ESS Tech (GWH)


Market Price (8/24/2026): $0.406 | Market Cap: $13.7 MilSector: Industrials | Industry: Electrical Components & Equipment

ESS Tech (GWH)


Market Price (8/24/2026): $0.406
Market Cap: $13.7 Mil
Sector: Industrials
Industry: Electrical Components & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, and Smart Grids & Grid Modernization. Themes include Battery Storage & Grid Modernization, Long-Duration Energy Storage, Show more.

Weak multi-year price returns
2Y Excs Rtn is -133%, 3Y Excs Rtn is -172%

Penny stock
Mkt Price is 0.4

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is -1.2 Mil

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -57 Mil

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -119%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.0%, Rev Chg QQuarterly Revenue Change % is -97%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -491%

High stock price volatility
Vol 12M is 220%

Key risks
GWH key risks include [1] its history of significant losses and a continuous need for additional capital, Show more.

0 Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, and Smart Grids & Grid Modernization. Themes include Battery Storage & Grid Modernization, Long-Duration Energy Storage, Show more.
1 Weak multi-year price returns
2Y Excs Rtn is -133%, 3Y Excs Rtn is -172%
2 Penny stock
Mkt Price is 0.4
3 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is -1.2 Mil
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -57 Mil
5 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -119%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.0%, Rev Chg QQuarterly Revenue Change % is -97%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -491%
7 High stock price volatility
Vol 12M is 220%
8 Key risks
GWH key risks include [1] its history of significant losses and a continuous need for additional capital, Show more.

GWH in ETFs

Weight = GWH's share of each fund

VTI0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/20/2026

ESS Tech (GWH) stock has lost about 65% since 4/30/2026 because of the following key factors:

1. Continued Poor Financial Performance and Revenue Decline. ESS Tech reported significant financial underperformance in the specified period. For fiscal Q1 2026, the company announced a GAAP EPS of -$0.54, missing the consensus estimate of -$0.2929 by 84.36%, and did not report any revenue for the quarter. This trend continued into fiscal Q2 2026, where ESS Tech reported an EPS of -$0.46, missing the consensus estimate of -$0.44. Quarterly revenue for fiscal Q2 2026 was only $73 thousand, falling short of analyst estimates of $100 thousand and representing a substantial decrease from $2.4 million in the prior-year period. These results highlighted acute near-term financial pressures, including revenue collapse and a persistent adjusted EBITDA loss, coupled with low cash balances and a disclosed going-concern risk.

2. Significant Shareholder Dilution from New Financing. On August 20, 2026, ESS Tech announced a registered direct offering to sell 6.4 million shares of common stock at a price of $0.50 per share, aiming to raise approximately $3.2 million. This announcement led to an immediate and sharp decline in the stock price, which crashed over 40% to around $0.40. This capital raise, coupled with the issuance of warrants to purchase up to an additional 12.8 million shares, indicated significant dilution for existing shareholders and underscored the company's urgent need for capital for general corporate purposes and working capital.

Show more
Updated on 8/20/2026

ESS Tech (GWH) stock has lost about 65% since 4/30/2026 because of the following key factors:

1. Continued Poor Financial Performance and Revenue Decline. ESS Tech reported significant financial underperformance in the specified period. For fiscal Q1 2026, the company announced a GAAP EPS of -$0.54, missing the consensus estimate of -$0.2929 by 84.36%, and did not report any revenue for the quarter. This trend continued into fiscal Q2 2026, where ESS Tech reported an EPS of -$0.46, missing the consensus estimate of -$0.44. Quarterly revenue for fiscal Q2 2026 was only $73 thousand, falling short of analyst estimates of $100 thousand and representing a substantial decrease from $2.4 million in the prior-year period. These results highlighted acute near-term financial pressures, including revenue collapse and a persistent adjusted EBITDA loss, coupled with low cash balances and a disclosed going-concern risk.

2. Significant Shareholder Dilution from New Financing. On August 20, 2026, ESS Tech announced a registered direct offering to sell 6.4 million shares of common stock at a price of $0.50 per share, aiming to raise approximately $3.2 million. This announcement led to an immediate and sharp decline in the stock price, which crashed over 40% to around $0.40. This capital raise, coupled with the issuance of warrants to purchase up to an additional 12.8 million shares, indicated significant dilution for existing shareholders and underscored the company's urgent need for capital for general corporate purposes and working capital.

