SES

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SES AI Corp. Class A

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Key Metrics

Previous Close: $0.55
52-Week Range: $0.49 – $3.73
Market Cap: $188.80M
P/E (TTM): —
EPS (TTM): -0.20
Dividend Yield: —

Advanced Metrics

Price/Book: 0.92
PEG Ratio: —
Return on Equity: -31.15%
Return on Assets: -17.42%
Gross Margin: 27.75%
Operating Margin: -378.47%
Profit Margin: -289.64%
Current Ratio: 6.52
Debt/Equity: 0.04
Total Debt: $7.14M
Free Cash Flow: $-28.22M
Revenue Growth: 43.80%
Earnings Growth: —
Enterprise Value: $47.50M

SES Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$0.00	$0.00	$2.04M	$21.00M
Cost of Revenue	—	$0.00	$752.00K	$9.69M
Gross Profit	—	$0.00	$1.29M	$11.31M
Research & Development	$27.97M	$30.68M	$72.14M	$67.05M
Selling, General & Admin	$51.61M	$47.48M	$38.40M	$26.88M
Operating Expenses	$79.57M	$78.16M	$110.54M	$93.92M
Operating Income	-$79.57M	-$78.16M	-$109.25M	-$82.61M
EBITDA	-$76.98M	-$72.62M	-$100.94M	-$72.32M
Pretax Income	-$49.74M	-$54.25M	-$100.00M	-$72.81M
Income Tax	$1.25M	-$853.00K	$188.00K	$231.00K
Net Income	-$50.99M	-$53.40M	-$100.19M	-$73.04M
Diluted EPS	-0.17	-0.17	-0.31	-0.22
Diluted Shares	288.30M	315.05M	321.82M	330.92M

SES Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$106.62M	$85.67M	$128.80M	$29.54M
Receivables	$2.38M	$3.91M	$950.00K	$4.78M
Inventory	$383.00K	$558.00K	$212.00K	$5.15M
Current Assets	$396.64M	$348.63M	$276.90M	$216.28M
Total Assets	$440.44M	$406.81M	$329.79M	$272.65M
Current Liabilities	$19.36M	$20.36M	$22.82M	$24.16M
Total Debt	$12.06M	$13.72M	$10.56M	$8.94M
Total Liabilities	$48.90M	$47.86M	$51.48M	$57.89M
Retained Earnings	-$145.29M	-$198.69M	-$298.87M	-$371.91M
Shareholders' Equity	$391.54M	$358.95M	$278.31M	$214.75M
Working Capital	$377.28M	$328.27M	$254.09M	$192.12M

SES Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$46.50M	-$56.41M	-$66.09M	-$58.36M
Capital Expenditure	-$14.65M	-$15.76M	-$12.21M	-$2.86M
Free Cash Flow	-$61.15M	-$72.17M	-$78.29M	-$61.22M
Depreciation & Amortisation	$2.60M	$5.54M	$8.31M	$10.29M
Stock-Based Compensation	$22.77M	$20.65M	$19.93M	$10.97M
Investing Cash Flow	-$296.01M	$32.72M	$108.19M	-$39.19M
Financing Cash Flow	$289.93M	$3.27M	$1.01M	-$1.96M
Share Repurchases	—	—	$0.00	-$1.60M
Net Change in Cash	-$52.58M	-$20.42M	$43.12M	-$99.51M

SES Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$5.79M	$3.53M	$7.12M	$4.56M	$6.71M
Cost of Revenue	$1.24M	$927.00K	$3.48M	$4.05M	$5.50M
Gross Profit	$4.56M	$2.60M	$3.64M	$514.00K	$1.22M
Research & Development	$20.51M	$19.09M	$15.63M	$11.82M	$11.03M
Selling, General & Admin	$7.32M	$6.52M	$6.66M	$6.38M	$8.05M
Operating Expenses	$27.83M	$25.61M	$22.29M	$18.20M	$19.08M
Operating Income	-$23.27M	-$23.01M	-$18.65M	-$17.68M	-$17.87M
EBITDA	-$20.76M	-$20.48M	-$16.02M	-$15.06M	-$15.19M
Pretax Income	-$12.43M	-$21.98M	-$21.03M	-$17.37M	-$11.68M
Income Tax	$4.00K	$668.00K	-$108.00K	-$333.00K	$414.00K
Net Income	-$12.43M	-$22.65M	-$20.92M	-$17.04M	-$12.10M
Diluted EPS	-0.04	-0.07	-0.06	-0.05	-0.04
Diluted Shares	323.33M	331.73M	331.34M	331.24M	332.84M

SES Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$56.05M	$11.76M	$35.27M	$29.54M	$46.94M
Receivables	$1.51M	$3.01M	$3.37M	$4.78M	$8.18M
Inventory	$155.00K	$114.00K	$3.66M	$5.15M	$6.96M
Current Assets	$256.09M	$242.96M	$230.36M	$216.28M	$200.57M
Total Assets	$305.98M	$290.46M	$288.77M	$272.65M	$253.52M
Current Liabilities	$16.41M	$19.50M	$28.01M	$24.16M	$29.24M
Total Debt	$9.53M	$9.30M	$10.38M	$8.94M	$7.72M
Total Liabilities	$36.13M	$41.23M	$60.57M	$57.89M	$50.27M
Retained Earnings	-$311.30M	-$333.95M	-$354.87M	-$371.91M	-$384.01M
Shareholders' Equity	$269.86M	$249.23M	$228.20M	$214.75M	$203.25M
Working Capital	$239.69M	$223.46M	$202.36M	$192.12M	$171.33M

SES Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	-$22.83M	-$10.82M	-$14.30M	-$10.41M	-$19.80M
Capital Expenditure	-$916.00K	-$804.00K	-$426.00K	-$712.00K	-$330.00K
Free Cash Flow	-$23.75M	-$11.63M	-$14.73M	-$11.12M	-$20.13M
Depreciation & Amortisation	$2.52M	$2.53M	$2.63M	$2.62M	$2.68M
Stock-Based Compensation	$3.97M	$2.71M	$2.18M	$2.11M	$2.12M
Investing Cash Flow	-$49.84M	-$33.34M	$39.48M	$4.52M	$39.13M
Financing Cash Flow	$8.00K	-$353.00K	-$1.67M	$49.00K	-$2.01M
Share Repurchases	—	—	—	$0.00	—
Net Change in Cash	-$72.67M	-$44.52M	$23.52M	-$5.84M	$17.32M

Market Snapshot

About

SES AI Corporation Class A is a pre-revenue advanced battery technology company developing high-performance lithium-metal rechargeable batteries for electric vehicles and other applications. The company focuses on AI-powered materials development and manufacturing processes to create batteries with higher energy density and improved safety. SES AI works with automotive manufacturers to commercialize next-generation battery technology.