ESS Tech (GWH)
Market Price (7/6/2026): $0.85 | Market Cap: $24.9 MilSector: Industrials | Industry: Electrical Components & Equipment
ESS Tech (GWH)
Market Price (7/6/2026): $0.85Market Cap: $24.9 MilSector: IndustrialsIndustry: Electrical Components & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -36% Megatrend and thematic driversMegatrends 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 returns2Y Excs Rtn is -130%, 3Y Excs Rtn is -167% | Penny stockMkt Price is 0.9 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -53 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4770% Expensive valuation multiplesP/SPrice/Sales ratio is 23x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -73%, Rev Chg QQuarterly Revenue Change % is -79% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 473% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4092%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4449% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -248% High stock price volatilityVol 12M is 221% Key risksGWH key risks include [1] its history of significant losses and a continuous need for additional capital, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -36% |
| Megatrend and thematic driversMegatrends 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 returns2Y Excs Rtn is -130%, 3Y Excs Rtn is -167% |
| Penny stockMkt Price is 0.9 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -53 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4770% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 23x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -73%, Rev Chg QQuarterly Revenue Change % is -79% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 473% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4092%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4449% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -248% |
| High stock price volatilityVol 12M is 221% |
| Key risksGWH key risks include [1] its history of significant losses and a continuous need for additional capital, Show more. |
Qualitative Assessment
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ESS Tech (GWH) stock has lost about 25% since 3/31/2026 because of the following key factors:
1. Significant Underperformance in Fiscal Q1 2026 Financial Results. ESS Tech reported its fiscal Q1 2026 earnings on May 7, 2026, with an Earnings Per Share (EPS) of -$0.54, missing analysts' consensus estimates of -$0.29 by 86.21%. Quarterly revenue also significantly underperformed, coming in at $0.13 million against analyst estimates of $0.40 million.
2. NYSE Initiated Delisting Proceedings for Company Warrants. On June 30, 2026, the New York Stock Exchange notified ESS Tech of its decision to commence delisting proceedings and immediately suspend trading of the company's publicly traded warrants (GWH.W). This action was taken due to "abnormally low" trading price levels under Section 802.01D of the NYSE Listed Company Manual. While the common stock (GWH) continues to trade, the delisting of warrants reflects severely diminished investor confidence and market valuation of the company's securities.
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ESS Tech (GWH) stock has lost about 25% since 3/31/2026 because of the following key factors:
1. Significant Underperformance in Fiscal Q1 2026 Financial Results. ESS Tech reported its fiscal Q1 2026 earnings on May 7, 2026, with an Earnings Per Share (EPS) of -$0.54, missing analysts' consensus estimates of -$0.29 by 86.21%. Quarterly revenue also significantly underperformed, coming in at $0.13 million against analyst estimates of $0.40 million.
2. NYSE Initiated Delisting Proceedings for Company Warrants. On June 30, 2026, the New York Stock Exchange notified ESS Tech of its decision to commence delisting proceedings and immediately suspend trading of the company's publicly traded warrants (GWH.W). This action was taken due to "abnormally low" trading price levels under Section 802.01D of the NYSE Listed Company Manual. While the common stock (GWH) continues to trade, the delisting of warrants reflects severely diminished investor confidence and market valuation of the company's securities.
3. Persistent Profitability Challenges and Cash Burn Concerns. ESS Tech continues to face significant financial hurdles, reporting a net loss of $15.9 million for fiscal Q1 2026 and a trailing twelve-month net loss of -$61.34 million ending March 31, 2026. The company is forecast to remain unprofitable over the next three years and is "quickly burning through cash as it develops its technology platform," raising concerns about its long-term financial stability and operational efficiency.
