SES AI Corporation (SES) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SES SEC filings page.
SES AI Corporation (SES) reported $23.5M in revenue over the twelve months to Jun 30, 2026. 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 is moving from development toward early sales, but research spending still dwarfs revenue and operating losses remain deeply negative.
Revenue expanded roughly tenfold in FY2025 while gross margin compressed from63.1% to53.8% , suggesting early volume has not yet produced a richer sales mix. The smaller operating loss alongside SG&A of$26.9M and R&D of$67.0M indicates expense reallocation rather than completed operating leverage.
FY2025 R&D of
At FY2025 year-end, reported cash, cash equivalents, and investments equaled 41 months of the latest annual operating outflow, while the current ratio was 9.0x; this indicates substantial short-term liquidity relative to current liabilities. Equity fell from
Financial Health Signals
Scored against emerging 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 Corporation'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 Corporation held $199.6M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $58.4M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and SES AI Corporation scores 64/100 among other emerging companies.
SES AI Corporation had 365M shares outstanding at the end of fiscal year 2025, against 362M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and SES AI Corporation scores 66/100 among other emerging companies.
SES AI Corporation spent $67.0M on research and development in fiscal year 2025, which was 64.7% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and SES AI Corporation scores 87/100 among other emerging companies.
SES AI Corporation reported revenue of $21.0M in fiscal year 2025, against $2.0M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and SES AI Corporation scores 98/100 among other emerging companies.
SES AI Corporation's operations used $58.4M of cash in fiscal year 2025, against $66.1M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and SES AI Corporation scores 43/100 among other emerging companies.
SES AI Corporation's cash, cash equivalents and investments came to $199.6M at the end of fiscal year 2025, against $57.9M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and SES AI Corporation scores 84/100 among other emerging companies.
SES AI Corporation scores 1.09, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($297.0M) 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 Corporation 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 Corporation 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 Corporation generated $5.1M in revenue in Q2 2026. This represents an increase of 43.8% from the same quarter a year earlier. Against the prior quarter it is down 24.4%.
SES AI Corporation's EBITDA was -$16.5M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 19.4% from the same quarter a year earlier. Against the prior quarter it is down 8.7%.
SES AI Corporation reported -$17.9M in net income in Q2 2026. This represents an increase of 21.0% from the same quarter a year earlier. Against the prior quarter it is down 48.0%.
SES AI Corporation earned -$0.05 per diluted share (EPS) in Q2 2026. This represents an increase of 28.6% from the same quarter a year earlier. Against the prior quarter it is down 25.0%.
Cash & Balance Sheet
SES AI Corporation recorded an outflow of $14.5M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 24.6% from the same quarter a year earlier. Against the prior quarter it is up 28.1%.
SES AI Corporation held $64.1M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
SES AI Corporation's gross margin was 22.6% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 51.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.5 percentage points.
SES AI Corporation's ROE was -9.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 0.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 3.6 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
SES AI Corporation invested $11.4M in research and development in Q2 2026. This represents a decrease of 40.5% from the same quarter a year earlier. Against the prior quarter it is up 3.0%.
SES AI Corporation invested $656K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 18.4% from the same quarter a year earlier. Against the prior quarter it is up 98.8%.
Not reported for Q2 2026.
SES Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.1M+43.8% | $6.7M+15.8% | $4.6M | $7.1M | $3.5M | $5.8M | N/A | N/A |
| Cost of Revenue | $3.9M+323.4% | $5.5M+344.7% | $4.0M | $3.5M | $927K | $1.2M | N/A | N/A |
| Gross Profit | $1.1M-55.9% | $1.2M-73.3% | $514K | $3.6M | $2.6M | $4.6M | N/A | N/A |
| R&D Expenses | $11.4M-40.5% | $11.0M-46.2% | $11.8M | $15.6M-36.1% | $19.1M+26.8% | $20.5M+74.3% | N/A | $24.4M+188.5% |
| SG&A Expenses | $9.0M+37.7% | $8.1M+10.0% | $6.4M | $6.7M-31.9% | $6.5M-31.9% | $7.3M-23.0% | N/A | $9.8M-10.2% |
| Operating Income | -$19.2M+16.6% | -$17.9M+23.2% | -$17.7M | -$18.6M+45.5% | -$23.0M+6.6% | -$23.3M-9.4% | N/A | -$34.2M-76.8% |
| EBITDA | -$16.5M+19.4% | -$15.2M+26.8% | -$15.1M | -$16.0M+49.9% | -$20.5M+9.7% | -$20.8M-6.2% | N/A | -$32.0M-80.3% |
| Income Tax | $132K-80.2% | $414K+10250.0% | -$333K | -$108K-178.3% | $668K+595.8% | $4K-98.0% | N/A | $138K-33.7% |
| Net Income | -$17.9M+21.0% | -$12.1M+2.7% | -$17.0M | -$20.9M+30.7% | -$22.7M-13.8% | -$12.4M+20.1% | N/A | -$30.2M-124.0% |
| EPS (Basic) | -$0.05+28.6% | -$0.040.0% | -$0.05+54.5% | -$0.06+33.3% | -$0.07-16.7% | -$0.04+20.0% | -$0.11-266.7% | -$0.09-125.0% |
| EPS (Diluted) | -$0.05+28.6% | -$0.040.0% | -$0.05+54.5% | -$0.06+33.3% | -$0.07-16.7% | -$0.04+20.0% | -$0.11-266.7% | -$0.09-125.0% |
| Diluted Shares (Avg) | 336M+1.4% | 333M+1.1% | N/A | 331M+2.9% | 332M+3.4% | 329M+3.3% | N/A | 322M+2.0% |
Not reported in any period shown, so not listed: Interest Expense.
