One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
SES AI Corporation
SES · NYQ · Consumer Cyclical · Auto Parts
Current price
$0.91
52-week range
$0.49 - $2.62
Market cap
$337.87M
Balance sheet
Healthy
-8.85x Concerning
Net cash $155.85M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
1 Risk
1 rewards · 1 risks
- Reward Revenue grew 11.7% last year.
- Risk Return on equity was -31.2% last year — the company lost money on shareholders' equity.
What this company does
SES AI Corporation
SES AI Corporation makes advanced batteries for electric cars, flying taxis, and other high-tech uses. Their main money comes from selling these batteries and the materials to make them to car companies and other businesses that need power. This matters because reliable and powerful batteries are crucial for the future of electric transportation and energy storage.
How the company got here
SES AI Corporation was founded in 2012, originating from research at MIT. The company's core mission is to speed up the global shift to sustainable energy by developing advanced battery technologies. Initially, SES AI focused on lithium-metal (Li-Metal) batteries, aiming to create batteries with higher energy density and lighter weight compared to traditional lithium-ion batteries. A significant part of their strategy involves using artificial intelligence (AI) to discover new battery materials and improve battery performance and safety. The company has expanded its operations globally, with headquarters in Woburn, Massachusetts, and facilities in Shanghai and Seoul.
What it actually does
SES AI develops and manufactures advanced rechargeable battery technologies, primarily focusing on lithium-metal (Li-Metal) and lithium-ion (Li-ion) chemistries. These batteries are designed to be more powerful and lighter than conventional ones, making them suitable for a variety of demanding applications. The company heavily integrates artificial intelligence (AI) into its research and development processes, using AI to discover new materials and enhance battery safety and performance. SES AI's technology is intended for use in electric vehicles, drones, urban air mobility, robotics, and energy storage systems.
Drones
This business line focuses on creating AI-enhanced batteries specifically for drones. These batteries are designed to be lightweight and provide high energy and power, which are crucial for demanding flight missions. SES AI has converted a manufacturing facility in South Korea to produce these drone batteries, aiming for a significant annual production capacity. The company highlights that these drone batteries meet specific government compliance standards, which can be a competitive advantage in certain markets.
Energy Storage Systems (ESS)
SES AI provides both hardware and software solutions for energy storage systems, which are used for storing electricity. Their AI-powered platform, Molecular Universe, plays a key role in managing the health and safety of these battery systems. The company supplies ESS for both residential and commercial use. Demand in this sector is seen as a significant growth opportunity, with the company actively pursuing strategic commercial initiatives and partnerships to expand its presence.
Materials
This segment of SES AI's business is centered around the discovery and development of new battery materials, accelerated by their AI-driven 'Molecular Universe' platform. The goal is to find novel electrolyte materials that can improve the performance, safety, and energy density of both Li-Metal and Li-ion batteries. These AI-discovered materials are then offered to original equipment manufacturers (OEMs) and other partners in the battery industry, aiming to speed up the overall energy transition.
What management is betting on now
SES AI's current strategy heavily emphasizes the integration of artificial intelligence across its entire business, from discovering new materials to ensuring battery safety and performance. Management is focusing on growing its Drones and Energy Storage Systems (ESS) business lines, seeing them as key areas for future revenue. The company is also continuing to develop its AI-driven material discovery platform, Molecular Universe, believing it will provide a competitive edge and drive future growth. Strategic partnerships and expanding into new markets, particularly in Asia, are also central to their forward-looking plans.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-24.24M
FY2024 Q4
$-12.53M
FY2025 Q1
$-23.75M
FY2025 Q2
$-11.62M
FY2025 Q3
$-14.73M
FY2025 Q4
$-11.12M
FY2026 Q1
$-20.13M
FY2026 Q2
$-14.48M
Revenue
$5.07M
Net income
$-17.90M
Diluted EPS
-0.05
Operating cash flow
$-13.83M
Free cash flow
$-14.48M
Fetching…
Sources
Revenue
$6.71M
Net income
$-12.10M
Diluted EPS
-0.04
Operating cash flow
$-19.80M
Free cash flow
$-20.13M
Fetching…
Sources
Revenue
$4.56M
Net income
$-17.04M
Diluted EPS
-0.05
Operating cash flow
$-10.41M
Free cash flow
$-11.12M
Fetching…
Sources
Revenue
$7.12M
Net income
$-20.92M
Diluted EPS
-0.06
Operating cash flow
$-14.30M
Free cash flow
$-14.73M
Fetching…
Sources
Revenue
$3.53M
Net income
$-22.65M
Diluted EPS
-0.07
Operating cash flow
$-10.82M
Free cash flow
$-11.62M
Fetching…
Sources
Revenue
$5.79M
Net income
$-12.43M
Diluted EPS
-0.04
Operating cash flow
$-22.83M
Free cash flow
$-23.75M
Fetching…
Sources
Revenue
$2.04M
Net income
$-34.55M
Diluted EPS
-0.11
Operating cash flow
$-12.29M
Free cash flow
$-12.53M
Fetching…
Sources
Revenue
—
Net income
$-30.19M
Diluted EPS
-0.09
Operating cash flow
$-22.72M
Free cash flow
$-24.24M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $0.91
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $155.9M - more cash than debt. Interest coverage -8.8x.
Net debt
$-155.85M
Interest coverage
-8.85x
SES AI Corporation's profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 4 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
SES
BASELINE
SES AI Corporation
Total debt $7.14M Interest coverage -8.85x This is the baseline the peer rows are being compared against.
Total debt $223.90M Interest coverage 2.27x This peer still has a real interest-payment cushion, while SES does not.
Total debt $7.43M Interest coverage -4,033.28x Neither company has much profit cushion over interest right now.
Total debt $541.72M Interest coverage -8.21x Neither company has much profit cushion over interest right now.
Total debt $65.05M Interest coverage -231.78x Neither company has much profit cushion over interest right now.
Total debt $6.38M Interest coverage -1,438.88x Neither company has much profit cushion over interest right now.
What you should know
The case for and against SES
1 Reward
1 Risk
Rewards
-
Revenue grew 11.7% last year.
Risks
-
Return on equity was -31.2% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
-5.69x
P/B
1.81x
P/S
14.40x
EV/EBITDA
-2.90x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
27.8%
Operating margin
-378.5%
Net margin
-289.6%
ROE
-31.2%
ROA
-17.4%
Health
Liquidity and balance-sheet strength
Debt / equity
0.04x
Current ratio
6.52x
Quick ratio
5.99x
Total debt
$7.14M
Total cash
$163.00M
Growth
How the business has been compounding
Revenue TTM
$23.46M
Revenue 5Y CAGR
929.4%
EPS TTM
-0.20
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-58.34M
Free CF TTM
$-61.22M
FCF margin
-260.9%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
—
Last ex-div date
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