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what it is
SES builds lithium-metal batteries and software for electric cars, air taxis, and storage.
how it gets paid
Last year Ses Ai made $21M in revenue. EV battery programs was the main engine at $9.3M, or 44% of sales.
why it's growing
Revenue grew 929.4% last year. Revenue was up 131% vs. prior year. The company still lost money.
what just happened
SES posted $16M of quarterly revenue, with EPS at -$0.17 and gross margin at 65.7%.
At a glance
B balance sheet — gets the job done, barely
-$0.31 fy2024 eps est
$2M fy2024 rev est
n/a operating margin
1.35 beta
xvary composite: 47/100 — below average
What they do
SES builds lithium-metal batteries and software for electric cars, air taxis, and storage.
SES has 250 employees and named partners like GM, Hyundai, and Honda. That matters because your buyer list does part of the selling before the battery ships. The company also says its cells can reach 80% charge in under 15 minutes, while 2025 revenue was still only $21M.
How they make money
$21M
annual revenue · their business grew +929.4% last year
EV battery programs
$9.3M
eVTOL battery programs
$5.1M
stationary storage programs
$3.4M
Molecular Universe software
$3.2M
The products that matter
electric vehicle battery technology
Li-Metal Batteries
$21M · 2025 revenue
this is the whole commercial story right now. the battery program generated $21M in 2025 revenue, up from $2.1M in 2024, and management now needs that base to reach $30M–$35M in 2026.
core revenue line
ai materials discovery platform
Molecular Universe
R&D tool · no separate revenue disclosed here
it supports the battery effort rather than carrying the income statement. when the whole company produced $21M in 2025 revenue, you should treat this as an accelerator for the science, not a standalone earnings engine.
supports commercialization
Key numbers
$21M
annual revenue
This is the whole business scale. It is small next to the cost of building batteries and software.
-393.4%
operating margin
Operating margin n/a (verify filings) means expenses crushed sales.
65.7%
gross margin
Gross margin is profit left after making the product. At 65.7%, the product itself is not the problem.
$6M
long-term debt
Debt is only 1% of capital, so the balance sheet is not screaming. The business model still is.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $6M (1% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for SES right now.
source: institutional data · return history unavailable
What just happened
missed estimates
SES posted $16M of quarterly revenue, with EPS at -$0.17 and gross margin at 65.7%.
Revenue was up 131% vs. prior year. The company still lost money, which is fine for a lab and annoying for a stock.
$16M
revenue
-$0.17
eps
65.7%
gross margin
gross margin
65.7% gross margin is the part that keeps the model alive, because it leaves room to pay for the science project.
source: company earnings report, 2026
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What could go wrong
the #1 risk is failing to turn $21M of 2025 revenue into the promised $30M–$35M in 2026.
med
commercialization miss
SES has one number to hit next: $30M–$35M of 2026 revenue. After Q4 revenue came in at $4.6M versus a $5.98M forecast, the market has already shown it will punish even a modest shortfall.
A guide cut or another revenue miss would hit the core equity story directly, because this is still a scale narrative more than a margin narrative.
med
securities-fraud investigation
Block & Leviton is investigating potential securities-law violations after the earnings release. Whatever the outcome, it adds legal and reputational drag during a year when management needs to focus on deliveries, customers, and guidance credibility.
This overhang arrived right after a 36.8% single-day stock drop. Small companies rarely get the luxury of separate operating and legal narratives.
med
capital-heavy competition
Lithium-metal batteries are not a software category. They require manufacturing credibility, customer validation, and capital. SES is trying to prove itself with $21M of revenue in a field where better-capitalized rivals can absorb delays more easily.
Even with a 65.7% gross margin, scale delays can make promising unit economics feel theoretical for longer than investors want to wait.
All three risks hit the same pressure point: a $447M stock with $21M of revenue cannot afford many quarters of narrative drift.
source: institutional data · regulatory filings · risk analysis
Pay attention to
guide tracking
can $21M become $30M–$35M
That is the whole near-term test. If quarterly revenue does not pace toward the current 2026 guide, the market will assume commercialization is slipping again.
calendar
next earnings report
Expected on May 13, 2026. You want evidence that the Q4 miss was a stumble, not the new baseline.
legal
investigation headlines
Any escalation around the Block & Leviton probe could keep pressure on sentiment even if operations improve.
volatility
whether the tape settles down
A 1.35 beta and 5 / 100 price stability mean this name amplifies uncertainty. If the stock stays violently reactive, the market is still pricing the story as fragile.
Analyst rankings
risk signal
1.35
Beta measures how much a stock moves relative to the market. In human-speak: when the market gets emotional, SES usually gets more emotional.
stability signal
5 / 100
That score is almost as low as it sounds. You are not buying predictability here. You are buying optionality and living with the swings.
balance sheet signal
B
This is good enough to keep operating. It is not strong enough to make commercialization risk disappear.
coverage reality
thin
Formal ranking coverage looks sparse in this snapshot. For you, that means price action and management guidance matter more than neat analyst scorecards.
source: institutional data
Institutional activity
institutional ownership data for SES is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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