3. Negative Shareholder Equity and Limited Cash Runway. As of August 17, 2026, ESS Tech faced a major financial risk with negative shareholders' equity of approximately -$2.7 million. This condition suggests that the company's liabilities exceeded its assets, raising concerns about its long-term financial stability. Furthermore, the company was identified as having less than one year of cash runway based on a free cash flow trend of -$45 million, indicating a critical need for external financing to sustain operations. Unrestricted cash and cash equivalents significantly declined from $15.5 million at the end of fiscal Q1 2026 to $5.6 million as of July 31, 2026.

4. Unfavorable Terms of Proposed Business Combination. On August 6, 2026, ESS Tech announced a non-binding letter of intent for a strategic business combination with a private energy-sector company. While the transaction implied a combined enterprise value of approximately $515 million, the proposed terms would allocate existing ESS shareholders an estimated 5% to 10% of the combined company. This low percentage allocation for current shareholders, despite the overall enterprise value, was perceived negatively by investors, signaling a potentially unfavorable valuation for ESS Tech in the merger and further contributing to downward pressure on the stock.

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Stock Movement Drivers

Fundamental Drivers

The -63.2% change in GWH stock from 4/30/2026 to 8/23/2026 was primarily driven by a -184.2% change in the company's P/S Multiple.
(LTM values as of)43020268232026Change
Stock Price ($)1.100.40-63.2%
Change Contribution By: 
Total Revenues ($ Mil)2-1-174.1%
P/S Multiple13.9-11.7-184.2%
Shares Outstanding (Mil)2034-41.1%
Cumulative Contribution-63.2%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/23/2026
ReturnCorrelation
GWH-63.2% 
Market (SPY)6.5%23.5%
Sector (XLI)3.2%12.8%

Fundamental Drivers

The -76.9% change in GWH stock from 1/31/2026 to 8/23/2026 was primarily driven by a -383.7% change in the company's P/S Multiple.
(LTM values as of)13120268232026Change
Stock Price ($)1.750.40-76.9%
Change Contribution By: 
Total Revenues ($ Mil)6-1-119.5%
P/S Multiple4.1-11.7-383.7%
Shares Outstanding (Mil)1434-58.2%
Cumulative Contribution-76.9%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/23/2026
ReturnCorrelation
GWH-76.9% 
Market (SPY)11.0%31.3%
Sector (XLI)9.3%23.9%

Fundamental Drivers

The -78.7% change in GWH stock from 7/31/2025 to 8/23/2026 was primarily driven by a -312.1% change in the company's P/S Multiple.
(LTM values as of)73120258232026Change
Stock Price ($)1.900.40-78.7%
Change Contribution By: 
Total Revenues ($ Mil)4-1-128.2%
P/S Multiple5.5-11.7-312.1%
Shares Outstanding (Mil)1234-64.4%
Cumulative Contribution-78.7%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/23/2026
ReturnCorrelation
GWH-78.7% 
Market (SPY)22.2%6.0%
Sector (XLI)19.8%4.9%

Fundamental Drivers

The -98.6% change in GWH stock from 7/31/2023 to 8/23/2026 was primarily driven by a -192.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)73120238232026Change
Stock Price ($)28.950.40-98.6%
Change Contribution By: 
Total Revenues ($ Mil)1-1-192.7%
P/S Multiple235.0-11.7-105.0%
Shares Outstanding (Mil)1034-69.6%
Cumulative Contribution-98.6%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/23/2026
ReturnCorrelation
GWH-98.6% 
Market (SPY)73.2%14.5%
Sector (XLI)70.0%14.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
GWH Return15%-79%-53%-66%-68%-79%-100%
Peers Return-5%-63%7%58%60%-43%-47%
S&P 500 Return27%-19%24%23%16%12%103%

Monthly Win Rates [3]
GWH Win Rate50%33%33%25%25%0% 
Peers Win Rate46%34%50%52%55%45% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
GWH Max Drawdown-52%-82%-68%-75%-87%-81% 
Peers Max Drawdown-60%-77%-61%-59%-70%-64% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: FLNC, TSLA, EOSE, NRGV, STEM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)

How Low Can It Go

EventGWHS&P 500
2025 US Tariff Shock
  % Loss-83.0%-18.8%
  % Gain to Breakeven487.8%23.1%
  Time to Breakeven137 days79 days

Compare to FLNC, TSLA, EOSE, NRGV, STEM

In The Past

ESS Tech's stock fell -83.0% during the 2025 US Tariff Shock. Such a loss loss requires a 487.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventGWHS&P 500
2025 US Tariff Shock
  % Loss-83.0%-18.8%
  % Gain to Breakeven487.8%23.1%
  Time to Breakeven137 days79 days

Compare to FLNC, TSLA, EOSE, NRGV, STEM

In The Past

ESS Tech's stock fell -83.0% during the 2025 US Tariff Shock. Such a loss loss requires a 487.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About ESS Tech (GWH)

ESS Tech, Inc. (GWH) is an energy storage company that specializes in designing and producing long-duration iron flow batteries. These batteries are engineered to provide robust and sustainable solutions for various energy storage needs, particularly for large-scale applications.

