SES AI Corp
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $21.0M | $2.0M | — | — | — |
| Cost of revenue | $9.7M | $752,000 | — | — | — |
| Gross profit | $11.3M | $1.3M | — | — | — |
| Research and development | $67.0M | $72.1M | $30.7M | $28.0M | $15.5M |
| Operating expenses | $93.9M | $110.5M | $78.2M | $79.6M | $32.0M |
| Operating income | -$82.6M | -$109.2M | -$78.2M | -$79.6M | -$32.0M |
| Pretax income | -$72.8M | -$100.0M | -$54.3M | -$49.7M | -$31.2M |
| Income tax expense | $231,000 | $188,000 | -$853,000 | $1.3M | $25,000 |
| Net income | -$73.0M | -$100.2M | -$53.4M | -$51.0M | -$31.3M |
| Balance Sheet | |||||
| Cash and equivalents | $29.5M | $128.8M | $85.7M | $106.6M | $160.5M |
| Current assets | $216.3M | $276.9M | $348.6M | $396.6M | $170.0M |
| Total assets | $272.6M | $329.8M | $406.8M | $440.4M | $193.4M |
| Current liabilities | $24.2M | $22.8M | $20.4M | $19.4M | $11.0M |
| Total liabilities | $57.9M | $51.5M | $47.9M | $48.9M | $11.7M |
| Stockholders' equity | $214.8M | $278.3M | $358.9M | $391.5M | -$88.3M |
| Cash Flow Statement | |||||
| Cash from operations | -$58.4M | -$66.1M | -$56.4M | -$46.5M | -$30.0M |
| Depreciation and amortization | $10.1M | $8.2M | $5.4M | $2.5M | $1.5M |
| Stock-based compensation | $11.0M | $19.9M | $20.6M | $22.8M | $4.6M |
| Capital expenditure | $2.9M | $12.2M | $15.8M | $14.7M | $9.0M |
| Free cash flow | -$61.2M | -$78.3M | -$72.2M | -$61.2M | -$38.9M |
| Share repurchases | $1.6M | — | — | — | — |
| Impairments | $0 | $0 | $0 | $0 | $0 |
Shares outstanding 369.3M · Free float 29.1%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.