Revenue grew 43.8% year-over-year to $5.1M in 2026Q2, but gross margin eroded roughly 56 percentage points from 78.7% in 2025Q1 to 22.6%, leaving a $19.2M operating loss that still dwarfs gross profit of $1.1M.
SES AI Corporation (SES) annual income statement — 18-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 |
|---|
| Sales/Revenue | 23.46M | 21M | 2.04M | 0 | 0 | 0 | 0 | 0 | 1.51M | 151K | 650K | 15.52M | 17.51M | 580K | 3.06M | 10.16M | 9.3M | 2.1M | 330K |
| Revenue Growth % | 106.54% | 929.41% | - | - | - | - | - | -100% | 898.01% | -76.77% | -95.81% | -11.38% | 2918.97% | -81.05% | -69.88% | 9.25% | 342.86% | 536.36% | - |
| Cost of Goods Sold | 16.95M | 9.69M | 752K | 0 | 0 | 0 | 0 | 0 | 413K | 142K | 211K | 19.71M | 17.36M | 750K | 4.77M | 9.12M | 8.62M | 7.45M | 2.4M |
| COGS % of Revenue | - | 46.16% | 36.86% | - | - | - | - | - | 27.41% | 94.04% | 32.46% | 127.04% | 99.14% | 129.31% | 155.88% | 89.76% | 92.69% | 354.76% | 727.27% |
| Gross Profit | 6.51M | 11.31M | 1.29M | 0 | 0 | 0 | 0 | 0 | 1.09M | 9K | 439K | -4.2M | 150K | -170K | -1.71M | 1.04M | 680K | -5.35M | -2.07M |
| Gross Margin % | 27.75% | 53.84% | 63.14% | - | - | - | - | - | 72.59% | 5.96% | 67.54% | -27.04% | 0.86% | -29.31% | -55.88% | 10.24% | 7.31% | -254.76% | -627.27% |
| Gross Profit Growth % | - | 777.87% | - | - | - | - | - | -100% | 12055.56% | -97.95% | 110.46% | -2897.33% | 188.24% | 90.06% | -264.42% | 52.94% | 112.71% | -158.45% | - |
| Operating Expenses | 79.91M | 93.92M | 110.54M | 78.16M | 79.57M | 32.01M | 13.9M | 15.29M | 9.56M | 28.09M | 20.38M | 34.08M | 13.8M | 18.21M | 16.56M | 16.77M | 25.65M | 24.71M | 25.99M |
| OpEx % of Revenue | - | 447.24% | 5418.43% | - | - | - | - | - | 634.11% | 18601.99% | 3134.62% | 219.61% | 78.81% | 3139.66% | 541.18% | 165.06% | 275.81% | 1176.67% | 7875.76% |
| Selling, General & Admin | 30.07M | 26.88M | 38.4M | 47.48M | 51.61M | 16.49M | 4.46M | 4.78M | 7.71M | 10.32M | 11.54M | 11.56M | 12.18M | 15.92M | 14.08M | 13.92M | 14.52M | 18.26M | 19.18M |
| SG&A % of Revenue | - | 127.98% | 1882.11% | - | - | - | - | - | 511.48% | 6836.42% | 1776.15% | 74.5% | 69.56% | 2744.83% | 460.13% | 137.01% | 156.13% | 869.52% | 5812.12% |
| Research & Development | 49.84M | 67.05M | 72.14M | 30.68M | 27.97M | 15.51M | 9.44M | 10.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 230K | 1.87M | 1.05M | 5.62M |
| R&D % of Revenue | - | 319.26% | 3536.32% | - | - | - | - | - | - | - | - | - | - | - | - | 2.26% | 20.11% | 50% | 1703.03% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.85M | 17.77M | 8.83M | 22.52M | 1.62M | 2.29M | 2.48M | 2.62M | 9.26M | 5.4M | 1.19M |
| Operating Income | -73.4M | -82.61M | -109.25M | -78.16M | -79.57M | -32.01M | -13.9M | -15.29M | -8.86M | -26.92M | -22.63M | -37.51M | -13.86M | -19.63M | -21.71M | -16.16M | -22.42M | -29.54M | -415.36M |
| Operating Margin % | -312.83% | -393.4% | -5355.29% | - | - | - | - | - | -588.19% | -17829.8% | -3482% | -241.73% | -79.15% | -3384.14% | -709.48% | -159.06% | -241.05% | -1406.62% | -125865.76% |
| Operating Income Growth % | - | 24.38% | -39.78% | 1.78% | -148.62% | -130.21% | 9.07% | -72.5% | 67.08% | -18.95% | 39.66% | -170.65% | 29.39% | 9.59% | -34.34% | 27.92% | 24.11% | 92.89% | - |
| EBITDA | -62.78M | -72.32M | -100.94M | -72.62M | -76.98M | -30.34M | -12.2M | -14.37M | -8.83M | -26.86M | -21.76M | -35.91M | -11.57M | -17.33M | -19.22M | -13.54M | -19.74M | -26.64M | -414.18M |
| EBITDA Margin % | -267.58% | -344.38% | -4948.04% | - | - | - | - | - | -585.73% | -17786.09% | -3348.31% | -231.4% | -66.07% | -2987.59% | -628.1% | -133.27% | -212.24% | -1268.52% | -125508.18% |
