Financial Data and Key Metrics Changes - SES AI achieved a record revenue of $5.8 million in Q1 2025, indicating a strong start to the year [7][19] - The company expects full-year 2025 revenue guidance to be between $15 million to $25 million [20][49] - Gross margin for Q1 was reported at 79%, consistent with expectations, attributed to an asset-light business model [20][22] - The company concluded the quarter with a liquidity position of $240 million and no debt [22] Business Line Data and Key Metrics Changes - Revenue was primarily driven by contracts with automotive OEM customers for AI-enhanced lithium metal and lithium-ion batteries for EV applications [20] - The introduction of the Molecular Universe software and service platform aims to mass-produce material discovery and development services, which is the largest and most profitable revenue component [10][17] Market Data and Key Metrics Changes - The company is experiencing fierce global competition in the EV market and is adapting to new safety regulations [11] - There are currently over a dozen companies, including OEMs and battery companies, engaged in early access testing of the Molecular Universe platform [11][33] Company Strategy and Development Direction - SES AI is transitioning from a manufacturing-heavy model to a scalable software and service business model [16][17] - The launch of the Molecular Universe platform is expected to enhance the company's ability to deliver commercially practical solutions across all battery chemistries [15][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue guidance and emphasized the importance of the current year as foundational for future growth [49] - The company is focused on maintaining high margins while controlling costs and deploying capital efficiently [22][23] Other Important Information - The Molecular Universe platform will be launched on April 29, 2025, with a live demonstration planned [15][18] - The company is exploring various pricing structures for the Molecular Universe, including subscription models and on-prem deployment options [40][42] Q&A Session Summary Question: Can you remind us of what cell type, the chemistry, and the capacity of your SK facility? - The Chungju facility has two lines for large pouch cells and smaller UAM cells, with the capability to add equipment for cylindrical and prismatic cells [26] Question: Can you remind us of the performance benefits from SES's 2170s with your improved electrolyte? - SES's 2170 cells can achieve over 6.5% mPOWER with stable performance, unlike competitors that struggle with high silicon content [28] Question: What types of customers are you engaged with outside of your two main partners? - The company is engaging with major battery companies, car manufacturers, and chemical and electrical companies, with over a dozen early access users [33] Question: What is the rationale for the authorization of the share buyback? - The share repurchase program is seen as an efficient capital allocation tool that will not impact liquidity [43][44] Question: Is revenue going to be mostly back-end loaded? - The company does not want to provide a quarterly cadence but is confident in achieving its revenue guidance based on the existing pipeline [48][49] Question: How will success of the Molecular Universe be measured going forward? - Success will be measured by the revenue generated from the Molecular Universe platform [51] Question: What are the expected gross margins medium and long-term? - The gross margin will depend on the mix of services and products, with software and services expected to have margins above 80% [58]