The company offers two primary product lines tailored to different market segments. The "Energy Warehouse" is a behind-the-meter solution designed for commercial customers, enabling them to store energy for optimizing consumption, integrating renewable sources, or ensuring power resilience. For utility-scale applications, ESS Tech provides the "Energy Center," a front-of-the-meter solution that helps utilities manage grid stability, integrate intermittent renewable energy, and provide essential grid services.

ESS Tech primarily serves commercial and utility-scale energy storage markets worldwide. Its customers include businesses and institutions seeking to manage their energy use more efficiently and reduce costs, as well as electric utilities and grid operators looking to enhance grid reliability, incorporate a higher percentage of renewable energy, and support the overall transition to a more sustainable energy infrastructure.

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1. Tesla Energy for iron flow batteries.

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ESS Tech's major products are:

  • Energy Warehouse: A behind-the-meter energy storage solution.
  • Energy Center: A front-the-meter energy storage solution.

AI Analysis | Feedback

ESS Tech (GWH) primarily sells its iron flow batteries to other companies, specifically to commercial and utility-scale energy developers and utility companies.

Its major customers include:

  • Enel Green Power North America: This is a subsidiary of Enel S.p.A. (Milan: ENEL; OTC US: ENLAY), a multinational energy company. ESS Tech has a multi-year framework agreement to deploy its iron flow batteries for Enel's utility-scale solar + storage projects.
  • San Diego Gas & Electric (SDG&E): A regulated public utility and a subsidiary of Sempra Energy (NYSE: SRE). ESS Tech has deployed energy storage systems for SDG&E projects.
  • Portland General Electric (PGE): (NYSE: POR). ESS Tech has worked with PGE on energy storage projects.
  • Sacramento Municipal Utility District (SMUD): A large, publicly-owned electric utility in California. SMUD is not a publicly traded company.

AI Analysis | Feedback

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AI Analysis | Feedback

ESS Tech, Inc. (NYSE: GWH) has a management team with extensive experience in the energy, technology, and financial sectors. The team includes key appointments made effective January 2026 and February 2026.

Drew Buckley, Chief Executive Officer
Drew Buckley was appointed Chief Executive Officer, effective January 1, 2026. He joined ESS in August 2025 to lead the company's investor relations and capital market strategy. Prior to joining ESS, Mr. Buckley spent 17 years at William Blair as a Partner and sector leader, where he focused on investing in publicly traded small- and mid-cap technology companies. His experience at William Blair involved collaborating with management teams globally to navigate growth, strengthen commercial execution, responsibly access capital, and build durable investor trust in public markets.

Kate Suhadolnik, Chief Financial Officer
Kate Suhadolnik was appointed Chief Financial Officer, effective January 1, 2026, having previously served as Interim CFO since August 1, 2025. Ms. Suhadolnik joined ESS Tech, Inc. in September 2021 and was the company's Controller from April 2023. She brings 14 years of experience in the financial and accounting sector. Before ESS, she was the Corporate Accounting & Reporting Manager at The Standard, an insurance and financial services company, from July 2020 to September 2021. From September 2011 to June 2020, Ms. Suhadolnik held various positions of increasing responsibility at Deloitte & Touche LLP. She is a Certified Public Accountant.

Randall "Randy" Selesky, Chief Commercial Officer
Randall "Randy" Selesky was appointed Chief Commercial Officer on February 19, 2026. He possesses over 20 years of experience in the energy sector, with more than a decade specifically in battery storage. Before his role at ESS, Mr. Selesky served as Chief Commercial Officer at VoltStorage, where he was instrumental in shaping commercial strategy, building partnerships, and guiding market expansion. His background encompasses large-scale market development, enterprise-level sales, and driving revenue growth within the rapidly evolving energy transition.

Kelly Goodman, Chief Strategy Officer and General Counsel
Kelly Goodman was appointed Chief Strategy Officer and General Counsel, effective January 1, 2026. She previously served as the Interim Chief Executive Officer. Ms. Goodman brings 20 years of experience in the energy legal sector to her role.

