GWH Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03

Price $0.16

Market Cap (MRQ) $5M

P/E (TTM) -0.1

EPS (TTM) $-2.94

Revenue (TTM) $-1M

ROE (TTM) -21339.7%

52W Range $0–$14

GWH Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04

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Stock splits 1

Ex-date	Split	Type
Aug. 26, 2024	1-for-15	Reverse

10-Year Performance Revenue, net income, margins and EPS trends

06

Revenue$2M

2020-12-31 → 2025-12-31

EPS$-4.34

2020-12-31 → 2025-12-31

Free Cash Flow$-54M

2021-12-31 → 2025-12-31

Net margin5612.4%

2022-12-31 → 2025-12-31

Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric	GWH	5Y avg	Peer Median	Verdict
P/E (TTM)	-0.15Y avg ≈-21.0	≈-21.0	·	·
P/S (TTM)	-4.45Y avg ≈1676.1	≈1676.1	·	·
P/B (MRQ)	-1.95Y avg ≈40.8	≈40.8	·	·
Price / FCF (TTM)	-0.15Y avg ≈-117.3	≈-117.3	·	·
Price / Cash Flow (TTM)	-0.15Y avg ≈-125.5	≈-125.5	·	·
Price / Tangible Book (MRQ)	-1.05Y avg ≈41.6	≈41.6	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric	GWH	5Y avg	Peer Median	Verdict
Gross Margin (TTM)	2462.3%5Y avg ≈-880.1%	≈-880.1%	·	·
Operating Margin (TTM)	4826.8%5Y avg ≈-4498.1%	≈-4498.1%	·	·
EBITDA Margin (TTM)	4338.1%5Y avg ≈-4324.5%	≈-4324.5%	·	·
Net Profit Margin (TTM)	5612.4%5Y avg ≈-3781.9%	≈-3781.9%	·	·
ROA (TTM)	-182.6%5Y avg ≈-127.5%	≈-127.5%	·	·
ROE (TTM)	-21339.7%5Y avg ≈24.0%	≈24.0%	·	·

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	5Y trend	GWH	5Y avg	Peer Median	Verdict
Current Ratio (MRQ)		0.75Y avg ≈6.4	≈6.4	·	·
Quick Ratio		0.65Y avg ≈4.2	≈4.2	·	·

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric	5Y trend	GWH	5Y avg	Peer Median	Verdict
Revenue YoY		-74.9%5Y avg ≈217.3%	≈217.3%	·	·
Revenue CAGR 3Y		21.0%	·	·	·

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric	GWH	5Y avg	Peer Median	Verdict
EPS (Diluted)	$-4.345Y avg ≈$-5.03	≈$-5.03	·	·
Revenue / Share	$0.115Y avg ≈$0.14	≈$0.14	·	·
Cash Flow / Share	$-3.445Y avg ≈$-2.22	≈$-2.22	·	·
Cash / Share	$0.655Y avg ≈$0.74	≈$0.74	·	·

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric	GWH	5Y avg	Peer Median	Verdict
Asset Turnover	0.05Y avg ≈0.0	≈0.0	·	·
Inventory Turnover	10.15Y avg ≈11.3	≈11.3	·	·
Receivables Turnover	13.95Y avg ≈4.4	≈4.4	·	·
Revenue / Employee	≈$25.5K	·	·	·

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14

Avg Surprise -23.1%

Next Report Nov 11, 2026

Period	Report	EPS Actual	EPS Est	Surprise
June 30, 2026	Aug 13, 2026	$-0.46	$-0.44	-3.5%
March 31, 2026	May 13, 2026	$-0.54	$-0.29	-84.4%
Dec. 31, 2025		$-1.20	$-0.77	-56.3%
Sept. 30, 2025		$-0.73	$-1.02	28.1%
June 30, 2025		$-0.90	$-0.87	-3.0%
March 31, 2025		$-1.50	$-1.25	-19.6%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15

