Revenue decline of 79% YoY confirms ESS remains pre-revenue with no clear path to commercialization. The $21.5M liquidity provides roughly 1.5 quarters of runway at current burn rates. Watch for further dilutive capital raises or a going concern qualification in the next 10-Q. No guidance was provided, increasing uncertainty.
Price Chart
Executive Summary
ESS Tech reported Q1 2026 revenue of $128K, down 79% YoY from $599K, and a net loss of -$15.9M (-$0.54/share), an improvement from -$18.0M (-$1.50/share) in the prior year. The company continues to burn cash with negative operating cash flow of -$13.5M, though liquidity was bolstered by a $15M registered direct offering closed in January 2026. No guidance was provided, and the business remains in early commercialization with minimal revenue.
Key Financial Metrics
Key Facts
- Q1 2026 total revenue of $128K, down 79% YoY from $599K
- Net loss of -$15.9M (-$0.54/share) vs -$18.0M (-$1.50/share) in Q1 2025
- Adjusted EBITDA loss of -$10.3M, improved 31% from -$15.0M YoY
- Operating cash flow of -$13.5M, improved from -$18.2M in Q1 2025
- Total liquidity of $21.5M ($15.5M cash + $6.0M short-term investments) as of March 31, 2026
- Closed $15M registered direct offering at $1.75/share in January 2026
- No revenue or EPS guidance provided for 2026
- Gross loss of -$7.0M on $128K revenue, indicating negative unit economics
Financial Impact
Revenue collapsed 79% YoY to $128K; net loss improved to -$15.9M from -$18.0M; operating cash burn -$13.5M
Risk Factors
- Revenue collapsed 79% YoY to $128K with no sign of commercial traction
- Negative gross margins (-$7.0M gross loss on $128K revenue) indicate product is not economically viable at current scale
- Cash burn of $13.5M operating cash flow per quarter implies ~1.5 quarters of runway from $21.5M liquidity
- No guidance provided, signaling management uncertainty about near-term outlook
- History of dilutive financing (ATM, RDO) suggests further equity dilution likely
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001819438-26-000032 |
| Document: wk-20260507.htm | 0001819438-26-000032 |
| Document: 0001819438-26-000032-index-headers.html | 0001819438-26-000032 |
| Document: 0001819438-26-000032-index.html | 0001819438-26-000032 |
| Document: 0001819438-26-000032.txt | 0001819438-26-000032 |
| 8-K Data (Synthetic) | 0001819438-26-000032 |
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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