Jigish Trivedi, Chief Operating Officer
Jigish Trivedi was appointed Chief Operating Officer on August 13, 2025. He brings over 30 years of executive experience in scaling global operations for high-growth technology companies. Prior to joining ESS, Mr. Trivedi was the Senior Vice President of Operations and Global Supply Chain at Electric Hydrogen, where he played a key role in scaling the company to "unicorn" status. His career also includes senior leadership roles at First Solar and Micron Technology, where he led initiatives across operations, product development, and global supply chain management.

AI Analysis | Feedback

The key risks for ESS Tech (symbol: GWH) are primarily related to its financial viability, the challenges of commercializing and scaling its technology, and intense competition within the energy storage market.

  1. Going Concern Risk and Financial Health: ESS Tech has disclosed substantial doubt about its ability to continue as a going concern due to significant and ongoing net losses, declining revenue, and severely limited cash and short-term investments. The company exhibits poor financial health indicators, including a low current ratio and high leverage, placing it in a "distress zone." Continued operations are highly dependent on securing additional financing and converting its sales pipeline into profitable deployments.

  2. Commercialization, Manufacturing Scale-up, and Product Quality: ESS Tech is in the early stages of commercialization for its iron flow battery technology, with limited deployments and a history of product quality issues. The company faces significant execution risks in scaling up its manufacturing capabilities, particularly with its strategic pivot to the new "Energy Base" product line. Any delays, unforeseen quality control problems, or cost overruns during this crucial scale-up phase could severely impact its business, especially given its tight liquidity.

  3. Intense Competition: ESS Tech operates in a highly competitive energy storage market. It faces significant competition from well-established lithium-ion battery manufacturers (e.g., LG Energy Solution, CATL) that benefit from vast economies of scale, mature supply chains, and extensive manufacturing experience. Furthermore, ESS Tech competes with other emerging long-duration energy storage technologies and companies, such as those developing zinc-based or gravity-based storage solutions. While iron flow batteries offer advantages like safety and abundant materials, they currently contend with challenges such as lower energy density and higher initial production costs compared to some alternatives.

AI Analysis | Feedback

The rapid development and scaling of green hydrogen production combined with fuel cell technology for long-duration and seasonal energy storage presents a clear emerging threat. This alternative offers a fundamentally different method for storing and dispatching energy over extended periods, directly competing with the long-duration grid storage market segment that ESS Tech's iron flow batteries are targeting, particularly for durations exceeding 8-10 hours.

AI Analysis | Feedback

ESS Tech, Inc. (GWH) designs and produces iron flow batteries for commercial and utility-scale energy storage applications. The company's main products, Energy Warehouse and Energy Center, serve distinct segments of the energy storage market.

Addressable Market Sizes for ESS Tech's Main Products:

Iron Flow Battery Market (Overall Technology):

  • The global iron flow battery market was valued at approximately USD 34.6 million in 2024. This market is projected to grow significantly, reaching an estimated USD 163.5 million by 2030, demonstrating a Compound Annual Growth Rate (CAGR) of 29.5% during the 2024-2030 period.
  • Regionally, North America is expected to be the largest market for iron flow batteries.

Energy Warehouse (Behind-the-Meter Solution):

  • The global behind-the-meter energy storage market, which includes solutions like the Energy Warehouse, was valued at USD 6.12 billion in 2024. It is projected to grow to USD 28.59 billion by 2033, at a CAGR of 18.9%.
  • North America held the largest share of 38% of the global behind-the-meter energy storage market in 2024, and the U.S. market within this segment is expected to grow significantly. The U.S. behind-the-meter stationary battery storage market is anticipated to reach approximately USD 53.7 billion by 2034.

Energy Center (Front-of-the-Meter / Utility-Scale Long-Duration Energy Storage Solution):

  • The global front-of-the-meter battery market is projected to increase from USD 9.03 billion in 2025 to USD 25.21 billion by 2030, at an anticipated CAGR of 22.8%.
  • For the broader global long-duration energy storage market, which encompasses utility-scale solutions such as the Energy Center, the market size was valued at USD 3.6 billion in 2025. It is expected to grow to USD 9.5 billion by 2035, with a CAGR of 10.5% from 2026 to 2035.
  • North America represented the largest revenue share, approximately 35.5%, in the global long-duration energy storage market in 2025. In 2026, North America's revenue in this market was USD 1.26 billion.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for ESS Tech (GWH) over the next 2-3 years:

