Stonegate Updates Coverage on SES AI Corp. (SES) 2Q26

Rhea-AI Summary

SES AI Corp. (NYSE: SES) received an updated 2Q26 coverage note from Stonegate Capital Partners indicating that commercialization progress improved even as sequential revenue declined and the quarter modestly missed headline expectations. All four product lines generated revenue, including ESS, drones, materials, and Molecular Universe.

Stonegate highlighted Sol-Ark certification as materially expanding UZ Energy’s U.S. energy storage systems opportunity from late 2026 into 2027. Drone demand is described as the strongest near-term growth driver, with SES scaling NDAA-compliant capacity to 1 million cells annually versus about 700,000–800,000 deliverable capacity and roughly 1.5 million potential annual cells from five large drone prospects. SES reaffirmed FY26 guidance of $30–$35 million in revenue and roughly 15% gross margin, implying $18.2–$23.2 million of 2H26 revenue.

Positive

• All four SES product lines generated revenue in 2Q26
• Sol-Ark certification expands UZ Energy’s U.S. ESS opportunity from late 2026
• Drone pipeline from ~five prospects totals ~1.5M potential annual cells
• SES is scaling NDAA-compliant production to 1M cells annually
• FY26 guidance reaffirmed at $30M–$35M revenue and ~15% gross margin
• Implied 2H26 revenue ramp of $18.2M–$23.2M

Negative

• 2Q26 delivered lower sequential revenue
• Quarter featured a modest headline miss versus expectations
• Current deliverable capacity only ~700K–800K cells vs ~1.5M potential demand
• FY26 guidance requires a sizable 2H26 ramp to achieve $30M–$35M revenue

Market Context

At publication, INVZ was up 1.596149057149887% and MVST was up 1.0869565419852734%, adding broader-m...

Analysis

At publication, INVZ was up 1.596149057149887% and MVST was up 1.0869565419852734%, adding broader-momentum context. The unchanged FY26 outlook left execution and capacity conversion as key risks to monitor.

Key Figures

Product lines with revenue: 4 product lines NDAA-compliant capacity: 1M cells annually Large prospects: ~five prospects +5 more

8 metrics

Product lines with revenue 4 product lines 2Q26

NDAA-compliant capacity 1M cells annually Drone pipeline

Large prospects ~five prospects Potential drone customers

Potential annual cells ~1.5M cells Large drone prospects

Deliverable capacity ~700K-800K cells Current capacity

FY26 revenue guidance $30M-$35M Reaffirmed FY26 guidance

Gross margin guidance ~15% FY26 guidance

2H26 revenue implication $18.2M-$23.2M Implied by FY26 guidance

Previous AI Reports

5 past events · Latest: Aug 03 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Aug 03	Battery partnership	Positive	+7.3%	Doroni framework agreement supported battery-pack development and potential production expansion.
Jul 20	NYSE listing notice	Negative	-8.7%	NYSE cited noncompliance after the average share price remained below $1.00.
Jun 29	Index inclusion	Positive	+6.2%	SES AI joined the Russell 3000 Index, increasing institutional investor visibility.
Apr 23	CFO transition	Neutral	-4.9%	Yi Liu succeeded Jing Nealis as chief financial officer effective April 27.
Apr 01	Business update	Positive	-1.2%	SES projected Q1 revenue above consensus and reaffirmed full-year guidance.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Tag-specific history showed three aligned reactions and two divergences, with an average move of -0.28%.

