ESS Tech
Builds iron-flow systems for long-duration grid and on-site energy storage.
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Profile
Builds iron-flow energy-storage systems for utility grids, data centers, microgrids, and defense sites, generating revenue from delivered systems and related services. Its Energy Base pivot centers on long-duration storage using iron, salt, and water, while manufacturing remains concentrated in Oregon.
Manufactures iron-flow battery systems for long-duration stationary energy storage. Energy Base, the flagship system, serves utility grids, hyperscale data centers, industrial microgrids, and defense installations; Energy Warehouse and Energy Center are legacy lines. Its iron, salt, and water chemistry is designed to be non-flammable, support long discharge durations and repeated cycling, and separate power hardware from energy capacity.
Builds in Wilsonville, Oregon, with its near-term pipeline centered on U.S. utility, data-center, microgrid, and defense deployments; earlier commercial activity reached Australia and Europe. Revenue has historically followed delivery and customer acceptance, supplemented by engineering, warranty, component, and licensing work. Current execution depends on manufacturing, site readiness, financing, permitting, interconnection, third-party equipment, and field validation; all production is concentrated in Wilsonville.
Company facts
Key statistics
Year to date −82.7% · Average volume (30d) 960.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| May 18, 2026 | Roth Capital | Target | $3.50 | $2 | ||
| Oct 10, 2025 | Roth Capital | Target | $2.50 | $3.50 | ||
| Mar 4, 2025 | Roth MKM | Downgrade | Buy | Neutral | ||
| Nov 14, 2024 | Oppenheimer | Downgrade | Outperform | Perform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 11, 2026Q2 FY26 | −$0.44 | −$0.46 | −4.5% | $100.0K | $73.0K | −27.0% | −11.86% |
| May 7, 2026Q1 FY26 | −$0.29 | −$0.54 | −86.2% | $400.0K | $128.0K | −68.0% | −30.35% |
| Mar 5, 2026Q4 FY25 | −$0.76 | −$1.97 | −159.2% | −$1.6M | −$1.6M | +0.8% | −4.41% |
| Nov 13, 2025Q3 FY25 | −$0.76 | −$0.73 | +3.9% | −$1.6M | $214.0K | +113.4% | −35.06% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $599.0K | $2.4M | $214.0K | −$1.6M | $128.0K | $69.0K | |
| Gross profit | −$8.1M | −$5.1M | −$4.7M | −$15.4M | −$7.0M | −$7.4M | |
| Operating income | −$18.1M | −$11.6M | −$9.8M | −$16.2M | −$13.8M | −$15.1M | |
| Net income | −$18.0M | −$11.1M | −$10.4M | −$24.0M | −$15.9M | −$15.6M | |
| Diluted EPS | −$1.50 | −$0.90 | −$0.73 | −$1.20 | −$0.54 | −$0.46 | |
| Gross margin | -1,360.1% | -216.3% | -2,207.9% | — | -5,498.4% | -10,760.9% | |
| Operating margin | -3,029.4% | -490.1% | -4,584.6% | — | -10,765.6% | -21,933.3% |
Fiscal years (4-quarter sums)FY21 $0 · FY22 $894.0K · FY23 $7.5M · FY24 $6.3M · FY25 $1.6M
Revenue by product · Q2 FY26
Revenue by geography · Q4 FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $10.8M · Total debt $3.0M · Total assets $32.5M · Shareholders' equity −$2.7M
Dividends
No dividends on record.
Ownership
Shares outstanding 29.39M · Float 25.02M · 85.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Ayrton Capital LLC | 3.02M | 9.99% | 13G | May 11, 2026 |
| SoftBank Group Corp. | 2.40M | 8.16% | 13F | May 15, 2026 |
| SB Energy Global Holdings One Ltd. | 2.40M | 20.20% | 13D | Mar 3, 2025 |
| Alyeska Investment Group, L.P. | 1.40M | 5.15% | 13G | May 15, 2026 |
| Heights Capital Management, Inc | 963.5K | 3.28% | 13F | May 15, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 21, 2026 | Kelly F. Goodman | officer: SEE REMARKS | −5,400 | $0.4022 |
| Aug 21, 2026 | Kate Eileen Suhadolnik | officer: Chief Financial Officer | −3,927 | $0.4022 |
| Jun 4, 2026 | Drew P. Buckley | director, officer: CEO | +25,000 | $1.03 |
| May 22, 2026 | Kelly F. Goodman | officer: SEE REMARKS | −2,751 | $0.9346 |
| May 21, 2026 | Kelly F. Goodman | officer: SEE REMARKS | −2,482 | $0.9181 |
Peers
- Tesla
Megapack sets the lithium-ion benchmark in grid-storage bids.
- Fluence Energy
Grid batteries and digital controls overlap in utility procurements.
- Eos Energy Enterprises
Zinc batteries contest long-duration stationary-storage projects.
- Energy Vault
Gravity, battery storage, and controls target utility projects.
- Stem
Athena software overlaps in battery dispatch and asset optimization.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| ESS Tech | $0.3510 | +0.72% | $10.3M | — | — | — | −96.9% |
| Tesla | $348.19 | −0.16% | $1.38T | 322.9 | 174.6 | 13.3 | +25.5% |
| Fluence Energy | $10.92 | +0.36% | $2.01B | — | — | 0.8 | +7.9% |
| Eos Energy Enterprises | $3.27 | +0.15% | $944.0M | — | — | 4.4 | +351.4% |
| Energy Vault | $3.60 | +1.69% | $641.6M | — | — | 2.8 | +104.1% |
| Stem | $5.51 | +1.44% | $48.7M | — | — | 0.3 | −12.2% |
| Median | 322.9 | 174.6 | 2.8 | +25.5% |