  1. Ramp-up and Commercialization of the Energy Base Product: ESS Tech is strategically pivoting its focus to its next-generation Energy Base platform, which now constitutes 100% of its active pipeline, moving away from legacy products. This shift is anticipated to be the primary driver of revenue growth, with substantial revenues expected to begin in 2027 and 2028.
  2. Fulfillment of Key Tier 1 Customer Contracts: The company has secured significant contracts, including a $9.9 million deal with the U.S. Air Force for a long-duration energy storage system and a 5-megawatt system project with Google and Salt River Project (Project New Horizon). The execution and delivery on these major projects, particularly with these high-profile customers, are expected to translate into significant revenue.
  3. Increasing Demand in the Long-Duration Energy Storage Market: ESS Tech is well-positioned to capitalize on the rapidly growing demand for long-duration energy storage solutions. This demand is being fueled by the escalating energy requirements of AI data centers, projected to increase by 165% by 2030, and global clean energy targets that necessitate the deployment of 8 terawatt-hours of long-duration storage by 2040.
  4. Scaling Manufacturing and Operational Capabilities: A critical driver for future revenue will be the company's ability to effectively scale its manufacturing capabilities and demonstrate consistent performance of its iron flow battery technology in the field. Successful operational execution will enable ESS Tech to convert its commercial momentum and project backlog into realized revenue.

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Share Issuance

  • ESS Tech had 14,154,333 shares outstanding as of March 2026, an increase of 18.68% from 2024.
  • The company is launching a $75 million at-the-market (ATM) equity program to enhance liquidity and support growth, announced on July 11, 2025.
  • A 1-for-15 reverse stock split was executed on August 26, 2024.

Inbound Investments

  • Honeywell invested $27.5 million in ESS Tech in September 2023, purchasing 16.5 million shares and receiving a warrant for an additional 10.6 million shares.
  • In July 2025, ESS announced $31 million in insider-led funding, including short-term loans, a production tax credit transaction, and an equipment sale-leaseback.
  • ESS completed a $40 million financing with Yorkville Advisors, subsequently repaying $15 million.

Capital Expenditures

  • ESS Tech's average capital expenditure over the past five years (CapEx AVG 3YRS) has been $7.93 million.
  • Capital expenditures in the latest trailing twelve months were -$3.39 million.
  • Since January 1, 2019, ESS Tech has invested approximately $184.7 million in improving its technology and bringing its energy storage products to market, primarily focusing on research and development.

Peer Outperformance in Electrical Components & Equipment

GWH has trailed 98% of its 40 Electrical Components & Equipment peers over 5Y. Among the peers that beat it are ATKR and ST. Electrical Components & Equipment ranks 12th of 23 industries in Industrials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Electrical Components & Equipment constituents that GWH has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
4%
of 48 industry peers · -75.5% return
3Y
4%
of 45 industry peers · -98.1% return
5Y
3%
of 40 industry peers · -99.7% return
Electrical Components & Equipment peers with revenue growth within 4pp of GWH's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
GWH ESS Tech -6.0% -0.2x -75.5%-98.1%-99.7%
ATKR Atkore -7.1% -19.4x 58.8%-31.3%9.8% +109pp
ST Sensata Technologies -2.6% 69.3x 29.7%19.8%-23.8% +76pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Industrials sector, ranked by 5Y. Electrical Components & Equipment is GWH's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Construction & Engineering 31 25.2%124.7%202.2% CDNL 3246% · STRL 2190% · FIX 2132%
Marine Transportation 4 57.9%61.9%150.7% MATX 212% · KEX 154% · SFL 148%
Construction Machinery & Heavy Transportation Equipment 13 12.3%66.8%120.6% CAT 324% · ALSN 285% · WAB 252%
Aerospace & Defense 55 11.1%70.2%79.6% DFNS 2047% · ATI 1042% · FTAI 968%
Passenger Ground Transportation 3 -5.7%65.1%69.3% UBER 96% · CAR 69% · LYFT -63%
Industrial Machinery & Supplies & Components 71 11.5%56.0%56.3% CRS 1440% · PSIX 846% · GHM 735%
Rail Transportation 7 38.3%76.2%50.1% FSTR 115% · CSX 65% · UNP 56%
Cargo Ground Transportation 16 35.7%16.1%45.4% XPO 270% · R 264% · CVLG 222%
Diversified Support Services 34 8.9%37.5%34.9% LIME 4674% · TH 369% · WLFC 347%
Trading Companies & Distributors 18 2.2%36.4%32.1% DXPE 523% · AIT 303% · URI 232%
Building Products 33 -8.8%15.9%28.8% LMB 436% · GFF 413% · PPIH 289%
Electrical Components & Equipment ← 41 26.1%44.8%28.3% POWL 2374% · VRT 856% · BE 849%
Industrial Conglomerates 17 15.8%26.3%4.9% RCMT 727% · CSW 153% · TTI 145%
Office Services & Supplies 10 14.0%25.0%3.8% TILE 188% · PBI 159% · EBF 56%
Environmental & Facilities Services 28 -8.3%20.9%0.8% CECO 863% · ADUR 661% · GEO 324%
Research & Consulting Services 13 -7.2%-18.4%-1.6% HURN 220% · CRAI 97% · GRNQ 31%
Agricultural & Farm Machinery 17 -1.2%-3.9%-14.4% BLBD 200% · DE 88% · GENC 65%
Data Processing & Outsourced Services 6 -30.4%-9.5%-24.5% EXLS 59% · BR 16% · G -23%
Passenger Airlines 11 5.9%-4.6%-29.3% LTM 2324% · UAL 140% · SKYW 130%
Human Resource & Employment Services 20 4.5%-19.4%-36.1% BBSI 89% · ADP 51% · KFY 36%
Air Freight & Logistics 12 -16.2%-24.2%-39.1% CHRW 78% · FDX 67% · EXPD 62%
Security & Alarm Services 10 -36.2%-14.3%-43.4% CIX 107% · MG 93% · BCO 52%
Airport Services 3 -69.1%-69.0%-58.3% JOBY -31% · ASLE -58% · UP -100%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

