SES AI Corporation Class A (SES)
NYSE:SES
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SES AI Corporation Class A
(NYSE:SES)
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Rating:56Neutral
Price Target:
$1.50
▼(-31.82% Downside)
Action:Reiterated
Date:05/29/26
The score is held back primarily by weak financial fundamentals (very large operating losses and persistent negative free cash flow) despite strong revenue growth and low leverage. It is supported by constructive technical momentum and an earnings update showing improving margins, reaffirmed revenue guidance, contract wins, and strong liquidity, but valuation remains constrained by ongoing unprofitability.
Positive Factors
Revenue ramp and commercial traction
A sustained revenue ramp from $2M to $21.9M TTM signals durable commercial validation across product lines. This trend reflects growing sample sales, ESS and drone program adoption and supports scaling fixed-cost absorption, improving the odds of long‑term margin recovery as volumes expand.
Negative Factors
High cash burn and negative cash generation
Persistently negative operating and free cash flow requires ongoing external financing and makes the company sensitive to capital markets. Continued cash burn can erode optionality, force dilution or constrain investment in scale‑up unless sustained revenue and margin improvements materialize.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue ramp and commercial traction
A sustained revenue ramp from $2M to $21.9M TTM signals durable commercial validation across product lines. This trend reflects growing sample sales, ESS and drone program adoption and supports scaling fixed-cost absorption, improving the odds of long‑term margin recovery as volumes expand.
Read all positive factors
SES AI Corporation Class A (SES) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$509.61M
Dividend YieldN/A
Average Volume (3M)11.26M
Price to Earnings (P/E)―
Beta (1Y)2.30
Revenue Growth179.82%
EPS Growth26.84%
CountryUS
Employees250
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Parts
Share Statistics
EPS (TTM)-0.22
Shares Outstanding325,402,100
10 Day Avg. Volume10,147,608
30 Day Avg. Volume11,262,191
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 Cap0.91
Enterprise Value/Revenue21.16
Enterprise Value/Gross Profit58.21
Enterprise Value/Ebitda-6.81
Forecast
1Y Price Target
$1.40Price Target Upside-36.36% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-0.17
Revenue Forecast (FY)$32.75M
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:Apr 23, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call presented a mix of strong operational momentum and meaningful near-term progress alongside ongoing losses and execution risks. Positive indicators include a 47% sequential revenue increase to $6.7M, margin expansion (GAAP gross margin up to 18.1% from 11.3%), reaffirmed FY2026 guidance of $30M–$35M, a $20M three-year ATGE distribution agreement, progress converting and shipping NDA-compliant drone cells with a pipeline of customers, and growing validation of the Molecular Universe platform (v2.5 and a multiyear subscription from a major battery manufacturer). Conversely, the company remains loss-making (GAAP net loss $12.1M, adjusted EBITDA negative $12.8M), recorded significant cash burn (~$20M in Q1), faces timing/lumpiness in revenue, and has multistep qualification timelines for drones and materials that may delay larger commercial revenue. On balance, the operational progress, contract wins, margin improvements, and strong liquidity materially outweigh the ongoing losses and near-term execution risks, while still requiring continued discipline to hit profitability targets.Positive Updates
Strong Q1 Revenue Growth and Consensus Beat
Q1 2026 revenue of $6.7 million, a 47% sequential increase versus the prior comparable period (reported $4.6M), described as well above published consensus estimates. Company reaffirmed full-year 2026 revenue guidance of $30 million to $35 million.
Negative Updates
Continued Net Losses and Negative EBITDA
Despite improvements, the company remains unprofitable: GAAP net loss of $12.1M and adjusted EBITDA loss of $12.8M in Q1. Non-GAAP net loss remains material at $11.1M, indicating ongoing need to scale revenue and reduce costs to reach profitability.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Q1 Revenue Growth and Consensus Beat
Q1 2026 revenue of $6.7 million, a 47% sequential increase versus the prior comparable period (reported $4.6M), described as well above published consensus estimates. Company reaffirmed full-year 2026 revenue guidance of $30 million to $35 million.