Income Statement 16

Metric	2025	2024	2023	2022	2021	2020
Revenue	$2M	$6M	$8M	$894.0K	$0	$0
Cost of Revenue	$29M	$52M	$20M	$0	·	·
Gross Profit	$-28M	$-45M	$-13M	$894.0K	·	·
R&D Expense	$8M	$12M	$43M	$72M	$30M	$13M
SG&A Expense	$18M	$24M	$23M	$27M	$27M	$3M
Operating Expenses	$30M	$44M	$73M	$106M	$61M	$17M
Operating Income	$-57M	$-90M	$-86M	$-105M	$-61M	$-17M
Interest Expense	·	·	·	·	$2M	$132.0K
Other Non-op	$-807.0K	$-113.0K	$773.0K	$-452.0K	$926.0K	$-67.0K
Income Tax	$0	·	·	·	·	·
Net Income	$-63M	$-86M	$-78M	$-78M	$-477M	$-30M
EPS (Basic)	$-4.34	$-7.32	$-7.27	$-0.51	$-5.73	$-0.52
EPS (Diluted)	$-4.34	$-7.32	$-7.27	$-0.51	$-5.73	$-0.52
Shares (Basic)	14,601,626	11,773,596	10,663,909	152,676,155	83,256,431	58,880,742
Shares (Diluted)	14,601,626	11,773,596	10,663,909	152,676,155	83,256,431	58,880,742
EBITDA	$-52M	$-85M	$-79M	$-104M	$-61M	·

Balance Sheet 26

Metric	2025	2024	2023	2022	2021	2020
Cash & Equivalents	$14M	$13M	$20M	$35M	$239M	$5M
Receivables	$13.0K	$215.0K	$2M	$5M	$451.0K	$0
Inventory	$140.0K	$6M	$3M	$0	·	·
Prepaid Expense	$3M	$5M	$3M	$6M	$5M	$793.0K
Current Assets	$26M	$43M	$118M	$152M	$246M	$7M
PP&E (Net)	$17M	$21M	$16M	$18M	$5M	$2M
PP&E (Gross)	$36M	$34M	$26M	$20M	$6M	$3M
Accum. Depreciation	$19M	$14M	$9M	$3M	$2M	$1M
Intangibles	$3M	$5M	$5M	$0	·	·
Other Non-current Assets	$634.0K	$760.0K	$833.0K	$271.0K	$105.0K	$0
Total Assets	$51M	$72M	$143M	$174M	$250M	$9M
Accounts Payable	$3M	$8M	$3M	$3M	$2M	$522.0K
Accrued Liabilities	·	·	·	·	·	$99.1K
Short-term Debt	·	·	$0	$2M	$2M	$6M
Current Liabilities	$25M	$28M	$20M	$28M	$14M	$8M
Capital Leases	$2M	$0	$957.0K	$3M	$0	·
Other Non-current Liabilities	$41.0K	$125.0K	$0	$85.0K	$552.0K	$2M
Total Liabilities	$43M	$43M	$40M	$37M	$45M	$37M
Long-term Debt	·	·	$0	$2M	$4M	$6M
Total Debt	·	·	$0	$4M	$6M	·
Common Stock	$2.0K	$1.0K	$1.0K	$16.0K	$16.0K	$6.0K
Paid-in Capital	$854M	$811M	$800M	$756M	$746M	$35M
Retained Earnings	$-846M	$-782M	$-696M	$-619M	$-541M	$-63M
Stockholders' Equity	$9M	$29M	$103M	$137M	$205M	$-28M
Liabilities + Equity	$51M	$72M	$143M	$174M	$250M	$9M
Shares Outstanding	22,377,003	11,986,516	11,614,127	10,254,755	151,839,058	58,919,345

Cash Flow 10

Metric	2025	2024	2023	2022	2021	2020
D&A	$6M	$5M	$7M	$2M	$572.0K	·
Stock-based Comp	$5M	$12M	$11M	$12M	$8M	$310.0K
Amort. of Intangibles	$300.0K	$300.0K	$67.0K	·	·	·
Other Non-cash	$2M	$-2M	$6M	$-17M	·	·
Operating Cash Flow	$-50M	$-72M	$-55M	$-82M	$-52M	$-17M
CapEx	$3M	$7M	$6M	$14M	$3M	$502.0K
Investing Cash Flow	$8M	$65M	$15M	$-118M	$-3M	$-502.0K
Financing Cash Flow	$43M	$174.0K	$26M	$-4M	$288M	$5M
Net Change in Cash	$706.0K	$-7M	$-14M	$-204M	$234M	$-12M
Free Cash Flow	$-54M	$-80M	$-61M	$-96M	$-55M	·

Profitability 6

Metric	2025	2024	2023	2022	2021	2020
Gross Margin	-1748.1%	-720.5%	-171.8%	·	·	·
Operating Margin	-3626.5%	-1426.5%	-1139.3%	-11800.0%	·	·
Net Margin	-4007.6%	-1369.7%	-1028.9%	-8721.4%	·	·
EBITDA Margin	-3263.9%	-1351.5%	-1052.9%	-11629.6%	·	·
ROA	-103.2%	-80.2%	-49.0%	-36.8%	-368.1%	·
ROE	-1064.2%	-220.8%	-70.6%	-52.8%	1528.5%	·

