NYSE : SES
SES AI Corporation — Financial statements
Consumer Discretionary · Auto Parts · United States
Last price 0.7904 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 293.47M
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Financial statements
SES AI Corporation (SES) reported revenue of 23.46M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 23.46M | 21.00M | 2.04M | |||
| Cost of Revenue | 16.95M | 9.69M | 752.00K | |||
| Gross Profit | 6.51M | 11.31M | 1.29M | |||
| Selling, General & Admin | 30.07M | 26.88M | 38.40M | 47.48M | 51.61M | 16.49M |
| Research & Development | 49.84M | 67.05M | 72.14M | 30.68M | 27.97M | 15.51M |
| Operating Expenses | 79.91M | 93.92M | 110.54M | 78.16M | 79.57M | 32.01M |
| Operating Income | -73.40M | -82.61M | -109.25M | -78.16M | -79.57M | -32.01M |
| Interest & Investment Income | 7.47M | 9.34M | 15.04M | 16.68M | 6.20M | 248.00K |
| Currency Exchange Gain (Loss) | 700.00K | 700.00K | 200.00K | 300.00K | 100.00K | -200.00K |
| Other Non Operating Income (Expenses) | -1.19M | -1.01M | -1.18M | 25.00K | -1.89M | -112.00K |
| EBT Excluding Unusual Items | -66.42M | -73.59M | -95.19M | -61.15M | -75.17M | -32.07M |
| Gain (Loss) on Sale of Investments | 400.00K | 400.00K | 500.00K | 100.00K | ||
| Gain (Loss) on Sale of Assets | -1.30M | -1.30M | ||||
| Other Unusual Items | -535.00K | 1.68M | -5.31M | 6.79M | 25.43M | 840.00K |
| Pretax Income | -67.86M | -72.81M | -100.00M | -54.25M | -49.74M | -31.23M |
| Income Tax Expense | 105.00K | 231.00K | 188.00K | -853.00K | 1.25M | 25.00K |
| Net Income | -67.96M | -73.04M | -100.19M | -53.40M | -50.99M | -31.25M |
| Net Income to Common | -67.96M | -73.04M | -100.19M | -53.40M | -50.99M | -31.25M |
| Shares Outstanding (Basic) | 332.94M | 330.92M | 321.82M | 315.05M | 288.30M | 61.09M |
| Shares Outstanding (Diluted) | 332.94M | 330.92M | 321.82M | 315.05M | 288.30M | 61.09M |
| EPS (Basic) | -0.20 | -0.22 | -0.31 | -0.17 | -0.18 | -0.51 |
| EPS (Diluted) | -0.20 | -0.22 | -0.31 | -0.17 | -0.18 | -0.51 |
| Free Cash Flow | -60.46M | -61.22M | -78.29M | -72.17M | -61.15M | -38.94M |
| Free Cash Flow Per Share | -0.18 | -0.18 | -0.24 | -0.23 | -0.21 | -0.64 |
| Gross Margin | 27.75% | 53.84% | 63.14% | |||
| Operating Margin | -312.83% | -393.40% | -5,355.29% | |||
| Profit Margin | -289.64% | -347.81% | -4,911.03% | |||
| Free Cash Flow Margin | -257.68% | -291.52% | -3,837.84% | |||
| EBITDA | -62.78M | -72.32M | -100.94M | -72.62M | -76.98M | -30.34M |
| D&A For EBITDA | 10.62M | 10.29M | 8.31M | 5.54M | 2.60M | 1.66M |
| EBIT | -73.40M | -82.61M | -109.25M | -78.16M | -79.57M | -32.01M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 64.14M | 29.54M | 128.80M | 85.67M | 106.62M | 160.50M |
| Short-Term Investments | 98.86M | 170.09M | 133.75M | 246.78M | 283.46M | |
| Cash & Short-Term Investments | 163.00M | 199.63M | 262.54M | 332.45M | 390.08M | 160.50M |
| Accounts Receivable | 7.75M | 4.78M | 950.00K | |||
| Other Receivables | 9.01M | 2.38M | 8.31M | |||
| Receivables | 7.75M | 4.78M | 950.00K | 9.01M | 2.38M | 8.31M |
| Inventory | 8.44M | 5.15M | 212.00K | 558.00K | 383.00K | |
| Prepaid Expenses | 6.81M | 6.71M | 13.20M | 6.61M | 3.79M | 1.16M |
| Total Current Assets | 185.99M | 216.28M | 276.90M | 348.63M | 396.64M | 169.97M |
