Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data ESS Tech, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0
0
0.89
7.54
6.3
1.58
Cost of revenue
0
20.5
51.7
29.3
Gross profit
0.89
-13
-45.4
-27.7
Research and development
12.9
30.3
72
42.6
11.8
8.3
Selling and marketing
1.16
3.04
6.94
7.74
9.16
3.83
General and administrative
3.34
27.3
27.5
22.6
23.5
17.6
Operating expenses
17.4
60.6
106
73
44.4
29.7
Operating income
-17.4
-60.6
-105
-85.9
-89.8
-57.4
Interest expense
0.13
1.89
Other non-operating income
-13
-417
27.5
8.33
3.58
-6.03
Income tax
0
Net income
-30.4
-477
-78
-77.6
-86.2
-63.4
EBITDA
-17
-60
-104
-79.4
-85.1
-51.7
EPS, basic
-7.88
-86.79
-7.72
-7.27
-7.32
-4.34
EPS, diluted
-7.88
-86.79
-7.72
-7.27
-7.32
-4.34
Shares, basic (weighted)
3.89
5.5
10.1
10.7
11.8
14.6
Shares, diluted (weighted)
3.89
5.5
10.1
10.7
11.8
14.6
Balance sheet
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
4.9
239
34.8
20.2
13.3
14.5
Receivables
0
0.45
4.95
1.99
0.22
0.01
Inventory
0
3.37
5.64
0.14
Other current assets
0.79
4.84
5.66
3.31
5
3.25
Total current assets
6.86
246
152
118
43.4
26.2
Property, plant and equipment
1.84
4.5
17.6
16.3
20.6
17.2
Lease right-of-use assets
0
3.4
2.17
1.5
3.77
Intangible assets
0
4.92
4.66
2.68
Other non-current assets
0
0.11
0.27
0.83
0.76
0.63
Total assets
9.02
250
174
143
71.8
51.2
Accounts payable
0.52
1.57
3.04
2.76
8.07
3.02
Accrued liabilities
0.1
1.88
2.95
5.68
4.35
1.6
Deferred revenue
2.26
3.66
6.17
2.55
5.24
0.36
Short-term debt
5.68
1.9
1.6
0
Total current liabilities
8.39
13.6
28
19.8
27.6
25.3
Long-term debt
0.02
1.87
0.32
0
Lease liabilities
0
2.54
0.96
0
2.06
Other non-current liabilities
2.26
0.55
0.09
0
0.13
0.04
Total liabilities
36.9
45
36.6
39.9
42.9
42.6
Total debt
5.7
3.77
1.92
0
Paid-in capital
35.4
746
756
800
811
854
Retained earnings
-63.5
-541
-619
-696
-782
-846
Shareholders' equity
-27.9
205
137
103
28.9
8.62
Total equity
-27.9
205
137
103
28.9
8.62
Total liabilities and equity
9.02
250
174
143
71.8
51.2
Shares outstanding
3.89
10
10.2
11.6
12
22.4
Cash flow statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-30.4
-477
-78
-77.6
-86.2
-63.4
Depreciation and amortization
0.44
0.57
1.52
6.51
4.72
5.74
Stock-based compensation
0.31
7.92
11.9
10.6
11.6
5.43
Change in receivables
0
-1.89
3.63
1.55
0.2
Change in inventory
0
-14.7
-3.33
4.83
Change in payables
-0.22
0.89
1.46
-0.23
4.24
-3.84
Cash from operations
-16.6
-51.8
-81.6
-54.9
-72.2
-50.3
Capital expenditures
-0.5
-2.77
-14.2
-5.79
-7.29
-3.39
Cash from investing
-0.5
-2.77
-118
15.1
64.8
7.53
Stock issued
0.01
0.67
0
0.24
0.09
0.08
Cash from financing
4.72
288
-4.07
25.7
0.17
43.5
Net change in cash
-12.4
234
-204
-14.2
-7.29
0.71
Free cash flow
-17.1
-54.6
-95.8
-60.7
-79.5
-53.7
Interest paid
0.11
1.8
0.15
0
0
0.52
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.18 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Return on assets (ROA)
-202.7%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-74.9%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
21.0%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
-70.2%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-60.2%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-28.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-33.4%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
41.5%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
24.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
13.1%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
30.3%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.68x
Current assets / current liabilities.
Quick ratio
0.54x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.54x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
-$0.03
Revenue / diluted weighted shares.
FCF per share
-$1.34
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.24
Cash from operations / diluted weighted shares.
Book value per share
-$0.08
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
FCF yield
-782.7%
Free cash flow / market cap.
Earnings yield
-1,135.0%
Net income / market cap (the inverse of P/E).
What was ESS Tech, Inc.'s revenue in fiscal 2025?
ESS Tech, Inc. reported revenue of $1.6M for fiscal 2025, 74.9% lower than the year before.
Was ESS Tech, Inc. profitable in fiscal 2025?
No. It reported a net loss of $63.4M.
How much free cash flow did ESS Tech, Inc. generate in fiscal 2025?
Cash from operations of $50.3M minus capital expenditures of $3.4M left free cash flow of -$53.7M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.