olivLaw · US equity research
SES AI Corp SES
Miscellaneous Electrical Machinery, Equipment & Supplies · SIC 3690 · Vertical: Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690)
SES AI develops and makes AI-enhanced Li-Metal and Li-ion batteries for energy storage, drones, urban air mobility and electric vehicles. The company pivoted from EVs toward energy storage and drones, and its fiscal 2025 revenue was 21.0 mn USD, while 2026 guidance is 30 to 35 mn USD.
At the close of 04 Nov 2026, SES AI Corp (SES) stock was 0.78 USD (+2.85% on the day), with market capitalisation 286.4 m USD, beta 2.09, 52-week range 0.50–2.57 USD. Latest reported quarter (Q2 2026): revenue of 5.1 m USD (+43.8% YoY), net income of -17.9 m USD, diluted EPS -0.05 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 52.9
- neutral
- Bollinger (20, 2)
- 0.59 – 0.97
- in the upper half of the band · %B 0.52 · band width 48.9%
- SMA 50 / 200
- 0.66 / 1.04
- mixed trend
- MACD (12, 26, 9)
- 0.03 / 0.03
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.3% | −1.1% | −5.2 pp | — |
| 3 months | +53.4% | −0.5% | +53.8 pp | — |
| 6 months | −20.2% | +4.4% | −24.6 pp | — |
| Year to date | −56.5% | +12.3% | −68.8 pp | — |
| 1 year | −62.3% | +13.5% | −75.9 pp | −59.3% |
| 3 years | −62.1% | +76.4% | −138.6 pp | −43.2% |
| 5 years | −92.5% | +63.7% | −156.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | 5.8 m | 3.5 m | 7.1 m | 4.6 m | 6.7 m | 5.1 m |
| Cost of revenue | — | — | 1.2 m | 927.0 k | 3.5 m | 4.0 m | 5.5 m | 3.9 m |
| Gross profit | — | — | 4.6 m | 2.6 m | 3.6 m | 514.0 k | 1.2 m | 1.1 m |
| Research & development | 24.4 m | 20.9 m | 20.5 m | 19.1 m | 15.6 m | 11.8 m | 11.0 m | 11.4 m |
| Operating income | -34.2 m | -29.1 m | -23.3 m | -23.0 m | -18.6 m | -17.7 m | -17.9 m | -19.2 m |
| Depreciation & amortisation | 2.2 m ≈ | 2.4 m | 2.5 m | 2.5 m ≈ | 2.6 m ≈ | 2.6 m | 2.7 m | 2.7 m ≈ |
| Pre-tax income | -30.0 m | -34.8 m | -12.4 m | -22.0 m | -21.0 m | -17.4 m | -11.7 m | -17.8 m |
| Income tax | 138.0 k | -243.0 k | 4.0 k | 668.0 k | -108.0 k | -333.0 k | 414.0 k | 132.0 k |
| Net income | -30.2 m | -34.5 m | -12.4 m | -22.7 m | -20.9 m | -17.0 m | -12.1 m | -17.9 m |
| Diluted EPS | -0.09 | -0.11 ≈ | -0.04 | -0.07 | -0.06 | -0.05 ≈ | -0.04 | -0.05 |
| Operating cash flow | -22.7 m ≈ | -12.3 m | -22.8 m | -10.8 m ≈ | -14.3 m ≈ | -10.4 m | -19.8 m | -13.8 m ≈ |
| Capex | 1.5 m ≈ | 233.0 k | 916.0 k | 804.0 k ≈ | 426.0 k ≈ | 712.0 k | 330.0 k | 656.0 k ≈ |
| Share repurchases | — | — | — | — | — | 0 | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable | 2.0 m | 21.0 m |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | +929.4% |
| Net income | -13.9 m | -31.3 m | -51.0 m | -53.4 m | -100.2 m | -73.0 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.23 | -0.51 | -0.18 | -0.17 | -0.31 | -0.22 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable | -4,911.0% | -347.8% |
| Free cash flow | -12.0 m | -38.9 m | -61.2 m | -72.2 m | -78.3 m | -61.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 29.5 m USD
- Financial debt
- 830.0 k USD
- Net debt
- -28.7 m USD
- Equity
- 214.8 m USD
- Total assets
- 272.6 m USD
- Debt / equity
- 0.00x
- Current ratio
- 8.95x
- ROE
- -29.6%
- ROA
- -24.2%
- FCF margin
- -291.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | 2.0 m | 21.0 m | SEC (XBRL)· 04 Mar 2026verified |