| Property, Plant & Equipment | 30.58M | 36.50M | 48.09M | 51.06M | 39.12M | 12.49M |
| Goodwill | 13.27M | 13.27M | ||||
| Other Intangible Assets | 2.69M | 2.81M | 1.22M | 1.34M | 1.47M | 1.63M |
| Long-Term Deferred Tax Assets | 1.52M | 1.52M | 1.33M | 1.06M | ||
| Other Long-Term Assets | 2.16M | 2.26M | 2.24M | 4.72M | 3.21M | 9.26M |
| Total Assets | 236.21M | 272.65M | 329.79M | 406.81M | 440.44M | 193.35M |
| Accounts Payable | 5.62M | 5.69M | 1.90M | 4.83M | 6.19M | 4.71M |
| Accrued Expenses | 7.87M | 9.01M | 15.63M | 8.29M | 4.68M | 3.22M |
| Short-Term Debt | 442.00K | 830.00K | ||||
| Current Portion of Leases | 1.63M | 2.30M | 2.58M | 2.40M | 1.90M | |
| Current Income Taxes Payable | 967.00K | 490.00K | 313.00K | 288.00K | 1.42M | 226.00K |
| Current Unearned Revenue | 2.18M | 2.67M | ||||
| Other Current Liabilities | 9.82M | 3.17M | 2.39M | 4.54M | 5.17M | 2.83M |
| Total Current Liabilities | 28.53M | 24.16M | 22.82M | 20.36M | 19.36M | 10.98M |
| Long-Term Leases | 5.07M | 5.81M | 7.98M | 11.32M | 10.16M | |
| Long-Term Unearned Revenue | 8.57M | 9.04M | 8.61M | 9.27M | 6.66M | |
| Other Long-Term Liabilities | 6.98M | 18.88M | 12.08M | 6.92M | 12.72M | 749.00K |
| Total Liabilities | 49.15M | 57.89M | 51.48M | 47.86M | 48.90M | 11.73M |
| Common Stock | 37.00K | 37.00K | 36.00K | 35.00K | 35.00K | 6.00K |
| Additional Paid-In Capital | 590.20M | 588.36M | 579.38M | 559.21M | 538.04M | 5.60M |
| Retained Earnings | -401.91M | -371.91M | -298.87M | -198.69M | -145.29M | -94.29M |
| Comprehensive Income & Other | -1.27M | -1.73M | -2.23M | -1.61M | -1.25M | 367.00K |
| Total Common Equity | 187.06M | 214.75M | 278.31M | 358.95M | 391.54M | -88.32M |
| Shareholders' Equity | 187.06M | 214.75M | 278.31M | 358.95M | 391.54M | 181.62M |
| Total Liabilities & Equity | 236.21M | 272.65M | 329.79M | 406.81M | 440.44M | 193.35M |
| Total Debt | 7.14M | 8.94M | 10.56M | 13.72M | 12.06M | |
| Net Cash (Debt) | 155.85M | 190.69M | 251.98M | 318.73M | 378.02M | 160.50M |
| Net Cash Per Share | 0.47 | 0.58 | 0.78 | 1.01 | 1.31 | 2.63 |
| Filing Date Shares Outstanding | 371.29M | 366.62M | 364.66M | 354.96M | 349.81M | 10.47M |
| Total Common Shares Outstanding | 371.15M | 365.43M | 361.56M | 354.15M | 349.71M | 10.47M |
| Working Capital | 157.46M | 192.12M | 254.09M | 328.27M | 377.28M | 158.99M |
| Book Value Per Share | 0.50 | 0.59 | 0.77 | 1.01 | 1.12 | -8.43 |
| Tangible Book Value | 171.10M | 198.67M | 277.09M | 357.61M | 390.07M | -89.95M |
| Tangible Book Value Per Share | 0.46 | 0.54 | 0.77 | 1.01 | 1.12 | -8.59 |
| Machinery | 35.33M | 32.69M | 22.93M | 18.49M | 7.60M | |
| Construction In Progress | 39.00K | 1.97M | 9.77M | 5.42M | 6.04M | |
| Leasehold Improvements | 23.34M | 24.39M | 18.23M | 11.44M | 4.11M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -67.96M | -73.04M | -100.19M | -53.40M | -50.99M | -31.25M |
| Depreciation & Amortization | 10.62M | 10.29M | 8.31M | 5.54M | 2.60M | 1.66M |
| Loss (Gain) From Sale of Assets | 1.31M | 1.31M | 701.00K | |||
| Loss (Gain) From Sale of Investments | -2.24M | -3.13M | -7.21M | -11.05M | -2.35M | |
| Stock-Based Compensation | 8.39M | 10.97M | 19.93M | 20.65M | 22.77M | 4.57M |