Key Terms

ndaa-compliant

1 terms

ndaa-compliant regulatory

"SES is scaling NDAA-compliant capacity to 1M cells annually"

NDAA-compliant means that a product, supplier, or company meets the rules in the U.S. National Defense Authorization Act that bar certain foreign technologies and require specific security practices. For investors, compliance matters because it determines whether a business can sell to the U.S. government, avoid fines or bans, and reduce supply‑chain or reputational risk—similar to passing a background check that lets you bid on a sensitive contract.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Dallas, Texas--(Newsfile Corp. - August 12, 2026) - SES AI Corp. (NYSE: SES): Stonegate Capital Partners Updates Coverage on SES AI Corp. (NYSE: SES). SES' 2Q26 update improves the commercialization setup despite lower sequential revenue, as the quarter provided clearer evidence that the company's broader commercial strategy is beginning to take hold. The headline miss was modest, but the underlying read-through was better: all four product lines contributed, Sol-Ark certification expands UZ Energy's U.S. ESS opportunity, and the NDAA drone pipeline suggests capacity - not just qualification - could become a constraint as customers convert to orders. FY26 guidance was unchanged, leaving a sizable 2H ramp to execute, but the path is becoming clearer over coming quarters across ESS, drones, materials, and Molecular Universe.

To view the full announcement, including downloadable images, bios, and more, click here.

Key Takeaways:

• Commercialization is broadening across the portfolio. All four product lines generated revenue, while Sol-Ark certification materially expands UZ Energy's U.S. ESS opportunity and supports a larger contribution beginning later in 2026 and into 2027.
• Drone demand is emerging as the strongest near-term growth driver. SES is scaling NDAA-compliant capacity to 1M cells annually, while ~five large prospects alone represent ~1.5M potential annual cells versus only ~700K-800K of deliverable capacity.
• FY26 guidance remains achievable but requires a meaningful 2H ramp. SES reaffirmed $30M-$35M of revenue and ~15% gross margin, implying $18.2M-$23.2M in 2H26, supported by ESS growth and increasing drone/materials contributions.

Click image above to view full announcement.

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About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.

Contacts:
Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com

Source: Stonegate, Inc.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/309430

FAQ

What did Stonegate’s 2Q26 update say about SES AI (NYSE: SES) commercialization progress?

Stonegate said SES AI’s 2Q26 update showed commercialization progress across all four product lines. According to Stonegate, each line generated revenue, with energy storage, drones, materials, and Molecular Universe contributing, suggesting the company’s broader commercial strategy is beginning to take hold despite lower sequential revenue.

What FY26 guidance did SES AI (SES) reaffirm in the August 12, 2026 update?

SES AI reaffirmed FY26 revenue guidance of $30 million to $35 million and about 15% gross margin. According to SES, this implies $18.2 million to $23.2 million of second-half 2026 revenue, supported by energy storage growth alongside increasing drone and materials contributions.

How does drone demand impact SES AI’s outlook in Stonegate’s 2Q26 report?

Stonegate identified drone demand as SES AI’s strongest near-term growth driver. According to Stonegate, SES is scaling NDAA-compliant capacity to 1 million cells annually, while roughly five large drone prospects represent about 1.5 million potential annual cells, exceeding current deliverable capacity.

What is the significance of Sol-Ark certification for SES AI’s UZ Energy ESS business?

Stonegate said Sol-Ark certification materially expands UZ Energy’s U.S. energy storage systems opportunity. According to Stonegate, this certification is expected to support a larger ESS revenue contribution beginning later in 2026 and into 2027, strengthening SES AI’s commercialization prospects in energy storage markets.

Why does SES AI’s FY26 guidance imply a large 2H26 revenue ramp for SES stock investors?

SES AI’s reaffirmed FY26 guidance implies $18.2 million to $23.2 million in 2H26 revenue. According to Stonegate, this requires a meaningful second-half ramp, but is supported by expected ESS growth and increasing revenue from drones and materials segments during the remainder of 2026.

How much production capacity does SES AI have versus potential drone demand as of 2Q26?

Stonegate estimates SES AI’s current deliverable capacity at about 700,000–800,000 cells annually. According to Stonegate, SES is scaling NDAA-compliant capacity toward 1 million cells, while approximately five large drone prospects alone could represent around 1.5 million potential annual cells.