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Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

GWHFLNCTSLAEOSENRGVSTEMMedian
NameESS Tech Fluence .Tesla Eos Ener.Energy V.Stem  
Mkt Price0.4011.34362.863.813.805.704.75
Mkt Cap0.01.61,174.61.30.70.11.0
Rev LTM-12,632103,619214226148220
Op Inc LTM-57-1114,772-305-74-40-65
FCF LTM-46-1325,755-421-1467-89
FCF 3Y Avg-59-1524,353-268-94-24-77
CFO LTM-42-10118,685-308-10312-71
CFO 3Y Avg-54-12815,327-209-49-15-51

Growth & Margins

GWHFLNCTSLAEOSENRGVSTEMMedian
NameESS Tech Fluence .Tesla Eos Ener.Energy V.Stem  
Rev Chg LTM-119.0%7.5%11.8%533.9%336.8%-5.1%9.6%
Rev Chg 3Y Avg-6.0%9.9%3.5%215.1%117.0%-25.0%6.7%
Rev Chg Q-96.9%7.9%25.5%351.4%104.1%-12.3%16.7%
QoQ Delta Rev Chg LTM-205.5%1.8%5.9%33.3%4.1%-3.1%3.0%
Op Inc Chg LTM26.4%-310.4%-17.4%-43.5%41.5%66.9%4.5%
Op Inc Chg 3Y Avg18.7%-73.7%-26.8%-23.9%10.1%22.0%-6.9%
Op Mgn LTM--4.2%4.6%-142.1%-32.8%-27.2%-27.2%
Op Mgn 3Y Avg--2.2%6.1%-592.3%-103.4%-53.9%-53.9%
QoQ Delta Op Mgn LTM--2.3%-0.8%34.8%2.9%2.5%2.5%
CFO/Rev LTM--3.8%18.0%-143.7%-45.4%7.9%-3.8%
CFO/Rev 3Y Avg--4.9%15.7%-534.6%-36.8%-7.0%-7.0%
FCF/Rev LTM--5.0%5.6%-196.6%-64.7%4.8%-5.0%
FCF/Rev 3Y Avg--5.9%4.5%-653.4%-81.6%-11.4%-11.4%

Valuation

GWHFLNCTSLAEOSENRGVSTEMMedian
NameESS Tech Fluence .Tesla Eos Ener.Energy V.Stem  
Mkt Cap0.01.61,174.61.30.70.11.0
P/S-0.611.36.03.00.43.0
P/Op Inc-0.2-14.1246.1-4.3-9.1-1.3-2.8
P/EBIT-0.2-14.1211.6-2.6-7.4-1.2-1.9
P/E-0.2-19.4308.8-2.4-6.2-0.7-1.6
P/CFO-0.3-15.562.9-4.2-6.64.5-2.3
Total Yield-486.6%-5.2%0.3%-40.8%-16.2%-140.7%-28.5%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-215.4%-16.3%0.4%-33.6%-42.9%-150.1%-38.3%
D/E1.30.30.00.50.46.30.4
Net D/E0.50.0-0.00.30.25.60.2