Liquidity & Solvency 5

Metric	2025	2024	2023	2022	2021	2020
Current Ratio	1.0	1.6	6.0	5.4	18.0	4.9
Quick Ratio	0.6	0.5	1.1	1.4	17.6	3.4
Debt / Equity	·	·	0.0	0.0	0.0	·
LT Debt / Equity	·	·	0.0	0.0	0.0	·
Interest Coverage	·	·	·	·	-32.1	·

Efficiency 3

Metric	2025	2024	2023	2022	2021	2020
Asset Turnover	0.0	0.1	0.0	0.0	0.0	·
Inventory Turnover	10.1	11.5	12.2	·	·	·
Receivables Turnover	13.9	5.7	2.2	0.3	0.0	·

Per Share 5

Metric	2025	2024	2023	2022	2021	2020
Book Value / Share	$0.39	$2.41	$0.59	$0.89	$1.35	·
Revenue / Share	$0.11	$0.53	$0.05	$0.01	$0.00	·
Cash Flow / Share	$-3.44	$-6.13	$-0.34	$-0.53	$-0.62	·
Cash / Share	$0.65	$1.11	$0.12	$0.23	$1.57	·
EPS (TTM)	$-4.34	$-7.32	$-7.27	$-0.51	$-5.73	$-0.52

Growth Rates 2

Metric	Trend	2025	2024	2023	2022	2021	2020
Revenue YoY		-74.9%	-16.5%	743.4%	·	·	·
Revenue CAGR 3Y		21.0%	·	·	·	·	·

Valuation (TTM) 14

Metric	2025	2024	2023	2022	2021	2020
Revenue TTM	$2M	$6M	$8M	$894.0K	$0	$0
Net Income TTM	$-63M	$-86M	$-78M	$-78M	$-477M	$-30M
Market Cap	$42M	$70M	$2.98B	$5.61B	$26.06B	·
Enterprise Value	·	·	$2.96B	$5.58B	$25.82B	·
P/E	-0.4	-0.8	-2.4	-71.5	-29.9	·
P/S	26.6	11.2	395.1	6271.6	·	·
P/B	4.9	2.4	28.8	40.9	127.0	·
P / Tangible Book	7.1	2.9	30.3	40.9	127.0	·
P / Cash Flow	-0.8	-1.0	-54.3	-68.7	-502.5	·
P / FCF	-0.8	-0.9	-49.1	-58.5	-477.1	·
EV / EBITDA	·	·	-37.3	-53.6	-426.1	·
EV / FCF	·	·	-48.8	-58.2	-472.8	·
EV / Revenue	·	·	392.4	6236.6	·	·
Earnings Yield	-230.8%	-124.5%	-42.5%	-1.4%	-3.3%	·

Income Statement 15

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue	$73.0K	$128.0K	$-2M	$214.0K	$2M	$599.0K	$3M	$359.0K	$348.0K	$3M	$3M	$2M	$3M	$372.0K	$16.0K	$192.0K
Cost of Revenue	$7M	$7M	$8M	$5M	$7M	$9M	$16M	$13M	$12M	$11M	$10M	$10M	$0	$0	$0	$0
Gross Profit	$-7M	$-7M	$-10M	$-5M	$-5M	$-8M	$-13M	$-12M	$-11M	$-8M	$-8M	$-9M	$3M	$372.0K	$16.0K	$192.0K
R&D Expense	$2M	$3M	$3M	$1M	$1M	$2M	$3M	$3M	$3M	$4M	$4M	$2M	$19M	$18M	$23M	$20M
SG&A Expense	$5M	$4M	$5M	$4M	$4M	$6M	$6M	$6M	$6M	$6M	$6M	$6M	$6M	$5M	$7M	$6M
Operating Expenses	$8M	$7M	$8M	$5M	$6M	$10M	$10M	$11M	$12M	$11M	$12M	$9M	$27M	$25M	$31M	$28M
Operating Income	$-15M	$-14M	$-18M	$-10M	$-12M	$-18M	$-23M	$-24M	$-23M	$-19M	$-19M	$-18M	$-24M	$-24M	$-31M	$-28M
Other Non-op	$11.0K	$10.0K	$-730.0K	$-108.0K	$12.0K	$19.0K	$-115.0K	$39.0K	$18.0K	$-55.0K	$35.0K	$17.0K	$63.0K	$658.0K	$-139.0K	$-62.0K
Income Tax	$0	$0	$0	$0	$0	$0	·	$0	$0	$0	·	$0	$0	$0	·	$0
Net Income	$-16M	$-16M	$-24M	$-10M	$-11M	$-18M	$-23M	$-22M	$-22M	$-18M	$-16M	$-17M	$-23M	$-22M	$-25M	$-32M
EPS (Basic)	$-0.46	$-0.54	$-1.21	$-0.73	$-0.90	$-1.50	$-1.98	$-1.90	$-1.87	$-1.57	$-5.39	$-1.59	$-0.15	$-0.14	$-0.16	$-0.21
EPS (Diluted)	$-0.46	$-0.54	$-1.21	$-0.73	$-0.90	$-1.50	$-1.98	$-1.90	$-1.87	$-1.57	$-5.39	$-1.59	$-0.15	$-0.14	$-0.16	$-0.21
Shares (Basic)	33,824,896	29,294,336	·	14,154,333	12,271,587	12,033,442	·	11,814,580	11,717,238	11,634,302	·	10,471,738	154,900,330	154,123,911	·	152,861,300
Shares (Diluted)	33,824,896	29,294,336	·	14,154,333	12,271,587	12,033,442	·	11,814,580	11,717,238	11,634,302	·	10,471,738	154,900,330	154,123,911	·	152,861,300
EBITDA	$-15M	$-11M	·	$-10M	$-12M	$-17M	·	$-24M	$-23M	$-18M	·	$-18M	$-24M	$-23M	·	$-28M

