SES Stock — SES AI Corp

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Next earnings call

Mar 3, 2027 Est · unconfirmed · in 15 wks

Q3 2026 earnings call transcript

call held Nov 12, 2026

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Latest documents

what the company just published, in one sentence each

2026

Nov 12

Quarterly report 10-Q FY2026 Q3, ended Sep 30

NYSE deficiency prompts reverse split proposal as gross margin falls

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%.

Revenue $6.64M ▼ 6.7% Net loss $13.39M Diluted EPS -$0.04

Read from the MD&A section

4 source passages

In July 2026, we received notice from the NYSE that we did not satisfy its continued listing standard requiring a minimum average closing price of $1.00 per share over a consecutive 30 trading-day period. In October 2026, we filed a definitive proxy statement for our 2026 annual meeting of stockholders, scheduled for December 10, 2026, which includes a proposal to approve a reverse stock split of our Class A common stock at a ratio within the range set forth in the proxy statement, with the final ratio to be determined by our Board of Directors. Revenue from customers for the three and nine months ended September 30, 2026 was $6.6 million and $18.4 million, respectively. Revenue decreased by $0.5 million, or 6.7%, and increased by $2.0 million, or 12.1%, respectively, compared to the three and nine months ended September 30, 2025, which had revenue of $7.1 million and $16.4 million, respectively. Gross margin for the three and nine months ended September 30, 2026 was 4.9% and 14.6%, respectively, compared to 51.1% and 65.7%, for the three and nine months ended September 30, 2025, respectively. Open the document at this passage

Nov 12

Earnings call

SES drone ramp supports revenue growth and full-year outlook

SES reported third-quarter 2026 revenue of $6.6 million, up 31% from $5.1 million, and reiterated full-year revenue outlook of $30 to $35 million. Its Chongzhu line reached 1 million NDAA-compliant cells per year and began producing at scale.

4 source passages

We saw that as an optimistic use of capital that reflects our confidence in the long-term value of SES. Third quarter revenue was $6.6 million, up 31% from $5.1 million in the second quarter. We're reiterating our full year 2026 revenue outlook of $30 to $35 million. In the third quarter, we completed the ramp-up of our Chongzhu production line to an installed capacity of 1 million NDAA-compliant cells per year, and the line has been running since early October. Open the document at this passage

Nov 12

Current report 8-K

Quarterly revenue rises as drone-cell line ramps

SES AI Corporation posted revenue of $6.6 million, up 31%, and net loss of $13.4 million versus $17.9 million. It completed 1 million NDAA-compliant cells per year at Chungju and reiterated 2026 revenue guidance of $30 million to $35 million.

Financial results

4 source passages

Revenue for the third quarter was $6.6 million, up 31% from $5.1 million in the second quarter. Our GAAP net loss for the third quarter was $13.4 million, or $0.04 loss per share, compared to a GAAP net loss of $17.9 million, or $0.05 loss per share, in the second quarter. In the third quarter, we completed the ramp-up of our Chungju production line to an installed capacity of 1 million NDAA-compliant cells per year, and the line has been running since early October. For full-year 2026, we are reiterating our revenue outlook of $30 million to $35 million. Open the document at this passage

Oct 27

Annual report to holders ARS

Annual report to holders

SES AI Corporation completed its UZ Energy acquisition on September 15, 2025, accelerating entry into Energy Storage Systems. Net losses were $73.0 million for 2025 versus $100.2 million for 2024, while the accumulated deficit reached $371.9 million.

Read from the first part of this long document

Oct 27

Proxy statement DEFA14A

Proxy statement

SES AI Corporation’s stockholders will elect two Class I directors, ratify Grant Thornton LLP, approve a 5:1 to 20:1 reverse stock split, vote on named executive officer compensation, and consider eliminating certain officers’ personal liability for breaches of the duty of care.

All documents

Metrics snapshot

Useful current figures from the complete screener profile.

View all 125 metrics

Revenue (TTM)

$22.98M

Trailing 12 months

Net income (TTM)

−$60.42M

Trailing 12 months

Revenue growth YoY

-6.7%

Year over year

Operating margin

-318.3%

Trailing 12 months

P / E (TTM)

—

Trailing earnings

FCF yield

-33.0%

TTM · current market cap

Return on invested capital

—

Trailing 12 months

Net cash

$63.69M

Latest balance sheet

Dividend yield

—

Trailing 12 months

Shares change YoY

+1.0%

Year over year · more shares

Price change (1Y)

-73.4%

Trailing year

Short interest

11.5%

Latest settlement · 1.6 days to cover

View all 125 metrics

Quarterly results

Revenue Net income Net loss

· $5.79M −$12.43M '25 Q1 · $3.53M −$22.65M '25 Q2 · $7.12M −$20.92M '25 Q3 · $4.56M −$17.04M '25 Q4* ▲15.8% $6.71M −$12.10M '26 Q1 ▲43.8% $5.07M −$17.90M '26 Q2 LATEST ▼6.7% $6.64M −$13.39M '26 Q3

* Q4 derived as the full year minus Q1 to Q3.