| EBITDA Growth % | 37.18% | 28.35% | -39% | 5.66% | -153.68% | -148.78% | 15.13% | -62.82% | 67.13% | -23.4% | 39.39% | -210.37% | 33.24% | 9.84% | -41.95% | 31.4% | 25.91% | 93.57% | - |
| D&A (Non-Cash Add-back) | 10.62M | 10.29M | 8.31M | 5.54M | 2.6M | 1.66M | 1.71M | 918K | 37K | 66K | 869K | 1.6M | 2.29M | 2.3M | 2.49M | 2.62M | 2.68M | 2.9M | 1.18M |
| EBIT | -67.86M | -72.81M | -100M | -54.25M | -49.74M | -31.23M | -13.9M | -15.29M | -8.87M | -28.88M | -19.96M | -38.16M | -13.62M | -19.62M | -21.88M | -16.32M | -26.09M | -30.24M | -415.97M |
| Net Interest Income | 7.47M | 9.34M | 15.04M | 16.68M | 6.2M | 248K | 76K | 684K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 7.47M | 9.34M | 15.04M | 16.68M | 6.2M | 248K | 76K | 684K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 869K | -400K | 439K | 372K | 381K | 302K | -1.81M | -700K | -668K | -959K | -387.92M |
| Other Income/Expense | 5.54M | 9.8M | 9.25M | 23.91M | 29.84M | 776K | 21K | 696K | -870K | -1.56M | 2.23M | -1.03M | -141K | -292K | 1.64M | 540K | -3M | 259K | 387.31M |
| Pretax Income | -67.86M | -72.81M | -100M | -54.25M | -49.74M | -31.23M | -13.88M | -14.59M | -9.73M | -28.48M | -20.4M | -38.54M | -14M | -19.92M | -20.07M | -15.62M | -25.42M | -29.28M | -28.05M |
| Pretax Margin % | -289.2% | -346.71% | -4901.81% | - | - | - | - | - | -645.92% | -18860.93% | -3139.08% | -248.35% | -79.95% | -3434.48% | -655.88% | -153.74% | -273.33% | -1394.29% | -8500% |
| Income Tax | 105K | 231K | 188K | -853K | 1.25M | 25K | 7K | 108K | -129K | -400K | 439K | 372K | 381K | 302K | -1.81M | -700K | -668K | -959K | -387.92M |
| Effective Tax Rate % | -0.15% | -0.32% | -0.19% | 1.57% | -2.52% | -0.08% | -0.05% | -0.74% | 1.33% | 1.4% | -2.15% | -0.97% | -2.72% | -1.52% | 9.02% | 4.48% | 2.63% | 3.28% | 1382.95% |
| Net Income | -67.96M | -73.04M | -100.19M | -53.4M | -50.99M | -31.25M | -13.89M | -14.7M | -9.61M | -28.08M | -20.84M | -38.91M | -14.38M | -20.22M | -18.26M | -14.92M | -24.75M | -28.32M | 359.87M |
| Net Margin % | -289.64% | -347.81% | -4911.03% | - | - | - | - | - | -637.36% | -18596.03% | -3206.62% | -250.74% | -82.13% | -3486.55% | -596.73% | -146.85% | -266.15% | -1348.62% | 109050.61% |
| Net Income Growth % | 31.92% | 27.09% | -87.61% | -4.72% | -63.15% | -125.03% | 5.53% | -53.07% | 65.79% | -34.72% | 46.43% | -170.55% | 28.88% | -10.74% | -22.39% | 39.72% | 12.6% | -107.87% | - |
| Net Income (Continuing) | -67.96M | -73.04M | -100.19M | -53.4M | -50.99M | -31.25M | -13.89M | -14.7M | -9.61M | -28.08M | -20.84M | -38.91M | -14.38M | -20.22M | -18.26M | -14.92M | -24.75M | -28.32M | 359.87M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.20 | -0.22 | -0.31 | -0.17 | -0.18 | -0.51 | -0.23 | -1.44 | -7.01 | -20.62 | -15.37 | -32.89 | -13.96 | -21.51 | -22.82 | -19.63 | -33.00 | -37.76 | 666.42 |
| EPS Growth % | 33.97% | 29.03% | -82.35% | 5.56% | 64.71% | -121.74% | 84.03% | 79.46% | 66% | -34.16% | 53.27% | -135.6% | 35.1% | 5.74% | -16.25% | 40.52% | 12.61% | -105.67% | - |
| EPS (Basic) | - | -0.22 | -0.31 | -0.17 | -0.18 | -0.51 | -0.23 | -1.44 | -7.01 | -20.62 | -15.37 | -32.89 | -13.96 | -21.51 | -22.82 | -19.63 | -33.00 | -37.76 | 666.42 |
| Diluted Shares Outstanding | 336.32M | 330.92M | 321.82M | 315.05M | 288.3M | 61.09M | 60.78M | 10.22M | 1.37M | 1.36M | 1.36M | 1.18M | 1.03M | 940K | 800K | 760K | 750K | 750K | 540K |
| Basic Shares Outstanding | 336.32M | 330.92M | 321.82M | 315.05M | 288.3M | 61.09M | 60.78M | 10.22M | 1.37M | 1.36M | 1.36M | 1.18M | 1.03M | 940K | 800K | 760K | 750K | 750K | 540K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SES stock.
