Want to see SES full AI Analyst Report?
Top Page
SES AI Corporation Class A
(NYSE:SES)
Select Model
Select Model
Rating:44Neutral
Price Target:
$0.49
▼(-1.40% Downside)
Action:Reiterated
Date:08/17/26
The score is held down primarily by very weak financial fundamentals—deep operating losses and sustained negative free cash flow—plus a technically weak price trend below major moving averages. The earnings call provides some offset via reaffirmed guidance, improving gross margin, and a sizable cash balance, but listing-compliance related corporate events and limited valuation support keep overall risk elevated.
Positive Factors
Commercial revenue growth and diversification
Rapid growth across multiple product lines suggests SES is progressing from technology development toward commercial activity. Diversification across ESS, drone cells, materials and software may reduce dependence on any single market as adoption develops.
Negative Factors
Deep losses and sustained cash burn
SES remains materially unprofitable and converts operations into substantial cash outflows. Unless revenue scales faster than its cost base, continued development spending could require external funding, creating dilution risk and limiting strategic flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial revenue growth and diversification
Rapid growth across multiple product lines suggests SES is progressing from technology development toward commercial activity. Diversification across ESS, drone cells, materials and software may reduce dependence on any single market as adoption develops.
Read all positive factors
SES AI Corporation Class A (SES) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$200.50M
Dividend YieldN/A
Average Volume (3M)13.56M
Price to Earnings (P/E)―
Beta (1Y)2.35
Revenue Growth106.54%
EPS Growth33.28%
CountryUS
Employees215
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Parts
Share Statistics
EPS (TTM)-0.20
Shares Outstanding327,406,160
10 Day Avg. Volume17,195,578
30 Day Avg. Volume13,563,324
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$1.10Price Target Upside120.00% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-0.17
Revenue Forecast (FY)$31.70M
SES AI Corporation Class A Business Overview & Revenue Model
Company Description
SES AI Corporation is dedicated to the creation and manufacturing of advanced, high-performance lithium-metal rechargeable batteries. These cutting-edge power sources are primarily intended for electric vehicles, though they also serve other vario...
How the Company Makes Money
null...
SES AI Corporation Class A Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call highlighted meaningful commercial progress: strong YoY revenue growth (~+45.7%), gross margin expansion, product and certification milestones (MU-3.0 release, Search-in-a-Box sale, Sol-Ark certification), a large cash position (~$163M), and a clear ramp plan for NDAA-compliant drone cells. Offsetting these positives were a sequential revenue decline (~-23.9% QoQ), widened GAAP and non-GAAP losses, a bad debt provision that increased quarterly expenses, and near-term capacity and monetization execution risks. Overall the company demonstrated progress toward diversified revenue streams and product commercialization while still operating at a loss and managing capacity expansion and short-term margin dynamics.Positive Updates
Year-over-Year Revenue Growth
Q2 revenue of $5.1M, up from $3.5M in Q2 2025 (≈+45.7% YoY); company stated Q2 revenue grew by more than 40% YoY.
Negative Updates
Sequential Revenue Decline
Q2 revenue declined sequentially to $5.1M from $6.7M in Q1 2026 (≈-23.9% QoQ), cited as primary reason for sequential widening of non-GAAP loss.
Read all updates
Q2-2026 Updates
Positive
Negative
Year-over-Year Revenue Growth
Q2 revenue of $5.1M, up from $3.5M in Q2 2025 (≈+45.7% YoY); company stated Q2 revenue grew by more than 40% YoY.
