Revenue remains highly inconsistent, fluctuating between zero and $7.1 million, while R&D expenses consistently exceed $10 million per quarter, preventing the achievement of sustainable operating profitability.
| 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 | 21.92M | 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 % | 179.82% | 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 | 13.95M | 9.69M | 752K | 5.54M | 2.6M | 1.66M | 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 | 7.96M | 11.31M | 1.29M | -5.54M | -2.6M | -1.66M | 0 | 0 | 1.09M | 9K | 439K | -4.2M | 150K | -170K | -1.71M | 1.04M | 680K | -5.35M | -2.07M |
| Gross Margin % | 36.34% | 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% | 123.24% | -113.44% | -56.2% | - | - | -100% | 12055.56% | -97.95% | 110.46% | -2897.33% | 188.24% | 90.06% | -264.42% | 52.94% | 112.71% | -158.45% | - |
| Operating Expenses | 85.17M | 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 | 27.61M | 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 | 57.57M | 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 | -77.21M | -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 % | -352.27% | -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 | -66.75M | -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 % | -304.56% | -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 % | 34.65% | 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) | 10.46M | 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 | -78.56M | -82.61M | -109.25M | -78.16M | -79.57M | -32.01M | -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 | 8.36M | 9.34M | 15.04M | 16.68M | 6.2M | 248K | 76K | 684K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 8.36M | 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 | 5.14M | 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 | -72.06M | -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 % | -328.79% | -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 | 641K | 231K | 188K | -853K | 1.25M | 25K | 7K | 108K | -129K | -400K | 439K | 372K | 381K | 302K | -1.81M | -700K | -668K | -959K | -387.92M |
| Effective Tax Rate % | -0.89% | -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 | -72.71M | -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 % | -331.72% | -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 % | 25.09% | 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) | -72.71M | -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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.22 | -0.22 | -0.31 | -0.17 | -0.18 | -0.51 | -0.04 | -0.04 | -7.01 | -20.62 | -15.37 | -32.89 | -13.96 | -21.51 | -22.82 | -19.63 | -33.00 | -37.76 | 666.42 |
| EPS Growth % | 26.57% | 29.03% | -82.35% | 5.56% | 64.71% | -1178.2% | 5.67% | 99.4% | 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 | -0.04 | -0.04 | -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 | 332.84M | 330.92M | 321.82M | 315.05M | 288.3M | 61.09M | 347.87M | 347.87M | 1.37M | 1.36M | 1.36M | 1.18M | 1.03M | 940K | 800K | 760K | 750K | 750K | 540K |
| Basic Shares Outstanding | 332.84M | 330.92M | 321.82M | 315.05M | 288.3M | 61.09M | 347.87M | 347.87M | 1.37M | 1.36M | 1.36M | 1.18M | 1.03M | 940K | 800K | 760K | 750K | 750K | 540K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Limited liquidity and commercialization
As reported in recent financial filings, SES's revenue trajectory remains highly volatile, with quarterly figures fluctuating between zero and $7.1 million, reflecting the non-recurring nature of milestone-driven joint development agreements rather than a predictable, scalable commercial growth path for its lithium-metal battery technology.
The erratic revenue pattern suggests that the company is currently tethered to the timing of specific OEM project milestones rather than sustained product demand. Investors should monitor whether these sporadic inflows can transition into a more stable revenue base as the company moves toward B-sample testing.
According to historical income statements, SES has experienced extreme gross margin swings, ranging from negative territory to a peak of 78.7% in 2025Q2, which suggests that these figures are accounting artifacts of prototype cost allocation rather than indicators of true manufacturing efficiency or pricing power.
The wide variance in gross margins likely stems from the inconsistent recognition of JDA-related costs versus R&D expenses. This lack of structural margin stability makes it difficult to assess the company's long-term ability to achieve profitable unit economics once commercial production begins.
Based on the provided data, SES maintains a heavy cost structure dominated by research and development, which consistently exceeds $10 million per quarter, signaling that the firm remains in a capital-intensive development phase that continues to weigh heavily on its overall operating income.
The persistent reliance on high R&D spending to iterate on lithium-metal chemistry suggests that the company is far from achieving operational self-sufficiency. Management's expense discipline appears secondary to the urgent need for technical validation, which may continue to pressure the bottom line for the foreseeable future.
As indicated by the company's reported cash and equivalents of approximately $29.5 million against ongoing quarterly operating losses, SES faces a precarious financial position that may necessitate dilutive capital raises to sustain its current pilot production and development activities in the near term.
The current burn rate relative to the available cash balance suggests that the company's runway is increasingly constrained. This financial vulnerability warrants close investigation, as any delay in OEM milestone payments could force management to seek external funding under potentially unfavorable market conditions.
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.