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SES AI Corp

SES NYSE Miscellaneous Electrical Machinery, Equipment & Supplies Financials FY2020โ€“FY2025

Last close ยท Oct 23, 2026

$0.69

4.9%
Compare
Revenue Total sales reported in the income statement.
$21.0M
929.4% vs prior year
Operating margin Operating income as a share of revenue.
โˆ’393.4%
4,961.9ย pts
Net income Profit after all expenses, interest and tax.
โˆ’$73.0M
Free cash flow Cash from operations minus capital spending.
โˆ’$61.2M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โˆ’409.1%
Market cap Last close times the latest diluted share count, so it is approximate.
$233M
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
โ€”
On โˆ’$0.20 EPS (TTM)

What SES AI Corp does

No business description yet.

Legal name
SES AI Corp
Fiscal year ends
December 31, 2025
Latest annual report
10-K ยท Mar 4, 2026
Accession ยท CIK
0001819142-26-000010
0001819142

Revenue and margins

SES AI Corp had $21.0M of revenue in fiscal 2025, up 929.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was โˆ’$61.2M in fiscal 2025, โˆ’291.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

SES AI Corp returned $1.6M to shareholders in fiscal 2025. The diluted share count rose 2.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably SES AI Corp can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $160M$390M$332M$263M$200M
Debt incl. finance leases โ€”โ€”โ€”โ€”$0.8M
Debt / equity โ€”โ€”โ€”โ€”0.0x
Current ratio 15.5x20.5x17.1x12.1x9.0x
Quick ratio 15.5x20.5x17.1x12.1x8.7x
Total assets $193M$440M$407M$330M$273M
Total liabilities $11.7M$48.9M$47.9M$51.5M$57.9M
Shareholders' equity โˆ’$88.3M$392M$359M$278M$215M
Net debt (โˆ’ = net cash) โ€”โ€”โ€”โ€”โˆ’$199M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY20FY21FY22FY23FY24FY25
Net income is positive โœ• โœ• โœ• โœ• โœ• โœ•
Cash from operations is positive โœ• โœ• โœ• โœ• โœ• โœ•
Return on assets rose โ€” โœ“ โœ“ โœ• โœ• โœ“
Cash from operations exceeds net income โœ“ โœ“ โœ“ โœ• โœ“ โœ“
Debt fell relative to assets โ€” โ€” โ€” โ€” โ€” โ€”
Current ratio rose โ€” โœ“ โœ“ โœ• โœ• โœ•
Share count didn't rise โ€” โœ• โœ• โœ• โœ• โœ•
Gross margin rose โ€” โ€” โ€” โ€” โ€” โœ•
Revenue rose relative to assets โ€” โ€” โ€” โ€” โ€” โœ“
F-score โ€” / 3โ€” / 6โ€” / 6โ€” / 6โ€” / 63 / 8
Accruals ratio โˆ’501.5%โˆ’1.3%โˆ’1.4%0.7%โˆ’9.3%โˆ’4.9%
Altman Z'' โˆ’279.64โˆ’5.2111.7410.295.552.03

