ESS Tech, Inc. (GWH)

OTC: GWH · Miscellaneous Electrical Machinery, Equipment & Supplies · Wilsonville, OR · filing with the SEC since 2020

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Grade2.4

◀ Past 2.1● Present 2.2▶ Future 3.1

1 est.

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The grade of ESS Tech, Inc.

Nine metrics read from its own filings, by tense

Headline grade

2.4/10

◀ Past2.130% of the headline

● Present2.240% of the headline

▶ Future3.130% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

2.1/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

2.2/10

Has it survived what it has been through?

17 warning events since 2020; the latest 2026-10-05.

weight 33% of this tense · 22nd percentile among 43 sector filers · read for itself

From the record

ESS Tech, Inc.'s filings since 2020 show 17 warning events of 4 kinds: a notice about its exchange listing (8-K item 3.01, 8 times, the latest 2026-10-05); a warning not to rely on past financial statements (8-K item 4.02, 2 times, the latest 2021-11-22); an auditor change (8-K item 4.01, 4 times, the latest 2023-05-03); a late-report notice (Form NT 10-K or NT 10-Q, 3 times, the latest 2021-11-16) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

1.4/10

What has it actually done, year after year?

6 filed years; profitable in 0 of 6.

weight 45% of this tense · 14th percentile among 35 sector filers · read for its customers

From the record

ESS Tech, Inc.'s 6 filed years say what it did: it rose in 1 of 3 years; the deepest fall was 79% from fiscal 2023 to fiscal 2025; net income was positive in 0 of 6 of those years (its annual reports).

What it rests on

the share of years revenue rosebottom 7% of its family
the share of filed years with a profitbottom 26% of its family
the deepest fall from a revenue peak79.0%bottom 10% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

3.3/10

How has it treated the people who own it?

SI estimate 3.3/10, confidence 35 of 100 (one part).

weight 22% of this tense · 33rd percentile among 39 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 33% of 39 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 39 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: ESS Tech, Inc.'s shareholder treatment is put at 3.3 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 33% of 39 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

2.2/1040% of the headline grade · 3 of 3 filed

Financial health

as filed

1.6/10

Is it financially healthy right now?

ROE -736%: lost 736¢ per shareholder dollar. Leverage 83%: owes 83¢ per asset dollar.

weight 45% of this tense · 16th percentile among 39 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, ESS Tech, Inc. lost about 736 cents for every dollar of shareholders' money, and gross profitability: its products earned less than nothing, about minus 54 cents per dollar of everything the company owns. Leverage: it owed about 83 cents per dollar of assets, and net share issuance: its share count grew 24.0% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 33% of its family
return on equitybottom 7% of its family
gross profit against assetsbottom 1% of its family
the share count against the year beforebottom 23% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

2.2/10

How strong is its position in its industry?

bottom 22% of 39 in its family; net margin -4007.6%.

weight 33% of this tense · 22nd percentile among 39 sector filers · read for its customers

From the record

ESS Tech, Inc.'s standing among 39 graded names in its industry family: revenue of $2 million in fiscal 2025 ranks in the bottom 4% by size; a net margin of -4007.6% ranks in the bottom 4%; revenue growth of 21% a year over the last 3 filed years ranks in the top 42% (its annual reports).

What it rests on

revenue against the family$1.6Mbottom 4% of its family
net margin-4007.6%bottom 4% of its family
three-year revenue growth21.0%top 42% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed

3.5/10

What are the people in charge doing?

bottom 35% of 24 in its family for leadership; chief executive since 2026.

weight 22% of this tense · 35th percentile among 24 sector filers · read for its shareholders

From the record

ESS Tech, Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Buckley, Drew P (CEO, as filed), filing under that title since 2026-01-29, 9 months (bottom 20% of its family); the 11 officers and directors filing in the last fifteen months have been on the record a median of 3.5 years (bottom 43%); 8 officer or director changes were reported on Form 8-K since 2023-11-13, against the 11 people in charge now (bottom 43%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

officer and director changes on Form 8-K, against the people in charge8 in three years among 11 peoplebottom 43% of its family
the median years the people in charge have filed3.5 yearsbottom 43% of its family
the chief executive's years on the record10 monthsbottom 20% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

3.1/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed

4.8/10

How much room does it have to grow?

bottom 48% of 39 in its family for room to expand.

weight 45% of this tense · 48th percentile among 39 sector filers · read for itself

From the record

ESS Tech, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $16 million against no long-term debt tagged leaves 31.1% of its assets as net cash, top 9% of its family; cash from operations less capital spending is -3390.5% of revenue (bottom 4%); a gross margin of -1748.1% (bottom 1%); research spending of 524.1% of revenue (top 5%) (its annual report).

What it rests on

cash less debt against assets31.1%top 9% of its family
cash from operations less capital spending against revenue-3390.5%bottom 4% of its family
gross margin-1748.1%bottom 1% of its family
research spending against revenue524.1%top 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

1.1/10

What could actually drive growth from here?

bottom 11% of 35 in its family for growth drivers.

weight 33% of this tense · 11th percentile among 35 sector filers · read for its customers

From the record

ESS Tech, Inc.'s growth drivers, from the filed years to fiscal 2025: the newest year grew -74.9% (bottom 1%); research spending grew -51.3% a year (bottom 5%); capital spending grew -37.9% a year (bottom 26%) (its annual reports). ESS Tech, Inc. reported 3 product lines in fiscal 2025: Product at $1 million (65%), Other Product Or Service at $444 thousand (28%), Service at $108 thousand (7%); 0 of 3 grew against the year before (its annual report).

What it rests on

the newest year's revenue growth-74.9%bottom 1% of its family
three-year growth of research spending-51.3%bottom 5% of its family
three-year growth of capital spending-37.9%bottom 26% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

2.5/10

Did its newest year beat what its own record pointed to?

bottom 25% of 35 in its family for expectations against reality.

weight 22% of this tense · 25th percentile among 35 sector filers · read for its shareholders

From the record

ESS Tech, Inc.'s newest year against its own record: revenue of $2 million in fiscal 2025 came in 90.5% below the $17 million its prior three years' pace pointed to (bottom 1% of its family); net income of $63 million against a prior three-year average of $81 million (top 30%); a net margin of a loss larger than its revenue against losses larger than its revenue before (bottom 4%) (its annual reports).

What it rests on

revenue against the prior three years' pace-90.5%bottom 1% of its family
net income against the prior three years' average+21%top 30% of its family
net margin against its prior averagedown more than 100 pointsbottom 4% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton GWH · research, not advice