| Cost of revenue | — | — | — | — | 752.0 k | 9.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Gross profit | — | — | — | — | 1.3 m | 11.3 m | SEC (XBRL)· 04 Mar 2026verified |
| Research & development | 9.4 m | 15.5 m | 28.0 m | 30.7 m | 72.1 m | 67.0 m | SEC (XBRL)· 04 Mar 2026verified |
| Operating income | -13.9 m | -32.0 m | -79.6 m | -78.2 m | -109.2 m | -82.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Depreciation & amortisation | 1.7 m | 1.7 m | 2.6 m | 5.5 m | 8.3 m | 10.3 m | SEC (XBRL)· 04 Mar 2026verified |
| EBITDA | -12.2 m ≈ | -30.3 m ≈ | -77.0 m ≈ | -72.6 m ≈ | -100.9 m ≈ | -72.3 m ≈ | SEC (XBRL)· 04 Mar 2026derived |
| Pre-tax income | -13.9 m | -31.2 m | -49.7 m | -54.3 m | -100.0 m | -72.8 m | SEC (XBRL)· 04 Mar 2026verified |
| Income tax | 7.0 k | 25.0 k | 1.3 m | -853.0 k | 188.0 k | 231.0 k | SEC (XBRL)· 04 Mar 2026verified |
| Net income | -13.9 m | -31.3 m | -51.0 m | -53.4 m | -100.2 m | -73.0 m | SEC (XBRL)· 04 Mar 2026verified |
| Diluted EPS | -0.23 | -0.51 | -0.18 | -0.17 | -0.31 | -0.22 | SEC (XBRL)· 04 Mar 2026verified |
| Weighted average diluted shares | 60.8 m | 61.1 m | 288.3 m | 315.1 m | 321.8 m | 330.9 m | SEC (XBRL)· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 161.3 k | 160.5 m | 106.6 m | 85.7 m | 128.8 m | 29.5 m | SEC (XBRL)· 04 Mar 2026verified |
| Receivables | — | — | — | — | 950.0 k | 4.8 m | SEC (XBRL)· 04 Mar 2026verified |
| Inventories | — | — | 383.0 k | 558.0 k | 212.0 k | 5.2 m | SEC (XBRL)· 04 Mar 2026verified |
| Current assets | 161.3 k | 170.0 m | 396.6 m | 348.6 m | 276.9 m | 216.3 m | SEC (XBRL)· 04 Mar 2026verified |
| Property, plant & equipment, net | — | 12.5 m | 27.8 m | 38.0 m | 38.2 m | 28.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Goodwill | — | — | — | — | 0 | 13.3 m | SEC (XBRL)· 04 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 1.6 m | 1.5 m | 1.3 m | 1.2 m | 2.8 m | SEC (XBRL)· 04 Mar 2026verified |
| Total assets | 574.3 k | 193.4 m | 440.4 m | 406.8 m | 329.8 m | 272.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Accounts payable | 13.8 k | 4.7 m | 6.2 m | 4.8 m | 1.9 m | 5.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Short-term debt | — | — | — | — | — | 830.0 k | SEC (XBRL)· 04 Mar 2026verified |
| Current liabilities | 582.1 k | 11.0 m | 19.4 m | 20.4 m | 22.8 m | 24.2 m | SEC (XBRL)· 04 Mar 2026verified |
| Total liabilities | 582.1 k | 11.7 m | 48.9 m | 47.9 m | 51.5 m | 57.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Equity | -62.1 m | -88.3 m | 391.5 m | 359.0 m | 278.3 m | 214.8 m | SEC (XBRL)· 04 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -11.0 m | -30.0 m | -46.5 m | -56.4 m | -66.1 m | -58.4 m | SEC (XBRL)· 04 Mar 2026verified |
| Capex | 982.0 k | 9.0 m | 14.7 m | 15.8 m | 12.2 m | 2.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Free cash flow | -12.0 m ≈ | -38.9 m ≈ | -61.2 m ≈ | -72.2 m ≈ | -78.3 m ≈ | -61.2 m ≈ | SEC (XBRL)· 04 Mar 2026derived |
| Investing cash flow | -13.3 m | 3.3 m | -296.0 m | 32.7 m | 108.2 m | -39.2 m | SEC (XBRL)· 04 Mar 2026verified |
| Financing cash flow | 840.0 k | 184.8 m | 289.9 m | 3.3 m | 1.0 m | -2.0 m | SEC (XBRL)· 04 Mar 2026verified |
| Share repurchases | — | — | — | — | — | 1.6 m | SEC (XBRL)· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 26 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 286.4 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Valuation8
