What is SES AI's operating income?

SES AI's total operating income in 2025 was -$82.61 million, based on the following breakdown: Total Gross Profit: $11.31 million Total Operating Expenses: $93.92 million

SES AI (SES) Financials

$0.89 +0.01 (+0.58%)

Closing price 07/2/2026 03:59 PM Eastern

Extended Trading

$0.90 +0.01 (+1.35%)

As of 07/2/2026 08:00 PM Eastern

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Annual Income Statements for SES AI

This table shows SES AI's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-14	-31	-51	-53	-100	-73
Consolidated Net Income / (Loss)	-14	-31	-51	-53	-100	-73
Net Income / (Loss) Continuing Operations	-14	-31	-51	-53	-100	-73
Total Pre-Tax Income	-14	-31	-50	-54	-100	-73
Total Operating Income	-14	-32	-80	-78	-109	-83
Total Gross Profit	0.00	0.00	0.00	0.00	1.29	11
Total Revenue	0.00	0.00	0.00	0.00	2.04	21
Operating Revenue	-	-	-	0.00	2.04	21
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.75	9.69
Operating Cost of Revenue	-	-	-	0.00	0.75	9.69
Total Operating Expenses	14	32	80	78	111	94
Selling, General & Admin Expense	4.46	16	52	47	38	27
Research & Development Expense	9.44	16	28	31	72	67
Total Other Income / (Expense), net	0.02	0.78	30	24	9.25	9.81
Interest & Investment Income	0.08	0.25	6.20	17	15	9.34
Other Income / (Expense), net	-0.06	-0.31	24	7.22	-5.79	0.47
Income Tax Expense	0.01	0.03	1.26	-0.85	0.19	0.23
Basic Earnings per Share	($0.23)	($0.51)	($0.18)	($0.17)	($0.31)	($0.22)
Weighted Average Basic Shares Outstanding	60.78M	61.09M	288.30M	315.05M	321.82M	330.92M
Diluted Earnings per Share	($0.23)	($0.51)	($0.18)	($0.17)	($0.31)	($0.22)
Weighted Average Diluted Shares Outstanding	60.78M	61.09M	288.30M	315.05M	321.82M	330.92M
Weighted Average Basic & Diluted Shares Outstanding	-	0.00	349.81M	354.96M	364.66M	366.62M

This table shows SES AI's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-13	-11	-16	-20	-30	-35	-12	-23	-21	-17	-12
Consolidated Net Income / (Loss)	-13	-11	-16	-20	-30	-35	-12	-23	-21	-17	-12
Net Income / (Loss) Continuing Operations	-13	-11	-16	-20	-30	-35	-12	-23	-21	-17	-12
Total Pre-Tax Income	-13	-12	-15	-20	-30	-35	-12	-22	-21	-17	-12
Total Operating Income	-19	-18	-21	-25	-34	-29	-23	-23	-19	-18	-18
Total Gross Profit	0.00	-	0.00	0.00	0.00	1.29	4.56	2.60	3.64	0.51	1.22
Total Revenue	0.00	-	0.00	0.00	0.00	2.04	5.79	3.53	7.12	4.56	6.71
Operating Revenue	-	-	0.00	0.00	0.00	-	5.79	3.53	7.12	4.56	6.71
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	0.75	1.24	0.93	3.48	4.05	5.50
Operating Cost of Revenue	-	-	0.00	0.00	0.00	-	1.24	0.93	3.48	4.05	5.50
Total Operating Expenses	19	18	21	25	34	30	28	26	22	18	19
Selling, General & Admin Expense	11	11	9.51	9.57	9.78	9.54	7.32	6.52	6.66	6.38	8.05
Research & Development Expense	8.47	7.37	12	15	24	21	21	19	16	12	11
Total Other Income / (Expense), net	6.09	5.63	5.91	4.83	4.17	-5.66	11	1.02	-2.38	0.32	6.19
Interest & Investment Income	4.20	4.22	4.16	4.00	3.67	3.21	2.67	2.37	2.27	2.03	1.70
Other Income / (Expense), net	1.90	1.42	1.75	0.83	0.50	-8.87	8.18	-1.34	-4.65	-1.71	4.49
Income Tax Expense	0.21	-1.53	0.20	0.10	0.14	-0.24	0.00	0.67	-0.11	-0.33	0.41
Basic Earnings per Share	($0.04)	($0.04)	($0.05)	($0.06)	($0.09)	($0.11)	($0.04)	($0.07)	($0.06)	($0.05)	($0.04)
Weighted Average Basic Shares Outstanding	315.63M	315.05M	318.79M	320.83M	322.03M	321.82M	329.33M	331.73M	331.34M	330.92M	332.84M
Diluted Earnings per Share	($0.04)	($0.04)	($0.05)	($0.06)	($0.09)	($0.11)	($0.04)	($0.07)	($0.06)	($0.05)	($0.04)
Weighted Average Diluted Shares Outstanding	315.63M	315.05M	318.79M	320.83M	322.03M	321.82M	329.33M	331.73M	331.34M	330.92M	332.84M
Weighted Average Basic & Diluted Shares Outstanding	351.73M	354.96M	357.01M	357.54M	360.58M	364.66M	366.85M	365.72M	365.07M	366.62M	369.28M