SES Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $236.2M-18.7% | $253.5M-17.1% | $272.6M-17.3% | $288.8M-17.5% | $290.5M-21.2% | $306.0M-20.7% | $329.8M-18.9% | $349.9M-13.2% |
| Current Assets | $186.0M-23.4% | $200.6M-21.7% | $216.3M-21.9% | $230.4M-21.0% | $243.0M-21.7% | $256.1M-21.7% | $276.9M-20.6% | $291.5M-17.2% |
| Cash & Equivalents | $64.1M+445.5% | $46.9M-16.3% | $29.5M-77.1% | $35.3M-47.1% | $11.8M-78.6% | $56.1M-56.8% | $128.8M+50.3% | $66.7M+33.6% |
| Short-Term Investments | $98.9M-54.5% | $130.7M-28.8% | $170.1M+27.2% | $178.7M-13.6% | $217.1M-9.5% | $183.7M-2.9% | $133.7M-45.8% | $207.0M-29.2% |
| Inventory | $8.4M+7299.1% | $7.0M+4390.3% | $5.2M+2331.1% | $3.7M+1043.1% | $114K-78.0% | $155K-63.5% | $212K-62.0% | $320K-46.3% |
| Accounts Receivable | $7.7M+157.5% | $8.2M+442.6% | $4.8M+403.5% | $3.4M | $3.0M | $1.5M | $950K | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $13.3M | $13.3M | $13.3M | $12.6M | N/A | N/A | $0 | N/A |
| Total Liabilities | $49.2M+19.2% | $50.3M+39.2% | $57.9M+12.5% | $60.6M+49.1% | $41.2M+12.1% | $36.1M-6.2% | $51.5M+7.6% | $40.6M+2.8% |
| Current Liabilities | $28.5M+46.3% | $29.2M+78.2% | $24.2M+5.9% | $28.0M+46.4% | $19.5M+39.7% | $16.4M+17.7% | $22.8M+12.1% | $19.1M+21.1% |
| Non-Current Liabilities | $20.6M-5.1% | $21.0M+6.6% | $33.7M+17.7% | $32.6M+51.5% | $21.7M-4.9% | $19.7M-19.7% | $28.7M+4.2% | $21.5M-9.4% |
| Total Equity | $187.1M-24.9% | $203.2M-24.7% | $214.8M-22.8% | $228.2M-26.2% | $249.2M-24.8% | $269.9M-22.3% | $278.3M-22.5% | $309.3M-15.0% |
| Retained Earnings | -$401.9M-20.4% | -$384.0M-23.4% | -$371.9M-24.4% | -$354.9M-34.3% | -$334.0M-42.6% | -$311.3M-45.3% | -$298.9M-50.4% | -$264.3M-40.6% |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$13.8M-27.8% | -$19.8M+13.3% | -$10.4M+15.3% | -$14.3M+37.1% | -$10.8M+51.0% | -$22.8M-154.3% | -$12.3M+1.8% | -$22.7M-74.4% |
| Depreciation & Amortization | $2.7M+6.3% | $2.7M+6.4% | $2.6M+8.7% | $2.6M+18.0% | $2.5M+29.9% | $2.5M+46.2% | $2.4M+49.7% | $2.2M+38.2% |
| Stock-Based Compensation | N/A | $2.1M-46.7% | N/A | $2.2M-66.3% | $2.7M-43.9% | $4.0M-17.0% | N/A | $6.5M+169.3% |
| Capital Expenditures | $656K-18.4% | $330K-64.0% | $712K+205.6% | $426K-72.0% | $804K-78.2% | $916K-86.4% | $233K-93.3% | $1.5M-66.2% |
| Free Cash Flow | -$14.5M-24.6% | -$20.1M+15.2% | -$11.1M+11.2% | -$14.7M+39.3% | -$11.6M+54.9% | -$23.7M-50.9% | -$12.5M+21.7% | -$24.2M-38.4% |
| Investing Cash Flow | $31.5M+194.4% | $39.1M+178.5% | $4.5M-93.9% | $39.5M+17.5% | -$33.3M+36.7% | -$49.8M-193.6% | $74.0M+64.3% | $33.6M+193.1% |
| Financing Cash Flow | -$240K+32.0% | -$2.0M-25262.5% | $49K-92.2% | -$1.7M-766.0% | -$353K-420.9% | $8K-55.6% | $632K-79.7% | $250K+212.5% |
| Share Buybacks | N/A | N/A | $0 | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
SES Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.6%-51.1pp | 18.1%-60.6pp | 11.3% | 51.1% | 73.7% | 78.7% | N/A | N/A |
| Operating Margin | -378.5% | -266.3% | -387.7% | -262.0% | -652.3% | -401.7% | N/A | N/A |
| Net Margin | -353.0% | -180.3% | -373.4% | -293.9% | -642.2% | -214.6% | N/A | N/A |
| Return on Equity | -9.6%-0.5pp | -5.9%-1.3pp | -7.9% | -9.2%+0.6pp | -9.1%-3.1pp | -4.6%-0.1pp | N/A | -9.8%-6.1pp |
| Return on Assets | -7.6%+0.2pp | -4.8%-0.7pp | -6.3% | -7.2%+1.4pp | -7.8%-2.4pp | -4.1%0.0pp | N/A | -8.6%-5.3pp |
| Current Ratio | 6.52-5.9x | 6.86-8.8x | 8.95-3.2x | 8.23-7.0x | 12.46-9.8x | 15.61-7.9x | 12.14-5.0x | 15.24-7.0x |
| Debt-to-Equity | 0.26+0.1x | 0.25+0.1x | 0.27+0.1x | 0.27+0.1x | 0.17+0.1x | 0.130.0x | 0.18+0.1x | 0.130.0x |
| Asset Turnover | 0.020.0x | 0.030.0x | 0.02 | 0.02 | 0.01 | 0.02 | N/A | N/A |