- Quality4
- Growth97
- Returns43
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.23 – 0.34 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Sales0.23 – 0.34 (Mid 0.27)16 companies used · median multiple 1.6x · quartiles 0.8x – 2.6xATKR, CHPT, DFLI, ELVA, ENR, ENS, EOSE, EPOW, GAUZ, MVST, NOVT, NRGV, SPB, UCAR, ULBI, XPON
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 26/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 27.8% | 0 (on a fixed band) | 14% |
| EBIT margin · Quality | -312.8% | 12 (vs peers) | 11% |
| FCF margin · Quality | -257.7% | 0 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| Revenue growth (YoY) · Growth | 929.4% | 97 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 6.5x | 100 (on a fixed band) | 8% |
| EV/Sales · Valuation | 9.5x | 14 (vs peers) | 22% |
| FCF yield · Valuation | -21.1% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.6% | 43 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth· partial97/100 · 1/2 factors with a value
- Quality4/100 · 3/3 factors with a value
- Returns43/100 · 1/1 factors with a value
- Valuation8/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SES AI Corporation (SES). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 21.0 m USD in 2025; YoY growth 929.4%; net margin -289.6%; ROE -31.2%.
The estimated value range is 0.23–0.34 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.27 USD, the price of 0.78 USD leaves a potential of -65.0% (value / price − 1) and a margin of safety of -186.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 26/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue growth (YoY): 929.4%
- Current ratio: 6.5x
What contradicts it
- Gross margin: 27.8%
- EBIT margin: -312.8%
- FCF margin: -257.7%
- EV/Sales: 9.5x
- FCF yield: -21.1%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, Net debt / EBITDA.
Versus the vertical median
Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690) · same industry (4-digit SIC) · compared with 38 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ENSEnerSys | 5.6 bn | 16.7 | 18.4% | 9.3% | +3.7% | +9% / +76% |
| NOVTNovanta Inc. | 5.5 bn | 92.8 | 5.1% | 6.0% | +3.3% | +28% / +1% |
| ATKRAtkore Inc. | 3.2 bn | — | -11.9% | -5.5% | −11.0% | +37% / −24% |
| SPBSpectrum Brands Holdings, Inc. | 2.1 bn | 28.0 | 4.2% | 2.8% | −5.2% | +54% / +32% |
| NVXNOVONIX Ltd | 1.9 bn | — | -62.0% | -1,650.8% | −4.1% | −81% / −88% |
| ENREnergizer Holdings, Inc. | 1.7 bn | 21.3 | 42.2% | 2.7% | +2.3% | +38% / −18% |
| AMPXAmprius Technologies, Inc. | 1.2 bn | — | -36.1% | -33.4% | +202.1% | −25% / +106% |
| EMATEvolution Metals & Technologies Corp. | 1.2 bn | — | — | — | unavailable | unavailable / unavailable |
| EOSEEos Energy Enterprises, Inc. | 779.3 m | — | — | -246.8% | +631.8% | −86% / +95% |
| ENVXEnovix Corporation | 612.3 m | — | -82.2% | -473.9% | +37.9% | −64% / −75% |
| NRGVEnergy Vault Holdings, Inc. | 578.2 m | — | -225.9% | -48.6% | +340.9% | −8% / +38% |
| SLDPSolid Power, Inc. | 515.7 m | — | -20.5% | -1,152.2% | +8.0% | −57% / +60% |
| FLNCFluence Energy, Inc. | 312.1 m | — | -20.7% | -3.1% | −16.1% | −69% / −76% |
| CHPTChargePoint Holdings, Inc. | 306.4 m | — | -1,015.1% | -40.6% | −1.4% | +39% / −69% |
| SESSES AI Corporation | 286.4 m | — | -31.2% | -289.6% | +929.4% | −62% / −62% |