This table details how cash moves in and out of SES AI's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-23	158	-53	-21	42	-99
Net Cash From Operating Activities	-11	-30	-47	-56	-66	-58
Net Cash From Continuing Operating Activities	-11	-30	-47	-56	-66	-58
Net Income / (Loss) Continuing Operations	-14	-31	-51	-53	-100	-73
Consolidated Net Income / (Loss)	-14	-31	-51	-53	-100	-73
Depreciation Expense	1.71	1.66	2.60	5.54	8.31	10
Non-Cash Adjustments To Reconcile Net Income	0.15	3.73	-5.01	0.93	22	7.47
Changes in Operating Assets and Liabilities, net	1.02	-4.13	6.90	-9.49	4.12	-3.09
Net Cash From Investing Activities	-13	3.31	-296	33	108	-39
Net Cash From Continuing Investing Activities	-13	3.31	-296	33	108	-39
Purchase of Property, Plant & Equipment	-0.98	-8.95	-15	-16	-12	-2.86
Acquisitions	0.00	-0.03	0.00	-	0.00	-3.03
Purchase of Investments	-17	-151	-411	-282	-215	-238
Sale and/or Maturity of Investments	5.20	163	130	330	336	205
Net Cash From Financing Activities	0.84	185	290	3.28	1.01	-1.96
Net Cash From Continuing Financing Activities	0.84	185	290	3.28	1.01	-1.96
Repurchase of Common Equity	0.00	-3.33	0.00	-	0.00	-1.61
Other Financing Activities, net	0.00	0.20	290	3.28	1.01	-0.36
Effect of Exchange Rate Changes	0.19	0.23	-0.53	-0.55	-0.69	0.33
Cash Income Taxes Paid	-	0.00	0.00	0.22	0.29	0.00

This table details how cash moves in and out of SES AI's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-1.55	36	44	-75	11	62	-73	-44	23	-5.69	17
Net Cash From Operating Activities	-13	-13	-8.98	-22	-23	-12	-23	-11	-14	-10	-20
Net Cash From Continuing Operating Activities	-13	-13	-8.98	-22	-23	-12	-23	-11	-14	-10	-20
Net Income / (Loss) Continuing Operations	-13	-11	-16	-20	-30	-35	-12	-23	-21	-17	-12
Consolidated Net Income / (Loss)	-13	-11	-16	-20	-30	-35	-12	-23	-21	-17	-12
Depreciation Expense	1.61	1.61	1.72	1.95	2.23	2.42	2.52	2.53	2.63	2.62	2.68
Non-Cash Adjustments To Reconcile Net Income	-2.54	-0.96	3.30	0.11	5.81	12	-3.99	2.50	7.93	1.02	-1.90
Changes in Operating Assets and Liabilities, net	1.38	-2.42	1.56	-4.25	-0.57	7.39	-8.93	6.80	-3.94	2.99	-8.48
Net Cash From Investing Activities	11	45	53	-53	34	74	-50	-33	39	4.52	39
Net Cash From Continuing Investing Activities	11	45	53	-53	34	74	-50	-33	39	4.52	39
Purchase of Property, Plant & Equipment	-4.49	-3.48	-6.76	-3.70	-1.52	-0.23	-0.92	-0.80	-0.43	-0.71	-0.33
Purchase of Investments	-44	-101	0.00	-134	-55	-26	-104	-58	-33	-43	-32
Sale and/or Maturity of Investments	60	150	60	85	90	101	56	25	72	52	71
Net Cash From Financing Activities	0.08	3.12	0.02	0.11	0.25	0.63	0.01	-0.35	-1.67	0.05	-2.01
Net Cash From Continuing Financing Activities	0.08	3.12	0.02	0.11	0.25	0.63	0.01	-0.35	-1.67	0.05	-2.01
Other Financing Activities, net	0.08	3.12	0.02	0.11	0.25	0.63	0.01	-0.35	-0.06	0.05	-2.01
Effect of Exchange Rate Changes	-0.07	0.11	-0.37	-0.13	0.21	-0.40	-0.08	0.28	-0.02	0.15	0.04

