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ESS Tech, Inc. (NYSE: GWH) is a developer and manufacturer of long-duration energy storage systems based on iron flow battery technology. Founded in 2011 and headquartered in Wilsonville, Oregon, the company uses materialsâiron, salt, and waterâto deliver scalable, long-duration energy storage solutions. On October 10, 2025, shares closed at $6.04, reflecting a 45.19% increase on a trading volume of 9,311,557 shares.
Corporate structure
As of 2025, ESS Tech employs between 201 and 500 people, including engineers and scientists with expertise in fuel cells, electrochemistry, materials science, and renewable energy. Leadership changes in 2025 included Eric Dresselhuys stepping down as CEO in February, with Kelly Goodman appointed interim CEO and Tony Robb serving as interim CFO. ESS Tech maintains research, manufacturing, and assembly operations at its Oregon campus, which received a $50 million manufacturing expansion funded by the U.S. Export-Import Bank.
Energy storage by NASA
Developments and news
- June 2025: ESS Tech received capital contributions that allowed it to avoid a near-shutdown of its Wilsonville plant, while also proceeding with workforce reductions and expense controls.
- August 14, 2025 (Q2 2025 results): Revenue reached $2.4 million, representing a 578% increase year-over-year; however, the company reported an $11.6 million operating loss and expressed "substantial doubt" regarding its ability to continue as a going concern. GAAP costs of revenue decreased by 15% from Q2 2024, and operating expenses decreased by 35% quarter-over-quarter. Unrestricted cash was reported at $0.8 million, and cash burn was cut by 80% compared to Q1 2025. ESS Tech completed its first Energy Base sale and submitted proposals totaling over 1.1 GWh.
- October 7, 2025: The 2025 Annual Meeting of Stockholders was adjourned for lack of a quorum and rescheduled for October 13, 2025.
- October 9, 2025: The company filed a prospectus supplement to offer 500,000 shares at $1.70 each, expected to raise approximately $848,900 to support ongoing operations and the Energy Base product pivot.
- October 10, 2025: A second prospectus supplement was filed to offer 300,000 shares at $3.04 each under a Standby Equity Purchase Agreement with YA II PN, Ltd., anticipated to raise around $913,080 to support contracting activities related to the Energy Base solution.
Financial and strategic analysis
Key metrics (TTM or most recent quarter):
| Metric | Value |
|---|---|
| Share price (Oct 10, 2025) | $6.04 |
| Market cap | $66.6 million |
| Enterprise value | $23.6 million |
| Price/Sales | 2.98 |
| Price/Book | 7.13 |
| Revenue | $6.17 million |
| Net income | -$75.05 million |
| EPS | -6.26 |
| Return on assets | -63.75% |
| Return on equity | -207.48% |
| Total cash (MRQ) | $0.80 million |
| Total debt/equity (MRQ) | 26.39% |
| Levered free cash flow (TTM) | -$42.88 million |
Strategically, ESS Tech is transitioning from its legacy Energy Warehouse and Energy Center products toward the gigawatt-scale Energy Base system, which is capable of up to 22 hours of storage. The company has completed its first Energy Base sale and is pursuing contracts exceeding 1.1 GWh. To fund this transition, ESS Tech executed two equity offerings in early October 2025, raising approximately $1.76 million, and entered into a Standby Equity Purchase Agreement to improve liquidity.
Market position and industry context
Global demand for long-duration energy storage (LDES) is driven by projections, including a 165% increase in energy consumption from AI data centers by 2030 and a projected requirement for 8 TW of LDES capacity by 2040. ESS Tech differentiates itself through its iron flow battery technology, which offers unlimited cycling and minimal capacity loss over a 25-year design life. The use of iron as an electrolyte is noted for being non-toxic compared to initiatives using vanadium. The companyâs solutions are American-made and designed for rapid deployment, focusing on optimizing intermittent renewables into reliable baseload power. Industry awards, ETL/UL certifications, and strategic partnerships in Europe and the Asia Pacific contribute to ESS Techâs positioning in the emerging non-lithium energy storage market.
tl;dr
On October 9â10, 2025, ESS Tech raised approximately $1.76 million through two equity offerings to support its shift to the Energy Base product line. In Q2 2025, the company reported $2.4 million in revenue, an $11.6 million operating loss, and warned of "substantial doubt" about its ability to continue as a going concern. The company closed its first Energy Base sale in that quarter, with proposals exceeding 1.1 GWh. The 2025 Annual Meeting was adjourned for lack of a quorum and is set to reconvene on October 13, 2025. Future performance will depend on the deployment of Energy Base and additional financing to sustain operations.