| ULBIEnerSys | 260.3 m | 1.4 | -4.8% | -3.5% | +16.2% | +175% / +109% |
| MVSTMicrovast Holdings, Inc. | 255.7 m | — | 11.4% | 13.9% | +12.6% | −81% / −43% |
| ELVAElectrovaya Inc. | 173.4 m | — | -673.8% | -3.4% | +170.8% | +7% / +94% |
| ELPWElong Power Holding Ltd. | 145.7 m | — | — | -271.3% | +430.7% | −100% / −100% |
| NEOVNeoVolta, Inc. | 134.6 m | — | -101.1% | -161.0% | +58.2% | −44% / +28% |
| GAUZGauzy Ltd. | 127.5 m | — | — | -51.4% | +32.8% | −86% / unavailable |
| BYRNByrna Technologies Inc. | 97.4 m | — | -14.9% | -9.2% | +37.7% | −77% / −29% |
| EPOWE-Power Inc. | 88.8 m | — | — | -35.8% | −28.6% | −88% / −87% |
| BLNKBlink Charging Co. | 65.4 m | — | -79.9% | -52.2% | −18.0% | −66% / −86% |
| STISolidion Technology, Inc. | 37.8 m | — | -1,382.4% | -23,852.8% | unavailable | −59% / −99% |
1- and 3-year price returns: for SES from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
SES AI develops and makes AI-enhanced Li-Metal and Li-ion batteries for energy storage, drones, urban air mobility and electric vehicles. The company pivoted from EVs toward energy storage and drones, and its fiscal 2025 revenue was 21.0 mn USD 1, while 2026 guidance is 30 to 35 mn USD 3.
SWOT
Strengths
Weaknesses
- The company is not profitable and has an accumulated deficit, so reliance on outside funding remains a standing weakness 1.
- Revenue is small and concentrated among a few customers, so dependence on a limited number of contracts stays high 1.
- Gross margin fell from the prior year and integrating UZ Energy remains an operational challenge 1.
Opportunities
- Sol-Ark certification and distribution agreements could open US residential and commercial markets for UZ Energy 3.
- Demand for NDAA-compliant cells could grow if the Korea production reaches its planned capacity 3.
- A first commercial supply agreement for Molecular Universe materials could validate the software and materials model 3.
Risks
- Persistent net losseshigh
The company has not reached profitability and expects losses for several years, which could reduce resources available for investment 1.
- Need for additional capitalhigh
If sales funding falls short, the company could issue equity, which could dilute existing shareholders 1.
- Dependence on a few customersmedium
A small number of customers generate a large share of revenue, and losing a major one could quickly affect sales 1.
- Integration of UZ Energymedium
Difficulties integrating UZ Energy's operations, culture and systems could lead to impairments 1.
- Regulation and compliancemedium
NDAA requirements, export controls and battery safety rules could raise costs and delay sales 1.
Investment thesis
What would need to be true (bull case)
- If US ESS growth through UZ Energy and the Sol-Ark certification turn into contracts, revenue could accelerate faster than expected 3.
- If NDAA-compliant cell production reaches its planned capacity, the company could capture demand from defense and commercial drone makers 3.
- If Molecular Universe turns its pipeline into a commercial contract, the software model could improve margins over the long term 2.
What would break the thesis
- If net losses stay high and revenue is late, the company could need extra funding on less favorable terms 1.
- If margins remain below last year's level, revenue guidance could be hard to reach without new contracts 2.
