The company is transitioning from R&D to commercialization with multiple revenue streams emerging. The strong guidance and liquidity position suggest the company is well-positioned for growth. Traders should monitor execution on the drone cell conversion and expansion into the North American ESS market.
Price Chart
Executive Summary
SES AI reported strong 2025 financial results with $21 million in revenue, a nearly 10-fold increase from 2024, driven by final contributions from Honda and Hyundai EV development work and revenue from the UZ Energy acquisition. The company guided for 43-67% revenue growth in 2026 to $30-35 million, with improved operating expenses and a strong $200 million liquidity position. Key growth drivers include energy storage systems, drone batteries, and materials discovery through its Molecular Universe AI platform.
Key Financial Metrics
Key Facts
- 2025 revenue was $21 million, up nearly 10-fold from $2.04 million in 2024
- Q4 2025 revenue was $4.6 million, up 124% year-over-year
- 2026 revenue guidance is $30-35 million, representing 43-67% growth
- Exited 2025 with $200 million in liquidity
- Operating expenses decreased 15% year-over-year in 2025
- Signed $20 million contract with major distributor for energy storage systems
Financial Impact
Revenue growth from $2.04M in 2024 to $21M in 2025, with guidance for $30-35M in 2026
Segment Breakdown
| Segment |
|---|
| Energy Storage Systems |
| Drones |
| Materials |
Risk Factors
- Revenue growth in 2025 was partially driven by one-time contributions from OEM services contracts
- The company continues to report net losses, though improving
- Execution risk in scaling new business units
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001819142-26-000009 |
| Document: ses-20260304xex99d1.htm | 0001819142-26-000009 |
| Document: ses-20260304xex99d2.htm | 0001819142-26-000009 |
| Document: 0001819142-26-000009-index-headers.html | 0001819142-26-000009 |
| Document: 0001819142-26-000009-index.html | 0001819142-26-000009 |
| Document: 0001819142-26-000009.txt | 0001819142-26-000009 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 31, 2026 8w ago | 25-NSE | $0.5197 $0.5695 | ▼ −9.58% | ▼ −9.72% | $0.6430 (−23.73%) |
Jul 20, 2026 14w ago | 8-K | $0.5822 $0.5032 | ▲ +13.57% | ▲ +13.14% | $0.6430 (−10.44%) |
Apr 23, 2026 26w ago | 8-K | $0.3000 $0.0283 | ▼ −90.57% | ▼ −91.68% | $0.6430 (+114.33%) |
Apr 1, 2026 29w ago | 8-K | — | awaiting T+5 | — | — |
Mar 4, 2026 33w ago | 8-K | $1.08 $1.22 | ▲ +12.96% | ▲ +15.20% | $0.6430 (−40.46%) |
US Market Status
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