ESS Tech Inc
essinc.comWhat Do They Do?
Sells iron flow battery storage systems and core power trains to utilities, independent power producers, and commercial and industrial users.
10-K for FY2025, filed Mar 5, 2026ESS is a long-duration energy storage company specializing in iron flow battery technology. We design and produce long-duration batteries…View ↗
Using our iron flow battery technology, we have developed products to provide reliable, safe, long-duration energy storage solutions. Our…View ↗
The same core technology can enable energy storage solutions designed to meet specific customer needs, particularly when much larger…View ↗
Our current and potential customers include utilities, Independent Power Providers (“IPPs”) and Commercial and Industrial (“C&I”) end…View ↗
Front-of-the-meter customers, in contrast, are primarily utilities experiencing high rates of renewable energy penetration and requiring…View ↗
How Do They Make Money?
Customers pay for energy storage systems, installation and commissioning, plus engineering, extended-warranty and maintenance services. Product payments can start in advance or when an order is placed, with the balance due at project milestones; product sales are tied mainly to shipment, while service revenue is earned as work is performed.
10-K for FY2025, filed Mar 5, 2026Revenue Recognition—Revenue is primarily earned from the sale, installation and commissioning of energy storage systems and is derived from…View ↗
Performance obligations for services, including engineering services related to product site deployment, the optional extended warranty and…View ↗
The Company invoices customers in accordance with customer agreements, which in certain circumstances may be in advance of recognizing…View ↗
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10-K for FY2025, filed Mar 5, 2026
FY2025 revenue by product or service ↗
$1.6M
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10-K for FY2025, filed Mar 5, 2026
$1.6M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product revenue
Sold outright
10-K for FY2025, filed Mar 5, 2026 |
65%
FY2022: 90%
|
Product revenue, FY2025
$1M Sources
|
Sold outright |
|
Service revenue
Recurring
|
6.8%
FY2022: 10%
|
Service revenue, FY2025
$108K Sources
|
Recurring |
|
Other revenue
|
28%
FY2022: 0.0%
|
Other revenue, FY2025
$444K Sources
|
Who Are Their Customers?
Front-of-meter buyers use storage to balance grids or improve renewable-project economics; behind-the-meter users include data centers, microgrids, critical infrastructure, and commercial sites seeking lower energy costs, renewable integration, and resilience.
10-K for FY2025, filed Mar 5, 2026
Do Revenues Turn Into Profits?
No. It lost $63.4M in FY2025.
10-K for FY2025, filed Mar 5, 2026
−$57.4MView ↗
10-K for FY2025, filed Mar 5, 2026
−$63.4MView ↗
10-K for FY2025, filed Mar 5, 2026
−$53.7MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 11, 2026
−$15.6MView ↗
- ▲ +41% (Loss)
- vs −$11.1M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 11, 2026
Open tableView ↗
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Aug 11, 2026
Signs a non-binding business-combination letter of intent
The proposal implies an expected combined enterprise value of approximately $515 million.
Sources
8-K, filed Aug 11, 2026
Signs Non-Binding Letter of Intent for a Strategic Business Combination with Private Energy Sector Company, Implying an Expected $515…View ↗
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Jul 1, 2026
NYSE begins delisting proceedings for public warrants
Trading in common stock was unaffected.
Sources
8-K, filed Jul 1, 2026
On June 30, 2026, the New York Stock Exchange (the “NYSE”) notified ESS Tech, Inc. (the “Company”), and, on July 1, 2026, the NYSE publicly…View ↗
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Jun 23, 2026
Accelerates sodium-ion battery storage development
ESS said it would continue iron flow development for long-duration applications while shifting resources toward sodium-ion systems.
Sources
8-K, filed Jun 23, 2026
On June 23, 2026, the Company issued a press release (the “Press Release”) announcing its decision to accelerate its development of…View ↗
Product lineup
The older report describes the Energy Warehouse and Energy Center as products under development. The latest report centers its offering on configurable Energy Base systems and core power trains; it no longer offers the older systems for sale, while warranty and maintenance work continues for units under contract.
10-K for FY2022, filed Mar 2, 2023 10-K for FY2025, filed Mar 5, 2026ESS is a long-duration energy storage company specializing in iron flow battery technology. We design and produce long-duration batteries…View ↗
Using our iron flow battery technology, we are developing two products, each of which is able to provide reliable, safe, long-duration…View ↗
Our second, larger scale energy storage product, the Energy Center, is a “front-of-the-meter” solution, meaning that it is designed for use…View ↗
ESS is a long-duration energy storage company specializing in iron flow battery technology. We design and produce long-duration batteries…View ↗
Using our iron flow battery technology, we have developed products to provide reliable, safe, long-duration energy storage solutions. Our…View ↗
The same core technology can enable energy storage solutions designed to meet specific customer needs, particularly when much larger…View ↗
Who Do They Compete With?
Competes with Contemporary Amperex Technology, LG Chem, Samsung Electronics, Sungrow Power Supply, Tesla, EnerVenue, Invinity Energy Systems, CellCube, CMBlu Energy, Energy Dome, Energy Vault, Enerox, Eos Energy Enterprises, Form Energy, Highview Power, Hydrostor, Lockheed Martin, and Malta
10-K for FY2025, filed Mar 5, 2026- 6 - increased role for long-duration energy storage solutions. In recent years, there have been, and in the future there may continue to…View ↗
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