SES · Ses Ai Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.71M | - | $7.12M | $3.53M | $5.79M | - | - | - | - | - |
| Cost of Revenue | $5.50M | - | $3.48M | $927.0K | $1.24M | - | - | - | - | - |
| Gross Profit | $1.22M | - | $3.64M | $2.60M | $4.56M | - | - | - | - | - |
| R&D | $11.03M | - | $15.63M | $19.09M | $20.51M | - | $24.44M | $15.06M | $11.77M | - |
| SG&A | $8.05M | - | $6.66M | $6.52M | $7.32M | - | $9.78M | $9.57M | $9.51M | - |
| Total Operating Expenses | $19.08M | - | $22.29M | $25.61M | $27.83M | - | $34.22M | $24.63M | $21.27M | - |
| D&A | $2.68M | - | - | - | $2.52M | - | - | - | $1.72M | - |
| Operating Income | ($17.87M) | - | ($18.65M) | ($23.01M) | ($23.27M) | - | ($34.22M) | ($24.63M) | ($21.27M) | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $414.0K | - | ($108.0K) | $668.0K | $4.0K | - | $138.0K | $96.0K | $197.0K | - |
| Net Income | ($12.10M) | - | ($20.92M) | ($22.65M) | ($12.43M) | - | ($30.19M) | ($19.90M) | ($15.56M) | - |
| EPS - Basic | ($0.04) | - | ($0.06) | ($0.07) | ($0.04) | - | ($0.09) | ($0.06) | ($0.05) | - |
| EPS - Diluted | ($0.04) | - | ($0.06) | ($0.07) | ($0.04) | - | ($0.09) | ($0.06) | ($0.05) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $46.94M | $29.54M | $35.27M | $11.76M | $56.05M | $128.80M | $66.74M | $54.82M | $129.61M | $85.67M |
| Accounts Receivable | $8.18M | $4.78M | $3.37M | $3.01M | $1.51M | $950.0K | - | - | - | - |
| Inventory | $6.96M | $5.15M | $3.66M | $114.0K | $155.0K | $212.0K | $320.0K | $519.0K | $425.0K | $558.0K |
| Accounts Payable | $5.92M | $5.69M | $4.78M | $1.98M | $1.81M | $1.90M | $2.23M | $2.36M | $2.76M | $4.83M |
| Current Assets | $200.57M | $216.28M | $230.36M | $242.96M | $256.09M | $276.90M | $291.50M | $310.14M | $327.11M | $348.63M |
| Total Assets | $253.52M | $272.65M | $288.77M | $290.46M | $305.98M | $329.79M | $349.91M | $368.37M | $385.88M | $406.81M |
| Current Liabilities | $29.24M | $24.16M | $28.01M | $19.50M | $16.41M | $22.82M | $19.13M | $13.96M | $13.94M | $20.36M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $50.27M | $57.89M | $60.57M | $41.23M | $36.13M | $51.48M | $40.62M | $36.80M | $38.49M | $47.86M |
| Stockholders' Equity | $203.25M | $214.75M | $228.20M | $249.23M | $269.86M | $278.31M | $309.28M | $331.57M | $347.39M | $358.95M |
| Retained Earnings | ($384.01M) | ($371.91M) | ($354.87M) | ($333.95M) | ($311.30M) | ($298.87M) | ($264.33M) | ($234.14M) | ($214.24M) | ($198.69M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($19.80M) | - | - | - | ($22.83M) | - | - | - | ($8.98M) | - |
| Investing Cash Flow | $39.13M | - | - | - | ($49.84M) | - | - | - | $53.24M | - |
| Financing Cash Flow | ($2.01M) | - | - | - | $8.0K | - | - | - | $18.0K | - |
| CapEx | $330.0K | - | - | - | $916.0K | - | - | - | $6.76M | - |
| Free Cash Flow | ($20.13M) | - | - | - | ($23.75M) | - | - | - | ($15.74M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 18.1% | - | 51.1% | 73.7% | 78.7% | - | - | - | - | - |
| Operating margin | -266.3% | - | -262.0% | -652.3% | -401.7% | - | - | - | - | - |
| EBITDA margin | -226.4% | - | - | - | -358.3% | - | - | - | - | - |
| Net margin | -180.3% | - | -293.9% | -642.2% | -214.6% | - | - | - | - | - |
| Free cash flow margin | -300.0% | - | - | - | -410.0% | - | - | - | - | - |
| FCF / Net income | 1.66 | - | - | - | 1.91 | - | - | - | 1.01 | - |
| R&D / Revenue | 164.4% | - | 219.5% | 541.2% | 354.0% | - | - | - | - | - |
| SG&A / Revenue | 120.0% | - | 93.6% | 184.9% | 126.4% | - | - | - | - | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -4.8% | - | -7.2% | -7.8% | -4.1% | - | -8.6% | -5.4% | -4.0% | - |
| Return on equity | -6.0% | - | -9.2% | -9.1% | -4.6% | - | -9.8% | -6.0% | -4.5% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 6.86 | 8.95 | 8.23 | 12.46 | 15.61 | 12.14 | 15.24 | 22.22 | 23.46 | 17.13 |
| Quick ratio | 6.62 | 8.74 | 8.09 | 12.45 | 15.60 | 12.13 | 15.22 | 22.18 | 23.43 | 17.10 |
| Cash ratio | 1.61 | 1.22 | 1.26 | 0.60 | 3.42 | 5.65 | 3.49 | 3.93 | 9.30 | 4.21 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.25 | 1.27 | 1.27 | 1.17 | 1.13 | 1.18 | 1.13 | 1.11 | 1.11 | 1.13 |
| Liabilities / Assets | 0.20 | 0.21 | 0.21 | 0.14 | 0.12 | 0.16 | 0.12 | 0.10 | 0.10 | 0.12 |
| Efficiency | ||||||||||
| Asset turnover | 0.03 | - | 0.02 | 0.01 | 0.02 | - | - | - | - | - |
| Inventory turnover | 0.79 | - | 0.95 | 8.13 | 7.97 | - | - | - | - | - |
| Days sales outstanding | 445d | - | 173d | 311d | 95d | - | - | - | - | - |
| Days inventory outstanding | 462d | - | 383d | 45d | 46d | - | - | - | - | - |
| Days payable outstanding | 393d | - | 501d | 780d | 535d | - | - | - | - | - |
| Cash conversion cycle | 514d | - | 55d | -424d | -394d | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 1.6x | - | 2.4x | 1.2x | 0.6x | - | 0.7x | 1.2x | 1.5x | - |
| P / S | 47.7x | - | 77.7x | 83.5x | 29.6x | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 15.8% | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | -73.3% | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 23.2% | - | 45.5% | 6.6% | -9.4% | - | -76.8% | -27.8% | 1.6% | - |
| Net income growth (YoY) | 2.7% | - | 30.7% | -13.8% | 20.1% | - | -124.0% | -53.7% | 4.1% | - |
| EPS growth (YoY) | 0.0% | - | 33.3% | -16.7% | 20.0% | - | -125.0% | -50.0% | 0.0% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 15.2% | - | - | - | -50.9% | - | - | - | 26.3% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -24.7% | -22.8% | -26.2% | -24.8% | -22.3% | -22.5% | -15.0% | -11.5% | -9.1% | -8.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$21.00M totalService$13.58M · 64.7%
Product$7.42M · 35.3%
Peer comparison
Same SIC group: Miscellaneous Electrical Machinery, Equipment & Supplies
Comparing SES AI Corp against the 5 most active filers in the same SIC group.