| FCF Margin | -285.6% | -300.0% | -243.7% | -206.9% | -329.6% | -410.0% | 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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| SES AI Corporation SES | FY2025 | $21.0M | -$73.0M | N/A | $297.0M | 74/100 |
| Miller Industries, Inc. MLR | FY2025 | $790.3M | $23.0M | 2.9% | $595.5M | 36/100 |
| Innoviz Technologies Ltd. INVZ | FY2025 | $55.1M | -$67.8M | N/A | $91.5M | 54/100 |
| Holley Inc. HLLY | FY2025 | $613.5M | $19.2M | 3.1% | $301.9M | 47/100 |
| Solid Power, Inc. SLDP | FY2025 | $21.7M | -$93.4M | N/A | $544.2M | 64/100 |
| Monro, Inc. MNRO | FY2026 | $1.2B | $2.2M | 0.2% | $424.3M | 36/100 |
Where SES AI Corporation Ranks
Frequently Asked Questions
What is SES AI Corporation's annual revenue?
SES AI Corporation (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 Corporation's revenue growing?
SES AI Corporation (SES) revenue grew by 929.4% year-over-year, from $2.0M to $21.0M in fiscal year 2025.
Is SES AI Corporation profitable?
No, SES AI Corporation (SES) reported a net income of -$73.0M in fiscal year 2025.
What is SES AI Corporation's EBITDA?
SES AI Corporation (SES) had EBITDA of -$72.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is SES AI Corporation's gross margin?
SES AI Corporation (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 Corporation's return on equity (ROE)?
SES AI Corporation (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 Corporation's free cash flow?
SES AI Corporation (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 Corporation's operating cash flow?
SES AI Corporation (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 Corporation's total assets?
SES AI Corporation (SES) had $272.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are SES AI Corporation's capital expenditures?
SES AI Corporation (SES) invested $2.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does SES AI Corporation spend on research and development?
SES AI Corporation (SES) invested $67.0M in research and development during fiscal year 2025.
What is SES AI Corporation's current ratio?
SES AI Corporation (SES) had a current ratio of 8.95 as of fiscal year 2025, which is generally considered healthy.
What is SES AI Corporation's debt-to-equity ratio?
SES AI Corporation (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 Corporation's return on assets (ROA)?
SES AI Corporation (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 Corporation's P/E ratio?
SES AI Corporation (SES) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $297.0M as of Oct 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is SES AI Corporation's price-to-sales ratio?
SES AI Corporation (SES) trades at 12.7x sales, its market capitalization divided by revenue of $23.5M revenue, trailing 12 months to June 30, 2026. The market capitalization is $297.0M as of Oct 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does SES AI Corporation's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, SES AI Corporation (SES) held $199.6M in cash, cash equivalents and investments, and reported an operating cash outflow of $58.4M over that year. Dividing the one by the other, the reported balance equals about 41 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is SES AI Corporation's Altman Z-Score?
SES AI Corporation (SES) has an Altman Z-Score of 1.09, 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 Corporation's Piotroski F-Score?
SES AI Corporation (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 Corporation's earnings high quality?
SES AI Corporation (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 Corporation?
SES AI Corporation (SES) scores 74 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), 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.