SES AI (SES) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 revenue of $5.8 million, driven by contracts with automotive OEMs for AI-enhanced battery development and marking the first commercial revenues.

• Launched Molecular Universe, an AI-driven battery materials discovery software and service platform, with global release scheduled for April 29 and public demonstration launch next week.

• Expanded customer base with over a dozen early access users for Molecular Universe, including battery, automotive, chemical, and electric companies.

• Transitioned to a scalable, asset-light software and service business model, focusing on high-margin revenue streams.

• Board approved a $30 million share repurchase program to enhance shareholder value.

Financial highlights

• Q1 2025 revenue reached $5.8 million, primarily from automotive OEM contracts and service agreements; no revenue in Q1 2024.

• Gross margin was 79% in Q1, reflecting the asset-light, AI-driven business model.

• Net loss for Q1 2025 was $12.4 million, an improvement from $15.6 million in Q1 2024.

• GAAP operating expenses totaled $27.8 million for the quarter; R&D expenses rose 74% year-over-year to $20.5 million.

• Ended Q1 with $240 million in liquidity and no debt; expects to exit 2025 with above $200 million in liquidity.

Outlook and guidance

• Full-year 2025 revenue guidance reaffirmed at $15–$25 million, with management expecting continued operating losses and substantial expenses as the company scales.

• Expects to exit 2025 with more than $200 million in liquidity.

• Anticipates significant revenue growth in 2026, building on foundational progress in 2025 and strong prospects in AI-enhanced EV battery and BESS sectors.