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Financials · SES

SES AI Corporation (SES) financials

For the twelve months ended Jun 30, 2026, SES AI Corporation reported $23.46M of revenue and -$67.96M of net income.

Revenue, TTM
$23.46M
Net income, TTM
-$67.96M
Net margin
-289.6%
Free cash flow, TTM
-$60.46M
EPS, diluted, TTM
-$0.20
Cash
$64.14M
P/S
13.77
Market cap
$323.1M
Annual revenue$21.00M
FY2024FY2025
Annual net income-$73.04M
FY2020FY2025
Annual free cash flow-$61.22M
FY2020FY2025

SES revenue and earnings growth

SES revenueQ2 2026$5.07M

Quarter YoY
+43.8%
QoQ
-24.4%
FY YoY
+929.4%

SES revenue was $5.07M in fiscal Q2 2026 (ended Jun 30, 2026), up 43.8% from a year earlier and down 24.4% from the prior quarter. For the full fiscal 2025 it was $21.00M, up 929.4% from fiscal 2024.

SES net incomeQ2 2026-$17.90M

SES net income was -$17.90M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$22.65M a year earlier. For the full fiscal 2025 it was -$73.04M, compared with -$100.19M in fiscal 2024.

SES EPSQ2 2026-$0.05

SES diluted EPS was -$0.05 in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$0.07 a year earlier. For the full fiscal 2025 it was -$0.22, compared with -$0.31 in fiscal 2024.

SES free cash flowQ2 2026-$14.48M

SES free cash flow was -$14.48M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$11.63M a year earlier. For the full fiscal 2025 it was -$61.22M, compared with -$78.29M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
Revenue$21.00M$2.04M----
Cost of revenue$9.69M$752.0K----
Gross profit$11.31M$1.29M----
Research and development$67.05M$72.14M$30.68M$27.97M$15.51M$9.44M
Selling, general and admin$26.88M$38.40M$47.48M$51.61M$16.49M$4.46M
Operating income-$82.61M-$109.25M-$78.16M-$79.57M-$32.01M-$13.90M
Pre-tax income-$72.81M-$100.00M-$54.25M-$49.74M-$31.23M-$13.88M
Income tax$231.0K$188.0K-$853.0K$1.25M$25.0K$7.0K
Net income-$73.04M-$100.19M-$53.40M-$50.99M-$31.25M-$13.89M
EPS, basic-$0.22-$0.31-$0.17-$0.18-$0.51-$0.23
EPS, diluted-$0.22-$0.31-$0.17-$0.18-$0.51-$0.23
Diluted shares330.9M321.8M315.1M288.3M61.1M60.8M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
Cash and equivalents$29.54M$129.40M$86.97M$107.94M$161.04M$2.73M
Receivables$4.78M$950.0K----
Inventory$5.15M$212.0K$558.0K$383.0K--
Current assets$216.28M$276.90M$348.63M$396.64M$169.97M$161.3K
Goodwill$13.27M$0----
Total assets$272.65M$329.79M$406.81M$440.44M$193.35M$574.3K
Current liabilities$24.16M$22.82M$20.36M$19.36M$10.98M$582.1K
Short-term debt$830.0K-----
Total liabilities$57.89M$51.48M$47.86M$48.90M$11.73M$582.1K
Shareholders' equity$214.75M$278.31M$358.95M$391.54M-$88.32M-$62.07M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
Operating cash flow-$58.36M-$66.09M-$56.41M-$46.50M-$29.99M-$11.01M
Capital expenditures$2.86M$12.21M$15.76M$14.65M$8.95M$982.0K
Free cash flow-$61.22M-$78.29M-$72.17M-$61.15M-$38.94M-$11.99M
Investing cash flow-$39.19M$108.19M$32.72M-$296.01M$3.31M-$13.27M
Financing cash flow-$1.96M$1.01M$3.27M$289.93M$184.76M$840.0K
Share repurchases$1.60M-----
Stock-based compensation$10.97M$19.93M$20.65M$22.77M$4.57M$154.0K
Depreciation and amortization$10.29M$8.31M$5.54M$2.60M$1.66M$1.71M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
Revenue growth, YoY929.4%-----
Gross margin53.8%63.1%----
Operating margin-393.4%-5355.3%----
Net margin-347.8%-4911.0%----
Free cash flow margin-291.5%-3837.8%----
Return on equity-34.0%-36.0%-14.9%-13.0%--
Return on assets-26.8%-30.4%-13.1%-11.6%-16.2%-2418.4%
Current ratio8.9512.1417.1320.4915.470.28

Source: XBRL data SES AI Corporation files with the SEC, latest filing dated Aug 11, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

SES peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
SES$23.46M--$67.96M-289.6%$323.1M
ASML€32.67B+15.6%€9.61B29.4%$583.23B
LRCX$26.13B+33.4%$8.45B32.3%$276.45B
TMO$47.35B+8.3%$7.07B14.9%$267.38B
DE$47.98B+8.0%$4.87B10.2%$186.39B
DHR$25.61B+5.5%$4.33B16.9%$165.41B
ETN$31.98B+20.1%$3.90B12.2%$139.59B
JCI$24.43B+5.1%$3.53B14.5%$85.71B
ITW$16.65B+4.8%$3.23B19.4%$81.49B

SES FAQ

9 questions
  • What is SES revenue?
    SES AI Corporation (SES) reported $23.46M of revenue for the twelve months ended Jun 30, 2026. Revenue for fiscal 2025 was $21.00M.
  • Is SES profitable?
    No. SES AI Corporation reported a net loss of $67.96M for the twelve months ended Jun 30, 2026.
  • How much cash and debt does SES have?
    SES AI Corporation reported $64.14M in cash and cash equivalents on its most recent balance sheet in SEC filings.
  • How fast is SES revenue growing?
    SES AI Corporation's revenue changed +929.4% in fiscal 2025, to $21.00M.
  • What is SES gross margin?
    SES AI Corporation's gross profit was $6.51M on $23.46M of revenue for the twelve months ended Jun 30, 2026, a gross margin of 27.8%.
  • What is SES free cash flow?
    SES AI Corporation generated -$60.46M of free cash flow for the twelve months ended Jun 30, 2026, which is operating cash flow of -$58.34M less capital expenditures.
  • What is SES earnings per share?
    Diluted earnings per share were -$0.20 for the twelve months ended Jun 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did SES last report financial results?
    The latest statements here come from SES AI Corporation's 10-Q filed on Aug 11, 2026, covering the period ended Jun 30, 2026.
  • Where does this SES financial data come from?
    Quantisnow builds these statements from the structured XBRL data SES AI Corporation files with the SEC. It is provided for information only and is not investment advice.