AI Brief

Q3 FY26 earnings call · Nov 12, 2026

Q3 FY26

TL;DR. Q3 revenue grew 31% sequentially, GAAP net loss narrowed, and the 1 million-cell Chungju line is producing and delivering as purchase orders and a pipeline of more than 50 drone customers support growth; SES also retains approximately $137 million of liquidity without debt, and Molecular Universe 4.0 is under customer evaluation. The main risks are a sharply lower gross margin, further margin pressure in Q4, $16.5 million of quarterly net cash use excluding the buyback, unresolved production-cost optimization, profitability uncertainty, and potential NYSE delisting.

Bullish

+ Q3 revenue increased 31% sequentially to $6.6 million from $5.1 million.
+ The Chungju line completed its ramp to 1 million NDAA-compliant cells per year and is producing and delivering to customers.
+ SES secured purchase orders from Drone Dominance Program participants and has more than 50 drone makers and pack integrators in its pipeline.
+ SES ended Q3 with approximately $137 million in liquidity and no debt.
+ Molecular Universe 4.0 is in evaluation with leading battery manufacturers.
+ GAAP net loss narrowed to $13.4 million from $17.9 million in the second quarter.

Bearish

− GAAP gross margin fell to 4.9% from 22.6% because of lower-margin sales of older energy-storage inventory.
− Management expects Q4 margins to decline as older energy-storage inventory is sold at lower prices and margins.
− Excluding the share repurchase, SES used approximately $16.5 million of net cash during the quarter.
− The new Chungju production line still has substantial room for cost optimization.
− Achieving and maintaining profitability remains uncertain.
− Failure to satisfy NYSE listing requirements could result in delisting and adversely affect SES’s trading market.

AI-generated from the earnings call and 8-K · may contain errors · not investment advice

Equibles Rating

blended score · not investment advice

Overall

Sell

SellHoldBuy

Technical Strong Sell Momentum Very Weak Sentiment Bullish Fundamentals Excellent Quant / Vol Very High

Market backdrop VIX 19.3 · elevated Equity put/call 0.63

Technical

price trend

Strong Sell

50 / 200-day cross No cross

Price vs 200-day avg −45%

below

Price vs 50-day avg −24%

below

RSI (14) 39

neutral

MACD trend Negative

52-week position 1%

near low

Volume (OBV) Confirms

volume backs price

Momentum

relative strength

Very Weak

1-month return −26%

trailing

6-month return −58%

trailing

YTD return −71%

this year

Relative strength −58%

vs S&P · 6-mo

Sentiment

smart money

Bullish

Trend (MA cross) No cross

50d $1 › 200d $1 — 200d above 50d

Institutional flow Accumulating

109 of 133 funds reported for Sep 30 · net +2.6M sh shares · +16 new

Insider flow Flat

No net insider activity over 90 days

Short interest Falling

11.45% of shares out · ▼ -4.8% MoM · 1.6 days cover

Volume signal Normal

Volume near normal

Institution breadth Steady

133 holders — mid 3-yr range

Squeeze score 70

elevated · 0–100

Fundamentals

Excellent

Revenue growth +929%

Y/Y

Gross margin 54%

contracting

EPS growth +29%

Y/Y

Free cash flow $-61.2M

Buyback $19.1M

remaining

Quant / Vol

risk profile

Very High

Volatility 119%

annualized · 1-yr

Max drawdown −81%

past year

ATR 23.3%

of price · 14-day

Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.

Guidance & track record

what management promised — and delivered

Latest guidance · from the Earnings Call filed Nov 12, 2026

full year 2026

Full year 2026 revenue outlook Maintained $30M – $35M

Apr 23, 2026 $30M – $35M Nov 12, 2026 $30M – $35M

prior FY $21M midpoint +54.8% Y/Y

fourth quarter

Revenue $11.6M – $16.6M

prior qtr $6.64M midpoint +112.3% QoQ

stage expansion in Korea

Incremental capital expenditure $5M

Previous outlook earlier release · from the Earnings Call filed Aug 11, 2026

Still-open targets the latest release did not restate under the same label.

Expense reduction · year over year at least 20%

ESS · 2027 first half at least 70%

Guided vs delivered · last 1 settled

Full year 2025 revenue full year 2025

guided $15M – $25M

guided $15M – $25M $21M In line

Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.

