Revenue Results - SES AI Corporation reported preliminary unaudited revenue results for Q1 2025, with estimates subject to finalization[4] - The financial information provided is preliminary and based on management's estimates as of the press release date[5] Financial Reporting Standards - The company emphasizes that preliminary estimates should not replace full financial statements prepared in accordance with GAAP[5]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39845 SES AI Corporation (Exact name of registrant as specified in its Charter) Delaware 88-0641865 (State or othe ...

Financial Data and Key Metrics Changes - SES AI reported Q4 2024 revenue of $2 million, marking its first revenue milestone and a transition to a revenue-generating business [21] - The company achieved a gross margin of 63%, indicating a strong value proposition for its technology [22] - Operating expenses for Q4 were $30.4 million, primarily driven by R&D and administrative costs [22] - The liquidity position at the end of the quarter was $262.5 million, ensuring the ability to fund ongoing projects [23] - For the full year 2024, total cash usage was $78.3 million, below the previous guidance of $80 million to $95 million [23] Business Line Data and Key Metrics Changes - SES AI signed contracts totaling up to $10 million for developing AI-enhanced lithium-metal and lithium-ion batteries for EVs with two automotive OEM partners [9] - The company is expanding into Battery Energy Storage Systems (BESS), signing an MOU with AISPEX for up to $45 million [13] Market Data and Key Metrics Changes - The company is focusing on multiple markets, including EVs, drones, robotics, and BESS, which broadens its addressable market significantly [33] - The revenue outlook for 2025 is projected to be between $15 million and $25 million, driven by expanding partnerships and commercialization efforts [26] Company Strategy and Development Direction - SES AI is transitioning from a CapEx-heavy model to a CapEx-light model, focusing on selling AI models and core battery materials [18] - The company aims to leverage its AI technology and electrolytes to generate revenue earlier than anticipated and tap into adjacent verticals [18] - The strategy includes a focus on contract manufacturing to achieve high margins and expand its market presence [37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, emphasizing the importance of AI in driving growth and innovation [17] - The company is well-positioned for continued growth and disciplined investment in 2025, with a focus on financial discipline and strategic investments [27] Other Important Information - SES AI has made significant advancements in its AI models, enhancing battery performance and safety through improved data training [76] - The company is developing a subscription model for its AI solutions, which could provide ongoing revenue streams [47] Q&A Session Summary Question: What led to the shift in strategy? - The shift was motivated by the realization that the technology could be applied to multiple battery chemistries, expanding the addressable market significantly [33] Question: Can you provide details on the contract manufacturing economics? - The gross margin of 63% in Q4 was a mix of AI models and actual sales, with future margins expected to evolve based on volume and application [36] Question: How do you see the revenue opportunity for software versus hardware? - The company aims to transition to a high-margin software business while initially using hardware as a hook to attract customers [44] Question: What is the prognosis for selling high-silicon cells into automotive? - Both high-silicon and lithium-metal cells are being developed in parallel, with the company addressing OEMs that previously were not targeted due to form factor limitations [80]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): January 31, 2025 SES AI CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation) (Commission File Number) Delaware 001-39845 88-0641865 (IRS Employer Identification No.) SES AI Corporation 35 Cabot Road Woburn, MA 01801 (Address of princi ...

SES AI Corporation (NYSE:SES) Q3 2024 Earnings Conference Call October 31, 2024 5:00 PM ET Company Participants Kyle Pilkington - Chief Legal Officer Qichao Hu - Chairman & Chief Executive Officer Jing Nealis - CFO Conference Call Participants Shawn Severson - Water Tower Research Winnie Dong - Deutsche Bank Operator Good afternoon. Thank you for attending today's SES AI Third Quarter 2024 Earnings Release and Call. My name is Shana, and I'll be your moderator for today. [Operator Instructions] I'd now like ...

