ESS Tech, Inc. (GWH) announced that Drew Buckley will become its Chief Executive Officer, effective January 1 2026, replacing interim CEO Kelly Goodman. Buckley joined the company in August 2025 to lead investor relations and capital‑market strategy and brings nearly two decades of experience in technology investing, including 17 years as a partner at William Blair focused on technology. His appointment signals a strategic emphasis on capital‑market execution and investor confidence as the company accelerates commercialization of its Energy Base platform.
Kelly Goodman will transition to Chief Strategy Officer and General Counsel, while Kate Suhadolnik, who served as interim CFO since August 1 2025, will become the permanent Chief Financial Officer. Goodman’s base salary is set at $360,000, with high bonus eligibility for 2025 and 2026, and Suhadolnik’s base salary is also $360,000 with a 2026 bonus target of up to 75% of base salary. Buckley’s employment terms include a $425,000 annual base salary, a $50,000 cash signing bonus, eligibility for an annual cash bonus targeting up to 90% of base salary, and a stock option to purchase 550,000 shares of common stock.
In its most recent quarterly report, ESS Tech reported a revenue of $0.21 million for Q3 2025, a sharp miss against analysts’ expectation of $5.65 million, reflecting a steep decline in sales of legacy products and a shift toward the Energy Base platform. The company’s earnings per share were –$0.73, beating estimates of –$0.91 by 19.8%, largely due to disciplined cost management and the exclusion of one‑time restructuring charges. The revenue miss underscores the company’s current financial challenges, while the EPS beat indicates that operational leverage and cost control are mitigating some of the headwinds.
The Energy Base product, a long‑duration iron‑flow battery system that can store up to 22 hours of energy, is the cornerstone of ESS Tech’s strategy to capture demand from utilities and hyperscale data centers. The company’s iron‑flow technology offers safety, sustainability, and scalability advantages over lithium‑ion and vanadium redox flow batteries, positioning it to benefit from the growing renewable‑energy integration market. Buckley’s background in capital markets is expected to accelerate financing for scaling manufacturing and delivering the first Energy Base projects.
Capital‑market expertise will also support recent financing milestones. Suhadolnik guided a $40 million financing transaction, and the company has secured a 50 MWh Energy Base pilot project with Salt River Project. These developments, combined with Buckley’s focus on capital allocation and strategic partnerships, aim to strengthen the company’s balance sheet and accelerate commercialization of its core technology.
Analysts have maintained a “Hold” consensus rating for ESS Tech, reflecting cautious optimism about the company’s technology and market potential amid ongoing financial challenges. The leadership transition and strategic focus on the Energy Base platform are viewed as steps toward improving long‑term shareholder value, though analysts remain attentive to the company’s ability to convert technology into sustainable revenue growth.
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