SES AI Financials
SES AI (SES) reported $21.0M in revenue for fiscal year 2025, up 929.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
SES AI remains a balance-sheet-funded R&D business, with early revenue scaling improving losses faster than operations fund themselves.
FY2025 revenue rose to$21.0M from$2.0M in FY2024, but R&D still ran at more than 3x sales. That left free cash outflow at$61.2M against only$29.5M of cash, showing commercialization improved scale without making the business self-funding.
Operating loss narrowed to
No long-term debt was reported, and liabilities stayed modest at
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of SES AI's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
SES AI's reported operating margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 12/100.
SES AI's revenue surged 929.4% year-over-year to $21.0M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
SES AI carries a low D/E ratio of 0.27, meaning only $0.27 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 70/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 8.95, SES AI holds $8.95 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 96/100.
SES AI's reported free cash flow margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 1/100.
SES AI posts a -34.0% return on equity (ROE), meaning it loses $34 for every $100 of shareholders' equity. This results in a returns score of 37/100. This is up from -36.0% the prior year.
SES AI scores 0.07, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($198.9M) relative to total liabilities ($57.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
SES AI passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
SES AI reported a net loss of $73.0M while operations used $58.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
SES AI generated $21.0M in revenue in fiscal year 2025. This represents an increase of 929.4% from the prior year.
SES AI's EBITDA was -$72.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 28.4% from the prior year.
SES AI reported -$73.0M in net income in fiscal year 2025. This represents an increase of 27.1% from the prior year.
SES AI earned -$0.22 per diluted share (EPS) in fiscal year 2025. This represents an increase of 29.0% from the prior year.
Cash & Balance Sheet
SES AI recorded an outflow of $61.2M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 21.8% from the prior year.
SES AI held $29.5M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
SES AI's gross margin was 53.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 9.3 percentage points from the prior year.
SES AI's ROE was -34.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.0 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
SES AI invested $67.0M in research and development in fiscal year 2025. This represents a decrease of 7.1% from the prior year.
SES AI spent $1.6M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
SES AI invested $2.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 76.6% from the prior year.
SES Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | $23.5M | $21.0M+929.4% | $2.0M | N/A | N/A | N/A | N/A |
| Cost of Revenue | $17.0M | $9.7M+1189.0% | $752K | N/A | N/A | N/A | N/A |
| Gross Profit | $6.5M | $11.3M+777.9% | $1.3M | N/A | N/A | N/A | N/A |
| R&D Expenses | $49.8M | $67.0M-7.1% | $72.1M+135.2% | $30.7M+9.7% | $28.0M+80.3% | $15.5M | N/A |
| SG&A Expenses | $30.1M | $26.9M-30.0% | $38.4M-19.1% | $47.5M-8.0% | $51.6M+212.9% | $16.5M | N/A |
| Operating Income | -$73.4M | -$82.6M+24.4% | -$109.2M-39.8% | -$78.2M+1.8% | -$79.6M-148.6% | -$32.0M | N/A |
| Income Tax | $105K | $231K+22.9% | $188K+122.0% | -$853K-168.0% | $1.3M+4920.0% | $25K+257.1% | $7K |
| Net Income | -$68.0M | -$73.0M+27.1% | -$100.2M-87.6% | -$53.4M-4.7% | -$51.0M-63.2% | -$31.3M | N/A |
| EPS (Diluted) | — | -$0.22+29.0% | -$0.31-82.4% | -$0.17+5.6% | -$0.18 | -$0.51-121.7% | -$0.23 |
Not reported in any period shown, so not listed: Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SES Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $272.6M-17.3% | $329.8M-18.9% | $406.8M-7.6% | $440.4M+127.8% | $193.4M+33567.0% | $574K |
| Current Assets | $216.3M-21.9% | $276.9M-20.6% | $348.6M-12.1% | $396.6M+133.4% | $170.0M+105294.0% | $161K |
| Cash & Equivalents | $29.5M-77.1% | $128.8M+50.3% | $85.7M-19.7% | $106.6M-33.6% | $160.5M+99420.1% | $161K |
| Inventory | $5.2M+2331.1% | $212K-62.0% | $558K+45.7% | $383K | N/A | N/A |
| Accounts Receivable | $4.8M+403.5% | $950K | N/A | N/A | N/A | N/A |
| Goodwill | $13.3M | $0 | N/A | N/A | N/A | N/A |
| Total Liabilities | $57.9M+12.5% | $51.5M+7.6% | $47.9M-2.1% | $48.9M-82.6% | $281.7M+349.6% | $62.6M |
| Current Liabilities | $24.2M+5.9% | $22.8M+12.1% | $20.4M+5.2% | $19.4M+76.2% | $11.0M+1787.0% | $582K |
| Total Equity | $214.8M-22.8% | $278.3M-22.5% | $358.9M-8.3% | $391.5M+543.3% | -$88.3M-42.3% | -$62.1M |
| Retained Earnings | -$371.9M-24.4% | -$298.9M-50.4% | -$198.7M-36.8% | -$145.3M-54.1% | -$94.3M-287194.7% | -$33K |
Not reported in any period shown, so not listed: Long-Term Debt.
