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SES AI
SES AI (SES) investor relations material
SES AI Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Mar, 2026
Executive summary
Achieved full year 2025 revenue of $21 million, up nearly tenfold from 2024, driven by final service contributions from Honda and Hyundai and initial revenue from UZ Energy acquisition.
Three revenue-generating business units—ESS, drones, and materials—were established, with ESS as the largest near-term driver and all units expected to contribute in 2026.
Significant progress in the AI-driven Molecular Universe platform, enabling six materials breakthroughs tested by over 40 customers and supporting all business units.
Strategic focus on a CapEx-light business model and disciplined cost management.
Manufacturing capacity is being shifted to drone form factors, with expansion plans in Southeast Asia and compliance with defense regulations.
Financial highlights
Q4 2025 revenue was $4.6 million, up 124% year-over-year; full year revenue reached $21 million, in line with guidance.
Q4 GAAP gross margin was 11.3%; full year GAAP gross margin was 53.8%.
Q4 GAAP operating expenses decreased 40% year-over-year to $18.2 million; full year GAAP operating expenses down 15% to $93.9 million.
Adjusted EBITDA loss improved 23% year-over-year to -$62.6 million for 2025.
GAAP net loss for 2025 was $73 million ($0.22/share), improved from $100.2 million ($0.31/share) in 2024.
Ended 2025 with $200 million in liquidity, providing runway into 2028.
Outlook and guidance
2026 revenue guidance: $30–$35 million, representing 43–67% growth over 2025, with contributions expected from all business units.
ESS expected to contribute ~65% of 2026 revenue; drones and materials to ramp in the second half.
Consolidated gross margin expected around 15% in 2026, with potential for improvement as scale increases.
Operating expenses projected to decrease by 15% in 2026, with CapEx remaining in single-digit millions.
Focus remains on a CapEx-light business model to drive growth in ESS, drones, and materials.
Timeline for commercializing new materials?
Impact of Chungju EV to drone conversion?
ESS growth strategy post-UZ Energy acquisition?
Impact of pausing EV C-sample development
Edge Box role in ESS energy trading margins
NDAA-compliant drone cell production timeline
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Next SES AI earnings date
Q1 202624 Apr, 2026
SES AI
Next SES AI earnings date
Q1 202624 Apr, 2026
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Frequently asked questions
SES AI Corporation is a company focused on the development and commercialization of advanced battery technology, specifically next-generation lithium-metal batteries. The company's primary aim is to provide batteries with higher energy density, improved safety, and enhanced performance, targeting the electric vehicle (EV) market as a key area of application. SES AI's technology integrates proprietary materials and software to optimize battery performance and address the needs of EV manufacturers and other industries reliant on efficient energy storage solutions. The company is headquartered in Boston, Massachusetts, and its shares are listed on the NYSE.
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