The company is reducing costs and improving its financial position, but revenue continues to decline. Monitor whether the new leadership and strategic initiatives can reverse the revenue trend in 2026.
Price Chart
Executive Summary
ESS Tech reported FY2025 revenue of $1.6 million with a net loss of $63.4 million, an improvement from $86.2 million in 2024. Adjusted EBITDA improved 38% year-over-year to -$44.3 million. The company strengthened its liquidity through a $15 million registered direct offering and repaid 95% of a prior financing tranche. It also acquired VoltStorage's IP, appointed new executives, and secured a $9.9 million U.S. military contract.
Key Financial Metrics
Key Facts
- FY2025 revenue was $1.6 million, down from $6.3 million in FY2024
- Net loss improved to $63.4 million from $86.2 million in the prior year
- Adjusted EBITDA improved 38% to -$44.3 million
- Raised $15 million in a registered direct offering after year-end
- Repaid 95% ($28.5 million) of first $30 million tranche under promissory note
- Acquired VoltStorage GmbH's intellectual property and assets
- Awarded $9.9 million contract from U.S. Air Force Research Laboratory
- Appointed Drew Buckley as CEO and Kate Suhadolnik as CFO
Financial Impact
Revenue decreased by $4.7 million year-over-year, but operating expenses decreased 33% to $29.7 million, leading to improved EBITDA. Company strengthened liquidity with $15 million capital raise.
Risk Factors
- Continuing revenue decline despite cost reductions
- Negative cash flow from operations of $50.3 million
- Working capital decreased to $1.0 million from $15.8 million in 2024
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001819438-26-000011 |
| Document: wk-20260305.htm | 0001819438-26-000011 |
| Document: 0001819438-26-000011-index-headers.html | 0001819438-26-000011 |
| Document: 0001819438-26-000011-index.html | 0001819438-26-000011 |
| Document: 0001819438-26-000011.txt | 0001819438-26-000011 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 21, 2026 6w ago | 424B5 | $0.4047 $0.3504 | ▲ +13.42% | ▲ +13.89% | $0.1570 (+61.21%) |
Jul 2, 2026 13w ago | 25-NSE | $0.8630 $0.8244 | ▲ +4.47% | ▲ +5.40% | $0.1570 (+81.81%) |
Jun 15, 2026 15w ago | 8-K | $0.8000 $0.7401 | ▲ +7.49% | ▲ +6.10% | $0.1570 (+80.37%) |
May 26, 2026 18w ago | Insider Cluster | $0.9840 $0.9800 | ▼ −0.41% | ▼ −1.61% | $0.1570 (−84.04%) |
May 26, 2026 18w ago | Insider Cluster | $0.9840 $0.9800 | ▼ −0.41% | ▼ −1.61% | $0.1570 (−84.04%) |
May 26, 2026 18w ago | Insider Cluster | $0.9840 $0.9200 | ▼ −6.50% | ▼ −6.97% | $0.1570 (−84.04%) |
May 7, 2026 21w ago | 8-K | $0.0156 $0.0125 | ▲ +19.87% | ▲ +21.34% | $0.1570 (−906.41%) |
Apr 15, 2026 24w ago | DEFA14A | — | awaiting T+5 | — | — |
Apr 15, 2026 24w ago | 8-K | — | awaiting T+5 | — | — |
Mar 5, 2026 30w ago | 8-K | $1.30 $1.27 | ▼ −2.31% | ▼ −0.78% | $0.1570 (−87.92%) |
US Market Status
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