Ses Ai Stock Earnings Reports

SES AI reported a strong start to 2026 with Q1 revenue of $6.7M, a 47% sequential increase and above consensus. The company reaffirmed full-year 2026 revenue guidance of $30M–$35M driven primarily by its Energy Storage Systems (UZ Energy), with additional contributions from drone cells and Molecular Universe (materials and subscription) offerings. Key commercial developments include a ~$20M, 3-year North American distribution agreement with ATG EPower for ESS products, conversion and ramp-up of the Chungju, South Korea facility to produce NDAA-compliant drone-format pouch cells (target >1M cells annual capacity), and early customer shipments for evaluation. The Molecular Universe platform reached Version 2.5 and secured a multi-year on-premise subscription from a major global battery manufacturer; its strategic value is emphasized more for IP/competitive advantage than near-term revenue. Financially, GAAP gross margin improved to 18.1% (Q1), GAAP net loss narrowed to $12.1M (loss $0.04/sh), and non-GAAP metrics show modest operating leverage (non-GAAP net loss $11.1M). Adjusted EBITDA loss improved sequentially. SES used ~$20M cash in Q1 and ended the quarter with approximately $178M in liquidity. Management expects to realize ~15% reduction in full-year operating expenses (with most of the impact visible by Q3) and remains focused on executing ESS expansion, drone commercialization, materials scale-up (Hisun JV), and evolving the Molecular Universe as both a product and differentiator.