Read all positive updates
Company Guidance
Management reaffirmed full‑year 2026 revenue guidance of $30–$35 million and reported Q1 revenue of $6.7 million (up 47%), Q1 GAAP gross margin 18.1% (non‑GAAP 18.3%) versus 11.3%/11.7% a year earlier, GAAP operating expenses $19.1M (non‑GAAP $14.3M), GAAP net loss $12.1M (a $0.04 loss per share) and non‑GAAP net loss $11.1M (a $0.03 loss per share), adjusted EBITDA loss $12.8M (vs. $13.8M prior), cash used in operations ≈$20M in Q1 with ending liquidity ≈$178M, a target of >1M annual drone cells from the Korea line (1M units ≈ $25–$35M at $25–$35/unit), a ~$20M three‑year ATGE distribution contract, access to Hyzon’s 150,000‑ton/year materials capacity, expectation that Molecular Universe will make a modest direct revenue contribution in 2026 while driving cross‑business advantages, and a goal to reduce full‑year operating expenses by ~15% with full‑quarter impact beginning in Q3.SES AI Corporation Class A Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
66
Positive
Cash Flow
27
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 21.92M | 21.00M | 2.04M | 0.00 | 0.00 | 0.00 |
| Gross Profit | 7.96M | 11.31M | 1.29M | 0.00 | 0.00 | 0.00 |
| EBITDA | -68.11M | -72.32M | -100.94M | -72.62M | -76.98M | -30.34M |
| Net Income | -72.71M | -73.04M | -100.19M | -53.40M | -50.99M | -31.25M |
Balance Sheet | ||||||
| Total Assets | 253.52M | 272.65M | 329.79M | 406.81M | 440.44M | 193.35M |
| Cash, Cash Equivalents and Short-Term Investments | 177.68M | 199.63M | 262.54M | 332.45M | 390.08M | 160.50M |
| Total Debt | 7.72M | 8.11M | 10.56M | 13.72M | 12.06M | 1.15M |
| Total Liabilities | 50.27M | 57.89M | 51.48M | 47.86M | 48.90M | 281.68M |
| Stockholders Equity | 203.25M | 214.75M | 278.31M | 358.95M | 391.54M | -88.32M |
Cash Flow | ||||||
| Free Cash Flow | -57.71M | -61.22M | -78.29M | -72.17M | -61.15M | -38.97M |
| Operating Cash Flow | -55.43M | -58.36M | -66.09M | -56.41M | -46.50M | -29.99M |
| Investing Cash Flow | 48.86M | -39.19M | 108.19M | 32.72M | -296.01M | 3.31M |
| Financing Cash Flow | -3.96M | -1.96M | 1.01M | 3.27M | 289.93M | 184.76M |
SES AI Corporation Class A Technical Analysis
Positive
2.20
Price Trends
1.07
Positive
1.44
Negative
1.68
Negative
Market Momentum
0.05
Negative
63.06
Neutral
80.62
Negative
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 1.09, above the 50-day MA of 1.07, and above the 200-day MA of 1.68, indicating a neutral trend. The MACD of 0.05 indicates Negative momentum. The RSI at 63.06 is Neutral, neither overbought nor oversold. The STOCH value of 80.62 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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% | |
56 Neutral | $509.61M | -6.00 | -32.48% | ― | 179.82% | 26.84% | |
56 Neutral | $1.67B | -10.11 | -0.28% | ― | 49.88% | 27.54% | |
51 Neutral | $1.63B | -12.16 | 691.75% | ― | 103.11% | 7.34% | |
51 Neutral | $94.48M | -2.64 | -56.22% | ― | 9.76% | 68.22% | |
50 Neutral | $5.62B | -13.02 | -37.30% | ― | ― | 21.23% | |
50 Neutral | $762.69M | >-0.01 | -21.56% | ― | -6.92% | 4.50% |
* Consumer Cyclical Sector Average
SES
SES AI Corporation Class A
1.31
0.48
57.83%
AEVA
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QS
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128.50%
ENVX
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0.38
5.00%
LIDR
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2.00
1.29
181.69%
SLDP
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3.31
1.89
133.10%
SES AI Corporation Class A Corporate Events
Business Operations and StrategyExecutive/Board Changes
SES AI appoints new CFO amid leadership transition
Positive
Apr 23, 2026
SES AI Corporation announced on April 23, 2026, that Yi (Ray) Liu will become Chief Financial Officer effective April 27, 2026, succeeding outgoing CFO Jing Nealis. Liu brings more than 20 years of finance, risk and audit experience from Adyen, Me...
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.