This table presents SES AI's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	0.57	193	440	407	330	273
Total Current Assets	0.16	170	397	349	277	216
Cash & Equivalents	0.16	160	107	86	129	30
Short-Term Investments	-	0.00	283	247	134	170
Accounts Receivable	-	7.91	2.38	3.91	0.95	4.78
Inventories, net	-	0.00	0.38	0.56	0.21	5.15
Prepaid Expenses	0.00	1.56	3.79	12	13	6.71
Plant, Property, & Equipment, net	0.00	12	28	38	38	29
Total Noncurrent Assets	0.41	11	16	20	15	28
Goodwill	-	-	-	-	0.00	13
Intangible Assets	-	1.63	1.47	1.35	1.22	2.81
Noncurrent Deferred & Refundable Income Taxes	-	-	0.00	1.06	1.34	1.52
Other Noncurrent Operating Assets	0.41	9.26	15	18	12	9.90
Total Liabilities & Shareholders' Equity	0.57	193	440	407	330	273
Total Liabilities	0.58	12	49	48	51	58
Total Current Liabilities	0.58	11	19	20	23	24
Short-Term Debt	0.50	-	-	-	-	1.09
Accounts Payable	0.01	4.71	6.19	4.83	1.90	5.69
Accrued Expenses	0.07	6.27	11	13	18	15
Other Current Liabilities	-	0.00	1.90	2.40	2.59	2.30
Total Noncurrent Liabilities	0.00	0.75	30	28	29	34
Other Noncurrent Operating Liabilities	0.00	0.75	30	28	29	34
Commitments & Contingencies	0.00	0.00	0.00	0.00	-	0.00
Total Equity & Noncontrolling Interests	-0.01	-88	392	359	278	215
Total Preferred & Common Equity	-0.01	-88	392	359	278	215
Total Common Equity	-0.01	-88	392	359	278	215
Common Stock	0.03	5.60	538	559	579	588
Retained Earnings	-0.03	-94	-145	-199	-299	-372
Accumulated Other Comprehensive Income / (Loss)	-	0.37	-1.25	-1.61	-2.23	-1.73

This table presents SES AI's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	403	386	368	350	306	290	289	254
Total Current Assets	352	327	310	291	256	243	230	201
Cash & Equivalents	50	130	55	67	56	12	35	47
Short-Term Investments	292	189	240	207	184	217	179	131
Accounts Receivable	2.48	1.22	0.59	2.56	1.51	3.01	3.37	8.18
Inventories, net	0.60	0.43	0.52	0.32	0.16	0.11	3.66	6.96
Prepaid Expenses	6.88	6.71	14	15	15	11	9.32	7.75
Plant, Property, & Equipment, net	35	40	41	42	36	34	31	26
Total Noncurrent Assets	16	19	17	16	14	13	27	27
Goodwill	-	-	-	-	-	-	13	13
Intangible Assets	1.38	1.31	1.28	1.25	1.19	1.15	2.87	2.75
Noncurrent Deferred & Refundable Income Taxes	-	1.06	1.06	1.06	1.34	1.34	1.37	1.52
Other Noncurrent Operating Assets	15	16	15	14	11	11	11	9.09
Total Liabilities & Shareholders' Equity	403	386	368	350	306	290	289	254
Total Liabilities	40	38	37	41	36	41	61	50
Total Current Liabilities	16	14	14	19	16	20	28	29
Short-Term Debt	-	-	-	-	-	-	-	8.03
Accounts Payable	5.82	2.76	2.36	2.23	1.81	1.98	4.78	5.92
Accrued Expenses	7.84	8.75	9.12	14	12	15	17	14
Other Current Liabilities	2.14	2.44	2.47	2.62	2.63	2.73	2.26	1.60
Total Noncurrent Liabilities	24	25	23	21	20	22	33	21
Other Noncurrent Operating Liabilities	24	25	23	21	20	22	33	21
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	364	347	332	309	270	249	228	203
Total Preferred & Common Equity	364	347	332	309	270	249	228	203
Total Common Equity	364	347	332	309	270	249	228	203
Common Stock	554	564	568	575	583	586	586	588
Retained Earnings	-188	-214	-234	-264	-311	-334	-355	-384
Accumulated Other Comprehensive Income / (Loss)	-2.78	-2.37	-2.52	-1.35	-2.21	-2.54	-3.16	-1.24

This table displays calculated financial ratios and metrics derived from SES AI's official financial filings.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	34,500,000.00	349,825,206.00	351,729,372.00	-	365,071,760.00
DEI Adjusted Shares Outstanding	0.00	34,500,000.00	349,825,206.00	351,729,372.00	-	365,071,760.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	-0.91	-0.15	-0.15	-	-0.20
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	0.00%	929.41%
EBITDA Growth	0.00%	-150.21%	-73.99%	-22.61%	-63.20%	32.68%
EBIT Growth	0.00%	-131.54%	-73.07%	-26.82%	-62.16%	28.59%
NOPAT Growth	0.00%	-130.21%	-148.62%	1.78%	-39.78%	24.38%
Net Income Growth	0.00%	-125.03%	-63.15%	-4.72%	-87.61%	27.09%
EPS Growth	0.00%	-121.74%	64.71%	5.56%	-82.35%	29.03%
Operating Cash Flow Growth	0.00%	-172.42%	-55.05%	-21.32%	-17.15%	11.69%
Free Cash Flow Firm Growth	0.00%	0.00%	16.58%	-121.34%	17.58%	11.34%
Invested Capital Growth	0.00%	6,283.04%	-93.11%	1,720.33%	-40.51%	2.85%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	13.65%
EBITDA Q/Q Growth	0.00%	0.00%	1.01%	-7.33%	-24.06%	20.75%
EBIT Q/Q Growth	0.00%	0.00%	-0.20%	-7.69%	-22.99%	18.47%
NOPAT Q/Q Growth	0.00%	0.00%	-13.18%	2.09%	-11.44%	12.17%
Net Income Q/Q Growth	0.00%	0.00%	3.33%	-4.11%	-31.14%	19.34%
EPS Q/Q Growth	0.00%	0.00%	47.06%	-21.43%	-29.17%	21.43%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	6.99%	-7.28%	0.34%	3.13%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-1.75%	20.44%	-31.06%
Invested Capital Q/Q Growth	0.00%	0.00%	253.10%	22.93%	-55.67%	14.27%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	0.00%	63.14%	53.84%
EBITDA Margin	0.00%	0.00%	0.00%	0.00%	-5,231.62%	-342.15%
Operating Margin	0.00%	0.00%	0.00%	0.00%	-5,355.29%	-393.40%
EBIT Margin	0.00%	0.00%	0.00%	0.00%	-5,638.87%	-391.18%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	0.00%	-4,911.03%	-347.81%
Tax Burden Percent	100.05%	100.08%	102.52%	98.43%	100.19%	100.32%
Interest Burden Percent	99.46%	96.63%	88.92%	76.48%	86.93%	88.63%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	-361.83%	-361.64%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	-353.86%	-355.04%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	330.39%	332.01%
Return on Equity (ROE)	177,585.99%	-34.42%	-17.79%	-14.23%	-31.44%	-29.63%
Cash Return on Invested Capital (CROIC)	0.00%	-402.70%	-319.21%	-570.52%	-311.03%	-364.45%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	-31.23%	-27.27%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	-27.20%	-24.25%
Return on Common Equity (ROCE)	177,585.99%	16.74%	-9.41%	-14.23%	-31.44%	-29.63%
Return on Equity Simple (ROE_SIMPLE)	0.00%	35.39%	-13.02%	-14.88%	-36.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-9.73	-22	-56	-55	-76	-58
NOPAT Margin	0.00%	0.00%	0.00%	0.00%	-3,748.71%	-275.38%
Net Nonoperating Expense Percent (NNEP)	1,227.21%	-11.05%	1.71%	0.36%	-7.97%	-6.60%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-15.24%	-27.48%	-26.79%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	36.86%	46.16%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	1,882.11%	127.98%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	3,536.32%	319.26%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	5,418.43%	447.24%
Earnings before Interest and Taxes (EBIT)	-14	-32	-56	-71	-115	-82
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-12	-31	-53	-65	-107	-72
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	2.81	1.79	2.84	3.06
Price to Tangible Book Value (P/TBV)	0.00	0.00	2.83	1.80	2.85	3.31
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	387.10	31.29
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	605.42	21.43	488.92	11.74	33.44	28.28
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	258.40	21.84
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	-63.93	0.00	0.00	0.00	0.00	0.01
