SES AI Corporation Class A (SES)
NYSE:SES
Earnings Data
Report Date
May 13, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.03Last Year’s EPS
-0.04Same Quarter Last Year
Based on 0 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presented a mix of meaningful progress and remaining execution risks. Positives include a nearly tenfold increase in 2025 revenue, large full-year gross margins (driven by one-time service revenue), significant reductions in operating expenses, improved adjusted EBITDA and net loss metrics, a strong $200M liquidity position, an acquisition (UZ Energy) with an initial $20M distributor contract, and tangible early traction from the Molecular Universe platform (six discoveries tested by 40+ customers). Offsetting these gains are several material caveats: a substantial portion of 2025 revenue was one-time service work ($13.6M); C-sample commercialization for EV lithium-metal batteries is on hold due to weak OEM investment; Q4 margins were depressed by product mix; the business remains loss-making with meaningful cash used in operations; manufacturing scale for drones is currently limited and requires further capital/partnering; and molecular-universe monetization and broader adoption remain early-stage. Given the sizable operational and financial improvements but important sustainability and scaling risks, the overall tone is balanced between optimism for 2026 ramp and caution about recurring revenue and commercialization timelines.Company Guidance
Strong Full-Year Revenue Growth
Full year 2025 revenue of $21.0M versus a little over $2M in 2024 — described as nearly tenfold year-over-year growth; Q4 2025 revenue was $4.6M, a $2.6M (124%) increase year-over-year.
High Full-Year Gross Margins (Driven by Services)
Full year GAAP gross margin was 53.8% and non-GAAP gross margin was 55.7% for 2025 (reflecting high-margin service contributions in the year).
Operating Expense Reductions and Improved Profitability Trends
Q4 2025 GAAP operating expenses were $18.2M (down 40% YoY from $30.4M); Q4 non-GAAP operating expenses were $13.5M (down 44% YoY). Full year GAAP Opex declined 15% to $93.9M and non-GAAP Opex declined 11% to $73.0M versus 2024.
Improved Adjusted EBITDA and Net Loss Metrics
Q4 adjusted EBITDA loss improved to $13.8M (40% improvement vs prior-year quarter). Full-year adjusted EBITDA loss improved to $52.6M (23% improvement YoY). GAAP net loss for 2025 was $73M ($0.22/sh) vs $100.2M ($0.31/sh) in 2024.
Strong Liquidity Position
Exited 2025 with $200M in liquidity (at the top end of prior expectation of $195M–$200M), providing runway for 2026 initiatives and CapEx-light execution.
UZ Energy Acquisition and Early Commercial Wins
Acquisition of UZ Energy contributed ~3.5 months of 2025 revenue; UZ signed a multiyear $20M contract with a major distributor and has historical shipments totaling almost a gigawatt-hour of hardware across multiple regions.
Molecular Universe Progress and Customer Interest
Molecular Universe discovered six electrolyte/material breakthroughs currently being tested by over 40 customers; MU SaaS revenue is building and MU is positioned as an IP/data asset with potential standalone value.
2026 Guidance Reflects Continued Growth
Company expects 2026 revenue of $30M–$35M, representing ~43%–67% growth over 2025; consolidated gross margin expected to be ~15% with potential to improve as attach rates and scale increase.
CapEx-Light Strategy and Controlled Cash Deployment
2025 cash usage included $58.4M used in operations, $3.3M deployed on the UZ acquisition, $2.9M CapEx, and $1.6M returned via share repurchases; 2026 CapEx expected to remain in the single-digit millions focused on Korea conversion and contract manufacturer evaluation.
NDAA-Compliant Manufacturing Asset
Chungju, South Korea facility has been NDAA-compliant since 2021 and is being positioned for conversion to NDAA-compliant drone cell production; company is pursuing additional Southeast Asia capacity.
SES Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
SES Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 04, 2026 | $1.71 | $1.08 | -36.84% |
Nov 06, 2025 | $2.19 | $2.55 | +16.44% |
Aug 04, 2025 | $1.37 | $1.05 | -23.36% |
Apr 24, 2025 | $0.87 | $1.03 | +18.39% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does SES AI Corporation Class A (SES) report earnings?
SES AI Corporation Class A (SES) is schdueled to report earning on May 13, 2026, After Close (Confirmed).
What is SES AI Corporation Class A (SES) earnings time?
SES AI Corporation Class A (SES) earnings time is at May 13, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is SES EPS forecast?
SES EPS forecast for the fiscal quarter 2026 (Q1) is -0.03.