Technicals

trend & momentum for long-term holders Strong Sell

4 · 3 · 0

50 / 200-day cross

No cross Neutral

Price vs 200-day avg

−45% Bearish

Price vs 50-day avg

−24% Bearish

RSI (14)

39 Neutral

MACD trend

Negative Bearish

52-week position

1% Bearish

Volume (OBV)

Confirms Neutral

Market signals — smart money & positioning

Bullish · 2 of 6

Trend (MA cross) No cross

50d $1 › 200d $1 — 200d above 50d

Institutional flow Accumulating

109 of 133 funds reported for Sep 30 · net +2.6M sh shares · +16 new

Insider flow Flat

No net insider activity over 90 days

Short interest Falling

11.45% of shares out · ▼ -4.8% MoM · 1.6 days cover

Volume signal Normal

Volume near normal

Institution breadth Steady

133 holders — mid 3-yr range

Price context

position in its 52-week range

Range low $1 Now $1 · 1% Range high $3

vs 200-day avg -45% vs 50-day avg -24%

Illustrative technical + ownership context — a signal mix, not investment advice.

Key metrics

the company's own KPIs, from written earnings releases and filings

Metric	Latest	Period	YoY
Adjusted EBITDA non-GAAP	-39.39M	Nine Months Ended September 30, 2026	—
Edge Box reduces that error	3%	the third quarter	—
Energy storage	47%	the third quarter	—
Gross margin (Non-GAAP) non-GAAP	14.7%	Nine Months Ended September 30, 2026	—

Gross profit (Non-GAAP) non-GAAP	2.71M	Nine Months Ended September 30, 2026	—
Liquidity	$137M	the end of the third quarter	—

Loss from operations (Non-GAAP) non-GAAP	-41.58M	Nine Months Ended September 30, 2026	—
net cash use	$16.5M	the quarter	—
Net loss (Non-GAAP) non-GAAP	-34.93M	Nine Months Ended September 30, 2026	—
non-GAAP net loss non-GAAP	$10.7M	the third quarter	—

Operating expenses (Non-GAAP) non-GAAP	44.29M	Nine Months Ended September 30, 2026	—

Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period

Versus peers

Auto Parts — same industry group

Open screener →

Company	Mkt cap	YTD	Rev growth Y/Y	P/E	Short % shares
SES SES AI Corp this stock	$189.05M	-70.6%	+929.4%	—	11.5%
ORLY O Reilly Automotive Inc	$73.94B	+1.1%	+6.4%	28.2	2.9%
AZO Autozone Inc	$52.46B	-3.9%	+7.4%	21.4	3.3%
SMTOY Sumitomo Electric Industries Ltd	$28.52B	—	—	—	0.0%
NGKSF NGK Spark Plug Co., Ltd.	$20.13B	+18.4%	—	—	0.7%

Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding

At a glance

key data from every section

Ownership

Institutional Holders Accumulating

Holders

132

% held: 26.0%
Reported: 109 of 133
Top holder: BlackRock, Inc.

Held Float

View

Held by Funds

Fund positions

97

View

Short & Settlement

Short Interest Falling

Shares short

40.9M

Days to cover: 1.6d
Change: -2.0M sh

View

Short Volume

Short vol %

77%

As of: Nov 13, 2026

Short Total

View

Fails to Deliver

FTD shares

137.9K

Value: $137.9K
As of: Oct 14, 2026

View

Off-Exchange

Off-exchange %

86.4%

Week of: Oct 5, 2026

Off-exch Lit

View

Financials

Revenue (FY)

$21.0M

Net income (FY): $-73.0M
EPS diluted: $-0.22

View

Buybacks

Remaining

$19.1M

View

Filings

SEC Filings

Latest

10-Q

Filed: Nov 12, 2026
This year: 18

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%.

View

Proposed Sales

Value

$180.3K

Shares: 156.5K
Filed: Jun 15, 2026

View

Earnings & Events

Webcasts

Last webcast

Nov 12, 2026

View

Investor Relations

	5D	20D	120D	MTD	YTD
SES	-36.4%	-25.8%	-57.6%	-33.0%	-70.6%
SPY	+2.6%	-1.2%	+0.5%	-0.2%	+10.6%
vs SPY	-39.0%	-24.6%	-58.1%	-32.8%	-81.2%

SES · SES AI Corp

Price & Indicators

Up next

Latest documents

Metrics snapshot

Quarterly results

AI Brief

Equibles Rating

Guidance & track record

Technicals

Key metrics

Versus peers

At a glance

Performance

Capital returns