Balance Sheet 25

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Cash & Equivalents	$11M	$15M	$14M	$4M	$797.0K	$8M	$13M	$13M	$37M	$36M	$20M	$37M	$30M	$88M	$35M	$43M
Receivables	$10.0K	$37.0K	$13.0K	$108.0K	$148.0K	$253.0K	$215.0K	$413.0K	$981.0K	$1M	$2M	$1M	$1M	$689.0K	$5M	$80.0K
Inventory	$112.0K	$123.0K	$140.0K	$5M	$5M	$7M	$6M	$7M	$4M	$3M	$3M	$2M	·	·	$0	·
Prepaid Expense	$2M	$2M	$3M	$2M	$5M	$3M	$5M	$5M	$4M	$4M	$3M	$2M	$3M	$4M	$6M	$3M
Current Assets	$14M	$25M	$26M	$12M	$11M	$24M	$43M	$69M	$85M	$98M	$118M	$131M	$105M	$125M	$152M	$171M
PP&E (Net)	$12M	$16M	$17M	$18M	$22M	$23M	$21M	$20M	$18M	$17M	$16M	$18M	$18M	$18M	$18M	$16M
PP&E (Gross)	$38M	$38M	$36M	$36M	$38M	$38M	$34M	$32M	$29M	$27M	$26M	$24M	$23M	$22M	$20M	$18M
Accum. Depreciation	$26M	$21M	$19M	$18M	$16M	$15M	$14M	$12M	$12M	$10M	$9M	$6M	$5M	$4M	$3M	$2M
Intangibles	$3M	$3M	$3M	$4M	$5M	$5M	$5M	$5M	$5M	$5M	$5M	$5M	·	·	$0	·
Other Non-current Assets	$724.0K	$631.0K	$634.0K	$639.0K	$646.0K	$780.0K	$760.0K	$763.0K	$785.0K	$816.0K	$833.0K	$824.0K	$115.0K	$239.0K	$271.0K	$305.0K
Total Assets	$32M	$49M	$51M	$36M	$40M	$54M	$72M	$97M	$111M	$124M	$143M	$159M	$128M	$147M	$174M	$192M
Accounts Payable	$1M	$1M	$3M	$9M	$11M	$10M	$8M	$11M	$6M	$3M	$3M	$3M	$3M	$3M	$3M	$1M
Short-term Debt	·	·	·	·	·	·	·	·	·	·	·	$0	$1M	$2M	$2M	$2M
Current Liabilities	$20M	$23M	$25M	$24M	$24M	$22M	$28M	$32M	$26M	$20M	$20M	$19M	$23M	$23M	$28M	$22M
Capital Leases	$1M	$2M	$2M	·	·	·	$0	$451.0K	$884.0K	$610.0K	$957.0K	$1M	$2M	$2M	$3M	$3M
Other Non-current Liabilities	$29.0K	$29.0K	$41.0K	$62.0K	$83.0K	$104.0K	$125.0K	$109.0K	·	·	$0	$0	$0	$80.0K	$85.0K	$91.0K
Total Liabilities	$35M	$39M	$43M	$38M	$36M	$42M	$43M	$47M	$42M	$36M	$40M	$42M	$30M	$30M	$37M	$34M
Long-term Debt	·	·	·	·	·	·	·	·	·	·	·	·	$1M	$2M	$2M	$2M
Total Debt	·	·	·	·	·	·	·	·	·	·	·	$0	$2M	$3M	·	$5M
Common Stock	$3.0K	$3.0K	$2.0K	$2.0K	$1.0K	$1.0K	$1.0K	$1.0K	$18.0K	$18.0K	$1.0K	$18.0K	$16.0K	$16.0K	$16.0K	$16.0K
Paid-in Capital	$875M	$871M	$854M	$820M	$815M	$812M	$811M	$808M	$805M	$802M	$800M	$796M	$761M	$758M	$756M	$752M
Retained Earnings	$-877M	$-862M	$-846M	$-822M	$-811M	$-800M	$-782M	$-759M	$-736M	$-714M	$-696M	$-680M	$-663M	$-640M	$-619M	$-594M
Stockholders' Equity	$-3M	$9M	$9M	$-2M	$3M	$12M	$29M	$49M	$69M	$88M	$103M	$116M	$97M	$117M	$137M	$158M
Liabilities + Equity	$32M	$49M	$51M	$36M	$40M	$54M	$72M	$97M	$111M	$124M	$143M	$159M	$128M	$147M	$174M	$192M
Shares Outstanding	32,889,323	27,922,991	22,377,003	15,390,884	12,896,146	12,103,750	11,986,516	11,882,581	176,822,039	174,898,086	11,614,127	173,007,592	155,570,588	154,344,930	153,821,339	152,919,714

