SES AI Corp SES
We are a leading developer and manufacturer of high-performance, AI-enhanced Lithium-Metal ("Li-Metal") and Lithium-ion ("Li-ion") rechargeable battery technologies and battery materials for Energy Storage Systems ("ESS"), Urban Air Mobility ("UAM"), drones, robotics, electric vehicles ("EVs"), and other applications. The Company's mission is to accelerate the world's energy transition through material discovery and battery management. SES accelerates its pace of innovation by utilizing superintelligent AI across the spectrum of our business, from research and development, materials sourcing, cell design, engineering and manufacturing, to battery health and safety monitoring.
Through our AI-based platform, Molecular Universe, we believe we have access to multi-pronged business opportunities in fast growing markets, such as ESS, drones and materials. For ESS, we supply fully integrated hardware and software solutions with battery health and safety management software powered by Molecular Universe, which we believe differentiates our products in a competitive market. For materials, we believe that we can manufacture and supply enhanced materials discovered through Molecular Universe to gain market share in the large addressable market for advanced battery materials. We also manufacture and supply high energy and power density Li-Metal and Li-ion cells which can be used for drones, UAM, robotics and EV applications, which are regularly improved through research powered by Molecular Universe. Finally, we also offer access to Molecular Universe as a software product.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $21.0M | $2.0M | — | — | — | — | — |
| Cost of revenue | $9.7M | $752.0K | — | — | — | — | — |
| Gross profit | $11.3M | $1.3M | — | — | — | — | — |
| R&D | $67.0M | $72.1M | $30.7M | $28.0M | $15.5M | $9.4M | — |
| SG&A | $26.9M | $38.4M | $47.5M | $51.6M | $16.5M | $4.5M | — |
| Total operating expenses | $93.9M | $110.5M | $78.2M | $79.6M | $32.0M | $13.9M | — |
| Operating income | -$82.6M | -$109.2M | -$78.2M | -$79.6M | -$32.0M | -$13.9M | — |
| Pre-tax income | -$72.8M | -$100.0M | -$54.3M | -$49.7M | -$31.2M | -$13.9M | — |
| Income tax | $231.0K | $188.0K | $853.0K | $1.3M | $25.0K | $7.0K | — |
| Net income | -$73.0M | -$100.2M | -$53.4M | -$51.0M | -$31.3M | -$13.9M | — |
| EPS, basic | -0.22 | -0.31 | -0.17 | -0.18 | -0.51 | -0.23 | — |
| EPS, diluted | -0.22 | -0.31 | -0.17 | -0.18 | -0.51 | -0.23 | — |
| Shares, diluted (wtd. avg.) | $330.9M | $321.8M | $315.1M | $288.3M | $61.1M | $60.8M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $29.5M | $128.8M | $87.0M | $107.9M | $161.0M | $2.7M | $26.0M |
| Short-term investments | $170.1M | $133.7M | $246.8M | $283.5M | — | — | — |
| Receivables | $4.8M | $950.0K | — | — | — | — | — |
| Inventory | $5.2M | $212.0K | $558.0K | $383.0K | — | — | — |
| Total current assets | $216.3M | $276.9M | $348.6M | $396.6M | $170.0M | $161.3K | — |
| Property, plant and equipment | $28.9M | $38.2M | $38.0M | $27.8M | $12.5M | — | — |
| Goodwill | $13.3M | $0 | — | — | — | — | — |
| Other intangibles | $2.8M | $1.2M | $1.3M | $1.5M | $1.6M | — | — |
| Total assets | $272.6M | $329.8M | $406.8M | $440.4M | $193.4M | $574.3K | — |
| Accounts payable | $5.7M | $1.9M | $4.8M | $6.2M | $4.7M | $13.8K | — |
| Short-term debt | $830.0K | — | — | — | — | — | — |
| Total current liabilities | $24.2M | $22.8M | $20.4M | $19.4M | $11.0M | $582.1K | — |
| Total liabilities | $57.9M | $51.5M | $47.9M | $48.9M | $11.7M | $582.1K | — |
| Retained earnings | -$371.9M | -$298.9M | -$198.7M | -$145.3M | -$94.3M | -$32.8K | — |
| Total equity | $214.8M | $278.3M | $358.9M | $391.5M | -$88.3M | -$62.1M | -$48.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$58.4M | -$66.1M | -$56.4M | -$46.5M | -$30.0M | -$11.0M | — |
| Depreciation and amortisation | $10.1M | $8.2M | $5.4M | $2.5M | $1.5M | $1.6M | — |
| Stock-based compensation | $11.0M | $19.9M | $20.6M | $22.8M | $4.6M | $154.0K | — |
| Capital expenditure | $2.9M | $12.2M | $15.8M | $14.7M | $9.0M | $982.0K | — |
| Investing cash flow | -$39.2M | $108.2M | $32.7M | -$296.0M | $3.3M | -$13.3M | — |
| Financing cash flow | -$2.0M | $1.0M | $3.3M | $289.9M | $184.8M | $840.0K | — |
| Buybacks | $1.6M | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001819142-26-000033.
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