10-K · April 30, 2026
SES AI Corporation reported a challenging fiscal year with total revenue of $25 million for 2025, a decline from prior years, partially attributed to a significant operating loss of $63 million, leading to an EPS of…
Earnings analysis · 10-Q
SES earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
SES delivered Q2 revenue of $5.072 million and diluted EPS of negative $0.05, with revenue up approximately 26.8% year over year but below consensus and down sequentially. Gross margin improved 4.5 percentage points…
Read full summary
SES delivered Q2 revenue of $5.072 million and diluted EPS of negative $0.05, with revenue up approximately 26.8% year over year but below consensus and down sequentially. Gross margin improved 4.5 percentage points sequentially to 22.6%, but the net loss widened to $17.905 million from $12.098 million. Full-year revenue guidance of $30 million to $35 million and approximately 15% gross margin was maintained, while the newly disclosed NYSE share-price deficiency and $0.01 warrant price add significant market and financing risk.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.05
- Gross margin
- 22.6%
What stood out
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Revenue grew year over year but missed estimates
Q2 revenue was $5.072 million, up from $4 million in Q2 2025, an increase of approximately 26.8%, but down from $7 million in Q1 2026 and below the $5.481 million consensus estimate.
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Sequential gross-margin recovery
Gross margin improved to 22.6% from 18.1% sequentially, a 4.5 percentage-point increase, but remained well below 73.7% in Q2 2025.
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Full-year outlook reaffirmed
Full-year 2026 revenue guidance of $30 million to $35 million and consolidated gross-margin guidance of approximately 15% were reaffirmed.
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Disclosure controls remain effective
Management concluded that disclosure controls and procedures were effective as of June 30, 2026, and reported no material changes in internal control over financial reporting during the quarter.
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UZ Energy is material to reported revenue
The UZ Energy acquisition represented approximately 7% of total assets and 81% of total revenue for the six months ended June 30, 2026, highlighting the scale of the acquired business in reported revenue.
What to watch
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Losses widened sequentially
GAAP net loss widened to $17.905 million from $12.098 million in Q1 2026, while diluted EPS was negative $0.05 versus negative $0.04 in Q1 2026.
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NYSE minimum-share-price deficiency
In July 2026, SES received an NYSE notice because its average closing share price was below the $1.00 minimum over 30 consecutive trading days. The company had six months to regain compliance and had not done so as of the filing date.
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Public-warrant delisting risk
As of August 7, 2026, SES public warrants closed at $0.01; failure to satisfy the NYSE minimum warrant-price requirement could result in suspension or delisting.
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Acquisition integration and controls risk
The company’s assessment of disclosure controls and internal-control effectiveness excluded UZ Energy, which represented approximately 7% of total assets and 81% of total revenue for the six months ended June 30, 2026, while integration remained ongoing.
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Low full-year margin outlook
The company reaffirmed approximately 15% full-year 2026 consolidated gross-margin guidance, substantially below the 22.6% reported Q2 gross margin and 73.7% reported in Q2 2025, indicating continued profitability pressure.
Management's outlook
Management reaffirmed full-year 2026 revenue guidance of $30 million to $35 million and consolidated gross margin guidance of approximately 15%; no numeric EPS guidance was provided.
Earlier filings 4
10-Q · April 24, 2026
SES reported revenue of $6,711,000 for Q1 2026, up 15.8% from $5,793,000 a year ago, driven by product/ESS sales from the UZ Energy acquisition. Gross profit fell to $1,215,000 (18.1% margin) and the company recorded a…
10-K · March 4, 2026
SES AI's 2025 10-K describes a strategy built around AI-driven materials discovery (Molecular Universe), battery cell production (Li‑Metal and Li‑ion) and system products (ESS, drones), plus a November 2025 joint…
10-Q · April 30, 2025
SES AI reported first-quarter revenue of $5.793M and gross margin of 78.7%, producing a net loss of $12.432M (EPS $(0.04)). Revenue was almost entirely service-based ($5.785M) while product revenue was immaterial ($8k).…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.