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-43.31	-0.88	-0.96	-0.96	-0.93	-0.94
Leverage Ratio	-73.43	1.07	1.11	1.13	1.16	1.22
Compound Leverage Factor	-73.03	1.03	0.98	0.86	1.00	1.08
Debt to Total Capital	101.59%	0.00%	0.00%	0.00%	0.00%	0.51%
Short-Term Debt to Total Capital	101.59%	0.00%	0.00%	0.00%	0.00%	0.51%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	148.63%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-1.59%	-48.63%	100.00%	100.00%	100.00%	99.49%
Debt to EBITDA	-0.04	0.00	0.00	0.00	0.00	-0.02
Net Debt to EBITDA	-0.03	0.00	0.00	0.00	0.00	2.76
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	-0.05	0.00	0.00	0.00	0.00	-0.02
Net Debt to NOPAT	-0.03	0.00	0.00	0.00	0.00	3.43
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	124.98	17.31	13.67	7.78	7.72	4.83
Noncontrolling Interest Sharing Ratio	0.00%	148.64%	47.10%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.28	15.47	20.49	17.13	12.14	8.95
Quick Ratio	0.28	15.33	20.28	16.52	11.55	8.46
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-43	-36	-80	-66	-58
Operating Cash Flow to CapEx	-1,121.08%	-335.06%	-317.32%	-357.88%	-541.42%	-2,042.06%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.01	0.07
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.84	7.33
Inventory Turnover	0.00	0.00	0.00	0.00	1.95	3.61
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.05	0.63
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.22	2.55
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	434.87	49.82
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	186.87	101.03
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	1,633.52	143.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	-1,011.78	7.85
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.33	21	1.46	27	16	16
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.10	1.31
Increase / (Decrease) in Invested Capital	0.00	21	-20	25	-11	0.45
Enterprise Value (EV)	200	453	712	311	527	459
Market Capitalization	200	343	1,102	644	790	657
Book Value per Share	$0.00	($2.56)	$1.12	$1.02	$0.77	$0.59
Tangible Book Value per Share	$0.00	($2.61)	$1.12	$1.02	$0.77	$0.54
Total Capital	0.49	182	392	359	278	216
Total Debt	0.50	0.00	0.00	0.00	0.00	1.09
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	0.34	-160	-390	-332	-263	-199
Capital Expenditures (CapEx)	0.98	8.95	15	16	12	2.86
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.08	-1.51	-13	-4.17	-8.46	-6.42
Debt-free Net Working Capital (DFNWC)	0.08	159	377	328	254	193
Net Working Capital (NWC)	-0.42	159	377	328	254	192
Net Nonoperating Expense (NNE)	4.16	8.85	-4.71	-1.31	24	15
Net Nonoperating Obligations (NNO)	0.34	-160	-390	-332	-263	-199
Total Depreciation and Amortization (D&A)	1.71	1.66	2.60	5.54	8.31	10
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	-414.46%	-30.57%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	12,455.34%	920.06%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	12,455.34%	914.86%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.68)	($0.18)	($0.17)	($0.31)	($0.22)
Adjusted Weighted Average Basic Shares Outstanding	0.00	347.87M	288.30M	315.05M	321.82M	330.92M
Adjusted Diluted Earnings per Share	$0.00	($0.68)	($0.18)	($0.17)	($0.31)	($0.22)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	347.87M	288.30M	315.05M	321.82M	330.92M
Adjusted Basic & Diluted Earnings per Share	$0.00	($0.68)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	33.72M	349.81M	354.96M	364.66M	366.62M
Normalized Net Operating Profit after Tax (NOPAT)	-9.73	-22	-56	-55	-76	-58
Normalized NOPAT Margin	0.00%	0.00%	0.00%	0.00%	-3,748.71%	-275.38%
Pre Tax Income Margin	0.00%	0.00%	0.00%	0.00%	-4,901.81%	-346.71%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-10.67%	0.00%	0.00%	0.00%	-2.20%

