GWHTOTCMiscellaneous Electrical Machinery, Equipment & SuppliesUS GAAP · USD

ESS Tech, Inc.

ESS Tech, Inc. designs and sells long-duration energy storage systems based on iron flow battery technology. Its products use earth-abundant materials and a proprietary Proton Pump architecture to serve utility-scale and commercial customers that need multi-hour storage, grid balancing, and resilience. The company also provides engineering, warranty, and maintenance services around its storage deployments.

Kysy yhtiöstä
Liikevaihto1,6milj. USD
−74,9 %v/v
Liikevoitto (EBIT)−57,4milj. USD
+36,1 %v/v
EBIT-marginaali−3 626,5%
−2 200,0 %-yks.v/v
Nettotulos−63,4milj. USD
+26,4 %v/v
Vapaa kassavirta−53,7milj. USD
+32,5 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−125−100−75−50−25025milj. USD2020: 0,00 milj. USD2020: EBIT −17 milj. USD20202021: 0,00 milj. USD2021: EBIT −61 milj. USD20212022: 0,89 milj. USD2022: EBIT −105 milj. USD20222023: 7,5 milj. USD2023: EBIT −86 milj. USD20232024: 6,3 milj. USD2024: EBIT −90 milj. USD20242025: 1,6 milj. USD2025: EBIT −57 milj. USD20251,6−57
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: ESS Tech, Inc.

Liiketoiminta

Osuus liikevaihdosta
Long-duration energy storage systems75 %

Utility-scale and commercial iron flow battery systems sold as Energy Warehouses, Energy Centers, and Energy Base.

Core technology components10 %

Proton Pump, power module, battery management system, and electrolyte components used in ESS systems.

Engineering and deployment services8 %

Design support and site deployment engineering tied to customer projects.

Extended warranty and maintenance7 %

Service contracts covering warranty support and ongoing maintenance for installed systems.

Tuotteet

Raportoitu · osuus liikevaihdosta
65,1%28,0%FY2025100 %
  • Products65,1 %
  • Other Product or Service28,0 %
  • Services6,8 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

ESS sells primarily to large enterprise customers in the power and energy ecosystem. Its core buyers are utilities, independent power producers, and commercial and industrial users that need grid-scale storage, renewable integration, or backup resilience. The company also targets behind-the-meter customers such as data centers, microgrids, and critical infrastructure operators.

Utilities

Buy front-of-the-meter storage to balance the grid and support renewable penetration.

Independent Power Producers (IPPs)

Buy storage to improve the economics and dispatchability of renewable projects.

Commercial and Industrial (C&I) customers

Buy behind-the-meter systems to reduce energy costs and improve resilience.

Data centers and microgrids

Buy storage for uptime, backup power, and sustainability goals.

Critical infrastructure operators

Buy long-duration storage for reliability and continuity of operations.

Strategia

ESS is focused on scaling its iron flow battery platform while reducing manufacturing cost and improving unit economics. Near-term revenue is expected from Energy Centers, second-generation Energy Warehouses, Energy Base, and core component productization, with cost reduction driven by design optimization, supply chain work, and automation. The company is also trying to preserve liquidity through cost controls while it seeks additional financing to support commercialization.

Lower manufacturing cost and improve gross marginLyhyt aikaväli

Commercial viability depends on achieving attractive unit economics at scale.

Scale commercialization of Energy Centers and Energy BaseKeskipitkä aikaväli

These products are expected to drive near- and medium-term revenue growth.

Secure additional capital and preserve liquidityLyhyt aikaväli

The company has negative operating cash flow and needs funding to continue operations.

Maantiede

ESS is a U.S.-based company with research and development activities in Oregon and a business model that can be deployed in multiple markets. The reports do not provide a country revenue split, but the company highlights U.S. operations, export financing support through EXIM, and the ability to sell into overseas markets. Geography matters because permitting, grid policy, and customer financing conditions can materially affect project timing and demand.

Riskit

ESS remains an early-stage commercialization story with substantial execution risk around manufacturing scale, product reliability, and customer adoption. Its project-based revenue is lumpy and depends on large utility and C&I customers, while the company also faces intense competition from better-capitalized rivals and a going-concern financing risk. Policy, permitting, and technology preferences in the energy storage market can materially affect demand and timing.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Manufacturing scale-up and product commercialization risk1Liquidity and going-concern risk2Large-customer concentration and long sales cycles3Competitive pressure from alternative storage technologies4Cybersecurity and IT systems disruption5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Manufacturing scale-up and product commercialization riskVaikutus: KriittinenTodennäköisyys: Korkea

    The company is still early in commercialization and must prove it can produce at scale reliably and profitably.

    Kohdistuu: Energy storage systems and core components

  2. Liquidity and going-concern riskVaikutus: KriittinenTodennäköisyys: Korkea

    The company has negative operating cash flow and states that additional financing is needed to meet near-term requirements.

    Kohdistuu: Corporate funding and ongoing operations

  3. Large-customer concentration and long sales cyclesVaikutus: KorkeaTodennäköisyys: Korkea

    Utilities and C&I buyers are large enterprises with lengthy procurement and approval processes.

    Kohdistuu: Utility and enterprise project pipeline

  4. Competitive pressure from alternative storage technologiesVaikutus: KorkeaTodennäköisyys: Korkea

    Lithium-ion and newer technologies may be preferred for power density or cost, limiting adoption of iron flow batteries.

    Kohdistuu: Market acceptance and pricing

  5. Cybersecurity and IT systems disruptionVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Products are remotely monitored and the business depends on internal and third-party systems.

    KohdistuuRemote monitoringCustomer dataOperations
Kysy Clarifolta: ESS Tech, Inc.

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition for product and service contracts

Revenue depends on when performance obligations are satisfied, which can create timing volatility across quarters.

Vaikutus: Affects reported revenue, deferred revenue, and contract assets

Warranty and maintenance accruals

Extended warranties and maintenance services require estimates of future service costs.

Vaikutus: Affects cost of revenue and gross margin

Inventory valuation and obsolescence

The company has recognized write-offs and lower realizable value adjustments as product lines transition.

Vaikutus: Affects cost of revenue and inventory carrying value

Purchase commitment and contract loss estimates

Non-cancellable purchase commitments and unfulfilled obligations can require charges or reserves.

Vaikutus: Affects liabilities and operating results

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Päivitetty: 24.9.2026

ESS Tech, Inc. (OTC) – Miscellaneous Electrical Machinery, Equi | Analyysi – Clarifo