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Stock Movement Drivers
Fundamental Drivers
The -26.2% change in GWH stock from 3/31/2026 to 7/5/2026 was primarily driven by a -31.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 3312026 | 7052026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.17 | 0.86 | -26.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2 | 1 | -29.8% |
| P/S Multiple | 14.7 | 22.7 | 54.3% |
| Shares Outstanding (Mil) | 20 | 29 | -31.9% |
| Cumulative Contribution | -26.2% |
Market Drivers
3/31/2026 to 7/5/2026| Return | Correlation | |
|---|---|---|
| GWH | -26.2% | |
| Market (SPY) | 14.5% | 18.4% |
| Sector (XLI) | 13.7% | 12.4% |
Fundamental Drivers
The -54.1% change in GWH stock from 12/31/2025 to 7/5/2026 was primarily driven by a -81.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 7052026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.88 | 0.86 | -54.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6 | 1 | -81.5% |
| P/S Multiple | 4.4 | 22.7 | 414.4% |
| Shares Outstanding (Mil) | 14 | 29 | -51.7% |
| Cumulative Contribution | -54.1% |
Market Drivers
12/31/2025 to 7/5/2026| Return | Correlation | |
|---|---|---|
| GWH | -54.1% | |
| Market (SPY) | 9.5% | 31.5% |
| Sector (XLI) | 18.9% | 27.3% |
Fundamental Drivers
The -35.1% change in GWH stock from 6/30/2025 to 7/5/2026 was primarily driven by a -73.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302025 | 7052026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.33 | 0.86 | -35.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4 | 1 | -73.2% |
| P/S Multiple | 3.9 | 22.7 | 490.4% |
| Shares Outstanding (Mil) | 12 | 29 | -58.9% |
| Cumulative Contribution | -35.1% |
Market Drivers
6/30/2025 to 7/5/2026| Return | Correlation | |
|---|---|---|
| GWH | -35.1% | |
| Market (SPY) | 21.6% | 5.2% |
| Sector (XLI) | 26.0% | 4.9% |
Fundamental Drivers
The -96.1% change in GWH stock from 6/30/2023 to 7/5/2026 was primarily driven by a -87.3% change in the company's P/S Multiple.| (LTM values as of) | 6302023 | 7052026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.05 | 0.86 | -96.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 1 | -12.2% |
| P/S Multiple | 179.0 | 22.7 | -87.3% |
| Shares Outstanding (Mil) | 10 | 29 | -64.9% |
| Cumulative Contribution | -96.1% |
Market Drivers
6/30/2023 to 7/5/2026| Return | Correlation | |
|---|---|---|
| GWH | -96.1% | |
| Market (SPY) | 74.0% | 14.0% |
| Sector (XLI) | 78.5% | 14.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GWH Return | 15% | -79% | -53% | -66% | -68% | -52% | -99% |
| Peers Return | -5% | -63% | 7% | 58% | 60% | -23% | -28% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 99% |
Monthly Win Rates [3] | |||||||
| GWH Win Rate | 50% | 33% | 33% | 25% | 25% | 0% | |
| Peers Win Rate | 46% | 34% | 50% | 52% | 55% | 46% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| GWH Max Drawdown | -52% | -82% | -68% | -75% | -87% | -63% | |
| Peers Max Drawdown | -60% | -77% | -61% | -59% | -70% | -56% | |
| 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 7/2/2026 (YTD)
How Low Can It Go
| Event | GWH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -83.0% | -18.8% |
| % Gain to Breakeven | 487.8% | 23.1% |
| Time to Breakeven | 137 days | 79 days |
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.
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| Event | GWH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -83.0% | -18.8% |
| % Gain to Breakeven | 487.8% | 23.1% |
| Time to Breakeven | 137 days | 79 days |
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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Here are 3-5 expected drivers of future revenue growth for ESS Tech (GWH) over the next 2-3 years:
- 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.
- 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.
- 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.
- 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.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| ESS Tech Earnings Notes | 12/16/2025 | |
| Is ESS Tech Stock Built to Withstand More Downside? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 6.54 |
| Mkt Cap | 1.2 |
| Rev LTM | 189 |
| Op Inc LTM | -51 |
| FCF LTM | -74 |
| FCF 3Y Avg | -85 |
| CFO LTM | -51 |
| CFO 3Y Avg | -64 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.6% |
| Rev Chg 3Y Avg | 86.4% |
| Rev Chg Q | 11.7% |
| QoQ Delta Rev Chg LTM | 2.3% |
| Op Inc Chg LTM | 6.6% |
| Op Inc Chg 3Y Avg | 10.6% |
| Op Mgn LTM | -32.8% |
| Op Mgn 3Y Avg | -84.1% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | -17.6% |
| CFO/Rev 3Y Avg | -37.5% |
| FCF/Rev LTM | -28.1% |
| FCF/Rev 3Y Avg | -65.0% |
Price Behavior
| Market Price | $0.86 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 12/08/2020 | |
| Distance from 52W High | -90.5% | |
| 50 Days | 200 Days | |
| DMA Price | $1.46 | $3.14 |
| DMA Trend | down | down |
| Distance from DMA | -41.0% | -72.5% |
| 3M | 1YR | |
| Volatility | 114.9% | 220.5% |
| Downside Capture | 304.67 | 316.81 |
| Upside Capture | 38.84 | 179.48 |
