SES AI (SES) Balance Sheet: Assets & Liabilities

SES AI (SES) Balance Sheet

As of Dec 31, 2025 (end of fiscal 2025), SES AI reported total assets of $272.65M and total liabilities of $57.89M. Shareholders' equity was $214.75M, down 22.8% from $278.31M a year earlier. Total debt stood at $8.94M against $199.63M in cash and short-term investments, a net cash position of $190.69M. That puts debt-to-equity at 0.04, compared with 0.04 a year earlier.

SES AI Balance Sheet Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for SES AI Corporation (SES) - 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
Current Assets
Cash and Cash Equivalents	29.54	128.80	85.67	106.62	160.50	2.44	25.40	7.07	4.99
Short-Term Investments	170.09	133.75	246.78	283.46	0.00	12.29	0.00	0.00	0.00
Cash & Short-Term Investments	199.63	262.54	332.45	390.08	160.50	14.73	25.40	7.07	4.99
Accounts Receivable	4.78	0.95	3.91	2.38	7.91	0.00	0.36	0.17	0.03
Inventory	5.15	0.21	0.56	0.38	0.00	0.00	0.00	0.04	0.04
Other Current Assets	6.71	13.20	11.71	3.79	1.56	0.37	0.13	0.80	0.68
Total Current Assets	216.28	276.90	348.63	396.64	169.97	15.10	25.89	8.08	5.74
Non-Current Assets
Property, Plant & Equipment (Net)	36.50	48.09	51.06	39.12	12.49	6.04	7.19	0.01	0.02
Long-Term Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.02	5.04	8.54
Goodwill	13.27	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Intangible Assets	2.81	1.22	1.35	1.47	1.63	1.73	1.86	1.04	0.98
Other Non-Current Assets	2.26	3.57	4.72	3.21	9.26	1.71	1.48	0.15	0.04
Total Non-Current Assets	56.37	52.88	58.18	43.80	23.38	9.49	10.54	6.24	9.59
Total Assets	272.65	329.79	406.81	440.44	193.35	24.59	36.43	14.31	15.33
Current Liabilities
Accounts Payable	5.69	1.90	4.83	6.19	4.71	1.03	0.64	0.50	0.46
Short-Term Debt	3.13	2.59	2.40	1.90	0.00	0.84	0.00	0.00	0.00
Accrued Liabilities	15.07	18.33	1.27	1.57	6.27	1.22	-	-	-
Deferred Revenue	0.00	0.00	0.00	4.19	0.00	0.00	0.00	0.21	0.00
Other Current Liabilities	15.33	2.39	12.83	0.98	2.83	1.89	1.49	0.98	1.31
Total Current Liabilities	24.16	22.82	20.36	19.36	10.99	3.88	2.24	1.68	1.77
Non-Current Liabilities
Long-Term Debt	5.81	7.98	11.32	10.17	1.15	0.00	18.71	5.39	5.20
Other Non-Current Liabilities	18.88	20.68	6.92	12.72	0.75	82.78	6.21	1.89	0.60
Total Non-Current Liabilities	33.74	28.66	27.51	29.54	0.75	82.78	24.91	7.28	5.80
Total Liabilities	57.89	51.48	47.86	48.90	11.73	86.66	84.95	8.96	1.04
Stockholders' Equity
Common Stock	0.04	0.04	0.04	0.04	0.01	0.00	0.02	0.11	0.11
Retained Earnings	-371.91	-298.87	-198.69	-145.29	-94.29	-63.04	-49.15	-260.07	-250.46
Accumulated Other Comprehensive Income	-1.73	-2.23	-1.61	-1.25	0.37	0.13	-0.06	-1.66	-1.64
Additional Paid-in Capital	588.36	579.38	559.21	538.04	5.60	0.84	0.68	266.97	266.28
Shares Outstanding	365.43	361.56	354.15	349.71	347.87	-	-	-	-
Total Stockholders' Equity	214.76	278.31	358.95	391.54	181.62	-62.07	-48.52	5.35	14.29
Total Liabilities & Equity	272.65	329.79	406.81	440.44	193.35	24.59	36.43	14.31	15.33

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 Balance Sheet

How much debt does SES AI have?

SES AI had total debt of $8.94M as of Dec 31, 2025, against $199.63M in cash and short-term investments. Its debt-to-equity ratio was 0.04. Total debt was $10.56M a year earlier.

What are SES AI's total assets?

SES AI reported total assets of $272.65M as of Dec 31, 2025, down 17.3% from $329.79M a year earlier. Total liabilities were $57.89M.

What is SES AI's shareholders' equity?

SES AI's shareholders' equity was $214.75M as of Dec 31, 2025, or about $0.59 of book value per share.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition