SES earnings analysis
What we found in SES's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.05
- Gross margin
- 22.6%
What they said about what is next.
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.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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