3.50 to $2.50 and set a “buy” rating on the stock in a research report on Friday, March 6th. Weiss Ratings reissued a “sell (e+)” rating on shares of ESS Tech in a research report on Monday, May 4th. Finally, Wall Street Zen downgraded shares of ESS Tech from a “hold” rating to a “sell” rating in a research report on Friday, January 23rd. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, ESS Tech presently has an average rating of “Hold” and an average price target of $2.25.

About ESS Tech

ESS Tech, Inc (NYSE: GWH) is a Portland, Oregon‐based company specializing in long‐duration iron flow battery energy storage solutions. The company’s core business centers on the design, manufacture and deployment of modular battery systems that store electricity using an iron‐chloride electrochemical process. These systems are engineered to support grid operators, utilities, commercial and industrial customers in integrating renewable power, managing peak loads and ensuring reliable back‐up power.

At the heart of ESS Tech’s offering is its “Energy Warehouse,” a containerized flow battery system featuring non‐toxic, fully recyclable materials and a simple architecture that separates energy storage capacity from power output.