SES AI (SES) Financial Statements & Analysis

SES AI (SES) Income Statement

SES AI reported revenue of $21.00M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 929.4% from $2.04M a year earlier. SES AI posted a net loss of $73.04M, compared with a net loss of $100.19M a year earlier. Gross margin was 53.8% and operating margin -393.4%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $5.07M, up 43.8% from the same quarter a year earlier.

SES AI Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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SES AI Corporation income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Jun 2018	Jun 2017
Revenue & Gross Profit
Revenue	21.00	2.04	0.00	0.00	0.00	0.00	0.00	1.51	0.15
Cost of Revenue	9.69	0.75	0.00	0.00	0.00	0.00	0.00	0.41	0.14
Gross Profit	11.31	1.29	0.00	0.00	0.00	0.00	0.00	1.09	0.01
Operating Expenses
Research & Development	67.05	72.14	30.68	27.97	15.51	9.44	10.51	0.00	0.00
Selling, General & Administrative	26.88	38.40	47.48	51.61	16.49	4.46	4.78	7.71	10.32
Operating Expenses	93.92	110.54	78.16	79.57	32.01	13.90	15.29	9.56	28.09
Operating Income	-82.61	-109.25	-78.16	-79.57	-32.01	-13.90	-15.29	-8.86	-26.92
Other Income/Expense
Interest Income	9.34	15.04	16.69	6.20	0.25	0.08	0.68	0.00	0.00
Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.87	-0.40
Other Income/Expense	0.47	9.25	23.91	29.84	0.53	-0.06	0.70	-0.87	-1.56
Income
Income Before Tax	-72.81	-100.00	-54.25	-49.74	-31.23	-13.88	-14.59	-9.73	-28.48
Income Tax Expense	0.23	0.19	-0.85	1.26	0.03	0.01	0.11	-0.13	-0.40
Net Income	-73.04	-100.19	-53.40	-50.99	-31.26	-13.89	-14.70	-9.61	-28.08
Net Income - Continuous Operations	-73.04	-100.19	-53.40	-50.99	-31.26	-13.89	-14.70	-9.61	-28.08
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	-72.32	-91.69	-48.71	-47.14	-30.34	-12.20	-14.37	-8.83	-26.86
EBIT	-82.61	-109.25	-78.16	-79.57	-32.01	-13.90	-	-	-
Depreciation & Amortization	10.30	8.31	5.54	2.60	1.66	1.71	0.92	0.04	0.07
Earnings Per Share
Basic EPS	-	-	-	-	-	-	-1.00	-7.00	-21.00
Diluted EPS	-	-	-	-	-	-	-1.00	-7.00	-21.00
Basic Shares Outstanding	330.92	321.82	315.05	288.30	347.87	60.78	10.22	1.37	1.36
Diluted Shares Outstanding	330.92	321.82	315.05	288.30	347.87	60.78	10.22	1.37	1.36

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About SES AI Financial Statements

What was SES AI's revenue in fiscal 2025?

SES AI reported revenue of $21.00M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 929.4% from $2.04M a year earlier.

Is SES AI profitable?

No. SES AI reported a net loss of $73.04M in fiscal 2025. In fiscal 2024 it lost $100.19M.

What is SES AI's operating margin?

SES AI's operating income was −$82.61M on revenue of $21.00M in fiscal 2025, an operating margin of -393.4%, compared with -5355.3% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition