Detailed financial statements for SES AI Corporation (SES): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
SES AI Corporation develops and produces AI enhanced lithium metal and lithium-ion rechargeable battery technologies for electric vehicles, urban air mobility, drones, robotics, battery energy storage systems, and other applications. It manufactures and sells residential and commercial ESS systems, li-ion, li metal battery cells and battery materials, such as electrolytes for automotive original equipment manufacturers and others.
Analysis Summary
Trailing-twelve-month margins: gross margin 27.8%, operating margin -312.8%, net margin -289.6%.
At the current price of $0.58, SES has negative trailing earnings (P/E not meaningful) and an ROE of -32.62%. Market capitalisation stands at $212M.
Balance sheet quality for SES: current ratio of 9.0. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $650000 | $151000 | $1.5M | 0 | 0 | 0 | 0 | 0 | $2.0M | $21.0M |
| Cost of Revenue | $211000 | $142000 | $413000 | 0 | 0 | 0 | 0 | 0 | $752000 | $9.7M |
| Gross Profit | $439000 | $9000 | $1.1M | 0 | 0 | 0 | 0 | 0 | $1.3M | $11.3M |
| Research & Development | 0 | 0 | 0 | $10.5M | $9.4M | $15.5M | $28.0M | $30.7M | $72.1M | $67.0M |
| Selling, General & Admin | $11.5M | $10.3M | $7.7M | $4.8M | $4.5M | $16.5M | $51.6M | $47.5M | $38.4M | $26.9M |
| Operating Expenses | $20.4M | $28.1M | $9.6M | $15.3M | $13.9M | $32.0M | $79.6M | $78.2M | $110.5M | $93.9M |
| Operating Income | -$22.6M | -$26.9M | -$8.9M | -$15.3M | -$13.9M | -$32.0M | -$79.6M | -$78.2M | -$109.2M | -$82.6M |
| EBITDA | -$21.8M | -$26.9M | -$8.8M | -$14.4M | -$12.2M | -$29.6M | -$47.1M | -$48.7M | -$91.7M | -$62.5M |
| Interest Expense | $439000 | -$400000 | $869000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$20.4M | -$28.5M | -$9.7M | -$14.6M | -$13.9M | -$31.2M | -$49.7M | -$54.3M | -$100.0M | -$72.8M |
| Income Tax | $439000 | -$400000 | -$129000 | $108000 | $7000 | $25000 | $1.3M | -$853000 | $188000 | $231000 |
| Net Income | -$20.8M | -$28.1M | -$9.6M | -$14.7M | -$13.9M | -$31.3M | -$51.0M | -$53.4M | -$100.2M | -$73.0M |
| EPS | $-15.37 | $-20.62 | $-7.01 | $-1.44 | $-0.23 | $-0.51 | $-0.18 | $-0.17 | $-0.31 | $-0.22 |
| EPS (Diluted) | $-15.37 | $-20.62 | $-7.01 | $-1.44 | $-0.23 | $-0.51 | $-0.18 | $-0.17 | $-0.31 | $-0.22 |
| Shares Outstanding (Diluted) | $1.4M | $1.4M | $1.4M | $10.2M | $60.8M | $61.1M | $288.3M | $315.1M | $321.8M | $330.9M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -76.8% | +898.0% | -100.0% | +929.4% | ||||||
| Net Income Growth (YoY) | -34.7% | +65.8% | -53.1% | +5.5% | -125.0% | -63.2% | -4.7% | -87.6% | +27.1% | |
| EPS Growth (YoY) | -34.2% | +66.0% | +79.5% | +84.0% | -121.7% | +64.7% | +5.6% | -82.4% | +29.0% | |
| Shares Change (YoY) | +0.4% | +0.7% | +646.0% | +494.5% | +0.5% | +371.9% | +9.3% | +2.1% | +2.8% | |
| Gross Margin | 67.5% | 6.0% | 72.6% | 63.1% | 53.8% | |||||
| Operating Margin | -3482.0% | -17829.8% | -588.2% | -5355.3% | -393.4% | |||||
| EBITDA Margin | -3348.3% | -17786.1% | -585.7% | -4494.6% | -297.7% | |||||
| Net Margin | -3206.6% | -18596.0% | -637.4% | -4911.0% | -347.8% | |||||
| Effective Tax Rate | -2.2% | 1.4% | 1.3% | -0.7% | -0.1% | -0.1% | -2.5% | 1.6% | -0.2% | -0.3% |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -32.62% |
| Return on Invested Capital | -35.07% |
| Return on Assets | -28.77% |
| Gross Margin | 27.75% |
| Operating Margin | -312.83% |
| Net Margin | -289.64% |
Financial Health
| Debt / Equity | 0.04 |
| Current Ratio | 6.52 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -0.70 | -0.52 | -1.53 | -7.47 | -46.74 | -19.51 | -17.50 | -10.76 | -7.06 | -8.18 |
| P/B | 0.35 | 1.02 | 2.75 | -2.26 | -10.53 | -6.88 | 2.32 | 1.61 | 2.53 | 2.77 |
| P/S | 22.42 | 96.94 | 9.78 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 345.49 | 28.36 |
| Gross Margin | 67.5% | 6.0% | 72.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 63.1% | 53.8% |
| Operating Margin | -3482.0% | -17829.8% | -588.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -5355.3% | -393.4% |
| Net Margin | -3206.6% | -18596.0% | -637.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -4911.0% | -347.8% |
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Explore sector: Consumer Cyclical · Auto - Parts
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