SES AI Corp
NYSE:SES
SES AI Corp
SES AI Corp. is engaged in the development and production of high-performance Li-Metal rechargeable battery technology for electric vehicles (EVs) and other applications. The company is headquartered in Woburn, Massachusetts and currently employs 126 full-time employees. The company went IPO on 2021-03-01. The firm is engaged in the research and development of Li-Metal rechargeable batteries for electric vehicles (EV) and other applications. Its Li-Metal batteries have been designed to combine the high energy density of Li-Metal with the manufacturability of conventional Li-ion rechargeable batteries. The Company’s Li-Metal batteries uses a Li-Metal anode, a protective anode coating, a solvent-in-salt liquid electrolyte, and artificial intelligence (AI) safety features. The company focuses on system approach for developing and commercializing Li-Metal batteries, and has three development tracks: Hermes, a platform for material development; Apollo, an engineering capability for automotive cells, and Avatar, an AI-powered safety software to monitor battery health. The firm has produced more than 15,000 multi-layer Li-Metal cells on its production lines.
SES AI Corp. is engaged in the development and production of high-performance Li-Metal rechargeable battery technology for electric vehicles (EVs) and other applications. The company is headquartered in Woburn, Massachusetts and currently employs 126 full-time employees. The company went IPO on 2021-03-01. The firm is engaged in the research and development of Li-Metal rechargeable batteries for electric vehicles (EV) and other applications. Its Li-Metal batteries have been designed to combine the high energy density of Li-Metal with the manufacturability of conventional Li-ion rechargeable batteries. The Company’s Li-Metal batteries uses a Li-Metal anode, a protective anode coating, a solvent-in-salt liquid electrolyte, and artificial intelligence (AI) safety features. The company focuses on system approach for developing and commercializing Li-Metal batteries, and has three development tracks: Hermes, a platform for material development; Apollo, an engineering capability for automotive cells, and Avatar, an AI-powered safety software to monitor battery health. The firm has produced more than 15,000 multi-layer Li-Metal cells on its production lines.
Revenue: Q4 revenue was $4.6 million and full-year 2025 revenue was $21 million, roughly in line with guidance and up nearly tenfold vs. 2024.
One-time services: $13.6 million of 2025 revenue came from Honda/Hyundai service agreements; management does not expect that to recur in 2026.
Guidance: 2026 revenue guidance is $30 million to $35 million (≈43%–67% growth); management expects ~65% of 2026 revenue to come from energy storage (ESS).
Margins & mix: Company expects consolidated gross margin ~15% in 2026; segment expectations: ESS ~15%, drones >20%, materials 10%–20%.
Cash & discipline: Exited 2025 with $200 million liquidity, used $58.4 million in cash for operations for the year, and expects OpEx to be ~15% lower in 2026 vs. 2025.
Strategic focus: Priorities are scaling ESS (UZ Energy acquisition), converting NDAA-compliant Korea lines to drone-cell production, expanding materials via JV, and commercializing Molecular Universe (AI-driven materials discovery).
OEM commercialization: EV OEM C-sample / mass-production engagement for lithium-metal cells is on hold due to weak OEM investment appetite; company is pivoting to selling materials and targeting drone / ESS markets.
