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SES

SES AI Corporation

SES

SES AI Corporation • NYSE
$1.98 ▲ 5.88% (+0.11)
Market Cap $731.66 M
52w High $3.73
52w Low $0.34
Dividend Yield 0%
P/E -7.07
Volume 5.34M
Outstanding Shares 329.96M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $7.118M ▲ $22.285M ▼ $-20.92M ▲ -293.903% ▲ $-0.063 ▲ $-18.4M ▲
Q2-2025 $3.527M ▼ $25.607M ▼ $-22.651M ▼ -642.217% ▼ $-0.068 ▼ $-19.456M ▲
Q1-2025 $5.793M ▲ $27.83M ▼ $-12.432M ▲ -214.604% ▲ $-0.04 ▲ $-20.757M ▲
Q4-2024 $2.04M ▲ $31.173M ▼ $-34.545M ▼ -1.693K% ▼ $-0.11 ▼ $-26.718M ▲
Q3-2024 $0 $34.217M $-30.186M 0% $-0.094 $-31.99M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $214.01M ▼ $288.767M ▼ $60.566M ▲ $228.201M ▼
Q2-2025 $228.88M ▼ $290.46M ▼ $41.233M ▲ $249.227M ▼
Q1-2025 $239.762M ▼ $305.982M ▼ $36.127M ▼ $269.855M ▼
Q4-2024 $262.544M ▼ $329.785M ▼ $51.475M ▲ $278.31M ▼
Q3-2024 $273.719M $349.907M $40.623M $309.284M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-20.92M ▲ $-14.301M ▼ $39.483M ▲ $-1.665M ▼ $23.495M ▲ $-14.727M ▼
Q2-2025 $-22.651M ▼ $-11.434M ▲ $-34.859M ▲ $-359.288K ▼ $-44.295M ▲ $-12.27M ▲
Q1-2025 $-12.432M ▲ $-22.833M ▼ $-49.844M ▼ $8K ▼ $-72.745M ▼ $-23.749M ▼
Q4-2024 $-34.545M ▼ $-12.292M ▲ $74.038M ▲ $632K ▲ $61.982M ▲ $-12.525M ▲
Q3-2024 $-30.186M $-22.723M $33.61M $250.6K $11.344M $-24.242M

Revenue by Products

Product Q2-2025
Product
Product
 $0 ▲
Service
Service
 $0 ▲

Five-Year Company Overview

Income Statement

Income Statement SES is still essentially a research‑stage company: it has not yet generated meaningful revenue, so all the activity you see is cost and investment, not sales. The income statement shows steady operating losses driven by R&D and overhead, with net losses each year and negative earnings per share. The losses have grown as the company has scaled its development efforts, but they are still in the typical range for an early‑stage deep‑tech firm. The key point: the business model has not yet been proven commercially, and financial performance today is all about spending to build future products, not about profitability or margins.

Balance Sheet

Balance Sheet The balance sheet looks like that of a small but reasonably well‑funded technology developer. Total assets have increased over time, with cash making up a large share. Debt is very low, which reduces financial strain. Shareholders’ equity, which used to be negative before the listing, has been rebuilt and is now positive, though it has been gradually eroded by ongoing losses. Overall, SES has some financial cushion and a simple capital structure, but its equity base will continue to be drawn down if the company remains loss‑making without raising more capital.

Cash Flow

Cash Flow Cash flow is clearly in “investment mode.” Operating cash flow is consistently negative because the company spends more on salaries, labs, and development than it brings in. Capital spending on equipment and facilities is present but modest compared to operating outflows, which means most of the cash burn is people and R&D, not heavy plants. Free cash flow is therefore negative year after year. The existing cash balance gives SES a time window to execute its commercialization plans, but, if revenue does not ramp meaningfully, additional funding or cost discipline is likely to be needed over time.

Competitive Edge

Competitive Edge SES is trying to carve out a defensible niche in next‑generation batteries by combining lithium‑metal chemistry with strong AI software. Its edge is built on three pillars: a differentiated “hybrid” Li‑metal design that can, in theory, be manufactured with equipment similar to today’s lithium‑ion lines; AI tools that speed up materials discovery and improve safety; and development partnerships with large automakers like General Motors, Hyundai, and Honda. These relationships give SES credibility and a path into major EV programs, as well as valuable test data. At the same time, the company operates in a fiercely competitive space where large battery makers and car companies have deep pockets and their own R&D, so SES must prove it can scale reliably, safely, and at cost to turn its technical advantages into lasting commercial share.

Innovation and R&D

Innovation and R&D Innovation is the core of SES’s story. The company is pushing lithium‑metal cells (such as its Apollo battery) that aim for higher energy density than conventional EV batteries, while still being manufacturable at scale. On top of this hardware, SES has built two notable AI platforms: one to rapidly screen and design new electrolyte materials, and another to monitor battery health and predict safety issues. These tools could shorten development cycles and improve reliability, which is critical for EVs, drones, robotics, and emerging urban air mobility. SES is also experimenting with new business models, such as offering its AI‑driven discovery as a service to others. The flip side is high execution risk: these technologies must continue to meet safety standards, scale in factories, and win regulatory and customer approval before they can justify the heavy R&D spend.

Summary

SES is a pre‑revenue, high‑R&D battery technology company that has moved from pure lab work toward early commercialization, but it is still financially in the “build” phase rather than the “earn” phase. Its financials show ongoing cash burn, modest but focused capital spending, low debt, and a finite but meaningful cash buffer. Strategically, SES is differentiated by its lithium‑metal chemistry, AI platforms, and ties to major automakers and adjacent markets like drones and energy storage. The main opportunity is that, if its technology proves out and scales, SES could become an important supplier in multiple high‑growth electrification segments. The main risks are technical, commercialization, and funding risk: no proven revenue base yet, continued operating losses, and the need to manage cash carefully while navigating safety validation, production scale‑up, and intense industry competition.

NEWS

November 5, 2025 · 4:15 PM UTC

SES AI Reports Third Quarter 2025 Financial Results

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October 14, 2025 · 4:15 PM UTC

SES AI Announces Date of Conference Call for Third Quarter 2025 Results

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October 14, 2025 · 7:00 AM UTC

SES AI Signs Term Sheet to Establish Joint Venture to Commercially Supply Materials Discovered by Molecular Universe

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October 7, 2025 · 7:00 AM UTC

SES AI Enhances Leadership of Material Discovery in Battery Industry with Newest Version of Molecular Universe and Enterprise-Level Subscription Offerings

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September 18, 2025 · 7:00 AM UTC

SES AI Announces Closing of UZ Energy Acquisition

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