SES AI Corporation (SES) Stock

SES AI Corporation (SES) is a Industrials stock trading at $0.51 (as of 2026-08-20), with a market capitalization of $172.20M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

SES AI Corporation develops and produces lithium-metal rechargeable batteries intended for electric vehicles and other applications. The company was founded in 2012 and is headquartered in Boston, Massachusetts.

Understand SES AI Corporation: how it makes money

SES AI Corporation develops and produces high-performance lithium-metal rechargeable batteries for electric vehicles and other applications, and makes money by selling those batteries and related customer commercialization efforts.

Profit depends on scaling battery output from early manufacturing lines while using AI trained on lithium-metal cells to improve safety and manufacturing outcomes, enabling customers to place orders under distribution and delayed-order pathways.

Business quality (Weak): For the quarter ended 2026-03-31, gross margin was 18.1%, but operating margin was -266.3%, which suggests costs are far outweighing gross profit and the business is not yet translating current commercialization and production activity into sustainable profitability.

Bull case

  • AI-driven safety and manufacturing performance: AI for Safety Prediction Accuracy is 95%, and AI for Manufacturing integrated with AI for Safety Prediction Accuracy is 100%.
  • Evidence of scaled AI training and manufacturing processization: Li-Metal Cells Used for AI Safety Training is 15000 (count), and there are specific quality checkpoint measures including 1400 quality checkpoints in line four.
  • Capacity building in production: Shanghai Giga Production Capacity is 0.2 (Gigawatt Hours), with additional production metrics reported for Shanghai giga and SES Korea.

Bear case

  • Revenue is currently reported at zero in the latest period provided: Revenue for 2026-03-31 is 0.0B, and revenue from previously delayed orders is also shown as 0.0B.
  • Large operating loss indicates weak near-term economics: Operating margin is -266.3% for 2026-03-31, implying operating costs are far above gross profit in the period.
  • Execution risk remains in converting production and contract value into deliveries: While contract value is indicated as 0.02B, there is still no reported revenue in the latest quarter, so timing from contracts and capacity to recognized sales is uncertain.
Valuation — source: SEC EDGAR (first-party)
Price$0.51
Market Cap$172.20M
Price / Book0.92
Price / Sales6.72
FCF Yield-72.6%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$21.00M
Net Margin-347.8%
Revenue Growth (YoY)929.4%
EPS Growth (YoY)-29.0%
FCF Growth (YoY)-21.8%
Financial Health — source: SEC EDGAR
Altman Z-Score-0.05 (distress)
Valuation vs Sector & Industry
Sector P/E (Industrials)25.9
Industry P/E (Electrical Equipment)37.8
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderGeneral Motors Holdings LLC ($2.81B)
Institutional Holders Tracked10
Company
SectorIndustrials
IndustryElectrical Equipment
CEOQichao Hu
Employees250
CountryUS
IPO Date2021-03-01

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SES earnings history · SES institutional & insider holders · SES KPIs & operating metrics · SES financials · SES investor presentations & press releases · SES SEC filings · SES peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.