SES AI (SES) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 revenue of $7.1 million, up $3.6 million (102%) sequentially, driven by the all-in AI strategy, UZ Energy acquisition, and launch of Molecular Universe 1.0/MU-1.

• UZ Energy acquisition completed in September, expanding into the ESS market and contributing 45% of Q3 revenue.

• Accelerated adoption of Molecular Universe SaaS platform, with nearly 40 enterprise trials and new on-premise solutions for large battery makers.

• Joint ventures with Hyzen/Hisun New Materials established to commercialize novel electrolyte materials discovered via Molecular Universe.

• Continued focus on AI-enhanced battery technology for EVs, UAM, and ESS, with significant investment in AI infrastructure.

Financial highlights

• Q3 2025 revenue reached $7.1 million, a $3.6 million (102%) increase over Q2; nine-month revenue was $16.4 million.

• Gross margin for Q3 was 51%–51.1%, with service revenue at 78% margin and product revenue at 15%.

• GAAP net loss for Q3 was $20.9 million (-$0.06 per share), improved from Q2's $22.7 million (-$0.07 per share).

• Ended Q3 with $214 million in liquidity; cash and equivalents $35.3 million, marketable securities $178.7 million.

• Repurchased and canceled over 1.3 million Class A shares for $1.6 million.

Outlook and guidance

• Updated full-year 2025 revenue guidance to $20–$25 million, reflecting UZ Energy's contribution.

• Expect ESS revenue to at least double in 2026, with additional growth from drones, SaaS, and JV material supply.

• Q4 earnings will provide more definitive 2026 revenue outlook, including SaaS, JV, and OEM contributions.

• Management expects continued operating losses as commercialization ramps, with sufficient liquidity for at least 12 months.