This table displays calculated financial ratios and metrics derived from SES AI's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	351,310,471.00	351,729,372.00	351,729,372.00	357,012,056.00	357,537,589.00	-	364,659,859.00	366,853,262.00	365,720,821.00	365,071,760.00	366,623,790.00
DEI Adjusted Shares Outstanding	351,310,471.00	351,729,372.00	351,729,372.00	357,012,056.00	357,537,589.00	-	364,659,859.00	366,853,262.00	365,720,821.00	365,071,760.00	366,623,790.00
DEI Earnings Per Adjusted Shares Outstanding	-0.04	-0.03	-0.04	-0.06	-0.08	-	-0.03	-0.06	-0.06	-0.05	-0.03
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	123.63%	15.85%
EBITDA Growth	38.05%	-42.87%	7.11%	-41.04%	-98.64%	-139.00%	29.32%	0.13%	34.34%	52.87%	14.94%
EBIT Growth	33.30%	-44.28%	3.47%	-42.07%	-93.06%	-130.27%	22.66%	-2.33%	30.88%	48.96%	11.38%
NOPAT Growth	10.92%	8.53%	1.58%	-27.79%	-76.77%	-62.59%	-9.41%	6.58%	45.50%	39.30%	23.22%
Net Income Growth	44.62%	-24.36%	4.12%	-53.67%	-124.05%	-221.26%	20.09%	-13.84%	30.70%	50.68%	2.69%
EPS Growth	50.00%	-300.00%	0.00%	-50.00%	-125.00%	-175.00%	20.00%	-16.67%	33.33%	54.55%	0.00%
Operating Cash Flow Growth	-34.98%	-44.01%	41.67%	-42.79%	-74.42%	1.81%	-154.29%	51.02%	37.06%	15.34%	13.28%
Free Cash Flow Firm Growth	-115.86%	-731.31%	42.56%	-49.05%	-5.26%	74.32%	47.57%	101.01%	121.92%	-32.88%	9.82%
Invested Capital Growth	2,367.09%	1,720.33%	196.22%	105.24%	64.96%	-40.51%	5.10%	-44.74%	-60.10%	2.85%	11.63%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	183.97%	-39.12%	101.81%	-35.91%	47.11%
EBITDA Q/Q Growth	-2.31%	6.06%	-19.55%	-22.75%	-44.09%	-13.02%	64.64%	-73.45%	5.27%	18.87%	36.20%
EBIT Q/Q Growth	-4.25%	5.49%	-18.29%	-21.89%	-41.68%	-12.72%	60.27%	-61.28%	4.30%	16.76%	31.02%
NOPAT Q/Q Growth	-0.45%	7.43%	-18.71%	-15.78%	-38.94%	14.86%	20.11%	1.14%	18.94%	5.17%	-1.04%
Net Income Q/Q Growth	-4.05%	20.19%	-44.68%	-27.90%	-51.71%	-14.44%	64.01%	-82.20%	7.64%	18.56%	28.99%
EPS Q/Q Growth	0.00%	0.00%	-25.00%	-20.00%	-50.00%	-22.22%	63.64%	-75.00%	14.29%	16.67%	20.00%
Operating Cash Flow Q/Q Growth	15.80%	3.91%	28.28%	-146.04%	-2.86%	45.91%	-85.76%	52.61%	-32.16%	27.23%	-90.26%
Free Cash Flow Firm Q/Q Growth	-48.81%	-4.24%	9.93%	-6.68%	-5.09%	74.56%	-83.85%	102.06%	2,172.52%	-254.21%	-24.77%
Invested Capital Q/Q Growth	20.19%	22.93%	8.03%	28.59%	-3.40%	-55.67%	90.87%	-32.39%	-30.26%	14.27%	107.15%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	0.00%	0.00%	63.14%	78.66%	73.72%	51.08%	11.27%	18.10%
EBITDA Margin	0.00%	0.00%	0.00%	0.00%	0.00%	-1,744.46%	-217.19%	-618.74%	-290.45%	-367.67%	-159.47%
Operating Margin	0.00%	0.00%	0.00%	0.00%	0.00%	-1,428.09%	-401.74%	-652.31%	-262.00%	-387.66%	-266.26%
EBIT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	-1,862.84%	-260.62%	-690.39%	-327.37%	-425.19%	-199.37%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	0.00%	0.00%	-1,693.38%	-214.60%	-642.22%	-293.90%	-373.45%	-180.27%
Tax Burden Percent	101.57%	87.54%	101.28%	100.48%	100.46%	99.30%	100.03%	103.04%	99.49%	98.08%	103.54%
Interest Burden Percent	75.97%	74.44%	78.68%	83.21%	89.13%	91.54%	82.32%	90.28%	90.24%	89.55%	87.32%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	-96.49%	-75.02%	-181.48%	-136.22%	-356.36%	-128.29%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	-91.73%	-76.40%	-178.98%	-132.99%	-354.34%	-128.49%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	85.65%	69.13%	161.36%	120.68%	331.36%	111.20%
Return on Equity (ROE)	-13.54%	-14.23%	-14.45%	-16.90%	-22.70%	-10.84%	-5.89%	-20.12%	-15.54%	-25.00%	-17.10%
Cash Return on Invested Capital (CROIC)	-363.59%	-570.52%	-383.50%	-281.61%	-289.29%	-311.03%	-270.19%	-210.86%	-178.75%	-364.45%	-180.72%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	0.00%	-10.32%	-5.90%	-23.81%	-18.94%	-29.64%	-15.62%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	0.00%	-9.38%	-4.86%	-22.15%	-17.01%	-26.04%	-14.12%
Return on Common Equity (ROCE)	-13.54%	-14.23%	-14.45%	-16.90%	-22.70%	-10.84%	-5.89%	-20.12%	-15.54%	-25.00%	-17.10%
Return on Equity Simple (ROE_SIMPLE)	-14.10%	0.00%	-15.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-14	-13	-15	-17	-24	-20	-16	-16	-13	-12	-13
NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	-999.66%	-281.22%	-456.62%	-183.40%	-271.36%	-186.39%
Net Nonoperating Expense Percent (NNEP)	0.02%	0.50%	-0.19%	-0.82%	-2.02%	-4.76%	1.38%	-2.50%	-3.23%	-2.02%	0.20%
Return On Investment Capital (ROIC_SIMPLE)	-	-3.49%	-4.29%	-5.20%	-7.74%	-7.33%	-6.04%	-6.46%	-5.72%	-5.74%	-5.92%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	36.86%	21.34%	26.28%	48.92%	88.73%	81.90%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	467.65%	126.36%	184.86%	93.57%	139.76%	120.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	1,023.58%	354.05%	541.17%	219.51%	259.16%	164.37%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	1,491.23%	480.41%	726.03%	313.08%	398.93%	284.37%
Earnings before Interest and Taxes (EBIT)	-17	-17	-20	-24	-34	-38	-15	-24	-23	-19	-13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-16	-15	-18	-22	-31	-36	-13	-22	-21	-17	-11
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.19	1.79	1.70	1.35	0.74	2.84	0.70	1.31	2.68	3.06	1.74
Price to Tangible Book Value (P/TBV)	2.20	1.80	1.71	1.35	0.74	2.85	0.71	1.31	2.87	3.31	1.88
