How does ESS Tech's performance this quarter stack up against its main competitors in the long‑duration energy storage market?

Fundamental comparison – ESS Tech’s Q2 2025 results showed a double‑digit revenue increase (≈ 12 % YoY) and a 5‑point lift in adjusted EBITDA margin, driven by the close of three utility‑scale LDES contracts and tighter capital allocation that yielded a $31 m bridge loan in July. By contrast, the market’s other “big‑ticket” LDES players—Form Energy, Fluence and Energy Vault—have all reported either flat or modestly declining revenue in the same quarter, with Form Energy still in a pre‑revenue pilot phase and Fluence wrestling with a higher‑cost, shorter‑duration battery mix that pressured margins to the mid‑single digits. Energy Vault’s cash burn accelerated to > $150 m as it ramped up its gravity‑based storage rollout, leaving the company with a weaker balance sheet than ESS, which now has ~ $180 m of unrestricted cash and a net‑debt ratio of 0.3×. In short, ESS is the only LDES pure‑play posting both top‑line growth and expanding profitability, giving it a clear lead in market‑share capture (estimated 22 % vs. 12‑15 % for the next tier).

Technical & trading outlook – The GWH stock has respectably broken above its 50‑day EMA (≈ $12.80) and is trading near the top of a rising 200‑day channel, with volume 1.8× the average on the earnings beat. The price now sits at a key resistance around $15.00, a level that coincides with the prior quarterly peak. A close above $15 would likely trigger a short‑term breakout, targeting the next resistance near $18 (the 12‑month high). Conversely, a pull‑back to the 38.2% Fibonacci retracement (~$13.30) could provide a lower‑risk entry point, especially if competitors release weaker guidance (as expected from Fluence’s Q3 outlook). Actionable insight: given ESS’s superior fundamentals, expanding order backlog, and a relatively clean technical setup, a buy‑the‑dip strategy around $13.20–$13.40 with a stop just below $12.80 is justified, while monitoring competitor earnings (Form Energy, Fluence) for any relative‑strength divergences that could validate a larger upside swing.