SES AI Corporation Class A (SES) AI Stock Analysis

• Market Cap: $810.46M
• Dividend Yield: N/A
• Average Volume (3M): 5.86M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.22
• Revenue Growth: N/A
• EPS Growth: -15.43%
• Country: US
• Employees: 250
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Parts
• EPS (TTM): -0.06
• Shares Outstanding: 321,190,520
• 10 Day Avg. Volume: 5,718,635
• 30 Day Avg. Volume: 5,856,921
• PEG Ratio: -0.09
• Price to Book (P/B): 2.53
• Price to Sales (P/S): 345.49
• P/FCF Ratio: -9.00
• Enterprise Value/Market Cap: 0.73
• Enterprise Value/Revenue: 11.58
• Enterprise Value/Gross Profit: 18.00
• Enterprise Value/Ebitda: -2.86
• 1Y Price Target: $4.00
• Price Target Upside: 81.82% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: $2.00 ▼(-9.09% Downside)

The score is held back primarily by very weak profitability and ongoing cash burn despite strong gross margins and rapid revenue growth. Technicals are moderately supportive with price above key moving averages and positive MACD. Earnings-call updates (record revenue, guidance to $20M-$25M, and strategic initiatives) add optimism, but valuation remains constrained by losses and a negative P/E.

Positive Factors

High gross margins and accelerating revenue growth

SES AI shows strong unit economics alongside rapid top-line traction: high gross margins (~69% TTM) and a Q3 revenue surge to $7.1M imply product/service-market fit. Over the next 2–6 months, robust gross margins can fund continued R&D and customer qualification before scaled manufacturing.

Low leverage and sizable liquidity position

The balance sheet is a structural strength: minimal financial leverage (debt/equity ~0.04) and substantial equity plus reported liquidity (~$214M) provide runway to fund partnerships, JV activities and scale validation programs without immediate solvency pressure, supporting strategic optionality.

Proprietary AI platform and strategic partnerships

MU-1.0 and related commercial moves (JV for electrolyte scale-up, UZ Energy contribution) create a durable competitive advantage: faster materials discovery, integrated validation and supply pathways improve time-to-market and increase stickiness with OEMs and materials partners over the medium term.

Negative Factors

High and persistent operating cash burn

Large negative operating and free cash flow indicate the business currently consumes material cash to fund operations and development. Even with substantial liquidity, continued burn risks diluting shareholders or forcing strategic trade-offs if the company cannot materially improve cash conversion within the next several quarters.

Deep operating and net losses

Very large operating and net losses show expenses far exceed current revenues, eroding returns and equity over time. Until structural cost control or substantially higher recurring revenue mix is achieved, ongoing losses will constrain profitability prospects and increase reliance on external funding.

Gross margin concentration and variability

Wide dispersion between high-margin services and low-margin product sales creates blended-margin volatility as product mix shifts. If product revenue scales without cost reductions or higher pricing, overall margins could compress, complicating long-term margin sustainability and forecasting accuracy.

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 Corporation generates revenue primarily through the development and licensing of its lithium-metal battery technologies to automotive manufacturers and other partners in the electric vehicle industry. The company collaborates with major automotive companies to integrate its battery solutions into their production lines, thus earning revenue from licensing agreements, joint development projects, and potentially from the sale of battery cells and systems. Partnerships with industry leaders and ongoing research and development efforts play a crucial role in advancing SES's technology and securing its position in the market.

SES AI Corporation Class A Financial Statement Overview

Summary

Revenue is accelerating (+62.7% TTM) with strong gross margins (~69%), but operating performance remains extremely weak (EBIT margin ~-516%, net margin ~-490%) and cash burn is heavy (TTM FCF about -$63.3M). Low leverage (debt-to-equity ~0.04) supports solvency, but sustained losses and negative cash flow are the main financial risk.

Income Statement

TTM (Trailing-Twelve-Months) revenue improved sharply to about $18.5M (+62.7% growth) and gross margin is strong (~69%), indicating promising unit economics at the gross profit level. However, profitability remains very weak with large operating losses (EBIT margin around -516%) and a deeply negative net margin (~-490%), showing operating costs are far ahead of the current revenue base. Overall, the income statement reflects early-stage traction but no clear path to near-term profitability yet.

