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SES AI Corporation Class A
(NYSE:SES)
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Rating:49Neutral
Price Target:
$0.72
▲(33.89% Upside)
Action:Reiterated
Date:10/02/26
The score is primarily held back by heavy ongoing losses and persistent cash burn, despite strong revenue growth and low leverage. Near-term technical momentum is supportive but looks stretched with an overbought RSI and a weaker long-term trend versus the 200-day average. Guidance reaffirmation, improving margins, and strong liquidity help, but listing-related compliance issues and execution risk around scaling and monetization keep the overall profile below average.
Positive Factors
Diversifying Commercialization
Revenue now spans ESS, drone cells, materials and Molecular Universe, while Q2 revenue rose more than 40% year over year. That broader commercialization base can reduce reliance on a single product, create multiple paths to recurring demand, and improve resilience as newer offerings scale.
Negative Factors
Persistent Cash Burn
TTM operating cash flow of about -$57.8M and free cash flow of about -$59.9M show that the business is consuming substantial cash. Unless revenue growth and margins close the gap with expenses, persistent burn could require external funding and constrain investment in commercialization.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversifying Commercialization
Revenue now spans ESS, drone cells, materials and Molecular Universe, while Q2 revenue rose more than 40% year over year. That broader commercialization base can reduce reliance on a single product, create multiple paths to recurring demand, and improve resilience as newer offerings scale.
Read all positive factors
SES AI Corporation Class A (SES) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$225.34M
Dividend YieldN/A
Average Volume (3M)27.17M
Price to Earnings (P/E)―
Beta (1Y)2.38
Revenue Growth106.54%
EPS Growth33.28%
CountryUS
Employees215
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Parts
Share Statistics
EPS (TTM)-0.20
Shares Outstanding311,994,540
10 Day Avg. Volume26,536,072
30 Day Avg. Volume27,167,671
Financial Highlights & Ratios
PEG Ratio0.28
Price to Book (P/B)2.77
Price to Sales (P/S)28.36
P/FCF Ratio-9.73
Enterprise Value/Market Cap0.74
Enterprise Value/Revenue7.12
Enterprise Value/Gross Profit25.66
Enterprise Value/Ebitda-2.92
Forecast
1Y Price Target
$1.10Price Target Upside103.70% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-0.17
Revenue Forecast (FY)$31.70M
SES AI Corporation Class A Business Overview & Revenue Model
Company Description
SES AI Corporation develops and produces AI enhanced lithium metal and lithium-ion rechargeable battery technologies for electric vehicles, urban air mobility, drones, robotics, battery energy storage systems, and other applications. It manufactur...
How the Company Makes Money
SES AI’s monetization is primarily tied to the development and commercialization of its lithium-metal battery technology. Based on publicly available company descriptions, revenue may be generated through: (1) collaboration and development arrange...
SES AI Corporation Class A Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call highlighted meaningful commercial progress: strong YoY revenue growth (~+45.7%), gross margin expansion, product and certification milestones (MU-3.0 release, Search-in-a-Box sale, Sol-Ark certification), a large cash position (~$163M), and a clear ramp plan for NDAA-compliant drone cells. Offsetting these positives were a sequential revenue decline (~-23.9% QoQ), widened GAAP and non-GAAP losses, a bad debt provision that increased quarterly expenses, and near-term capacity and monetization execution risks. Overall the company demonstrated progress toward diversified revenue streams and product commercialization while still operating at a loss and managing capacity expansion and short-term margin dynamics.Positive Updates
Year-over-Year Revenue Growth
Q2 revenue of $5.1M, up from $3.5M in Q2 2025 (≈+45.7% YoY); company stated Q2 revenue grew by more than 40% YoY.
Negative Updates
Sequential Revenue Decline
Q2 revenue declined sequentially to $5.1M from $6.7M in Q1 2026 (≈-23.9% QoQ), cited as primary reason for sequential widening of non-GAAP loss.
Read all updates
Q2-2026 Updates
Positive
Negative
Year-over-Year Revenue Growth
Q2 revenue of $5.1M, up from $3.5M in Q2 2025 (≈+45.7% YoY); company stated Q2 revenue grew by more than 40% YoY.