6 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY20FY21FY22FY23FY24FY25
Income statement
Revenue โ€” โ€” โ€” โ€” $2.0M $21.0M
Gross profit โ€” โ€” โ€” โ€” $1.3M $11.3M
Research and development $9.4M $15.5M $28.0M $30.7M $72.1M $67.0M
Operating income โˆ’$13.9M โˆ’$32.0M โˆ’$79.6M โˆ’$78.2M โˆ’$109M โˆ’$82.6M
Pretax income โˆ’$13.9M โˆ’$31.2M โˆ’$49.7M โˆ’$54.3M โˆ’$100.0M โˆ’$72.8M
Income tax $0.0M $0.0M $1.3M โˆ’$0.9M $0.2M $0.2M
Net income โˆ’$13.9M โˆ’$31.3M โˆ’$51.0M โˆ’$53.4M โˆ’$100M โˆ’$73.0M
Net income to common โˆ’$13.9M โˆ’$31.3M โˆ’$51.0M โˆ’$53.4M โˆ’$100M โˆ’$73.0M
Diluted EPS โˆ’$0.23 โˆ’$0.51 โˆ’$0.18 โˆ’$0.17 โˆ’$0.31 โˆ’$0.22
Diluted shares 0.06B 0.06B 0.29B 0.32B 0.32B 0.33B
Cash flow
Cash from operations โˆ’$11.0M โˆ’$30.0M โˆ’$46.5M โˆ’$56.4M โˆ’$66.1M โˆ’$58.4M
Capital expenditure $1.0M $9.0M $14.7M $15.8M $12.2M $2.9M
Free cash flow โˆ’$12.0M โˆ’$38.9M โˆ’$61.2M โˆ’$72.2M โˆ’$78.3M โˆ’$61.2M
Depreciation and amortization $1.7M $1.7M $2.6M $5.5M $8.3M $10.3M
Stock-based compensation $0.2M $4.6M $22.8M $20.6M $19.9M $11.0M
Acquisitions โ€” โ€” โ€” โ€” โ€” $3.0M
Share buybacks โ€” โ€” โ€” โ€” โ€” $1.6M
Dividends and buybacks โ€” โ€” โ€” โ€” โ€” $1.6M
Balance sheet
Cash and short-term investments $0.2M $160M $390M $332M $263M $200M
Total debt โ€” โ€” โ€” โ€” โ€” $0.8M
Current assets $0.2M $170M $397M $349M $277M $216M
Current liabilities $0.6M $11.0M $19.4M $20.4M $22.8M $24.2M
Inventory โ€” โ€” $0.4M $0.6M $0.2M $5.2M
Property and equipment, net โ€” $12.5M $27.8M $38.0M $38.2M $28.9M
Goodwill โ€” โ€” โ€” โ€” $0.0M $13.3M
Intangible assets โ€” $1.6M $1.5M $1.3M $1.2M $2.8M
Total assets $0.6M $193M $440M $407M $330M $273M
Total liabilities $0.6M $11.7M $48.9M $47.9M $51.5M $57.9M
Preferred stock โ€” $0.0M โ€” โ€” โ€” โ€”
Shareholders' equity โˆ’$62.1M โˆ’$88.3M $392M $359M $278M $215M
Margins
Gross margin โ€” โ€” โ€” โ€” 63.1% 53.8%
Operating margin โ€” โ€” โ€” โ€” โˆ’5,355.3% โˆ’393.4%
EBITDA margin โ€” โ€” โ€” โ€” โˆ’4,948.0% โˆ’344.4%
Net margin โ€” โ€” โ€” โ€” โˆ’4,911.0% โˆ’347.8%
FCF margin โ€” โ€” โ€” โ€” โˆ’3,837.8% โˆ’291.5%
Returns
Return on capital โ€” โ€” โ€” โ€” โ€” โˆ’409.1%
Return on capital employed 178,243.6% โˆ’17.6% โˆ’18.9% โˆ’20.2% โˆ’35.6% โˆ’33.2%
Return on equity โ€” โ€” โˆ’33.6% โˆ’14.2% โˆ’31.4% โˆ’29.6%
Return on assets โˆ’2,418.4% โˆ’32.2% โˆ’16.1% โˆ’12.6% โˆ’27.2% โˆ’24.2%
Return on tangible equity โ€” โ€” โˆ’13.1% โˆ’14.9% โˆ’36.2% โˆ’36.8%
Growth
Revenue growth โ€” โ€” โ€” โ€” โ€” 929.4%
Share count change โ€” 0.5% 371.9% 9.3% 2.1% 2.8%
Financial health
Debt / equity โ€” โ€” โ€” โ€” โ€” 0.0x
Current ratio 0.3x 15.5x 20.5x 17.1x 12.1x 9.0x
Quick ratio 0.3x 15.5x 20.5x 17.1x 12.1x 8.7x
Capital allocation
Capex / revenue โ€” โ€” โ€” โ€” 598.3% 13.6%
Stock comp / revenue โ€” โ€” โ€” โ€” 977.2% 52.2%
Quality scores
Piotroski F-score โ€” โ€” โ€” โ€” โ€” 3.0
Altman Z'' โˆ’279.6 โˆ’5.2 11.7 10.3 5.6 2.0
Accruals ratio โˆ’501.5% โˆ’1.3% โˆ’1.4% 0.7% โˆ’9.3% โˆ’4.9%

Source: SEC EDGAR XBRL filings (CIK 0001819142). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ€” not investment advice. Check the original filings before relying on any figure.

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