Cash Flow 12

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
D&A	$698.0K	$2M	$1M	$1M	$2M	$2M	$1M	$781.0K	$1M	$1M	$3M	$1M	$1M	$1M	$695.0K	$365.0K
Stock-based Comp	$681.0K	$1M	$1M	$1M	$1M	$1M	$3M	$3M	$3M	$3M	$3M	$3M	$3M	$2M	$3M	$3M
Amort. of Intangibles	$67.0K	$67.0K	$99.0K	$67.0K	$134.0K	$67.0K	$-101.0K	$200.0K	$134.0K	$67.0K	$67.0K	$0	·	·	·	·
Other Non-cash	·	$-980.0K	·	·	·	$-3M	·	·	·	$-5M	·	·	·	$255.0K	·	·
Operating Cash Flow	$-9M	$-13M	$-14M	$-6M	$-12M	$-18M	$-20M	$-18M	$-15M	$-19M	$-16M	$-1M	$-19M	$-19M	$-25M	$-22M
CapEx	$502.0K	$930.0K	$2M	$-417.0K	$729.0K	$762.0K	$3M	$2M	$612.0K	$953.0K	$2M	$769.0K	$830.0K	$3M	$3M	$3M
Investing Cash Flow	$5M	$725.0K	$-10M	$417.0K	$4M	$13M	$21M	$-6M	$15M	$35M	$-928.0K	$-18M	$-38M	$72M	$17M	$-47M
Stock Issued	$3M	$2M	·	·	$721.0K	$0	·	·	·	·	·	·	·	·	·	·
Net Stock Activity	·	$2M	·	·	·	·	·	·	·	·	·	·	·	·	·	·
Financing Cash Flow	$-1M	$14M	$35M	$8M	$816.0K	$-13.0K	$125.0K	$-8.0K	$138.0K	$-81.0K	$65.0K	$26M	$-139.0K	$-303.0K	$148.0K	$-534.0K
Net Change in Cash	$-5M	$1M	$11M	$3M	$-8M	$-5M	$520.0K	$-24M	$412.0K	$16M	$-17M	$7M	$-57M	$53M	$-8M	$-69M
Free Cash Flow	·	$-14M	·	·	·	$-19M	·	·	·	$-20M	·	·	·	$-21M	·	·