Read all positive updates
Company Guidance
SES AI reaffirmed full‑year 2026 revenue guidance of $30–$35 million and noted Q2 revenue of $5.1M (down from $6.7M in Q1 but up from $3.5M in Q2 2025, >40% YoY), with GAAP gross margin improving to 22.6% (from 18.1% in Q1), GAAP operating expenses of $20.3M (down 26% YoY), GAAP net loss of $17.8M ($0.05/share) and non‑GAAP net loss of $13.1M ($0.04/share), adjusted EBITDA loss of $14.6M, and cash, cash equivalents and short‑term investments of ≈$163M; management expects net loss to narrow in H2 driven by revenue pickup and sustained >20% YoY expense reductions, aims to begin 1 million NDAA‑compliant cells/year production in about one month (full speed in Q4) with meaningful Korea cell revenue in Q4 and a ramp in H1 2027, cites a 50+ NDAA customer pipeline (top five customers’ demand already >1M cells) with orders visible into 2028, remains CapEx‑light, and plans MU‑4.0 later this year.SES AI Corporation Class A Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
62
Positive
Cash Flow
23
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 23.46M | 21.00M | 2.04M | 0.00 | 0.00 | 0.00 |
| Gross Profit | 6.51M | 11.31M | 1.29M | 0.00 | 0.00 | 0.00 |
| EBITDA | -57.24M | -62.51M | -91.69M | -48.71M | -47.14M | -29.57M |
| Net Income | -67.96M | -73.04M | -100.19M | -53.40M | -50.99M | -31.25M |
Balance Sheet | ||||||
| Total Assets | 236.21M | 272.65M | 329.79M | 406.81M | 440.44M | 193.35M |
| Cash, Cash Equivalents and Short-Term Investments | 163.00M | 199.63M | 262.54M | 332.45M | 390.08M | 160.50M |
| Total Debt | 6.70M | 8.94M | 10.56M | 13.72M | 12.06M | 1.15M |
| Total Liabilities | 49.15M | 57.89M | 51.48M | 47.86M | 48.90M | 281.68M |
| Stockholders Equity | 187.06M | 214.75M | 278.31M | 358.95M | 391.54M | -88.32M |
Cash Flow | ||||||
| Free Cash Flow | -59.86M | -61.22M | -78.29M | -72.17M | -61.15M | -38.97M |
| Operating Cash Flow | -57.76M | -58.36M | -66.09M | -56.41M | -46.50M | -29.99M |
| Investing Cash Flow | 115.07M | -39.19M | 108.19M | 32.72M | -296.01M | 3.31M |
| Financing Cash Flow | -3.84M | -1.96M | 1.01M | 3.27M | 289.93M | 184.76M |
SES AI Corporation Class A Technical Analysis
Neutral
0.54
Price Trends
0.62
Positive
0.72
Positive
1.08
Negative
Market Momentum
0.03
Positive
51.73
Neutral
13.78
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SES, the sentiment is Neutral. The current price of 0.54 is below the 20-day moving average (MA) of 0.74, below the 50-day MA of 0.62, and below the 200-day MA of 1.08, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 51.73 is Neutral, neither overbought nor oversold. The STOCH value of 13.78 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SES.
SES AI Corporation Class A Risk Analysis
SES AI Corporation Class A disclosed 53 risk factors in its most recent earnings report. SES AI Corporation Class A reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SES AI Corporation Class A Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $11.93B | 28.44 | 7.37% | 1.18% | 2.17% | 111.19% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
57 Neutral | $2.26B | 15.15 | 6.44% | 1.65% | -1.13% | -47.30% | |
56 Neutral | $566.15M | -11.05 | -27.94% | ― | 163.22% | 8.70% | |
49 Neutral | $225.34M | -3.09 | -32.62% | ― | 106.54% | 33.28% | |
48 Neutral | $474.62M | -4.52 | -19.68% | ― | -51.49% | 14.04% | |
45 Neutral | $2.46B | -6.32 | -35.50% | ― | ― | 22.69% |
* Consumer Cyclical Sector Average
SES
SES AI Corporation Class A
0.73
-1.64
-69.32%
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4.15
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SES AI Corporation Class A Corporate Events
Delistings and Listing Changes
SES AI faces NYSE delisting of public warrants
Negative
Aug 14, 2026
On August 13, 2026, SES AI Corporation received notice that the New York Stock Exchange will commence proceedings to delist the company’s publicly traded warrants and has immediately suspended trading in those warrants due to abnormally low ...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
SES AI adds expert director to bolster ESS strategy
Positive
Aug 11, 2026
On August 6, 2026, SES appointed Generac senior vice president and former Flex Power CTO Paul Diemer as an independent Class II director, adding deep power systems and data center expertise to guide its ESS strategy. In its second-quarter 2026 sha...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.