$SES

SES AI Corp

CIK:0001819142|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue from contracts with customers:
Revenue	$ 5,072	$ 3,527	$ 11,783	$ 9,320
Cost of revenues	3,925	927	9,421	2,163
Gross profit	1,147	2,600	2,362	7,157
Operating expenses:
Research and development	11,362	19,087	22,393	39,597
General and administrative	8,981	6,520	17,034	13,840
Total operating expenses	20,343	25,607	39,427	53,437
Loss from operations	(19,196)	(23,007)	(37,065)	(46,280)
Other income (expense):
Interest income	1,470	2,367	3,166	5,037
Gain (Loss) on change in fair value of Sponsor Earn-Out liabilities	16	(1,443)	4,224	6,436
Miscellaneous (expense) income, net	(63)	100	218	396
Total other income, net	1,423	1,024	7,608	11,869
Loss before income taxes	(17,773)	(21,983)	(29,457)	(34,411)
Provision from income taxes	(132)	(668)	(546)	(672)
Net loss	(17,905)	(22,651)	(30,003)	(35,083)
Less: Net income attributable to non-controlling interests	2		2
Net loss attributable to SES	(17,903)	(22,651)	(30,001)	(35,083)
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustment	27	(283)	739	(236)
Unrealized loss on short-term investments	(55)	(55)	(280)	(75)
Total other comprehensive (loss) income, net of tax	(28)	(338)	459	(311)
Total comprehensive loss	$ (17,931)	$ (22,989)	$ (29,542)	$ (35,394)
Net loss per share attributable to common stockholders - basic (in dollars per share)	$ (0.05)	$ (0.07)	$ (0.09)	$ (0.11)
Net loss per share attributable to common stockholders - diluted (in dollars per share)	$ (0.05)	$ (0.07)	$ (0.09)	$ (0.11)
Weighted-average shares outstanding, basic (in shares)	336,324,962	331,731,923	334,592,319	330,539,801
Weighted-average shares outstanding, diluted (in shares)	336,324,962	331,731,923	334,592,319	330,539,801

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities
Net loss	$ (30,003)	$ (35,083)
Adjustments to reconcile net loss to net cash used in operating activities:
Gain from change in fair value of Sponsor Earn-Out liabilities	(4,224)	(6,436)
Stock-based compensation	4,102	6,686
Depreciation and amortization	5,365	5,043
Gain from change in fair value of deferred consideration	(1,044)
Accretion income from available-for-sale short-term investments	(839)	(1,734)
Other	676	103
Changes in operating assets and liabilities:
Accounts receivable	(2,864)	(2,059)
Inventories	(3,103)	103
Prepaid expenses and other assets	54	2,338
Right-of-use assets	1,273	1,272
Accounts payable	149	(25)
Lease liabilities	(1,394)	(1,350)
Accrued expenses and other liabilities	(1,775)	(2,512)
Net cash used in operating activities	(33,627)	(33,654)
Cash Flows From Investing Activities
Purchases of property and equipment	(986)	(1,720)
Purchase of short-term investments	(31,990)	(162,267)
Proceeds from the maturities of short-term investments	103,581	80,800
Net cash provided by (used in) investing activities	70,605	(83,187)
Cash Flows From Financing Activities
Payments for taxes withheld on vesting of restricted stock	(2,429)	(358)
Proceeds from stock option exercises	176	13
Net cash used in financing activities	(2,253)	(345)
Effect of exchange rates on cash	(175)	199
Net increase (decrease) in cash, cash equivalents and restricted cash	34,550	(116,987)
Cash, cash equivalents and restricted cash at beginning of period	30,213	129,395
Cash, cash equivalents and restricted cash at end of period	64,763	12,408
Supplemental Cash and Non-Cash Information:
Accounts payable and accrued expenses related to purchases of property and equipment	$ 327	$ 1,005

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 64,136	$ 29,541
Short-term investments	98,862	170,091
Accounts receivable	7,749	4,783
Inventories	8,435	5,154
Prepaid expenses and other assets	6,808	6,707
Total current assets	185,990	216,276
Property and equipment, net	24,225	28,866
Goodwill	13,272	13,272
Intangible assets, net	2,689	2,809
Right-of-use assets, net	6,356	7,638
Deferred tax assets	1,522	1,521
Other assets, non-current	2,159	2,264
Total assets	236,213	272,646
Current Liabilities
Accounts payable	5,617	5,694
Operating lease liabilities	1,629	2,298
Deferred consideration, current	7,966	1,093
Accrued expenses and other liabilities	13,316	15,071
Total current liabilities	28,528	24,156
Sponsor Earn-Out liabilities	3,571	7,795
Operating lease liabilities, non-current	5,074	5,813
Unearned government grant	8,567	9,042
Deferred consideration, non-current		7,677
Other liabilities, non-current	3,412	3,408
Total liabilities	49,152	57,891
Commitments and contingencies (Note 10)
Stockholders' Equity
Common stock: Class A shares, $0.0001 par value, 2,100,000,000 shares authorized; 327,266,996 and 321,551,078 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; Class B shares, $0.0001 par value, 200,000,000 shares authorized; 43,881,251 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	37	37
Additional paid-in capital	590,203	588,355
Accumulated deficit	(401,914)	(371,911)
Accumulated other comprehensive loss	(1,267)	(1,726)
Total stockholders' equity attributable to SES	187,059	214,755
Non-controlling interests	2
Total equity	187,061	214,755
Total liabilities and stockholders' equity	$ 236,213	$ 272,646