ESS Tech Inc. Common Stock (GWH)

FairStock Score: 25/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for businesses that earn good returns on capital and can defend their markets. ESS Tech designs iron flow batteries for commercial and utility-scale storage, but the numbers show a business still far from proving it can sell them profitably. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was only $73,000 and net loss was $15.6 million. The trend is worse: revenue fell from $7.5 million in FY2023 to $6.3 million in FY2024 to $1.6 million in FY2025, and Q2 2026 revenue was down from $2.4 million in Q2 2025. A company with 62 employees and such small revenue has no visible scale advantage or moat.

In plain English: ESS Tech makes iron flow batteries for businesses and power grids. The business looks very weak: in fiscal Q2 2026, the quarter ended 2026-06-30, it reported only $73,000 of revenue and a $15.6 million net loss, and sales have fallen sharply from earlier years. The stock price is very low, but because the company loses large amounts of money and burns cash, it does not look like a classic bargain.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer