SES AI Corp 10-Q for FY2026 Q3

About this 10-Q

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SES AI Corp (SES)

10-Q 2026-11-12 For: 2026-09-30

Added on November 12, 2026

SES AI Corp filed this 10-Q on November 12, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

SES AI Corp received an NYSE notice in July 2026 for failing the $1.00 per share requirement and is seeking approval for a reverse stock split. Nine-month revenue increased 12.1% to $18.4 million, while gross margin was 14.6%. AI summary

Date: November 12, 2026

/s/ Qichao Hu

Chief Executive Officer
(Principal Executive Officer)

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $6.64M; down 6.7% from $7.12M a year earlier
Net loss: $13.39M; compared with a net loss of $20.92M a year earlier
Diluted EPS: -$0.04; compared with -$0.06 a year earlier

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Delaware	88-0641865
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

35 Cabot Road Woburn, MA	01801
(Address of principal executive offices)	(Zip Code)


Title of Each Class	Trading symbol(s)	Name of Exchange on which registered
Class A common stock, par value $0.0001 per share	SES	The New York Stock Exchange


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒

		Emerging growth company	☐



Cautionary Note Regarding Forward-Looking Statements
Part I.	Financial Information
Item 1.	Financial Statements	5
	Condensed Consolidated Balance Sheets (Unaudited)	5
	Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)	6
	Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)	7
	Condensed Consolidated Statements of Cash Flows (Unaudited)	8
	Notes to Condensed Consolidated Financial Statements (Unaudited)	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	26
Item 4.	Controls and Procedures	26

Part II.	Other Information
Item 1.	Legal Proceedings	26
Item 1A.	Risk Factors	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3.	Defaults Upon Senior Securities	28
Item 4.	Mine Safety Disclosures	28
Item 5.	Other Information	28
Item 6.	Exhibits	29
Signatures		30


(in thousands, except share and per share amounts)	September 30, 2026			December 31, 2025
Assets
Current Assets
Cash and cash equivalents	$	70,697		$	29,541
Short-term investments		66,592			170,091
Accounts receivable		10,138			4,783
Inventories		8,422			5,154
Prepaid expenses and other current assets		5,710			6,707
Total current assets		161,559			216,276
Property and equipment, net		24,281			28,866
Goodwill		13,272			13,272
Intangible assets, net		2,658			2,809
Right-of-use assets, net		6,594			7,638
Deferred tax assets		1,522			1,521
Other assets, non-current		2,494			2,264
Total assets	$	212,380		$	272,646
Liabilities and Stockholders’ Equity
Current Liabilities
Accounts payable	$	6,350		$	5,694
Operating lease liabilities		2,077			2,298
Deferred consideration, current		5,875			1,093
Accrued expenses and other current liabilities		11,622			15,071
Total current liabilities		25,924			24,156
Sponsor Earn-Out liabilities		1,786			7,795
Operating lease liabilities, non-current		4,877			5,813
Unearned government grant		9,882			9,042
Deferred consideration, non-current		—			7,677
Other liabilities, non-current		3,506			3,408
Total liabilities		45,975			57,891
Commitments and contingencies (Note 10)
Stockholders’ Equity
Common stock: Class A shares, $0.0001 par value, 2,100,000,000 shares authorized; 311,994,539 and 321,551,078 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively; Class B shares, $0.0001 par value, 200,000,000 shares authorized; 43,881,251 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively		35			37
Additional paid-in capital		583,151			588,355
Accumulated deficit		(415,300)			(371,911)
Accumulated other comprehensive loss		(1,489)			(1,726)
Total stockholders' equity attributable to SES		166,397			214,755
Non-controlling interests		8			—
Total equity		166,405			214,755
Total liabilities and stockholders' equity	$	212,380		$	272,646


	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except share and per share amounts)	2026			2025			2026			2025
Revenue from contracts with customers:
Revenue	$	6,640		$	7,118		$	18,423		$	16,438
Cost of revenues		6,313			3,482			15,734			5,645
Gross profit		327			3,636			2,689			10,793
Operating expenses:
Research and development		9,595			15,625			31,988			55,222
General and administrative		9,150			6,660			26,184			20,500
Total operating expenses		18,745			22,285			58,172			75,722
Loss from operations		(18,418)			(18,649)			(55,483)			(64,929)
Other income:
Gain (Loss) on change in fair value of Sponsor Earn-Out liabilities		1,785			(3,913)			6,009			2,523
Interest income		1,291			2,274			4,457			7,311
Gain on change in fair value of deferred consideration		2,191			—			3,239			—
Miscellaneous expense, net		(220)			(740)			(1,050)			(344)
Total other income, net		5,047			(2,379)			12,655			9,490
Loss before income taxes		(13,371)			(21,028)			(42,828)			(55,439)
(Provision for) Benefit from income taxes		(9)			108			(555)			(564)
Net loss		(13,380)			(20,920)			(43,383)			(56,003)
Less: Net income attributable to non-controlling interests		6			—			8			—
Net loss attributable to SES		(13,386)			(20,920)			(43,391)			(56,003)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		(241)			(695)			498			(931)
Unrealized gain (loss) on short-term investments		19			78			(261)			3
Total other comprehensive (loss) income, net of tax		(222)			(617)			237			(928)
Total comprehensive loss	$	(13,608)		$	(21,537)		$	(43,154)		$	(56,931)

Net loss per share attributable to common stockholders:
Basic and diluted	$	(0.04)		$	(0.06)		$	(0.13)		$	(0.17)

Weighted-average shares outstanding:
Basic and diluted		334,546,441			331,335,411			334,688,459			330,807,919


Nine Months Ended September 30, 2026

	Class A and Class B							Accumulated		Total SES				Total
	Common Stock			Additional		Accumulated		Other Comprehensive		Stockholders’		Non-Controlling		Stockholders’
(in thousands, except share and per share amounts)	Shares	Amount		Paid-in-Capital		Deficit		(Loss) Income		Equity		Interest		Equity
Balance – December 31, 2025	365,432,329	$	37	$	588,355	$	(371,911)	$	(1,726)	$	214,755	$	—	$	214,755
Issuance of common stock upon exercise of stock options	598,829		—		40		—		—		40		—		40
Restricted stock units vested	3,741,303		—		—		—		—		—		—		—
Retirement of common shares	(1,181,733)		—		(2,054)		—		—		(2,054)		—		(2,054)
Stock-based compensation	—		—		2,116		—		—		2,116		—		2,116
Net loss	—		—		—		(12,098)		—		(12,098)		—		(12,098)
Unrealized loss on short-term investments	—		—		—		—		(225)		(225)		—		(225)
Foreign currency translation adjustments	—		—		—		—		712		712		—		712
Balance — March 31, 2026	368,590,728	$	37	$	588,457	$	(384,009)	$	(1,239)	$	203,246	$	—	$	203,246
Issuance of common stock upon exercise of stock options	852,569		—		136		—		—		136		—		136
Restricted stock units vested	2,314,705		—		—		—		—		—		—		—
Retirement of common shares	(113,877)		—		(376)		—		—		(376)		—		(376)
Forfeitures of Earn-Out Restricted Shares	(495,878)		—		—		—		—		—		—		—
Stock-based compensation	—		—		1,986		—		—		1,986		—		1,986
Net (loss) income	—		—		—		(17,905)		—		(17,905)		2		(17,903)
Unrealized loss on short-term investments	—		—		—		—		(55)		(55)		—		(55)
Foreign currency translation adjustments	—		—		—		—		27		27		—		27
Balance — June 30, 2026	371,148,247	$	37	$	590,203	$	(401,914)	$	(1,267)	$	187,059	$	2	$	187,061
Issuance of common stock upon exercise of stock options	177,070		—		9		—		—		9		—		9
Restricted stock units vested	744,758		—		—		—		—		—		—		—
Forfeitures of Earn-Out restricted shares	(32,724)		—		—		—		—		—		—		—
Repurchase and retirement of Class A common stock	(16,161,561)		(2)		(9,162)		—		—		(9,164)		—		(9,164)
Stock-based compensation	—		—		2,101		—		—		2,101		—		2,101
Net (loss) income	—		—		—		(13,386)		—		(13,386)		6		(13,380)
Unrealized gain on short-term investments	—		—		—		—		18		18		—		18
Foreign currency translation adjustments	—		—		—		—		(240)		(240)		—		(240)
Balance — September 30, 2026	355,875,790	$	35	$	583,151	$	(415,300)	$	(1,489)	$	166,397	$	8	$	166,405


Nine Months Ended September 30, 2025

	Class A and Class B							Accumulated		Total SES				Total
	Common Stock			Additional		Accumulated		Other Comprehensive		Stockholders’		Non-Controlling		Stockholders’
(in thousands, except share and per share amounts)	Shares	Amount		Paid-in-Capital		Deficit		(Loss) Income		Equity		Interest		Equity
Balance — December 31, 2024	361,557,285	$	36	$	579,378	$	(298,871)	$	(2,233)	$	278,310	$	—	$	278,310
Issuance of common stock upon exercise of stock options	50,000		—		8		—		—		8		—		8
Restricted stock units vested	3,284,079		—		—		—		—		—		—		—
Forfeitures of Earn-Out Restricted Shares	(2,797)		—		—		—		—		—		—		—
Forfeitures of Restricted Stock Awards	(37,735)		—		(31)		—		—		(31)		—		(31)
Stock-based compensation	—		—		3,973		—		—		3,973		—		3,973
Net loss	—		—		—		(12,432)		—		(12,432)		—		(12,432)
Unrealized loss on short-term investments	—		—		—		—		(20)		(20)		—		(20)
Foreign currency translation adjustments	—		—		—		—		47		47		—		47
Balance — March 31, 2025	364,850,832	$	36	$	583,328	$	(311,303)	$	(2,206)	$	269,855	$	—	$	269,855
Issuance of common stock upon exercise of stock options	74,311		1		5		—		—		6		—		6
Restricted stock units vested	1,184,478		—		—		—		—		—		—		—
Forfeitures of Earn-Out Restricted Shares	(20,794)		—		—		—		—		—		—		—
Forfeitures of Restricted Stock Awards	(47,825)		—		(327)		—		—		(327)		—		(327)
Stock issuance costs	—		—		(13)		—		—		(13)		—		(13)
Stock-based compensation	—		—		2,695		—		—		2,695		—		2,695
Net loss	—		—		—		(22,651)		—		(22,651)		—		(22,651)
Unrealized loss on short-term investments	—		—		—		—		(55)		(55)		—		(55)
Foreign currency translation adjustments	—		—		—		—		(283)		(283)		—		(283)
Balance — June 30, 2025	366,041,002	$	37	$	585,688	$	(333,954)	$	(2,544)	$	249,227	$	—	$	249,227
Issuance of common stock upon exercise of stock options	134,944		—		15		—		—		15		—		15
Restricted stock units vested	204,622		—		—		—		—		—		—		—
Forfeitures of Earn-Out Restricted Shares	(119)		—		—		—		—		—		—		—
Forfeitures of Restricted Stock Awards	(31,382)		—		(75)		—		—		(75)		—		(75)
Repurchase and retirement of Class A common stock	(1,340,656)		(1)		(1,606)		—		—		(1,607)		—		(1,607)
Stock-based compensation	—		—		2,178		—		—		2,178		—		2,178
Net loss	—		—		—		(20,920)		—		(20,920)		—		(20,920)
Unrealized gain on short-term investments	—		—		—		—		78		78		—		78
Foreign currency translation adjustments	—		—		—		—		(695)		(695)		—		(695)
Balance — September 30, 2025	365,008,411	$	36	$	586,200	$	(354,874)	$	(3,161)	$	228,201	$	—	$	228,201