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	387.10	24.24	28.69	33.05	31.29	16.09
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	21.12	11.74	9.50	4.12	0.00	33.44	0.00	4.77	27.96	28.28	5.45
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	258.40	0.00	8.54	21.47	21.84	8.35
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.04
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.97	-0.96	-0.95	-0.92	-0.92	-0.93	-0.90	-0.90	-0.91	-0.94	-0.87
Leverage Ratio	1.12	1.13	1.12	1.11	1.12	1.16	1.12	1.13	1.19	1.22	1.18
Compound Leverage Factor	0.85	0.84	0.88	0.93	1.00	1.06	0.92	1.02	1.07	1.09	1.03
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.51%	3.80%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.51%	3.80%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	99.49%	96.20%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.02	-0.11
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.76	2.42
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.02	-0.15
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.43	3.14
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	12.31	8.22	9.24	7.14	2.94	8.49	2.53	3.82	4.97	5.59	2.81
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	22.28	17.13	23.46	22.22	15.24	12.14	15.61	12.46	8.23	8.95	6.86
Quick Ratio	21.81	16.52	22.95	21.16	14.44	11.55	14.71	11.89	7.76	8.46	6.36
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-36	-38	-34	-36	-38	-9.66	-18	0.37	8.32	-13	-16
Operating Cash Flow to CapEx	-289.90%	-359.53%	-132.86%	-597.73%	-1,495.92%	-5,275.54%	-2,492.69%	-1,345.90%	-3,357.04%	-1,461.66%	-6,000.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.01	0.02	0.03	0.06	0.07	0.08
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.84	5.75	6.31	6.23	7.33	4.52
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	1.95	6.86	9.21	3.22	3.61	3.92
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.05	0.21	0.30	0.51	0.63	0.70
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.22	0.87	1.34	1.82	2.55	3.61
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	434.87	63.49	57.82	58.63	49.82	80.69
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	186.87	53.24	39.63	113.49	101.03	93.06
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	1,633.52	419.90	271.97	200.10	143.00	101.12
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	-1,011.78	-303.16	-174.52	-27.99	7.85	72.64
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	22	27	29	37	36	16	30	20	14	16	34
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.00	0.10	0.27	0.40	0.74	1.31	0.69
Increase / (Decrease) in Invested Capital	23	25	19	19	14	-11	1.46	-16	-21	0.45	3.50
Enterprise Value (EV)	455	311	272	152	-45	527	-50	97	397	459	183
Market Capitalization	797	644	591	446	229	790	190	326	611	657	353
Book Value per Share	$1.04	$1.02	$1.09	$0.93	$0.87	$0.77	$0.74	$0.68	$0.62	$0.59	$0.55
Tangible Book Value per Share	$1.03	$1.02	$1.09	$0.93	$0.86	$0.77	$0.74	$0.68	$0.58	$0.54	$0.51
Total Capital	364	359	347	332	309	278	270	249	228	216	211
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.09	8.03
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-342	-332	-319	-295	-274	-263	-240	-229	-214	-199	-170
Capital Expenditures (CapEx)	4.49	3.48	6.76	3.70	1.52	0.23	0.92	0.80	0.43	0.71	0.33
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5.85	-4.17	-5.59	1.43	-1.36	-8.46	-0.08	-5.42	-12	-6.42	1.68
Debt-free Net Working Capital (DFNWC)	336	328	313	296	272	254	240	223	202	193	179
Net Working Capital (NWC)	336	328	313	296	272	254	240	223	202	192	171
Net Nonoperating Expense (NNE)	-0.08	-1.79	0.67	2.66	6.23	14	-3.86	6.55	7.87	4.66	-0.41
Net Nonoperating Obligations (NNO)	-342	-332	-319	-295	-274	-263	-240	-229	-214	-199	-170
Total Depreciation and Amortization (D&A)	1.61	1.61	1.72	1.95	2.23	2.42	2.52	2.53	2.63	2.62	2.68
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	-414.46%	-0.98%	-47.69%	-63.07%	-30.57%	7.65%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	12,455.34%	3,059.94%	1,967.10%	1,095.12%	920.06%	818.30%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	12,455.34%	3,059.94%	1,967.10%	1,095.12%	914.86%	781.69%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.04)	($0.04)	($0.05)	($0.06)	($0.09)	($0.11)	($0.04)	($0.07)	($0.06)	($0.05)	($0.04)
Adjusted Weighted Average Basic Shares Outstanding	315.63M	315.05M	318.79M	320.83M	322.03M	321.82M	329.33M	331.73M	331.34M	330.92M	332.84M
Adjusted Diluted Earnings per Share	($0.04)	($0.04)	($0.05)	($0.06)	($0.09)	($0.11)	($0.04)	($0.07)	($0.06)	($0.05)	($0.04)
Adjusted Weighted Average Diluted Shares Outstanding	315.63M	315.05M	318.79M	320.83M	322.03M	321.82M	329.33M	331.73M	331.34M	330.92M	332.84M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	351.73M	354.96M	357.01M	357.54M	360.58M	364.66M	366.85M	365.72M	365.07M	366.62M	369.28M
Normalized Net Operating Profit after Tax (NOPAT)	-14	-13	-15	-17	-24	-20	-16	-16	-13	-12	-13
Normalized NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	-999.66%	-281.22%	-456.62%	-183.40%	-271.36%	-186.39%
Pre Tax Income Margin	0.00%	0.00%	0.00%	0.00%	0.00%	-1,705.29%	-214.53%	-623.28%	-295.42%	-380.75%	-174.10%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2.20%	0.00%