Balance Sheet

The balance sheet is a relative strength: leverage is very low (debt-to-equity ~0.04 in both TTM and 2024), and equity remains sizable (~$228M TTM). That said, returns are materially negative (return on equity about -35% TTM), consistent with heavy losses eroding capital over time. Net-net, solvency risk from debt looks limited, but sustained losses are the key balance-sheet risk.

Cash Flow

Cash generation is weak, with TTM (Trailing-Twelve-Months) operating cash flow around -$60.9M and free cash flow around -$63.3M, and free cash flow declining versus the prior period (about -13% growth). Free cash flow is slightly worse than net income (free cash flow to net income ~1.04), indicating losses are not just accounting-driven and require real cash support. The company likely remains dependent on existing cash reserves and/or future financing until operating cash burn improves.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	51.19M	2.04M	0.00	0.00	0.00	0.00
Gross Profit	32.94M	1.29M	-5.54M	-2.60M	-1.66M	0.00
EBITDA	-207.46M	-100.94M	-72.62M	-76.98M	-30.34M	-12.20M
Net Income	-222.94M	-100.19M	-53.40M	-50.99M	-31.25M	-13.89M
Balance Sheet
Total Assets	288.77M	329.79M	406.81M	440.44M	193.35M	24.59M
Cash, Cash Equivalents and Short-Term Investments	214.01M	262.54M	332.45M	390.08M	160.50M	14.73M
Total Debt	8.46M	10.56M	13.72M	12.06M	1.15M	840.00K
Total Liabilities	60.57M	51.48M	47.86M	48.90M	281.68M	86.66M
Stockholders Equity	228.20M	278.31M	358.95M	391.54M	-88.32M	-62.07M
Cash Flow
Free Cash Flow	-156.00M	-78.29M	-72.17M	-61.15M	-38.97M	-11.99M
Operating Cash Flow	-150.32M	-66.09M	-56.41M	-46.50M	-29.99M	-11.01M
Investing Cash Flow	136.60M	108.19M	32.72M	-296.01M	3.31M	-13.27M
Financing Cash Flow	-6.10M	1.01M	3.27M	289.93M	184.76M	840.00K

SES AI Corporation Class A Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.20
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SES, the sentiment is Positive. The current price of 2.2 is above the 20-day moving average (MA) of 2.02, above the 50-day MA of 2.04, and above the 200-day MA of 1.47, indicating a bullish trend. The MACD of 0.04 indicates Negative momentum. The RSI at 54.54 is Neutral, neither overbought nor oversold. The STOCH value of 73.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SES.

SES AI Corporation Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
ENVX	55 Neutral	$1.77B	-9.64	-68.95%	―	45.98%	44.14%
LIDR	55 Neutral	$95.07M	-0.94	-75.54%	―	-19.11%	73.51%
SES	54 Neutral	$810.46M	-7.85	-33.69%	―	―	-15.43%
SLDP	51 Neutral	$1.11B	-10.50	-23.63%	―	25.24%	-12.96%
AEVA	50 Neutral	$1.24B	-3.72	-192.35%	―	89.90%	5.13%
QS	48 Neutral	$6.49B	-12.80	-38.65%	―	―	15.04%

SES AI Corporation Class A Corporate Events

SES AI highlights AI-driven battery strategy at conference

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 product offerings. The company reports $16.4 million in revenue for the first three quarters of 2025, maintains full-year 2025 revenue guidance of $20 million to $25 million, and cites a strong liquidity position of $214 million as of September 30, 2025, while emphasizing that its Molecular Universe platform underpins competitive advantages in ESS, cells and electrolyte materials, and is expected to support revenue growth and value creation from 2026 onward.

The most recent analyst rating on (SES) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on SES AI Corporation Class A stock, see the SES Stock Forecast page.

SES AI Corporation Announces Board Member Resignation

On November 6, 2025, Dr. Jang Wook Choi announced his resignation from the Board of Directors of SES AI Corporation, effective November 10, 2025, citing personal reasons. His departure is not due to any disagreements with the company’s management or operations, indicating stability in the company’s leadership and strategic direction.

The most recent analyst rating on (SES) stock is a Buy with a $4.00 price target. To see the full list of analyst forecasts on SES AI Corporation Class A stock, see the SES Stock Forecast page.