- If larger rivals expand their software and storage offerings, the company's differentiation could weaken 1.
What to watch
- Delivery against 2026 revenue guidance of 30 to 35 mn USD2026
- Full-capacity start of the NDAA drone cell line in Korea and first cell revenueQ4 2026
- First commercial supply agreement for Molecular Universe materialssecond half 2026
- Trend in net loss and operating expenses across quarterly reportsQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
SES AI describes itself as a developer and manufacturer of high-performance, AI-enhanced batteries, with a mission to accelerate the energy transition through material discovery and battery management 1. Its AI platform, Molecular Universe, is used internally and sold as a subscription software product to battery researchers 1. In September 2025 the company completed the acquisition of UZ Energy, an ESS systems maker, to accelerate its entry into energy storage 1.
Revenue combines product sales, such as ESS systems, drone cells and electrolyte materials, with service revenue from discovering and developing materials for automotive OEMs and other manufacturers 1. In fiscal 2025 service revenue was the larger part, while the 2026 increase came mainly from UZ Energy ESS sales 2.
Activity is heavily weighted outside the United States: 99% of fiscal 2025 revenue came from outside the US, and three customers accounted for 48%, 15% and 12% of revenue 1. The company is still an early-stage growth company with recurring net losses and no profitable operations to date 1.
Segments
Energy storage (ESS)
The ESS segment, including residential and commercial systems through UZ Energy, has become the company's largest revenue source 3. Certification of UZ batteries for closed-loop compatibility with Sol-Ark inverters and a US distribution agreement could accelerate growth in the United States 3.
Market context
The battery market is described as fast-growing and extremely competitive, driven by both large incumbents and new entrants 1. Power demand linked to digital infrastructure and AI is treated as a growth driver for energy storage 1.
Markets for urban air mobility and drones are still emerging and standards are not yet set, so adoption of the company's technology depends on testing and certification 1. The market for AI scientific discovery tools is also nascent, with uncertain adoption pace 2.
Trends
- Power demand from AI and data centerstailwind
Rising power demand from digital infrastructure could support demand for storage systems, which could directly benefit the ESS segment 1.
- FCC restrictions on foreign inverterstailwind
Recent FCC restrictions on foreign-produced inverters and electronics could favor batteries certified for the US market 3.
- Shift to joint venture manufacturingmixed
Moving from in-house materials production to partnerships such as Hisun could reduce capital intensity but adds risks of delays and dependence on third parties 2.
- Lower operating costsmixed
Headcount and R&D reductions could narrow losses if the cost reduction program delivers its expected effect 3.
Competitive position
Competitors are grouped by segment: ESS suppliers such as Fluence Energy and Stem, materials and cell makers such as Solid Power, QuantumScape and Amprius, and AI software providers such as C3.ai 1. The company acknowledges that some rivals have greater resources and strategic ties to automakers 1.
The company says its edge comes from training AI on its own cells and offering secure on-premises solutions that rivals rarely match 3. That differentiation could become harder to sustain if competitors broaden their offerings 2.
- Fluence EnergyFLNC
energy storage systems supplier named as a direct competitor in ESS
- Stem Inc.STEM
energy storage and software provider competing in the ESS segment
- Solid PowerSLDP
materials and cell maker competing in drone and battery materials
- C3.aiAI
AI software provider competing with the Molecular Universe software offering
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- SES AI eyes robotics boom with 'vibe research' tool for battery materialsKorea Times — Business · 10 Jun 2026 · RO
The latest news item in our archive is from 10 Jun 2026; the newest SEC filing is from 27 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Proxy statement27 Oct 2026
- Current report14 Aug 2026Delisting notice
- Quarterly report11 Aug 2026
- Current report11 Aug 2026Results of operations · Departure or appointment of officers · Financial statements and exhibits
- Current report20 Jul 2026Delisting notice · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report24 Apr 2026
- Current report23 Apr 2026Results of operations · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report01 Apr 2026Results of operations · Financial statements and exhibits
- Annual report04 Mar 2026
- Current report04 Mar 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / SES AI Corp · 04 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / SES AI Corp · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / SES AI Corp · 11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.