Reports FY 2025 revenue of
Provides FY 2026 revenue guidance of
Contributions expected from all three revenue generating business units in 2026
Continued expansion of Molecular Universe as a proven AI4Science platform
Strong balance sheet expected to provide liquidity into 2028
Highlights for the fourth quarter and full year 2025 are listed below:
- Revenue of
$4.6 million for the fourth quarter, a 124% increase from$2.0 million in the prior-year period; revenue of$21.0 million in 2025, a 10-fold increase from$2.0 million in 2024. - GAAP net loss of
$17.0 million in the fourth quarter, or$0.05 loss per share, compared with net loss of$34.5 million , or$0.11 loss per share in the prior-year period; GAAP net loss of$73.0 million in 2025, or$0.22 loss per share, compared with net loss of$100.2 million , or$0.31 loss per share in 2024. - Non-GAAP net loss of
$11.8 million in the fourth quarter, or$0.04 loss per share, compared with non-GAAP net loss of$19.9 million , or$0.06 loss per share in the prior-year period; non-GAAP net loss of$53.2 million in 2025, or$0.16 loss per share, compared with non-GAAP net loss of$66.4 million , or$0.21 loss per share, in 2024. - Exited 2025 with a strong liquidity position of
$200 million - FY 2026 revenue projected to be in a range of
$30 million to$35 million
The Company posted a Letter to Our Shareholders on its Investor Relations website from Founder and CEO Dr.
“Our high energy density Li-Metal and Li-ion cells provide us with a large opportunity in the drone market. We recently announced we expect to convert our manufacturing capacity at our Chungju,
“As we look ahead to 2026, we will continue to focus on our capex-light business model to grow revenue in ESS, drones and materials. The Molecular Universe is changing material discovery in chemistry and material science, and its high quality scientific data and intuition is becoming a valuable asset to the exciting development in AI4Science,” Hu added.
The Company will hold a conference call on
A webcast of the live conference call will be available through SES’s Investor Relations website, https://investors.ses.ai.
The conference call can also be accessed live over the phone by dialing the following numbers:
International: +1 646-844-6383
https://events.q4inc.com/attendee/730665372
Access Code: 577814
A webcast replay will be available shortly after the call at:
https://investors.ses.ai/events-and-presentations/events/default.aspx
About
Non-GAAP Financial Measures
This press release includes the use of non-GAAP financial measures, which are intended to provide supplemental information regarding our performance. These non-GAAP measures include Non-GAAP net loss and Non-GAAP gross margin.
We use these non-GAAP measures to supplement our financial reporting and to evaluate ongoing operations and results, facilitate internal planning and forecasting, and assess performance against prior periods, industry peers, and the broader market. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles (GAAP) and should not be considered as an alternative to GAAP results. Industry peers and other companies may calculate similar non-GAAP measures differently. Non-GAAP financial measures have limitations, including that they exclude the impact of certain items that are included in the most directly comparable measure calculated and presented in accordance with GAAP, which adjustments reflect the exercise of judgment by management. We believe that these non-GAAP measures, when considered together with the GAAP results, provide investors with an additional understanding of our operating performance. Reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the supplemental non-GAAP information section at the end of this press release.
As presented in the “Reconciliation of Non-GAAP Financial Measures” tables in our Letter to Our Shareholders, each of the non-GAAP financial measures excludes the impact of one or more of the following items for purposes of calculating non-GAAP financial measures to facilitate an evaluation of SES’s current operating performance and a comparison to its past operating performance:
Stock-based compensation expense. SES excludes the impact of stock-based compensation expense from its non-GAAP measures primarily because they are non-cash in nature. Moreover, the impact of this expense is significantly affected by SES’s stock price at the time of an award, which can be volatile and over which management has limited to no control.
Depreciation and amortization. This item represents depreciation and amortization of purchased long-lived assets and acquired intangible assets, which are both non-cash expenses. Acquisition related amortization of acquired intangible assets are not reflective of SES’s ongoing financial performance.
Interest income. This item consists primarily of interest income on short term debt securities that primarily includes accretion income from the debt securities as they progress towards their maturity date.
Benefit (provision) from income taxes. This item represents the amount adjusted to SES’s GAAP tax provision or benefit to exclude the impact of the income tax effects of GAAP adjustments that are not reflective of SES’s ongoing financial performance.
(Loss) gain on change in fair value of Sponsor Earn-Out Liability. This item represents the amount adjusted to SES’s GAAP fair value liability for Sponsor Earn-Out shares, which is a non-cash adjustment that is more tied to the change in stock price rather than management’s operational performance.
Definitions
Net loss (Non-GAAP) attributable to SES shareholders represents Adjusted EBITDA adjusted further to reinclude the impact of interest income. Adjusted EBITDA represents EBITDA adjusted to exclude the impact of loss (gain) on change in fair value of Sponsor Earn-Out liability and stock-based compensation. EBITDA represents net loss attributable to SES shareholders adjusted to exclude the impact of interest income, taxes, depreciation and amortization.
Forward-Looking Statements
This letter contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “will,” “goal,” “prioritize,” “plan,” “target,” “expect,” “focus,” “look forward,” “opportunity,” “believe,” “estimate,” “continue,” “anticipate,” “project” and “pursue” or the negative of these terms or similar expressions. These statements are based on the beliefs and assumptions of the management of the Company. You should not place undue reliance on these forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot provide assurance that it will achieve or realize these plans, intentions or expectations. Should one or more of a number of known and unknown risks and uncertainties materialize, or should any of our assumptions prove incorrect, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include, but are not limited to, among other things, the risk that the market for the Molecular Universe platform is still emerging, and may not achieve the customer interest or growth potential that
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