GWHT ESS Tech, Inc.

Overview and Growth

Fiscal 2025 results for ESS Tech, Inc. combined $1.58M of revenue with net loss of $63.44M and an operating cash outflow of $50.28M. At $1.58M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line contracted 74.9% from $6.29M in fiscal 2024; this top-line contraction left the company with a smaller revenue base. The company reported diluted EPS of -$4.34, adding a shareholder-level measure to the absolute income figures considered below. Diluted shares averaged 14.60M; this is the reported share base over which the company’s diluted per-share earnings were spread. Compared with 11.77M diluted shares in fiscal 2024, the current 14.60M base was 24.0% higher. At period end, total assets were $51.17M, framing the scale of the company’s operating and financing commitments. Asset turnover was 0.03x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Direct costs exceeded revenue, producing a gross loss of $27.67M before operating expenses. The reported operating result was an operating loss of $57.41M, reflecting costs that exceeded gross profit. The company ended the period with a net loss of $63.44M, extending the operating result through all remaining items. Negative EBITDA totaled $51.67M, confirming that the earnings deficit remained before depreciation and amortization. Income tax expense totaled $0.00, providing the reported tax component that separates pretax and after-tax earnings. The net loss equaled 736.1% of period-end equity, showing the deficit relative to book capital. The loss-to-assets relationship was 124.0%, placing the bottom-line deficit against the company’s resource base. The net loss narrowed to $63.44M from $86.22M in fiscal 2024.

Liquidity and Capital Structure

Total assets were $51.17M, supported by $42.55M of liabilities and $8.62M of shareholder equity. The near-term balance sheet paired $26.25M of current assets with $25.29M of current liabilities at the reporting date. The current ratio was 1.04x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Reported cash and equivalents were $14.48M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 57.2%, excluding receivables and other current assets. The equity-to-assets relationship was 16.8%, placing book capital against the total resource base. Liabilities represented 83.2% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 28.3%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 28.7% from $71.81M in fiscal 2024, leaving current total assets lower year over year. Against $28.88M of equity in fiscal 2024, the current book-equity balance moved 70.2% and ended lower. Compared with $13.34M in fiscal 2024, the current cash balance moved 8.5% and finished higher.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $50.28M, rather than cash generation from operations. Capital expenditures used $3.39M in addition to the operating cash outflow, increasing the total cash consumed by operations and investment during the period. Negative free cash flow was $53.67M, leaving a cash deficit after capital spending and reducing financial flexibility. The free-cash-flow deficit equaled 104.9% of total assets, placing the cash shortfall against the company’s resource base. Cash absorbed by operations decreased from $72.22M in fiscal 2024 to $50.28M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 26, 2026.