{ "ok": true, "cik": "1819438", "ticker": "GWH", "name": "ESS Tech, Inc.", "filings": [ { "form": "DEF 14A", "filed": "2026-09-24", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1819438/000181943826000084/0001819438-26-000084-index.htm" }, { "form": "8-K", "filed": "2026-09-03", "items": [ "5.02 Departure or Election of Directors; Appointment of Officers" ], "url": "https://www.sec.gov/Archives/edgar/data/1819438/000181943826000080/0001819438-26-000080-index.htm" }, { "form": "8-K", "filed": "2026-08-21", "items": [ "1.01 Entry into a Material Definitive Agreement", "3.02 Unregistered Sales of Equity Securities", "8.01 Other Events", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1819438/000181943826000077/0001819438-26-000077-index.htm" }, { "form": "10-Q", "filed": "2026-08-11", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1819438/000181943826000074/0001819438-26-000074-index.htm" }, { "form": "8-K", "filed": "2026-08-11", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1819438/000181943826000072/0001819438-26-000072-index.htm" }, { "form": "8-K", "filed": "2026-08-06", "items": [ "2.02 Results of Operations and Financial Condition", "8.01 Other Events" ], "url": "https://www.sec.gov/Archives/edgar/data/1819438/000181943826000067/0001819438-26-000067-index.htm" } ], "events12m": 21, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001819438.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1819438" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.", "edgar": "🫧 Edgar looked up ESS Tech, Inc. ($GWH). Last filing: DEF 14A, 2026-09-24. 21 event filings (8-K) in the past twelve months.", "auditor": { "changes": [], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-12-31", "revenue": 1583000, "revenueGrowth1y": -0.7485305798252582, "revenueGrowthPerYear": null, "yearsOfData": 5, "operatingMargin": -36.26468730259002, "operatingMarginPrior": -14.264972200158857, "netMargin": -40.07580543272268, "operatingCashFlow": -50284000, "capitalSpending": 3387000, "freeCashFlow": -53671000, "researchAndDevelopment": 8297000, "researchShareOfRevenue": 5.2413139608338595, "cash": 14477000, "longTermDebt": null, "longTermDebtChange": null, "revenueHistory": [ { "fiscalYearEnd": "2021-12-31", "revenue": 0 }, { "fiscalYearEnd": "2022-12-31", "revenue": 894000 }, { "fiscalYearEnd": "2023-12-31", "revenue": 7540000 }, { "fiscalYearEnd": "2024-12-31", "revenue": 6295000 }, { "fiscalYearEnd": "2025-12-31", "revenue": 1583000 } ], "totalEquity": 8618000, "totalAssets": 51172000, "equityRatio": 0.16841241303838037, "returnOnEquity": -7.361336737061963, "dividendsPaid": null, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": -4.34, "sharesOutstanding": 14601626, "bookValuePerShare": 0.5902082411917686, "revenuePerShare": 0.10841258363965767, "range80": { "low": 432550.4109791889, "high": 3018889.457988198, "baseline": 1156596.6977736838, "n": 2483, "band": "b000", "bandLabel": "under $50M", "method": "v4.1", "credibility": 0.25, "growthYears": 2, "ownVolatility": 0.8485050659960425, "classVolatility": 0.3000583276631395, "volatility": 0.49751026296473233 }, "ifPaceHeld": { "low": 432550.4109791889, "high": 3018889.457988198 } }, "edgarette": "🔖 Exposure: revenue $1.6M (FY2025). Experience: revenue down 74.9% on the year; operating margin -3626.5%, down from -1426.5%. Soundness: equity 16.8% of assets, return on equity -736.1%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $433K and $3.0M next year (method v4.1: its own 2-year record of growth weighed at 25% against under $50M filers; on a year the method never saw, 83.4% landed inside). In a shock year the stress range is $379K to $3.5M. A range, not a forecast. Against peers (15 filers, $50M+ revenue, miscellaneous electrical machinery, equipment & supplies): operating margin -3626.5% against a -7.6% median; growth -74.9% against 6.9%.", "peers": { "sic": 3690, "sicDescription": "Miscellaneous Electrical Machinery, Equipment & Supplies", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "3690", "growth": [ 0.0691, 14 ], "opMargin": [ -0.0757, 15 ], "equityRatio": [ 0.4083, 15 ], "returnOnEquity": [ -0.0583, 14 ] }, "summary": "ESS Tech (GWH) saw revenue fall 74.9% in FY2025 to $2 million, operating margin -3626% against a -7.6% median for miscellaneous electrical machinery, equipment & supplies, equity 16.8% of assets. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
ESS Tech, Inc. against its own record and its peers
Operating marginPeer median -7.6%-3626.5%Revenue, on the yearPeer median 6.9%-74.9%Equity of assetsPeer median 40.8%16.8%Return on equityPeer median -5.8%-736.1%Gold tick: the median of 14–15 peers with $50M+ revenue in miscellaneous electrical machinery, equipment & supplies
", "chartHorizon": null, "backtest": { "tests": 0, "hits": 0, "rate": null, "method": "v4", "byYear": {}, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-25T14:00:36.593Z", "hash": "6edd0985084b12c5", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "ESS Tech (GWH) saw revenue fall 74.9% in FY2025 to $2 million, operating margin -3626% against a -7.6% median for miscellaneous electrical machinery, equipment & supplies, equity 16.8% of assets. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-31", "revenue": 1583000, "totalDebt": null, "cash": 14477000 }, "experience": { "revenueGrowth1y": -0.7485305798252582, "revenueGrowthPerYear": null, "operatingMargin": -36.26468730259002, "operatingMarginPrior": -14.264972200158857, "netMargin": -40.07580543272268, "freeCashFlow": -53671000 }, "soundness": { "equityRatio": 0.16841241303838037, "returnOnEquity": -7.361336737061963, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 3690, "sicDescription": "Miscellaneous Electrical Machinery, Equipment & Supplies", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "3690", "growth": [ 0.0691, 14 ], "opMargin": [ -0.0757, 15 ], "equityRatio": [ 0.4083, 15 ], "returnOnEquity": [ -0.0583, 14 ] }, "credibility": { "auditedYears": 5, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": null }, "range": { "low": 432550.4109791889, "high": 3018889.457988198, "baseline": 1156596.6977736838, "coverage": 0.8, "method": "v4.1", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); width = the company's own volatility of yearly growth, credibility-weighted against its size class (Buhlmann), scaled to the 80% target on 2023 and tested on 2024", "calibratedOn": { "companyYears": 2483, "sizeBand": "under $50M", "fitYears": [ 2018, 2022 ], "tuneYear": 2023, "testYear": 2024, "coverageOnTestYear": 0.8341 }, "credibility": { "weightOnOwnRecord": 0.25, "growthYears": 2, "ownVolatility": 0.8485050659960425, "classVolatility": 0.3000583276631395, "pricedVolatility": 0.49751026296473233, "k": 3 }, "stress": { "low": 378592.3589617346, "high": 3465160.2497049, "basis": "the same range with widths set to hold 80% across 2018-2023, pandemic years included" }, "kind": "a statistical range, not company guidance; no view on the share price", "track": { "backtest": { "tests": 0, "hits": 0, "rate": null, "method": "v4", "byYear": {}, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-25T14:00:36.593Z", "hash": "6edd0985084b12c5", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001819438.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1819438" } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same if-the-pace-held arithmetic applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so." } }