Profitability 6

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Gross Margin	-10165.8%	-5498.4%	·	-2207.9%	-216.3%	-1360.1%	·	-3449.0%	-3275.9%	-306.4%	·	-559.1%	·	·	·	·
Operating Margin	-20731.5%	-10765.6%	·	-4584.6%	-490.1%	-3029.4%	·	-6596.7%	-6645.1%	-712.0%	·	-1173.7%	-856.3%	-6585.8%	·	-14443.2%
Net Margin	-21305.5%	-12439.1%	·	-4848.1%	-468.9%	-3009.3%	·	-6265.5%	-6304.6%	-668.7%	·	-1075.6%	-811.1%	-5887.4%	·	-16456.8%
EBITDA Margin	-20731.5%	-8907.0%	·	-4584.6%	-490.1%	-2772.3%	·	-6596.7%	-6645.1%	-667.5%	·	-1173.7%	-856.3%	-6296.2%	·	-14443.2%
ROA	-43.1%	-31.2%	·	-15.6%	-14.7%	-20.3%	·	-17.6%	-18.4%	-13.5%	·	-9.5%	-13.3%	-11.4%	·	-14.3%
ROE	-5041.5%	-147.9%	·	-43.7%	-30.6%	-36.1%	·	-27.2%	-26.4%	-17.9%	·	-12.1%	-16.1%	-13.8%	·	-49.6%

Liquidity & Solvency 4

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Current Ratio	0.7	1.1	·	0.5	0.5	1.1	·	2.1	3.3	4.9	·	7.1	4.6	5.4	·	7.7
Quick Ratio	0.5	0.7	·	0.2	0.0	0.4	·	0.4	1.5	1.9	·	2.1	1.4	3.8	·	1.9
Debt / Equity	·	·	·	·	·	·	·	·	·	·	·	0.0	0.0	0.0	·	0.0
LT Debt / Equity	·	·	·	·	·	·	·	·	·	·	·	0.0	0.0	0.0	·	0.0

Efficiency 3

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Asset Turnover	0.0	0.0	·	0.0	0.0	0.0	·	0.0	0.0	0.0	·	0.0	0.0	0.0	·	0.0
Inventory Turnover	3.1	2.0	·	0.8	1.6	1.7	·	2.7	5.3	7.0	·	9.0	·	·	·	·
Receivables Turnover	0.9	0.9	·	0.8	4.2	0.9	·	0.4	0.3	3.2	·	2.3	1.5	0.2	·	4.8

Per Share 5

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Book Value / Share	$-0.08	$0.34	·	$-0.11	$0.26	$1.00	·	$4.14	$0.39	$0.50	·	$0.67	$0.63	$0.76	·	$1.03
Revenue / Share	$0.00	$0.00	·	$0.02	$0.19	$0.05	·	$0.03	$0.00	$0.02	·	$0.01	$0.02	$0.00	·	$0.00
Cash Flow / Share	·	$-0.46	·	·	·	$-1.52	·	·	·	$-0.11	·	·	·	$-0.12	·	·
Cash / Share	$0.33	$0.55	·	$0.23	$0.06	$0.70	·	$1.08	$0.21	$0.21	·	$0.21	$0.19	$0.57	·	$0.28
EPS (TTM)	$-2.94	$-3.38	·	$-5.11	$-6.28	$-7.25	·	$-10.73	$-10.42	$-8.70	·	$-2.04	$-0.66	$-0.61	·	$-1.46

Valuation (TTM) 11

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue TTM	$-1M	$1M	·	$6M	$6M	$4M	·	$6M	$7M	$10M	·	$5M	$3M	$1M	·	$878.0K
Net Income TTM	$-66M	$-61M	·	$-63M	$-75M	$-86M	·	$-79M	$-73M	$-74M	·	$-87M	$-102M	$-94M	·	$-233M
Market Cap	$31M	$33M	·	$23M	$17M	$39M	·	$75M	$2.17B	$1.90B	·	$4.88B	$3.43B	$3.22B	·	$9.38B
Enterprise Value	·	·	·	·	·	·	·	·	·	·	·	$4.84B	$3.40B	$3.13B	·	$9.34B
P/E	-0.3	-0.3	·	-0.3	-0.2	-0.4	·	-0.6	-1.2	-1.2	·	-13.8	-33.4	-34.2	·	-42.0
P/S	-26.6	29.4	·	3.9	2.8	9.5	·	12.0	292.1	191.5	·	1025.0	1006.8	2541.9	·	10685.2
P/B	-11.6	3.5	·	-13.2	5.2	3.3	·	1.5	31.4	21.6	·	41.9	35.3	27.4	·	59.3
P / Tangible Book	·	4.8	·	·	·	5.3	·	1.7	33.8	22.9	·	43.8	35.3	27.4	·	59.3
P / Cash Flow	·	-2.4	·	·	·	-2.2	·	·	·	-100.3	·	·	·	-173.9	·	·
EV / Revenue	·	·	·	·	·	·	·	·	·	·	·	1017.2	998.6	2475.0	·	10641.6
Earnings Yield	-309.5%	-288.9%	·	-336.2%	-472.2%	-222.4%	·	-169.8%	-84.9%	-80.2%	·	-7.2%	-3.0%	-2.9%	·	-2.4%