Research and Development Expenses - Research and development expenses for the three months ended September 30, 2024 increased by $16.0 million (188%) to $24.4 million, driven by equipment purchases and stock-based compensation adjustments[83] - Research and development expenses for the nine months ended September 30, 2024 increased by $28.0 million (120%) to $51.3 million, primarily due to equipment purchases and increased personnel costs[84] - The company spent $28.9 million and $59.9 million on gross research and development activities for the three and nine months ended September 30, 2024, respectively[79] General and Administrative Expenses - General and administrative expenses for the three months ended September 30, 2024 decreased by $1.1 million (10%) to $9.8 million, mainly due to reduced stock-based compensation and insurance expenses[87] - General and administrative expenses for the nine months ended September 30, 2024 decreased by $8.1 million (22%) to $28.9 million, driven by lower stock-based compensation and accounting-related expenses[88] Net Losses and Revenue - The company incurred net losses of $30.2 million and $65.6 million for the three and nine months ended September 30, 2024, respectively, with no revenue generated from sales to customers[79] AI and Technology Development - AI for Safety prediction accuracy increased from less than 60% in 2022 to 95% in 2024, meeting the target set at the start of the year[73] - The company is focusing on EV B-sample development, improving Li-Metal cell safety, and accelerating electrolyte development as part of its future outlook[77] Production and Facility Updates - The company is on track to build the B-sample line at its OEM partner's facility in South Korea as of September 30, 2024[70] - The company has converted two of its EV A-sample lines to be dedicated to UAM cell production[72] Interest Income and Fair Value Adjustments - Interest income for the three and nine months ended September 30, 2024 was $3.7 million and $11.8 million, respectively, compared to $4.2 million and $12.5 million for the same periods in 2023, reflecting decreases of $0.5 million and $0.7 million due to lower investment balances[90] - The company recorded a gain of $1.0 million and $3.3 million for the three and nine months ended September 30, 2024, respectively, from the change in fair value of Sponsor Earn-Out liabilities, compared to gains of $1.9 million and $5.4 million for the same periods in 2023[91] - Miscellaneous expense for the three months ended September 30, 2024 was $0.5 million, up from less than $0.1 million in the same period in 2023, driven by a decline in the fair value of investments in publicly traded companies[92] Income Taxes - The provision for income taxes decreased to $0.1 million and $0.4 million for the three and nine months ended September 30, 2024, respectively, compared to $0.2 million and $0.7 million for the same periods in 2023, primarily due to local taxes in foreign jurisdictions[94] Cash and Investments - As of September 30, 2024, the company had total cash and cash equivalents of $66.7 million and investments in marketable debt and equity securities of $207.0 million[96] - The company's cash on hand and marketable securities are expected to meet working capital and capital expenditure requirements for at least 12 months and fund operations to commercialization[98] Cash Flow Activities - Net cash used in operating activities for the nine months ended September 30, 2024 was $53.8 million, primarily due to a net loss of $65.6 million, partially offset by stock-based compensation expense of $16.1 million and accretion income from marketable securities of $6.0 million[100] - Net cash provided by investing activities for the nine months ended September 30, 2024 was $34.2 million, compared to net cash used in investing activities of $12.3 million for the same period in 2023[105] Capital Expenditures - Capital expenditures for the nine months ended September 30, 2024 were $12.0 million, primarily related to purchases of lab machinery and equipment for production lines and facilities[107] - The company expects capital expenditures for the fourth quarter of 2024 to decrease compared to the corresponding period in 2023 due to higher capital expenditure for new facilities in the prior year[107]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 001-39845 88-0641865 (State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.) Title of each class Trading Symbol(s) Name of each exchange on which registered Class A common stock, $0.0001 par value per share SES The New York Stock Exchange Warrants, each exercisable for one share of Class A common stock at an exercise price of $11.50 per share SES WS The New York Stock Exchange FOR ...

SES AI Corporation (SES) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years. Individua ...

Cell Production OSES / A 117 on Al Al for Manufacturing Al for Safety Al for Science Letter to Our Shareholders Q2 2024 "Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart." Steve Jobs Dear Shareholders, In this special letter, I want to talk about the seismic shift across any industry by generative AI and large language models (LLMs). AI represents a pivotal development of ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39845 SES AI Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction o ...