ESS Tech, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $1.6M | $6.3M | $7.5M | $894,000 | $0 |
| Cost of revenue | $29.3M | $51.7M | $20.5M | $0 | — |
| Gross profit | -$27.7M | -$45.4M | -$13.0M | $894,000 | — |
| Research and development | $8.3M | $11.8M | $42.6M | $72.0M | $30.3M |
| Operating expenses | $29.7M | $44.4M | $73.0M | $106.4M | $60.6M |
| Operating income | -$57.4M | -$89.8M | -$85.9M | -$105.5M | -$60.6M |
| Interest expense | — | — | — | — | $1.9M |
| Income tax expense | $0 | — | — | — | — |
| Net income | -$63.4M | -$86.2M | -$77.6M | -$78.0M | -$477.1M |
| Balance Sheet | |||||
| Cash and equivalents | $14.5M | $13.3M | $20.2M | $34.8M | $238.9M |
| Current assets | $26.2M | $43.4M | $118.1M | $151.6M | $245.5M |
| Total assets | $51.2M | $71.8M | $143.2M | $173.6M | $250.2M |
| Current liabilities | $25.3M | $27.6M | $19.8M | $28.0M | $13.6M |
| Total liabilities | $42.6M | $42.9M | $39.9M | $36.6M | $45.0M |
| Total debt | — | — | — | $1.9M | $3.8M |
| Stockholders' equity | $8.6M | $28.9M | $103.4M | $137.0M | $205.2M |
| Cash Flow Statement | |||||
| Cash from operations | -$50.3M | -$72.2M | -$54.9M | -$81.6M | -$51.8M |
| Depreciation and amortization | $5.7M | $4.7M | $6.5M | $1.5M | $572,000 |
| Stock-based compensation | $5.4M | $11.6M | $10.6M | $11.9M | $7.9M |
| Capital expenditure | $3.4M | $7.3M | $5.8M | $14.2M | $2.8M |
| Free cash flow | -$53.7M | -$79.5M | -$60.7M | -$95.8M | -$54.6M |
| Impairments | $1.7M | $0 | $0 | $0 | $0 |
Shares outstanding 29.4M
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.