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$2M	$6M	$8M	$894.0K	$0
Gross Margin %	-1748.1%	-720.5%	-171.8%	·	·
Operating Margin %	-3626.5%	-1426.5%	-1139.3%	-11800.0%	·
Net Income	$-63M	$-86M	$-78M	$-78M	$-477M
Diluted EPS	$-4.34	$-7.32	$-7.27	$-0.51	$-5.73

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debt / Equity	·	·	0.0	0.0	0.0
Current Ratio	1.0	1.6	6.0	5.4	18.0
Quick Ratio	0.6	0.5	1.1	1.4	17.6

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$-54M	$-80M	$-61M	$-96M	$-55M

Institutional owners (13F) 49 filers · $7.8M total · As of June 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 49

Value held $7.8M

New positions 4

Exited positions 8

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
4 (-6 vs prior Q)	8 (-4 vs prior Q)	13 (+1 vs prior Q)	8 (+1 vs prior Q)	-309K

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
SOFTBANK GROUP CORP.	$2,277,131	2,396,980	29.04%	Shares
Alyeska Investment Group, L.P.	$1,330,000	1,400,000	16.96%	Shares
VANGUARD GROUP INC	$913,527	485,919	11.65%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$606,974	638,920	7.74%	Shares
UBS Group AG	$572,477	602,607	7.30%	Shares
Arosa Capital Management LP	$522,500	550,000	6.66%	Shares
HEIGHTS CAPITAL MANAGEMENT, INC	$521,190	548,621	6.65%	Shares
Shay Capital LLC	$199,639	210,146	2.55%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$199,547	210,037	2.55%	Shares
BlackRock, Inc.	$127,174	133,867	1.62%	Shares
VANGUARD FIDUCIARY TRUST CO	$123,383	129,877	1.57%	Shares
Green Alpha Advisors, LLC	$109,986	115,775	1.40%	Shares
Pathstone Holdings, LLC	$85,070	88,982	1.09%	Shares
FMR LLC	$49,861	52,485	0.64%	Shares
NORTHERN TRUST CORP	$45,155	47,532	0.58%	Shares
STATE STREET CORP	$44,626	46,975	0.57%	Shares
PKS Advisory Services, LLC	$22,800	24,000	0.29%	Shares
JPMORGAN CHASE & CO	$19,616	19,896	0.25%	Shares
BRIDGEWAY CAPITAL MANAGEMENT, LLC	$19,000	20,000	0.24%	Shares
PRIMORIS WEALTH ADVISORS, LLC	$15,675	16,500	0.20%	Shares
RENAISSANCE TECHNOLOGIES LLC	$12,065	12,700	0.15%	Shares
OSAIC HOLDINGS, INC.	$7,938	8,359	0.10%	Shares
MORGAN STANLEY	$4,333	4,561	0.06%	Shares
Golden State Wealth Management, LLC	$2,572	2,707	0.03%	Shares
Rockefeller Capital Management L.P.	$1,923	2,024	0.02%	Shares
Vanguard Global Advisers, LLC	$1,248	1,314	0.02%	Shares
Parkside Financial Bank & Trust	$950	1,000	0.01%	Shares
SBI Securities Co., Ltd.	$932	981	0.01%	Shares
NATIONAL BANK OF CANADA /FI/	$798	832	0.01%	Shares
BARCLAYS PLC	$607	639	0.01%	Shares
GROUP ONE TRADING LLC	$389	409	0.00%	Shares
Global Retirement Partners, LLC	$348	366	0.00%	Shares
HARBOUR INVESTMENTS, INC.	$231	243	0.00%	Shares
Smartleaf Asset Management LLC	$197	200	0.00%	Shares
BNP PARIBAS FINANCIAL MARKETS	$149	157	0.00%	Shares
JONES FINANCIAL COMPANIES LLLP	$141	166	0.00%	Shares
NewEdge Advisors, LLC	$68	72	0.00%	Shares
Archer Investment Corp	$65	68	0.00%	Shares
WOLFF WIESE MAGANA LLC	$63	66	0.00%	Shares
MTM Investment Management, LLC	$38	40	0.00%	Shares
WELLS FARGO & COMPANY/MN	$34	36	0.00%	Shares
HARBOR INVESTMENT ADVISORY, LLC	$31	33	0.00%	Shares
Larson Financial Group LLC	$19	20	0.00%	Shares
MATHER GROUP, LLC.	$19	20	0.00%	Shares
GSA CAPITAL PARTNERS LLP	$10	11,045	0.00%	Shares
CWM, LLC	$7	6	0.00%	Shares
Pinnacle Wealth Planning Services, Inc.	$6	6	0.00%	Shares
Coston, McIsaac & Partners	$0	3	0.00%	Shares
ROYAL BANK OF CANADA	$0	124	0.00%	Shares

