SES AI Corporation Class A (SES)
NYSE:SES
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SES AI Corporation Class A
(NYSE:SES)
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Rating:43Neutral
Price Target:
$0.98
▼(-55.68% Downside)
Action:ReiteratedDate:03/06/26
The score is held down primarily by weak financial fundamentals (large losses and persistent cash burn) and bearish technicals (price below major moving averages with negative momentum). The main offset is the earnings call’s improved 2026 outlook (revenue growth guidance, opex reduction, and strong liquidity), though reliance on non-recurring 2025 service revenue and ongoing commercialization uncertainty temper that support.
Positive Factors
Rapid revenue scaling in 2025
Nearly tenfold revenue growth in 2025 shows early commercial traction across services and product lines, indicating market validation. This durable top-line expansion provides a foundation to scale recurring sales and justify further investment in manufacturing and customer qualification over the next 2–6 months.
Negative Factors
Persistent heavy losses and cash burn
Sustained large GAAP losses and negative operating cash flow indicate the business remains cash-consuming despite revenue progress. Continued burn pressures the balance sheet over quarters, necessitating either rapid revenue scale, margin improvement, or additional financing, which could dilute shareholders or shift strategic priorities.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid revenue scaling in 2025
Nearly tenfold revenue growth in 2025 shows early commercial traction across services and product lines, indicating market validation. This durable top-line expansion provides a foundation to scale recurring sales and justify further investment in manufacturing and customer qualification over the next 2–6 months.
Read all positive factors
SES AI Corporation Class A (SES) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$366.62M
Dividend YieldN/A
Average Volume (3M)8.52M
Price to Earnings (P/E)―
Beta (1Y)2.35
Revenue GrowthN/A
EPS Growth-15.43%
CountryUS
Employees250
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Parts
Share Statistics
EPS (TTM)-0.04
Shares Outstanding322,742,550
10 Day Avg. Volume5,622,255
30 Day Avg. Volume8,517,655
Financial Highlights & Ratios
PEG Ratio0.28
Price to Book (P/B)2.77
Price to Sales (P/S)28.36
P/FCF Ratio-9.73
Enterprise Value/Market Cap0.94
Enterprise Value/Revenue16.36
Enterprise Value/Gross Profit30.39
Enterprise Value/Ebitda-4.66
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.14
Revenue Forecast (FY)$47.55M
SES AI Corporation Class A Business Overview & Revenue Model
Company Description
SES AI Corporation engages in the development and production of high-performance Lithium-metal rechargeable batteries for electric vehicles and other applications. The company was founded in 2012 and is headquartered in Boston, Massachusetts....
How the Company Makes Money
SES AI’s monetization is primarily tied to advancing its lithium-metal battery technology from R&D through validation and into commercial supply. Revenue (when generated) is generally expected to come from: (1) collaborative development arrangemen...
SES AI Corporation Class A Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
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.Positive Updates
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.
Negative Updates
Heavy One-Time Service Revenue in 2025
Service revenue of $13.6M in 2025 was primarily driven by one-time Honda and Hyundai development agreements — management clarified this is not expected to recur in 2026, reducing the sustainability of 2025's revenue base.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
SES AI guided full‑year 2026 revenue of $30–35 million (≈43%–67% growth vs. 2025’s $21 million), with ~65% of 2026 revenue expected from ESS and the remainder from drones and materials (drones/materials skewed to 2H), a blended gross margin around 15% (ESS ~15%, drones >20% as volumes scale, materials 10%–20%), operating expenses forecast to be ~15% lower than 2025, CapEx expected to remain in the single‑digit millions (primarily for the Korea NDAA conversion and capacity evaluations), and the company entering 2026 with $200 million of liquidity; management also noted 2025 included $13.6 million of one‑time OEM service revenue and about $1.5 million of revenue pushed into Q1 2026.SES AI Corporation Class A Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
55
Neutral
Cash Flow
24
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 21.00M | 2.04M | 0.00 | 0.00 | 0.00 |
| Gross Profit | 11.31M | 1.29M | -5.54M | -2.60M | -1.66M |
| EBITDA | -72.32M | -100.94M | -72.62M | -76.98M | -30.34M |
| Net Income | -73.04M | -100.19M | -53.40M | -50.99M | -31.25M |
Balance Sheet | |||||
| Total Assets | 272.65M | 329.79M | 406.81M | 440.44M | 193.35M |
| Cash, Cash Equivalents and Short-Term Investments | 199.63M | 262.54M | 332.45M | 390.08M | 160.50M |
| Total Debt | 8.11M | 10.56M | 13.72M | 12.06M | 1.15M |
| Total Liabilities | 57.89M | 51.48M | 47.86M | 48.90M | 281.68M |
| Stockholders Equity | 214.75M | 278.31M | 358.95M | 391.54M | -88.32M |
Cash Flow | |||||
| Free Cash Flow | -61.22M | -78.29M | -72.17M | -61.15M | -38.97M |
| Operating Cash Flow | -58.36M | -66.09M | -56.41M | -46.50M | -29.99M |
| Investing Cash Flow | -39.19M | 108.19M | 32.72M | -296.01M | 3.31M |
| Financing Cash Flow | -1.96M | 1.01M | 3.27M | 289.93M | 184.76M |
SES AI Corporation Class A Technical Analysis
Negative
2.20
Price Trends
1.39
Negative
1.72
Negative
1.67
Negative
Market Momentum
-0.12
Negative
39.68
Neutral
50.30
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SES, the sentiment is Negative. The current price of 2.2 is above the 20-day moving average (MA) of 1.03, above the 50-day MA of 1.39, and above the 200-day MA of 1.67, indicating a bearish trend. The MACD of -0.12 indicates Negative momentum. The RSI at 39.68 is Neutral, neither overbought nor oversold. The STOCH value of 50.30 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SES.
SES AI Corporation Class A Risk Analysis
SES AI Corporation Class A disclosed 53 risk factors in its most recent earnings report. SES AI Corporation Class A reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SES AI Corporation Class A Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
54 Neutral | $71.65M | -12.53 | -72.75% | ― | -19.11% | 73.51% | |
52 Neutral | $1.32B | -10.09 | -0.23% | ― | 45.98% | 44.14% | |
48 Neutral | $840.35M | -5.21 | 9999.00% | ― | 89.90% | 5.13% | |
48 Neutral | $650.71M | -7.26 | -23.87% | ― | 25.24% | -12.96% | |
46 Neutral | $3.90B | -13.79 | -38.52% | ― | ― | 15.04% | |
43 Neutral | $366.62M | -8.74 | -30.37% | ― | ― | -15.43% |
* Consumer Cyclical Sector Average
SES
SES AI Corporation Class A
1.01
0.39
62.90%
AEVA
Aeva Technologies
13.60
6.42
89.42%
QS
QuantumScape
6.44
2.63
69.03%
ENVX
Enovix
5.98
-0.03
-0.50%
LIDR
AEye Inc
1.63
1.00
158.73%
SLDP
Solid Power
2.98
1.86
166.07%
SES AI Corporation Class A Corporate Events
Business Operations and StrategyFinancial Disclosures
SES AI highlights AI-driven battery strategy at conference
Positive
Jan 16, 2026
On January 16, 2026, SES AI Corporation is scheduled to present at the Needham Growth Conference, highlighting its strategy to accelerate the energy transition by integrating AI-driven battery materials discovery and health management into its pro...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.