Returns

GWHFLNCTSLAEOSENRGVSTEMMedian
NameESS Tech Fluence .Tesla Eos Ener.Energy V.Stem  
1M Rtn-46.1%-15.6%15.9%9.8%31.9%3.8%6.8%
3M Rtn-57.7%-47.2%-14.8%-52.7%-25.9%-39.7%-43.5%
6M Rtn-73.7%-31.5%-11.9%-64.4%24.2%-49.4%-40.4%
12M Rtn-75.5%50.4%6.7%-39.7%131.7%-65.9%-16.5%
3Y Rtn-98.1%-51.1%57.7%23.3%29.7%-94.2%-13.9%
1M Excs Rtn-53.0%-25.0%9.9%-1.2%13.3%-5.5%-3.3%
3M Excs Rtn-59.2%-46.9%-16.2%-56.4%-27.5%-40.8%-43.8%
6M Excs Rtn-84.8%-42.6%-23.0%-75.5%13.1%-60.4%-51.5%
12M Excs Rtn-94.9%31.6%-8.0%-56.4%114.6%-85.4%-32.2%
3Y Excs Rtn-172.0%-124.2%-13.4%-33.1%-49.7%-169.1%-86.9%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil2025202420232022
Product revenue1551
Other revenue0120
Service revenue0000
Total2681


Assets by Segment
$ Mil20212020
Single segment2509
Total2509


Price Behavior

Price Behavior
Market Price$0.40 
Market Cap ($ Bil)0.0 
First Trading Date12/08/2020 
Distance from 52W High-95.5% 
   50 Days200 Days
DMA Price$0.79$1.46
DMA Trenddowndown
Distance from DMA-48.7%-72.3%
 3M1YR
Volatility136.9%221.4%
Downside Capture571.83380.77
Upside Capture110.79140.28
Correlation (SPY)28.8%5.6%
GWH Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta4.912.712.402.510.901.57
Up Beta2.033.761.771.995.051.85
Down Beta3.272.071.562.38-6.190.02
Up Capture504%185%165%173%197%271%
Bmk +ve Days11223567138427
Stock +ve Days10192955109325
Down Capture661%290%304%238%179%112%
Bmk -ve Days11212859114326
Stock -ve Days12233162133403

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GWH
GWH-75.0%220.2%0.14-
Sector ETF (XLI)20.5%17.1%0.924.8%
Equity (SPY)21.1%12.9%1.225.7%
Gold (GLD)37.5%28.8%1.1012.4%
Commodities (DBC)43.2%20.2%1.66-6.3%
Real Estate (VNQ)12.9%13.8%0.64-2.1%
Bitcoin (BTCUSD)-31.6%44.1%-0.735.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GWH
GWH-68.6%155.9%-0.15-
Sector ETF (XLI)13.1%17.6%0.5717.8%
Equity (SPY)12.9%17.2%0.5718.9%
Gold (GLD)20.6%18.6%0.909.0%
Commodities (DBC)10.4%19.6%0.413.4%
Real Estate (VNQ)2.3%18.9%0.0216.1%
Bitcoin (BTCUSD)10.4%52.8%0.3812.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GWH
GWH-44.0%146.3%-0.14-
Sector ETF (XLI)13.8%20.0%0.6017.0%
Equity (SPY)15.2%17.9%0.7218.3%
Gold (GLD)12.7%16.2%0.648.7%
Commodities (DBC)8.0%18.0%0.363.3%
Real Estate (VNQ)5.0%20.7%0.2015.5%
Bitcoin (BTCUSD)63.1%66.1%1.0310.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7312026
Short Interest: Shares Quantity2.2 Mil
Short Interest: % Change Since 715202626.8%
Average Daily Volume0.7 Mil
Days-to-Cover Short Interest3.3 days
Basic Shares Quantity33.8 Mil
Short % of Basic Shares6.5%