Activists & 5%+ owners 4 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
SB Energy Global Holdings One Ltd., SB Energy Global Holdings Limited, SoftBank Group Capital Ltd, SoftBank Group Corp. ×3 filings	March 3, 2025	20.20%	Amendment	·	SEC
Craig Evans, Julia Song ×2 filings	Nov. 1, 2024	·	Initial filing	·	SEC
Breakthrough Energy Ventures, LLC, Breakthrough Energy Investments, LLC ×2 filings	Nov. 22, 2021	·	Initial filing	Passive investment	SEC
Cycle Capital Fund III, L.P., Cycle Capital III, L.P., Cycle Capital Management III Inc., Andrée-Lise Methot, Claude Vachet ×2 filings	Nov. 22, 2021	·	Initial filing	Passive investment	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 23 insiders · 9 officers · 14 directors

19

Insider	Role	Last activity	Shares owned	Buys 12m	Sells 12m	Net 12m
Drew P Buckley	CEO	June 4, 2026 P	25,000	1	0	$25,750
Eric P. Dresselhuys	Chief Executive Officer	Nov. 18, 2024 P	180,580	0	0	$0
Kate Eileen Suhadolnik	Chief Financial Officer	Aug. 21, 2026 S	156,830	0	4	$-6,095
Anthony Rabb	Chief Financial Officer	May 20, 2025 F	109,392	0	0	$0
Amir Moftakhar	Chief Financial Officer	Oct. 19, 2022 S	558,850	0	0	$0
Craig E Evans	President	March 13, 2023 A	2,859,868	0	0	$0
Jigish Dhirajlal Trivedi	COO	Aug. 18, 2025 A	275,000	0	0	$0
Kelly F. Goodman	Officer title: Chief Strategy Officer and General Counsel	Aug. 21, 2026 S	205,220	0	4	$-10,495
Jeff Bodner	Chief Accounting Officer	Feb. 8, 2022 A	54,900	0	0	$0
Rich Hossfeld	Director	May 29, 2026 A	41,372	0	0	$0
Alexi Wellman	Director	May 29, 2026 A	52,399	0	0	$0
Harry Quarls	Director	May 29, 2026 A	68,769	0	0	$0
Raffi Garabedian	Director	May 29, 2026 A	53,185	0	0	$0
Sandeep Nijhawan	Director	May 29, 2026 A	42,563	0	0	$0
Kyle Teamey	Director	Oct. 13, 2025 A	38,740	0	0	$0
Daryl C Wilson	Director	June 1, 2022 A	75,850	0	0	$0
Claudia Gast	Director	June 1, 2022 A	59,694	0	0	$0
SoftBank Group Corp.	Director	Nov. 9, 2021 J	35,953,699	0	0	$0
Janie Goddard	Director	Oct. 8, 2021 C	50,000	0	0	$0
Ryan D Shadrick-Wilson	Director	Oct. 8, 2021 C	50,000	0	0	$0
ACON S2 Management, LLC	10% owner	Oct. 8, 2021 J	6,100,000	0	0	$0
Michael R Niggli	·	Oct. 13, 2025 A	90,825	0	0	$0
Sarah Kirshbaum Levy	·	Oct. 8, 2021 C	50,000	0	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 3 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
IWC · iShares Trust	0.00%	77,737 SH	Sept. 10, 2026	Daily
VXF · VANGUARD INDEX FUNDS	0.00%	271,539 SH	Aug. 19, 2026	Daily
VTI · VANGUARD INDEX FUNDS	0.00%	367,381 SH	Aug. 19, 2026	Daily

GWH Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21

rating · 5 analysts BUY

Median target $2.00 +1173.9%

1 20.0% Strong Buy

3 60.0% Buy

1 20.0% Hold

0 0.0% Sell

0 0.0% Strong Sell

12-Month Price Target

1 analysts · 2026-09-29

Mean target $2.00 +1173.9%

Low$2.00 Mean$2.00 High$2.00

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26

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GWH ESS Tech, Inc. Common Stock