	Nine Months Ended September 30,
(in thousands)	2026		2025
Cash Flows From Operating Activities
Net loss	$	(43,383)	$	(56,003)
Adjustments to reconcile net loss to net cash used in operating activities:
Gain from change in fair value of Sponsor Earn-Out liabilities		(6,009)		(2,523)
Stock-based compensation		6,203		8,864
Depreciation and amortization		7,699		7,671
Gain from change in fair value of deferred consideration		(3,239)		—
Loss on disposal of fixed assets		—		616
Accretion income from available-for-sale short-term investments		(1,078)		(2,421)
Other		596		425
Changes in operating assets and liabilities:
Accounts receivable		(5,221)		(1,283)
Inventories		(3,004)		368
Prepaid expenses and other assets		1,221		(5,419)
Right-of-use assets		1,103		1,913
Accounts payable		1,066		178
Lease liabilities		(1,214)		(2,356)
Accrued expenses and other liabilities		(3,569)		2,015
Net cash used in operating activities		(48,829)		(47,955)
Cash Flows From Investing Activities
Purchases of property and equipment		(2,483)		(2,146)
Acquisition of business, net of cash acquired		—		795
Proceeds from the sale of short-term investments		—		4,997
Purchase of short-term investments		(31,991)		(194,798)
Proceeds from the maturities of short-term investments		136,081		147,448
Net cash provided by (used in) investing activities		101,607		(43,704)
Cash Flows From Financing Activities
Payments for taxes withheld on vesting of restricted stock		(2,429)		(418)
Payments for share repurchase		(9,164)		(1,605)
Proceeds from stock option exercises		185		13
Net cash used in financing activities		(11,408)		(2,010)
Effect of exchange rates on cash		(169)		177
Net increase (decrease) in cash, cash equivalents and restricted cash		41,201		(93,492)
Cash, cash equivalents and restricted cash at beginning of period (Note 5)		30,213		129,395
Cash, cash equivalents and restricted cash at end of period (Note 5)	$	71,414	$	35,903

Supplemental Cash and Non-Cash Information:
Accounts payable and accrued expenses related to purchases of property and equipment	$	95	$	937
Deferred consideration payable for acquisition	$	—	$	11,698


(in thousands)	Level 1		Level 2		Level 3		Total
September 30, 2026
Current Assets
Cash equivalents in money market funds (Note 5)	$	13,983	$	—	$	—	$	13,983
U.S. treasury securities (Note 6)		65,955		—		—		65,955
Equity securities⁽¹⁾ (Note 6)		637		—		—		637
Total current assets at fair value	$	80,575	$	—	$	—	$	80,575

Current Liabilities
Deferred consideration, current⁽²⁾		—		—		5,875		5,875
Total current liabilities at fair value	$	—	$	—	$	5,875	$	5,875

Long-term Liabilities
Sponsor Earn-Out liabilities (Note 9)		—	$	—		1,786		1,786
Total long-term liabilities at fair value	$	—	$	—	$	1,786	$	1,786

December 31, 2025
Current Assets
Cash equivalents in money market funds (Note 5)	$	15,554	$	—	$	—	$	15,554
U.S. treasury securities (Note 6)		169,229		—		—		169,229
Equity securities⁽¹⁾ (Note 6)		862		—		—		862
Total current assets at fair value	$	185,645	$	—	$	—	$	185,645

Current Liabilities
Deferred consideration, current⁽²⁾		—		—		1,093		1,093
Total current liabilities at fair value	$	—	$	—	$	1,093	$	1,093

Long-term Liabilities
Sponsor Earn-Out liabilities (Note 9)		—		—		7,795		7,795
Deferred consideration, non-current⁽²⁾		—		—		7,677		7,677
Total long-term liabilities at fair value	$	—	$	—	$	15,472	$	15,472



Cash and cash equivalents	$	795
Accounts receivable		1,139
Inventories		3,807
Prepaid expenses and other current assets		3,465
Property, plant and equipment		1,023
Intangible assets		1,753
Goodwill		13,272
Other assets		195
Accounts payable		(2,644)
Accrued expenses and other current liabilities		(1,828)
Deferred revenue		(6,862)
Operating lease liability		(174)
Note payable, current		(1,966)
Total	$	11,975