Read all positive updates
Company Guidance
SES AI reaffirmed full‑year 2026 revenue guidance of $30–$35 million and noted Q2 revenue of $5.1M (down from $6.7M in Q1 but up from $3.5M in Q2 2025, >40% YoY), with GAAP gross margin improving to 22.6% (from 18.1% in Q1), GAAP operating expenses of $20.3M (down 26% YoY), GAAP net loss of $17.8M ($0.05/share) and non‑GAAP net loss of $13.1M ($0.04/share), adjusted EBITDA loss of $14.6M, and cash, cash equivalents and short‑term investments of ≈$163M; management expects net loss to narrow in H2 driven by revenue pickup and sustained >20% YoY expense reductions, aims to begin 1 million NDAA‑compliant cells/year production in about one month (full speed in Q4) with meaningful Korea cell revenue in Q4 and a ramp in H1 2027, cites a 50+ NDAA customer pipeline (top five customers’ demand already >1M cells) with orders visible into 2028, remains CapEx‑light, and plans MU‑4.0 later this year.SES AI Corporation Class A Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
62
Positive
Cash Flow
23
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 23.46M | 21.00M | 2.04M | 0.00 | 0.00 | 0.00 |
| Gross Profit | 6.51M | 11.31M | 1.29M | 0.00 | 0.00 | 0.00 |
| EBITDA | -57.24M | -62.51M | -91.69M | -48.71M | -47.14M | -29.57M |
| Net Income | -67.96M | -73.04M | -100.19M | -53.40M | -50.99M | -31.25M |
Balance Sheet | ||||||
| Total Assets | 236.21M | 272.65M | 329.79M | 406.81M | 440.44M | 193.35M |
| Cash, Cash Equivalents and Short-Term Investments | 163.00M | 199.63M | 262.54M | 332.45M | 390.08M | 160.50M |
| Total Debt | 6.70M | 8.94M | 10.56M | 13.72M | 12.06M | 1.15M |
| Total Liabilities | 49.15M | 57.89M | 51.48M | 47.86M | 48.90M | 281.68M |
| Stockholders Equity | 187.06M | 214.75M | 278.31M | 358.95M | 391.54M | -88.32M |
Cash Flow | ||||||
| Free Cash Flow | -59.86M | -61.22M | -78.29M | -72.17M | -61.15M | -38.97M |
| Operating Cash Flow | -57.76M | -58.36M | -66.09M | -56.41M | -46.50M | -29.99M |
| Investing Cash Flow | 115.07M | -39.19M | 108.19M | 32.72M | -296.01M | 3.31M |
| Financing Cash Flow | -3.84M | -1.96M | 1.01M | 3.27M | 289.93M | 184.76M |
SES AI Corporation Class A Technical Analysis
Negative
0.50
Price Trends
0.70
Negative
0.91
Negative
1.36
Negative
Market Momentum
-0.04
Negative
42.53
Neutral
23.03
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 0.5 is below the 20-day moving average (MA) of 0.55, below the 50-day MA of 0.70, and below the 200-day MA of 1.36, indicating a bearish trend. The MACD of -0.04 indicates Negative momentum. The RSI at 42.53 is Neutral, neither overbought nor oversold. The STOCH value of 23.03 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% | |
50 Neutral | $717.60M | -4.23 | -66.93% | ― | 34.88% | -18.59% | |
48 Neutral | $524.82M | -5.00 | -19.68% | ― | -51.49% | 14.04% | |
47 Neutral | $1.15B | -82.30 | -210.69% | ― | 56.22% | 93.61% | |
47 Neutral | $3.54B | -8.69 | -35.66% | ― | ― | 22.69% | |
47 Neutral | $56.25M | -1.41 | -46.40% | ― | 90.68% | 70.00% | |
44 Neutral | $200.50M | -2.64 | -32.62% | ― | 106.54% | 33.28% |
* Consumer Cyclical Sector Average
SES
SES AI Corporation Class A
0.55
-0.58
-51.34%
AEVA
Aeva Technologies
16.16
1.17
7.81%
QS
QuantumScape
5.82
-2.51
-30.13%
ENVX
Enovix
3.38
-7.11
-67.78%
LIDR
AEye Inc
1.23
-2.06
-62.61%
SLDP
Solid Power
2.34
-2.37
-50.32%
SES AI Corporation Class A Corporate Events
Delistings and Listing Changes
SES AI faces NYSE delisting of public warrants
Negative
Aug 14, 2026
On August 13, 2026, SES AI Corporation received notice that the New York Stock Exchange will commence proceedings to delist the company’s publicly traded warrants and has immediately suspended trading in those warrants due to abnormally low ...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
SES AI adds expert director to bolster ESS strategy
Positive
Aug 11, 2026
On August 6, 2026, SES appointed Generac senior vice president and former Flex Power CTO Paul Diemer as an independent Class II director, adding deep power systems and data center expertise to guide its ESS strategy. In its second-quarter 2026 sha...
Delistings and Listing ChangesRegulatory Filings and Compliance
SES AI addresses NYSE noncompliance with share price
Negative
Jul 20, 2026
On July 17, 2026, SES AI Corporation was notified by the New York Stock Exchange that it was out of compliance with the exchange’s continued listing standards because the average closing price of its Class A common stock had fallen below $1....
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.