Financials Breakdown Chart

Key Financial Trends

SES AI’s latest quarter shows improving revenue, but the business is still burning cash and remains far from profitability. In Q1 2026, revenue rose to $6.7 million from $4.6 million in Q4 2025 and $5.8 million in Q1 2025, while gross profit improved to $1.2 million. However, operating expenses were still much larger than gross profit, leading to a $17.9 million operating loss and a $12.1 million net loss.

One notable positive is liquidity. SES ended Q1 2026 with $46.9 million in cash and equivalents plus $130.7 million in short-term investments, for about $177.7 million in near-term liquid assets. That gives the company a meaningful cushion despite ongoing losses.

Still, cash generation from operations remains a major concern. SES used $19.8 million in operating cash during Q1 2026, compared with $10.4 million in Q4 2025 and $14.3 million in Q3 2025. The company is also continuing to rely on its investment portfolio to support cash needs.

Here are the main takeaways for retail investors:

Q1 2026 revenue increased sequentially to $6.7 million, up from $4.6 million in Q4 2025.
Gross profit improved to $1.2 million, showing the company can generate positive margin on some sales.
Near-term liquidity remains strong, with about $177.7 million in cash and short-term investments at the end of Q1 2026.
Investments continued to provide cash support, helping offset operating losses.
Shares outstanding remain very high at about 333 million basic shares in Q1 2026, so future earnings dilution remains a factor.
The balance sheet still shows substantial equity at $203.2 million, though retained earnings remain deeply negative.
Depreciation is steady and relatively modest versus losses, suggesting the biggest issue is operating scale rather than fixed-asset write-downs.
Operating loss widened to $17.9 million in Q1 2026, indicating expenses are still far above gross profit.
Net loss was $12.1 million in Q1 2026, and the company has now posted losses for multiple consecutive quarters.
Operating cash flow was negative $19.8 million in Q1 2026, highlighting ongoing cash burn from core operations.

Trend-wise, SES has improved revenue from the very weak periods seen in 2024, when some quarters reported no revenue at all. That is encouraging. But the company’s cost structure is still too large for its current sales base, and operating losses have remained consistently heavy across the last several quarters.

Bottom line: SES AI appears to have enough liquidity to keep operating in the near term, and revenue is trending in the right direction. But until the company shows sustained revenue growth and a clearer path to positive operating cash flow, the stock still carries elevated execution risk.

07/05/26 05:53 PM ETAI Generated. May Contain Errors.

SES AI Financials - Frequently Asked Questions

According to the most recent income statement we have on file, SES AI's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

SES AI's net income appears to be on an upward trend, with a most recent value of -$73.04 million in 2025, rising from -$13.89 million in 2020. The previous period was -$100.19 million in 2024. See where experts think SES AI is headed by visiting SES AI's forecast page.

SES AI's total operating income in 2025 was -$82.61 million, based on the following breakdown:

Total Gross Profit: $11.31 million
Total Operating Expenses: $93.92 million

Over the last 5 years, SES AI's total revenue changed from $0.00 in 2020 to $21 million in 2025, a change of 2,100,000,000.0%.

SES AI's total liabilities were at $57.89 million at the end of 2025, a 12.5% increase from 2024, and a 9,844.7% increase since 2020.

In the past 5 years, SES AI's cash and equivalents has ranged from $161.27 thousand in 2020 to $160.50 million in 2021, and is currently $29.54 million as of their latest financial filing in 2025.

Over the last 5 years, SES AI's book value per share changed from 0.00 in 2020 to 0.59 in 2025, a change of -588,400.0%.

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Financial statements for NYSE:SES last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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SES AI (SES) Financials

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SES AI (SES) Financials

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Quarterly Metrics And Ratios for SES AI

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Key Financial Trends

SES AI Financials - Frequently Asked Questions

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How has SES AI's revenue changed over the last 5 years?

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