	(in thousands)
Balance as of December 31, 2025	$	8,770
Additions during the period		—
Payments during the period		—
Change in fair value		(3,239)
Foreign exchange impact		344
Balance as of September 30, 2026	$	5,875



(in thousands)	Fair Value		Weighted Average Useful Lives
Patents	$	1,685		15 years
Trademarks		68		15 years
Total acquired intangible assets	$	1,753


September 30, 2026				Gross			Gross
(in thousands)	Amortized Cost			Unrealized Gains			Unrealized Losses			Fair Value
Short-term U.S. treasury securities	$	66,033		$	—		$	(78)		$	65,955
Total	$	66,033		$	—		$	(78)		$	65,955

December 31, 2025				Gross			Gross
(in thousands)	Amortized Cost			Unrealized Gains			Unrealized Losses			Fair Value
Short-term U.S. treasury securities	$	169,046		$	183		$	—		$	169,229
Total	$	169,046		$	183		$	—		$	169,229


		September 30, 2026		December 31, 2025
Expected term (in years)		5.6		5.7
Risk free rate		5.06%		3.77%
Expected volatility		95.0%		100.0%
Expected dividends		0%		0%
Stock price	$	0.60	$	1.80


(in thousands)
Balance at December 31, 2025	$	7,795
Change in fair value		(6,009)
Balance at September 30, 2026	$	1,786

Balance at December 31, 2024	$	9,472
Change in fair value		(2,523)
Balance at September 30, 2025	$	6,949


	As of September 30,
	2026	2025
Escrowed earn-out shares	27,690,978	27,690,978
Options to purchase common stock	3,748,677	5,787,911
Warrants issued in public offerings	9,199,947	9,199,947
Sponsor Earn-Out Shares	5,520,000	5,520,000
Warrants issued in private offerings	5,013,333	5,013,333
Unvested RSUs	13,193,817	14,045,838
Unvested PSUs	3,507,297	5,784,050
Earn-out Restricted Shares	213,678	742,280
Unvested RSAs	—	401
Total	68,087,727	73,784,738

General and administrative		2,467		3,188		10,397		11,181
Professional services		4,040		4,871		9,940		17,036
Facility		1,564		1,540		4,659		4,531
Marketing and sales		309		147		1,457		525
Total	$	18,745	$	22,285	$	58,172	$	75,722

Cash (used in) provided by:
Operating activities	$	(48,829)	$	(47,955)
Investing activities		101,607		(43,704)
Financing activities		(11,408)		(2,010)
Effect of exchange rate changes on cash		(169)		177
Net increase (decrease) in cash, cash equivalents and restricted cash	$	41,201	$	(93,492)

Period	Total Number of Shares Purchased		Average Price Paid Per Share⁽²⁾	Total Number of Shares Purchased as Part of Publicly Announced Program⁽¹⁾	Approximate Dollar Value of Shares that May Yet Be Purchased under the Program⁽¹⁾
July 1 - July 31, 2026	—		—	—	28,394,719
August 1 - August 31, 2026	—		—	—	28,394,719
September 1 - September 30, 2026	16,161,561		0.57	16,161,561	19,069,009
Total	16,161,561	$	0.57	16,161,561


Exhibit No.		Description
3.1		Certificate of Incorporation of SES AI Corporation (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-39845), filed with the Securities and Exchange Commission on February 8, 2022).

3.2		Bylaws of SES AI Corporation (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K (File No. 001-39845), filed with the Securities and Exchange Commission on February 8, 2022).

10.1†		English Translation of Amendment to Shanghai Lease Agreement, dated as of August 5, 2026.

31.1†		Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2†		Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1*		Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2*		Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS†		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH†		Inline XBRL Taxonomy Extension Schema Document.

101.CAL†		Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF†		Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB†		Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE†		Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104†		Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).



	SES AI CORPORATION

	By:	/s/ Qichao Hu
	Name:	Qichao Hu
	Title:	Chief Executive Officer
		(Principal Executive Officer)

	By:	/s/ Ray Liu
	Name:	Ray Liu
	Title:	Chief Financial Officer
		(Principal Financial Officer)


	(2)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


	(1)	the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and