| Correlation (SPY) | 17.6% | 4.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.66 | 1.45 | 1.53 | 2.07 | 0.93 | 1.52 |
| Up Beta | 5.47 | 1.93 | 1.75 | 2.30 | 4.83 | 1.81 |
| Down Beta | 3.43 | 1.47 | 1.01 | 2.54 | -6.63 | 0.06 |
| Up Capture | -36% | 35% | 58% | 80% | 395% | 271% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 9 | 19 | 30 | 54 | 108 | 326 |
| Down Capture | 32% | 160% | 222% | 202% | 183% | 113% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 11 | 19 | 27 | 61 | 132 | 400 |
[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 | -26.5% | 221.9% | 0.61 | - |
| Sector ETF (XLI) | 25.7% | 16.5% | 1.20 | 4.7% |
| Equity (SPY) | 21.7% | 12.5% | 1.29 | 4.9% |
| Gold (GLD) | 23.1% | 27.7% | 0.73 | 12.4% |
| Commodities (DBC) | 21.3% | 18.6% | 0.90 | -2.3% |
| Real Estate (VNQ) | 13.6% | 13.8% | 0.68 | 2.7% |
| Bitcoin (BTCUSD) | -42.0% | 42.7% | -1.15 | 8.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GWH | |
|---|---|---|---|---|
| GWH | -63.5% | 153.6% | -0.08 | - |
| Sector ETF (XLI) | 14.1% | 17.6% | 0.63 | 17.5% |
| Equity (SPY) | 13.3% | 17.1% | 0.60 | 18.6% |
| Gold (GLD) | 17.9% | 18.3% | 0.79 | 8.8% |
| Commodities (DBC) | 6.9% | 19.5% | 0.25 | 4.2% |
| Real Estate (VNQ) | 3.1% | 18.9% | 0.06 | 16.8% |
| Bitcoin (BTCUSD) | 12.2% | 53.8% | 0.41 | 12.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GWH | |
|---|---|---|---|---|
| GWH | -39.6% | 146.0% | -0.08 | - |
| Sector ETF (XLI) | 14.6% | 20.1% | 0.64 | 16.9% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 18.1% |
| Gold (GLD) | 12.1% | 16.1% | 0.61 | 8.6% |
| Commodities (DBC) | 5.7% | 18.0% | 0.25 | 4.1% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 16.3% |
| Bitcoin (BTCUSD) | 59.0% | 66.2% | 0.99 | 11.3% |
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Returns Analyses
Earnings Returns History
Updated 7/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| 8/14/2025 | 1.8% | -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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 5 | 4 | 3 |
| # Negative | 12 | 13 | 14 |
| Median Positive | 8.8% | 10.6% | 17.5% |
| Median Negative | -11.2% | -16.0% | -22.8% |
| Max Positive | 21.0% | 34.0% | 26.7% |
| Max Negative | -35.1% | -43.5% | -57.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| 8/14/2025 | 1.8% | -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% |
| 5/9/2023 | 8.8% | -30.7% | 17.5% |
| 3/1/2023 | 3.7% | -18.0% | -28.0% |
| 8/11/2022 | 18.4% | 12.4% | 8.6% |
| 5/12/2022 | 21.0% | 34.0% | -27.4% |
| 2/24/2022 | -0.9% | 8.7% | 26.7% |
| 11/16/2021 | -1.8% | -1.0% | -13.8% |
| SUMMARY STATS | |||
| # Positive | 5 | 4 | 3 |
| # Negative | 12 | 13 | 14 |
| Median Positive | 8.8% | 10.6% | 17.5% |
| Median Negative | -11.2% | -16.0% | -22.8% |
| Max Positive | 21.0% | 34.0% | 26.7% |
| Max Negative | -35.1% | -43.5% | -57.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/05/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/14/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/02/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/05/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/14/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/02/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| 03/31/2022 | 05/13/2022 | 10-Q |
| 12/31/2021 | 03/04/2022 | 10-K |
Recent Forward Guidance
Updated 7/1/2026Latest: Q2 2026 Earnings Reported 6/23/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Sodium-ion opportunities | 1.00 Bil | ||||||
Insider Activity
Updated 6/8/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Buckley, Drew P | CEO | Direct | Buy | 6082026 | 1.03 | 25,000 | 25,660 | 25,660 | Form |
| 2 | Suhadolnik, Kate Eileen | Chief Financial Officer | Direct | Sell | 5262026 | 0.93 | 1,922 | 1,796 | 150,243 | Form |
| 3 | Goodman, Kelly F | SEE REMARKS | Direct | Sell | 5262026 | 0.93 | 2,751 | 2,571 | 196,845 | Form |
| 4 | Suhadolnik, Kate Eileen | Chief Financial Officer | Direct | Sell | 5262026 | 0.92 | 1,735 | 1,593 | 149,356 | Form |
| 5 | Goodman, Kelly F | SEE REMARKS | Direct | Sell | 5262026 | 0.92 | 2,482 | 2,279 | 195,896 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Buckley, Drew P | CEO | Direct | Buy | 6082026 | 1.03 | 25,000 | 25,660 | 25,660 | Form |
| 2 | Suhadolnik, Kate Eileen | Chief Financial Officer | Direct | Sell | 5262026 | 0.93 | 1,922 | 1,796 | 150,243 | Form |
| 3 | Goodman, Kelly F | SEE REMARKS | Direct | Sell | 5262026 | 0.93 | 2,751 | 2,571 | 196,845 | Form |
| 4 | Suhadolnik, Kate Eileen | Chief Financial Officer | Direct | Sell | 5262026 | 0.92 | 1,735 | 1,593 | 149,356 | Form |
| 5 | Goodman, Kelly F | SEE REMARKS | Direct | Sell | 5262026 | 0.92 | 2,482 | 2,279 | 195,896 | Form |
| 6 | Suhadolnik, Kate Eileen | Chief Financial Officer | Direct | Sell | 2262026 | 1.54 | 741 | 1,141 | 253,198 | Form |
| 7 | Goodman, Kelly F | SEE REMARKS | Direct | Sell | 2262026 | 1.54 | 2,269 | 3,494 | 332,414 | Form |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Electrical Components & Equipment Resources |
| EC&M (Electrical Construction & Maintenance) |
| Electrical Contracting News (ECN) |
| EE Times |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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