SES Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$58.3M | -$58.4M+11.7% | -$66.1M-17.1% | -$56.4M-21.3% | -$46.5M-55.0% | -$30.0M | N/A |
| Capital Expenditures | $2.1M | $2.9M-76.6% | $12.2M-22.6% | $15.8M+7.6% | $14.7M+63.7% | $9.0M+811.5% | $982K |
| Free Cash Flow | -$60.5M | -$61.2M+21.8% | -$78.3M-8.5% | -$72.2M-18.0% | -$61.2M-57.0% | -$38.9M | N/A |
| Investing Cash Flow | $114.6M | -$39.2M-136.2% | $108.2M+230.7% | $32.7M+111.1% | -$296.0M-9032.1% | $3.3M | N/A |
| Financing Cash Flow | -$3.9M | -$2.0M-294.2% | $1.0M-69.2% | $3.3M-98.9% | $289.9M+56.9% | $184.8M+21895.2% | $840K |
| Share Buybacks | N/A | $1.6M | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SES Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | 53.8%-9.3pp | 63.1% | N/A | N/A | N/A | N/A |
| Operating Margin | -393.4% | -5355.3% | N/A | N/A | N/A | N/A |
| Net Margin | -347.8% | -4911.0% | N/A | N/A | N/A | N/A |
| Return on Equity | -34.0%+2.0pp | -36.0%-21.1pp | -14.9%-1.9pp | -13.0% | N/A | N/A |
| Return on Assets | -26.8%+3.6pp | -30.4%-17.3pp | -13.1%-1.6pp | -11.6%+4.6pp | -16.2% | N/A |
| Current Ratio | 8.95-3.2x | 12.14-5.0x | 17.13-3.4x | 20.49+5.0x | 15.47+15.2x | 0.28 |
| Debt-to-Equity | 0.27+0.1x | 0.18+0.1x | 0.130.0x | 0.12 | N/A | N/A |
| FCF Margin | -291.5% | -3837.8% | N/A | N/A | N/A | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where SES AI Ranks
Frequently Asked Questions
What is SES AI's annual revenue?
SES AI (SES) reported $21.0M in total revenue for fiscal year 2025. This represents a 929.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is SES AI's revenue growing?
SES AI (SES) revenue grew by 929.4% year-over-year, from $2.0M to $21.0M in fiscal year 2025.
Is SES AI profitable?
No, SES AI (SES) reported a net income of -$73.0M in fiscal year 2025.
What is SES AI's EBITDA?
SES AI (SES) had EBITDA of -$72.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is SES AI's gross margin?
SES AI (SES) had a gross margin of 53.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is SES AI's return on equity (ROE)?
SES AI (SES) has a return on equity of -34.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is SES AI's free cash flow?
SES AI (SES) recorded an outflow of $61.2M in free cash flow during fiscal year 2025. This represents a 21.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is SES AI's operating cash flow?
SES AI (SES) recorded an outflow of $58.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are SES AI's total assets?
SES AI (SES) had $272.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are SES AI's capital expenditures?
SES AI (SES) invested $2.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does SES AI spend on research and development?
SES AI (SES) invested $67.0M in research and development during fiscal year 2025.
What is SES AI's current ratio?
SES AI (SES) had a current ratio of 8.95 as of fiscal year 2025, which is generally considered healthy.
What is SES AI's debt-to-equity ratio?
SES AI (SES) had a debt-to-equity ratio of 0.27 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is SES AI's return on assets (ROA)?
SES AI (SES) had a return on assets of -26.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is SES AI's Altman Z-Score?
SES AI (SES) has an Altman Z-Score of 0.07, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is SES AI's Piotroski F-Score?
SES AI (SES) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are SES AI's earnings high quality?
SES AI (SES) reported a net loss of $73.0M while operations used $58.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is SES AI?
SES AI (SES) scores 53 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.