SESNYSEMiscellaneous Electrical Machinery, Equipment & SuppliesUS GAAP · USD

SES AI Corporation

SES AI Corp develops and manufactures AI-enhanced lithium-metal and lithium-ion rechargeable battery technologies and battery materials. Its business spans energy storage systems, drones, robotics, urban air mobility, electric vehicles, and related software through its Molecular Universe platform, with operations and facilities in the United States, China, and South Korea.

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Revenue21.0m USD
+929.4 %y/y
Operating profit (EBIT)-82.6m USD
+24.4 %y/y
EBIT margin-393.4%
+4,961.9 ppy/y
Net income-73.0m USD
+27.1 %y/y
Free cash flow-61.2m USD
+21.8 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-150-100-50050m USD2020: EBIT -14 m USD202020212022: EBIT -80 m USD20222023: EBIT -78 m USD20232024: 2.0 m USD2024: EBIT -109 m USD20242025: 21 m USD2025: EBIT -83 m USD202521-83
RevenueOperating profit (EBIT)
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Business

Share of revenue
Battery cells35 %

Li-metal and Li-ion cells sold for drones, robotics, UAM, EV and other applications.

Energy storage systems (ESS)20 %

Integrated storage systems and related hardware/software for residential and commercial use.

Battery materials20 %

Electrolytes and other advanced materials developed and supplied for battery applications.

Engineering and development services20 %

Customer-specific battery materials design and development services.

Molecular Universe software5 %

AI-based software access for material discovery, manufacturing, and battery safety.

Products

Reported · share of revenue
64.7%35.3%FY2025100 %
  • Services64.7 %
  • Products35.3 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

SES sells to OEMs and manufacturers that need high-performance batteries, materials, or development support for specific applications. Its end markets include automotive OEMs, drone and robotics makers, ESS customers, and partners in urban air mobility and other advanced mobility categories. The company also serves customers that want software-enabled battery health and safety management through Molecular Universe.

Automotive OEMs

Buy battery cells and battery materials for vehicle programs and joint development.

ESS customers

Buy energy storage systems and battery health/safety software for stationary storage use cases.

Drone and robotics OEMs

Buy high energy- and power-density cells for lightweight, performance-sensitive applications.

UAM and advanced mobility developers

Evaluate Li-metal and Li-ion technologies for future aircraft and mobility platforms.

Materials and manufacturing partners

Buy custom development services and materials discovery support tied to their specifications.

Strategy

SES is building a commercial battery platform around AI-assisted discovery, cell design, manufacturing, and safety monitoring. Its strategy centers on converting technical development into customer orders across ESS, mobility, and materials while using Molecular Universe to accelerate discovery and improve performance. The company also emphasizes scaling commercial operations and partnerships across its U.S. and Asia footprint.

Commercialize battery products and ESS systemsShort term

Revenue depends on turning development programs into repeatable product shipments and system deployments.

Advance AI-enabled discovery and safety toolsMedium term

AI is intended to speed material discovery, improve manufacturing quality, and strengthen battery safety monitoring.

Build customer and OEM adoptionMedium term

Long-term scale depends on converting sampling and development activity into meaningful orders and programs.

Expand manufacturing and supply chain capabilitiesMedium term

Battery commercialization requires reliable production, logistics, and component sourcing across regions.

Geography

SES is headquartered in Woburn, Massachusetts and operates facilities in the United States, China, and South Korea. The U.S. site focuses on chemistry, materials, and algorithm research, while Shanghai and Shenzhen support supply chain, manufacturing, and ESS sales, and South Korea supports manufacturing development and regional partnerships. This footprint links R&D in the U.S. with manufacturing and customer-facing activity in Asia.

Risks

SES faces technology adoption risk because customers may not accept its battery performance, safety, or cost profile at scale. It also depends on AI models, third-party manufacturing, and global supply chains, which create execution, cybersecurity, regulatory, and geopolitical exposure. As an early-stage battery company, it remains sensitive to financing needs, commercialization timing, and competitive pressure from larger incumbents and other battery developers.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Commercialization and customer acceptance risk1AI model and data risk2Cybersecurity risk3Competitive intensity4Regulatory and compliance risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Commercialization and customer acceptance riskImpact: HighLikelihood: High

    Revenue depends on converting trials and development work into meaningful orders.

    ExposureOEM samplingESS deploymentsBattery material sales
  2. AI model and data riskImpact: HighLikelihood: Medium

    The company uses AI across discovery, manufacturing, and safety monitoring, so flawed outputs could harm products and reputation.

    ExposureMolecular UniverseAI for ScienceAI for ManufacturingAI for Safety
  3. Cybersecurity riskImpact: HighLikelihood: Medium

    A breach could affect partners, suppliers, customer trust, and product operations.

    ExposureConnected softwareData-heavy R&DPartner integrations
  4. Competitive intensityImpact: MediumLikelihood: High

    The battery market includes large incumbents and emerging entrants with greater resources and OEM relationships.

    ExposureLi-metalLi-ionESSBattery materials
  5. Regulatory and compliance riskImpact: MediumLikelihood: Medium

    Battery transport, safety, environmental, export control, and trade rules can restrict sales and operations.

    ExposureBattery cellsESSHazardous materialsCross-border operations
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Accounting

Judgemental items
Revenue recognition for product and service contracts

The company earns revenue from ESS shipments and customer-specific development services, which may be recognized at different times.

Impact: Affects quarterly revenue timing and comparability

Lease accounting

The company leases facilities in the U.S., China, and South Korea, creating right-of-use assets and lease liabilities.

Impact: Affects balance sheet leverage and operating expense presentation

Fair value measurement of marketable securities

The company holds marketable debt and equity securities that may require mark-to-market accounting.

Impact: Can create volatility in other income and equity

Impairment and valuation estimates

Battery development assets, equipment, and any acquired intangibles require judgment about recoverability.

Impact: Could lead to write-downs if commercialization lags

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Last updated: 24/09/2026