SES AI Corporation files its annual report describing a growing, still-loss-making battery technology business focused on AI-enhanced lithium-metal and lithium-ion products. The company targets energy storage systems, drones, urban air mobility, robotics, EVs and materials, anchored by its Molecular Universe AI platform.
SES reported net losses of $73.0 million in 2025 and $100.2 million in 2024, with an accumulated deficit of $371.9 million as of December 31, 2025. Revenue is highly international, with 99% of 2025 revenue generated outside the U.S., and concentrated, with three customers contributing 48%, 15% and 12% of 2025 revenue.
As of March 2, 2026, SES had 322,742,539 Class A and 43,881,251 Class B shares outstanding. The company holds 103 patents, over 80 pending applications and 106 registered or allowed trademarks. It operates facilities in the U.S., China and South Korea, and completed the acquisition of ESS systems maker UZ Energy in September 2025, while highlighting significant ongoing risks around continued losses, capital needs, competition, integration of UZ Energy, regulatory exposure, AI-related uncertainties and heavy reliance on key personnel and suppliers.
SES AI Corporation reported full-year 2025 revenue of $21.0 million, in line with prior guidance, and issued 2026 revenue guidance of $30 million to $35 million, signaling expected growth from its expanding battery and AI-enabled materials businesses.
The company highlighted its Molecular Universe AI4Science platform, which has delivered six materials breakthroughs now being tested by more than 40 customers across electric vehicles, drones, energy storage systems and consumer electronics. Management also pointed to a strong balance sheet that it expects will provide liquidity into 2028.
SES AI is organizing around three revenue-focused units in energy storage systems, drones and materials, converting its Chungju, South Korea facility to drone-focused production and leveraging a joint venture with Hisun with 150,000-ton annual capacity. The UZ Energy acquisition is intended to support growth in energy storage systems by combining hardware and software for battery health and maintenance.
SES AI Corp’s chief legal officer Kyle Pilkington reported an automatic share withholding related to restricted stock units. On 02/09/2026, 56,074 shares of Class A Common Stock were withheld at $1.99 per share to satisfy tax obligations when RSUs vested; these shares were not sold.
After this transaction, Pilkington beneficially owned 805,203 shares of Class A Common Stock, including 568,785 shares underlying RSUs that remain subject to forfeiture until they vest.
SES AI Corp’s chief financial officer, Nealis Jing, reported an automatic share withholding tied to equity compensation. On 02/09/2026, 110,231 shares of Class A Common Stock were withheld at $1.99 per share to cover tax obligations on vesting restricted stock units.
After this transaction, Jing beneficially owned 2,506,056 Class A shares in total, including 1,223,271 shares underlying restricted stock units that remain subject to forfeiture until they vest.
SES AI Corp’s chief science officer Gan Hong reported a routine tax-withholding transaction tied to vested stock awards. On 02/09/2026, 63,290 shares of Class A Common Stock were withheld at $1.99 per share to cover withholding taxes on restricted stock units and were not sold on the market.
After this transaction, Gan Hong beneficially owned 1,138,396 Class A shares, including 710,981 shares underlying restricted stock units that remain subject to forfeiture until they vest.
SES AI Corp CEO Hu Qichao reported a tax‑withholding share transaction related to equity compensation. On 02/09/2026, 267,934 shares of Class A Common Stock were withheld at $1.99 per share to satisfy withholding taxes upon vesting of restricted stock units. These shares were not sold on the market. After this withholding, Hu Qichao beneficially owned 4,388,931 Class A shares, including 2,972,177 shares underlying unvested RSUs that remain subject to forfeiture until they vest.
SES AI Corp’s chief technology officer, Xu Kang, reported a routine tax-related share withholding. On February 6, 2026, 35,063 shares of Class A common stock at $1.88 per share were withheld to cover taxes due on vesting restricted stock units and were not sold on the market.
After this transaction, Xu Kang beneficially owned 619,989 Class A shares, including 399,988 shares underlying unvested restricted stock units that remain subject to forfeiture until they vest.
SES AI Corp’s chief science officer, Gan Hong, reported option exercises and share sales in January 2026 under a pre-arranged Rule 10b5-1 trading plan entered into on August 14, 2025.
On January 22 and 23, 2026, he exercised a total of 250,000 stock options with a $0.16 exercise price, receiving the same number of Class A common shares. Over those two days he then sold 250,000 Class A shares in market transactions at weighted-average prices of $2.4959 and $2.5032, respectively.
After these transactions, he directly holds 1,253,286 Class A shares, which include 852,222 shares underlying restricted stock units that may be forfeited if they do not vest. He also continues to hold 929,832 stock options with a $0.16 exercise price that are fully vested and expire on February 9, 2031.
SES insider Hong Gan has filed a notice of intent to sell common stock. The filing covers the planned sale of 250,000 common shares through Morgan Stanley Smith Barney LLC on the NYSE, with an aggregate market value of 590,000.00. These shares were acquired on 01/22/2026 by exercising stock options for cash on the same date. The filing notes that 321,190,509 common shares were outstanding. During the prior three months, sales under a Rule 10b5-1 plan for Hong Gan included 100,000 common shares on 12/15/2025 for gross proceeds of 197,893.28 and 150,000 common shares on 11/17/2025 for gross proceeds of 285,225.00. The signer represents that there is no undisclosed material adverse information about SES.