GWH-WT 8-K SEC Filing Analysis

Latest settled — T+5d

GWH-WT ▼ -19.87% at T+5d

SHORT call ✓ call won +19.87% · α vs SPY +21.34% · entry $0.0156 → $0.0125

Next anchor: T+20d due 5d ago

Entry anchored
May 7, 2026
via day open

T+1d

0.00%

call 0.00% · α +0.23%

$0.0156

settled 5w ago

T+5d

-19.87%

call +19.87% · α +21.34%

$0.0125

settled 27d ago

T+20d

—

call — · α —

—

due 5d ago

T+60d

—

call — · α —

—

in 8w

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Executive Summary

ESS Tech reported Q1 2026 revenue of $128K, down 79% YoY from $599K, and a net loss of -$15.9M (-$0.54/share), an improvement from -$18.0M (-$1.50/share) in the prior year. The company continues to burn cash with negative operating cash flow of -$13.5M, though liquidity was bolstered by a $15M registered direct offering closed in January 2026. No guidance was provided, and the business remains in early commercialization with minimal revenue.

Key Financial Metrics

Gross Margin

-54.98%

Actionable Insight

Revenue decline of 79% YoY confirms ESS remains pre-revenue with no clear path to commercialization. The $21.5M liquidity provides roughly 1.5 quarters of runway at current burn rates. Watch for further dilutive capital raises or a going concern qualification in the next 10-Q. No guidance was provided, increasing uncertainty.

Key Facts

Q1 2026 total revenue of $128K, down 79% YoY from $599K
Net loss of -$15.9M (-$0.54/share) vs -$18.0M (-$1.50/share) in Q1 2025
Adjusted EBITDA loss of -$10.3M, improved 31% from -$15.0M YoY
Operating cash flow of -$13.5M, improved from -$18.2M in Q1 2025
Total liquidity of $21.5M ($15.5M cash + $6.0M short-term investments) as of March 31, 2026
Closed $15M registered direct offering at $1.75/share in January 2026
No revenue or EPS guidance provided for 2026
Gross loss of -$7.0M on $128K revenue, indicating negative unit economics

Financial Impact

Revenue collapsed 79% YoY to $128K; net loss improved to -$15.9M from -$18.0M; operating cash burn -$13.5M

revenuenet lossoperating cash flowgross loss

Risk Factors

Revenue collapsed 79% YoY to $128K with no sign of commercial traction
Negative gross margins (-$7.0M gross loss on $128K revenue) indicate product is not economically viable at current scale
Cash burn of $13.5M operating cash flow per quarter implies ~1.5 quarters of runway from $21.5M liquidity
No guidance provided, signaling management uncertainty about near-term outlook
History of dilutive financing (ATM, RDO) suggests further equity dilution likely

Market Snapshot

Exchange

NYSE

Sector

Miscellaneous Electrical Machinery, Equipment & Supplies

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

Document	Accession Number
8-K Filing (Primary)	0001819438-26-000032
Document: wk-20260507.htm	0001819438-26-000032
Document: 0001819438-26-000032-index-headers.html	0001819438-26-000032
Document: 0001819438-26-000032-index.html	0001819438-26-000032
Document: 0001819438-26-000032.txt	0001819438-26-000032
8-K Data (Synthetic)	0001819438-26-000032

3 reports for GWH-WT

T+1T+5T+20T+60

Filters

Reports for GWH-WT — sortable, filterable
	Type				Now
May 7, 2026 4w ago	8-K BEARISH ★ 6/10	$0.0156 $0.0125	▲ +19.87%	▲ +21.34%	—
Apr 15, 2026 7w ago	DEFA14A NEUTRAL ★ 3/10	—	awaiting T+5	—	—
Apr 15, 2026 7w ago	8-K NEUTRAL ★ 3/10	—	awaiting T+5	—	—

US Market Status

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