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
$0.53
52-week range
$0.49 - $3.73
Market cap
$198.45M
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 and sells advanced rechargeable batteries used in electric cars, drones, and other new technologies. Its revenue (money from sales) comes from selling these batteries and their key materials to large manufacturers, particularly car companies. The company's work is important because the shift to electric vehicles depends on creating batteries that are more powerful and last longer.
How the company got here
SES AI Corporation started in 2012 as a spin-off from the Massachusetts Institute of Technology (MIT), originally named SolidEnergy Systems. The company's big idea was to create a new type of rechargeable battery called a Lithium-Metal battery, which promised to be much more powerful and hold a longer charge than the standard Lithium-ion batteries we use today. After years of research and development, they began partnering with major car manufacturers like General Motors and Hyundai to test their technology for electric vehicles (EVs). A key turning point was going public in early 2022, which provided more funding to build pilot production facilities and advance their work.
What it actually does
At its core, SES AI develops and makes advanced rechargeable batteries for electric vehicles, drones, and large-scale energy storage systems. What makes them different is their heavy use of artificial intelligence (AI) in the process. They use an AI platform called 'Molecular Universe' to discover new and better materials for batteries much faster than traditional methods. They also build AI-powered software called 'Avatar' that acts like a health monitoring system for the batteries, ensuring they are safe and performing well.
Energy Storage Systems (ESS)
This part of the business focuses on selling large battery systems that can store significant amounts of power. Think of these as giant power banks for buildings, data centers, or even the electric grid. Companies buy these systems to have a reliable backup power source or to store energy when it's cheap (like from solar panels during the day) and use it later. This is a growing area for SES AI, as the world needs more ways to store renewable energy.
Drones and Urban Air Mobility
This segment creates and sells smaller, lightweight, but very powerful batteries for unmanned aircraft like drones and future electric-powered flying vehicles for cities (often called urban air mobility or UAM). Customers in this area, including the military and delivery companies, pay for batteries that can last longer and carry more weight, which are critical for their operations. This is a specialized market where high performance is more important than low cost.
Battery Materials
Instead of only selling finished batteries, SES AI also sells the unique, high-performance materials it creates, such as special liquid electrolytes (the substance inside a battery that helps it store and release energy). Other battery manufacturers or automotive companies might buy these materials to improve their own batteries. This allows SES AI to make money from its research and development without having to manufacture every single battery cell itself.
Molecular Universe (AI Platform)
This is the company's AI software business, which is a small but important part of its strategy. SES AI offers access to its 'Molecular Universe' platform, which uses AI to speed up the discovery of new chemical formulas for battery materials. Other chemical or battery companies pay to use this platform to accelerate their own research and development (the process of creating new products). This creates a software-based income stream for the company alongside its physical products.
What management is betting on now
Management is currently focused on a strategy they call 'capex-light' (meaning they want to grow without spending huge amounts of money on building massive factories). Instead of trying to compete with giant battery manufacturers on price, they are betting on selling higher-value products in specialized markets like drones and energy storage. A major priority is to generate more revenue from their AI platform and advanced materials, essentially licensing out their core technology to other companies. The company's guidance (its forecast for future performance) points to growing revenue from all three main business areas: energy storage, drones, and materials.
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
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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 $0.53
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 $193.04M Interest coverage 2.27x This peer still has a real interest-payment cushion, while SES does not.
Total debt $7.71M 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 $67.12M 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
-3.73x
P/B
1.06x
P/S
8.46x
EV/EBITDA
-0.68x
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
—
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
—
Payout ratio
0.0%
Last ex-div date
—