For fiscal year 2025, SES AI Corporation (SES) reported total revenue of $21.0M. This represents a 6263.6% increase compared to $0.3M in 2008.
SES AI Corporation (SES) reported a net loss of $73.0M for the fiscal year ending 2025.
SES AI Corporation (SES) reported an operating income of $-82.6M, resulting in an operating profit margin of -393.4%. This margin reflects the operational efficiency of the business before interest and taxes.
SES AI Corporation (SES) generated $11.3M in gross profit for the year, representing a gross profit margin of 53.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent losses dwarfing revenue scale
Metrics are mathematically derived from official filings.
Revenue Recovery Gains Momentum
Revenue grew 43.8% year-over-year to $5.1M in 2026Q2, the third consecutive quarter of positive growth after earlier periods with no reported top line, though the absolute scale remains small relative to the $19.2M operating loss reported in the same period, based on recent SEC filings.
The pattern of revenue reappearing in 2024Q4 after three quarters of no reported top line suggests SES has moved from a pre-commercialization phase into early-stage commercialization, but the quarterly revenue range of $2.0M to $7.1M over the past year indicates material lumpiness rather than a smooth ramp. The 123.6% growth printed in 2025Q4 was likely a function of a very depressed prior-year base rather than durable demand momentum, and investors should watch whether the 15.8% and 43.8% prints in 2026Q1-Q2 represent a genuine trend or timing effects on deliveries.
Gross Margin Erodes Sharply
Gross margin compressed from 78.7% in 2025Q1 to 22.6% in 2026Q2, a decline of roughly 56 percentage points over six quarters, indicating the revenue mix has shifted toward lower-value products or incurred higher direct costs, as reported in SES AI's financial statements.
Such a dramatic margin swing on modest revenue is unusual and typically points to either early-production inefficiencies, warranty or scrap costs being recognized within COGS, or a shift in product mix toward less profitable SKUs; the 11.3% trough in 2025Q4 followed by partial recovery to 22.6% suggests some volatility in what is being recognized in a given quarter. Against a peer like Microvast reporting 36.2% gross margin, SES's current 22.6% implies the company has not yet established the pricing power or manufacturing maturity that would support a durable premium positioning, and the sustainability of any recovery from the 11.3% low warrants close monitoring.
R&D Cuts Partially Offset Revenue Gains
R&D spending declined from $24.4M in 2024Q3 to $11.4M in 2026Q2, a 53% reduction, yet operating losses of $19.2M in the latest quarter still exceed gross profit of $1.1M by a wide margin, per SES AI's quarterly filings.
The roughly halving of R&D and the reduction of SG&A from $9.8M to $9.0M over the same window has narrowed operating losses from -$34.2M to -$19.2M, indicating meaningful cost discipline rather than true operating leverage, since the improvement is driven by expense reduction rather than gross profit scaling. Because gross profit fell from $4.6M in 2025Q1 to $1.1M in 2026Q2, the company is not yet demonstrating that incremental revenue can absorb fixed overhead; the trajectory of losses suggests the cost structure is being right-sized in anticipation of lower spend rather than growth-driven efficiency.
Stock Comp Decline Improves Loss Quality
Stock-based compensation fell from $6.5M in 2024Q3 to $2.0M in 2026Q2, a nearly 70% reduction, which appears to improve the quality of reported losses even as net income remains deeply negative at -$17.9M in the latest period, according to SES AI's disclosures.
The declining SBC line mechanically reduces the gap between operating and net income, helping explain why net loss of -$17.9M in 2026Q2 was smaller than the -$20.9M posted in 2025Q3 despite comparable operating losses. Investors should note that the 2026Q1 net margin of -180.3% versus the operating margin of -2.7% implies significant non-operating items in that period, possibly interest income or one-time tax effects, and warrants further investigation to determine whether recurring or episodic.
Persistent Losses Undermine Growth Narrative
Despite revenue growth of 43.8% in 2026Q2, SES AI posted an operating loss of $19.2M against gross profit of just $1.1M, and with R&D of $11.4M still dominating the cost base, the path to breakeven appears distant, according to SES AI's financial statements.
A short-seller would focus on the fact that cumulative operating losses across the ten reported quarters exceed $200M while revenue never surpassed $7.1M in any single quarter, implying years of capital consumption before any possibility of self-funded operations. The gross margin compression from 78.7% to 22.6% also undercuts the thesis that SES's technology commands a premium, and investors should consider whether the current $1.1M in quarterly gross profit can realistically support even the reduced $20.4M quarterly R&D and SG&A run rate without continued external financing.