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Side-by-side financial comparison of AirJoule Technologies Corp. (AIRJ) and ESS Tech, Inc. (GWH). Click either name above to swap in a different company.
AirJoule Technologies Corp develops and commercializes energy-efficient dehumidification systems and climate control technologies for residential, commercial, and industrial customers. Its solutions cut energy use for air conditioning, helping lower operational costs and reduce carbon emissions across North America and global emerging markets.
ESS Tech, Inc. (ticker GWH) is a leading provider of long-duration stationary energy storage solutions, specializing in safe, non-toxic iron flow battery systems. It serves utility, commercial, and industrial customers across North America and Europe, supporting renewable energy integration, grid stability, and global decarbonization initiatives.
AIRJ vs GWH — Head-to-Head
Income Statement — Q1 FY2024 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.5K | $-1.6M |
| Net Profit | $181.6M | — |
| Gross Margin | — | 610.8% |
| Operating Margin | -2278436.7% | 1126.8% |
| Net Margin | 7335567.4% | — |
| Revenue YoY | — | -155.7% |
| Net Profit YoY | 21852.9% | — |
| EPS (diluted) | — | $-1.21 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $-1.6M | ||
| Q3 25 | — | $214.0K | ||
| Q2 25 | — | $2.4M | ||
| Q1 25 | — | $599.0K | ||
| Q4 24 | — | $2.9M | ||
| Q3 24 | — | $359.0K | ||
| Q2 24 | — | $348.0K | ||
| Q1 24 | $2.5K | $2.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-10.4M | ||
| Q2 25 | — | $-11.1M | ||
| Q1 25 | — | $-18.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-22.5M | ||
| Q2 24 | — | $-21.9M | ||
| Q1 24 | $181.6M | $-18.3M |
| Q4 25 | — | 610.8% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -216.3% | ||
| Q1 25 | — | -1360.1% | ||
| Q4 24 | — | -462.7% | ||
| Q3 24 | — | -3449.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -306.4% |
| Q4 25 | — | 1126.8% | ||
| Q3 25 | — | -4584.6% | ||
| Q2 25 | — | -490.1% | ||
| Q1 25 | — | -3029.4% | ||
| Q4 24 | — | -824.5% | ||
| Q3 24 | — | -6596.7% | ||
| Q2 24 | — | -6645.1% | ||
| Q1 24 | -2278436.7% | -712.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | -4848.1% | ||
| Q2 25 | — | -468.9% | ||
| Q1 25 | — | -3009.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -6265.5% | ||
| Q2 24 | — | -6304.6% | ||
| Q1 24 | 7335567.4% | -668.7% |
| Q4 25 | — | $-1.21 | ||
| Q3 25 | — | $-0.73 | ||
| Q2 25 | — | $-0.90 | ||
| Q1 25 | — | $-1.50 | ||
| Q4 24 | — | $-1.98 | ||
| Q3 24 | — | $-1.90 | ||
| Q2 24 | — | $-1.87 | ||
| Q1 24 | — | $-1.57 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $27.4M | $14.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $198.1M | $8.6M |
| Total Assets | $371.6M | $51.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $14.5M | ||
| Q3 25 | — | $3.5M | ||
| Q2 25 | — | $797.0K | ||
| Q1 25 | — | $8.4M | ||
| Q4 24 | — | $13.3M | ||
| Q3 24 | — | $12.8M | ||
| Q2 24 | — | $36.7M | ||
| Q1 24 | $27.4M | $36.3M |
| Q4 25 | — | $8.6M | ||
| Q3 25 | — | $-1.8M | ||
| Q2 25 | — | $3.3M | ||
| Q1 25 | — | $12.1M | ||
| Q4 24 | — | $28.9M | ||
| Q3 24 | — | $49.2M | ||
| Q2 24 | — | $69.0M | ||
| Q1 24 | $198.1M | $87.8M |
| Q4 25 | — | $51.2M | ||
| Q3 25 | — | $36.1M | ||
| Q2 25 | — | $39.6M | ||
| Q1 25 | — | $53.6M | ||
| Q4 24 | — | $71.8M | ||
| Q3 24 | — | $96.7M | ||
| Q2 24 | — | $111.1M | ||
| Q1 24 | $371.6M | $123.6M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-6.4M | $-13.9M |
| Free Cash FlowOCF − Capex | — | $-16.2M |
| FCF MarginFCF / Revenue | — | 1018.1% |
| Capex IntensityCapex / Revenue | — | -145.7% |
| Cash ConversionOCF / Net Profit | -0.04× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-54.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-13.9M | ||
| Q3 25 | — | $-5.8M | ||
| Q2 25 | — | $-12.4M | ||
| Q1 25 | — | $-18.2M | ||
| Q4 24 | — | $-20.5M | ||
| Q3 24 | — | $-17.6M | ||
| Q2 24 | — | $-15.2M | ||
| Q1 24 | $-6.4M | $-18.9M |
| Q4 25 | — | $-16.2M | ||
| Q3 25 | — | $-6.3M | ||
| Q2 25 | — | $-13.1M | ||
| Q1 25 | — | $-19.0M | ||
| Q4 24 | — | $-23.9M | ||
| Q3 24 | — | $-19.9M | ||
| Q2 24 | — | $-15.8M | ||
| Q1 24 | — | $-19.9M |
| Q4 25 | — | 1018.1% | ||
| Q3 25 | — | -2920.6% | ||
| Q2 25 | — | -555.0% | ||
| Q1 25 | — | -3172.0% | ||
| Q4 24 | — | -840.2% | ||
| Q3 24 | — | -5534.8% | ||
| Q2 24 | — | -4549.7% | ||
| Q1 24 | — | -725.5% |
| Q4 25 | — | -145.7% | ||
| Q3 25 | — | 194.9% | ||
| Q2 25 | — | 30.9% | ||
| Q1 25 | — | 127.2% | ||
| Q4 24 | — | 121.8% | ||
| Q3 24 | — | 629.0% | ||
| Q2 24 | — | 175.9% | ||
| Q1 24 | — | 34.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.04× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