| Other Operating Activities | 451.00K | -1.29M | 3.98M | -7.04M | -24.94M | -745.00K |
| Change in Accounts Receivable | -3.44M | -2.63M | -950.00K | 5.53M | -7.91M | |
| Change in Inventory | -4.24M | -1.03M | 330.00K | -184.00K | -383.00K | |
| Change in Accounts Payable | 1.21M | 1.04M | -72.00K | -62.00K | -3.98M | 1.29M |
| Change in Other Net Operating Assets | -2.30M | -710.00K | 9.36M | -9.81M | 5.25M | 2.40M |
| Operating Cash Flow | -58.34M | -58.36M | -66.09M | -56.41M | -46.50M | -29.99M |
| Capital Expenditures | -2.12M | -2.86M | -12.21M | -15.76M | -14.65M | -8.95M |
| Cash Acquisitions | -3.03M | -3.03M | ||||
| Sale (Purchase) of Intangibles | -26.00K | |||||
| Investment in Securities | 119.76M | -33.30M | 120.40M | 48.48M | -281.36M | 12.29M |
| Investing Cash Flow | 114.61M | -39.19M | 108.19M | 32.72M | -296.01M | 3.31M |
| Issuance of Common Stock | 240.00K | 77.00K | 1.01M | 524.00K | 330.00K | 197.00K |
| Repurchase of Common Stock | -4.11M | -2.04M | ||||
| Other Financing Activities | 2.75M | 289.60M | -3.94M | |||
| Financing Cash Flow | -3.87M | -1.96M | 1.01M | 3.27M | 289.93M | 184.76M |
| Foreign Exchange Rate Adjustments | -47.00K | 327.00K | -687.00K | -552.00K | -526.00K | 233.00K |
| Net Cash Flow | 52.35M | -99.18M | 42.43M | -20.97M | -53.11M | 158.32M |
| Free Cash Flow | -60.46M | -61.22M | -78.29M | -72.17M | -61.15M | -38.94M |
| Free Cash Flow Margin | -257.68% | -291.52% | -3,837.84% | |||
| Free Cash Flow Per Share | -0.18 | -0.18 | -0.24 | -0.23 | -0.21 | -0.64 |
| Levered Free Cash Flow | -28.22M | -34.71M | -48.14M | -47.55M | -29.63M | -23.90M |
| Unlevered Free Cash Flow | -28.22M | -34.71M | -48.14M | -47.55M | -29.63M | -23.90M |
| Cash Income Tax Paid | 286.00K | 222.00K | ||||
| Change in Working Capital | -8.90M | -3.47M | 8.39M | -11.11M | 6.41M | -4.22M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 284.52M | 657.13M | 789.68M | 643.66M | 1.10B | 343.27M |
| Enterprise Value | 128.66M | 453.50M | 526.99M | 313.18M | 719.17M | 433.12M |
| Last Close Price | 0.79 | 1.80 | 2.19 | 1.83 | 3.15 | 9.95 |
| PS Ratio | 12.51 | 31.29 | 387.10 | |||
| PB Ratio | 1.57 | 3.06 | 2.84 | 1.79 | 2.81 | 1.89 |
| P/TBV Ratio | 1.72 | 3.31 | 2.85 | 1.80 | 2.83 | |
| EV/Sales Ratio | 5.87 | 21.59 | 258.33 | |||
| Debt / Equity Ratio | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | |
| Net Debt / Equity Ratio | -0.83 | -0.89 | -0.91 | -0.89 | -0.96 | -0.88 |
| Net Debt / EBITDA Ratio | 2.48 | 2.64 | 2.50 | 4.39 | 4.91 | 5.29 |
| Net Debt / FCF Ratio | 2.58 | 3.12 | 3.22 | 4.42 | 6.18 | 4.12 |
| Asset Turnover | 0.09 | 0.07 | 0.01 | |||
| Inventory Turnover | 3.97 | 3.61 | 1.95 | |||
| Quick Ratio | 5.99 | 8.46 | 11.55 | 16.77 | 20.27 | 15.37 |
| Current Ratio | 6.52 | 8.95 | 12.14 | 17.13 | 20.49 | 15.47 |
| Return on Equity (ROE) | -31.15% | -29.63% | -31.44% | -14.23% | -17.79% | -31.01% |
| Return on Assets (ROA) | -17.42% | -17.14% | -18.54% | -11.53% | -15.69% | -18.36% |
| Return on Capital Employed (ROCE) | -35.30% | -33.20% | -35.60% | -20.20% | -18.90% | -17.60% |
| Earnings Yield | -26.64% | -11.12% | -12.69% | -8.30% | -4.63% | -9.11% |
| FCF Yield | -20.60% | -9.32% | -9.91% | -11.21% | -5.55% | -11.34% |
| Buyback Yield / Dilution | -1.76% | -2.83% | -2.15% | -9.28% | -371.94% | -0.51% |