SES AI (SES) investor relations material

Executive summary

• Q2 2026 revenue reached $5.1 million, up 44% year-over-year, driven by increased product sales, especially from the UZ Energy acquisition, though down from $6.7 million in Q1 2026.

• Gross margin improved to 22.6% in Q2 2026 from 18.1% in Q1 2026, but declined from 73.7% in Q2 2025 due to a shift toward lower-margin product sales.

• Net loss for Q2 2026 was $17.8 million ($0.05/share), compared to $12.1 million ($0.04/share) in Q1 2026 and $22.7 million in Q2 2025.

• Revenue contribution was seen across all product lines: ESS, drone battery cells, materials, and Molecular Universe.

• The company reaffirmed its 2026 revenue guidance of $30–$35 million.

Financial highlights

• Q2 2026 revenue: $5.1 million (up from $3.5 million in Q2 2025, down from $6.7 million in Q1 2026).

• GAAP gross margin: 22.6% (up from 18.1% in Q1 2026, down from 73.7% in Q2 2025).

• GAAP net loss: $17.8 million ($0.05/share), compared to $12.1 million ($0.04/share) in Q1 2026.

• Non-GAAP net loss: $13.1 million ($0.04/share), compared to $11.1 million ($0.03/share) in Q1 2026.

• Operating expenses: $20.3 million in Q2 2026, down 20.6% year-over-year, mainly from reduced R&D spending.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $30–$35 million.

• Net loss expected to narrow in the second half of 2026 due to revenue growth and cost reductions.

• Management expects continued operating losses for several years as investments continue.

• Cash and marketable securities expected to cover principal needs for at least 12 months; additional funding may be required for expansion and AI initiatives.

• Second half revenue mix expected to shift, with drones and materials increasing, but ESS remaining over half.