Earnings Returns History

Updated 8/21/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/11/2026-11.9%2.3% 
6/23/20265.1%33.2%20.0%
5/7/2026-30.3%-16.0%-23.5%
3/5/2026-4.4%-6.6%-11.8%
11/13/2025-35.1%-43.5%-53.9%
8/14/20251.8%-9.9%-18.1%
5/15/2025-16.4%-29.3%-57.4%
11/13/2024-17.6%-41.5%-42.8%
...
SUMMARY STATS   
# Positive664
# Negative131314
Median Positive6.9%10.6%18.8%
Median Negative-11.9%-16.0%-22.8%
Max Positive21.0%34.0%26.7%
Max Negative-35.1%-43.5%-57.4%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/11/2026-11.9%2.3% 
6/23/20265.1%33.2%20.0%
5/7/2026-30.3%-16.0%-23.5%
3/5/2026-4.4%-6.6%-11.8%
11/13/2025-35.1%-43.5%-53.9%
8/14/20251.8%-9.9%-18.1%
5/15/2025-16.4%-29.3%-57.4%
11/13/2024-17.6%-41.5%-42.8%
8/14/2024-13.1%-14.5%-45.9%
5/7/2024-15.0%-13.3%-22.2%
3/13/2024-5.0%-12.7%-17.2%
11/7/2023-9.4%3.9%-8.6%
8/8/2023-4.6%-25.4%-11.6%
5/9/20238.8%-30.7%17.5%
3/1/20233.7%-18.0%-28.0%
8/11/202218.4%12.4%8.6%
5/12/202221.0%34.0%-27.4%
2/24/2022-0.9%8.7%26.7%
11/16/2021-1.8%-1.0%-13.8%
SUMMARY STATS   
# Positive664
# Negative131314
Median Positive6.9%10.6%18.8%
Median Negative-11.9%-16.0%-22.8%
Max Positive21.0%34.0%26.7%
Max Negative-35.1%-43.5%-57.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/11/202610-Q
03/31/202605/07/202610-Q
12/31/202503/05/202610-K
09/30/202511/13/202510-Q
06/30/202508/14/202510-Q
03/31/202505/15/202510-Q
12/31/202403/31/202510-K
09/30/202411/14/202410-Q
06/30/202408/14/202410-Q
03/31/202405/08/202410-Q
12/31/202303/14/202410-K
09/30/202311/14/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202203/02/202310-K
09/30/202211/03/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/11/202610-Q
03/31/202605/07/202610-Q
12/31/202503/05/202610-K
09/30/202511/13/202510-Q
06/30/202508/14/202510-Q
03/31/202505/15/202510-Q
12/31/202403/31/202510-K
09/30/202411/14/202410-Q
06/30/202408/14/202410-Q
03/31/202405/08/202410-Q
12/31/202303/14/202410-K
09/30/202311/14/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202203/02/202310-K
09/30/202211/03/202210-Q
06/30/202208/12/202210-Q
03/31/202205/13/202210-Q
12/31/202103/04/202210-K

Recent Forward Guidance

Updated 8/12/2026

Latest: Q2 2026 Earnings Reported 8/11/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Combined Enterprise Value 515.00 Mil    
2026 Bridge System Deployment      
2032 Juniper Energy Deployment 500.00 Mil    
2027 California Project Capacity 80.00 Mil    

Prior: Q2 2026 Earnings Reported 6/23/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Sodium-ion opportunities 1.00 Bil    

Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Project New Horizon Manufacturing Start      
2027 Project New Horizon Delivery     AffirmedGuidance: 0 for 2027

Insider Activity

Updated 6/8/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Buckley, Drew PCEODirectBuy60820261.0325,00025,66025,660Form
2Suhadolnik, Kate EileenChief Financial OfficerDirectSell52620260.931,9221,796150,243Form
3Goodman, Kelly FSEE REMARKSDirectSell52620260.932,7512,571196,845Form
4Suhadolnik, Kate EileenChief Financial OfficerDirectSell52620260.921,7351,593149,356Form
5Goodman, Kelly FSEE REMARKSDirectSell52620260.922,4822,279195,896Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Buckley, Drew PCEODirectBuy60820261.0325,00025,66025,660Form
2Suhadolnik, Kate EileenChief Financial OfficerDirectSell52620260.931,9221,796150,243Form
3Goodman, Kelly FSEE REMARKSDirectSell52620260.932,7512,571196,845Form
4Suhadolnik, Kate EileenChief Financial OfficerDirectSell52620260.921,7351,593149,356Form
5Goodman, Kelly FSEE REMARKSDirectSell52620260.922,4822,279195,896Form
6Suhadolnik, Kate EileenChief Financial OfficerDirectSell22620261.547411,141253,198Form
7Goodman, Kelly FSEE REMARKSDirectSell22620261.542,2693,494332,414Form
Core Cache Last Updated: 8/23/2026