SES AI (SES) Cash Flow: Operating & Free Cash Flow

SES AI Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities 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
Operating Activities
Net Income	-73.04	-100.19	-53.40	-50.99	-31.26	-13.89	-14.70	-9.60	-26.52
Depreciation & Amortization	10.30	8.31	5.54	2.60	1.66	1.71	0.92	0.04	0.07
Deferred Income Tax	-0.14	0.00	0.00	0.00	-0.84	-0.03	0.00	0.00	0.00
Stock Based Compensation	10.97	19.94	20.65	22.78	4.57	0.15	0.12	0.00	0.00
Change in Working Capital	-3.47	8.39	-11.11	6.41	-4.22	1.02	-0.61	2.43	1.58
Change in Accounts Receivable	-2.63	2.96	-1.53	5.53	-7.91	0.00	0.00	-0.27	-0.14
Change in Inventory	-1.04	0.33	-0.18	-0.38	0.00	0.00	0.00	0.04	0.00
Change in Accounts Payable	1.04	-0.07	-0.06	-3.98	1.29	0.61	-0.19	0.42	0.12
Change in Other Working Capital	9.55	3.98	-9.34	-24.94	2.40	0.41	-0.42	2.23	1.60
Other Operating Activities	-3.11	3.98	-18.09	-24.94	0.10	0.03	0.00	1.02	16.37
Net Cash from Operating Activities	-58.36	-66.09	-56.41	-46.50	-29.99	-11.01	-14.27	-6.12	-8.51
Investing Activities
Capital Expenditures	-2.86	-12.21	-15.76	-14.65	-8.98	-0.98	-4.61	0.00	0.00
Acquisitions	-3.03	0.00	0.00	0.00	275.97	0.01	0.00	0.00	0.00
Purchases of Investments	-238.18	-215.10	-281.52	-411.36	-150.81	-12.29	0.00	0.00	0.00
Sales/Maturities of Investments	204.88	335.50	330.00	130.00	163.10	5.20	0.00	0.00	0.00
Other Investing Activities	3.13	0.00	0.00	0.00	-275.97	-0.01	0.00	1.13	-0.39
Net Cash from Investing Activities	-39.19	108.19	32.72	-296.01	3.31	-13.27	-4.61	1.13	-0.40
Financing Activities
Debt Repayment	0.00	0.00	0.00	0.00	0.00	0.84	0.00	0.00	0.00
Common Stock Issued	0.08	1.01	0.52	283.27	283.52	0.00	0.00	0.00	0.00
Common Stock Repurchased	-2.04	0.00	0.00	0.00	0.00	0.00	0.00	0.12	1.28
Other Financing Activities	-0.43	0.00	2.75	289.60	-98.76	0.00	1.14	0.12	2.05
Net Cash from Financing Activities	-1.96	1.01	3.28	289.93	184.76	0.84	1.14	0.12	2.05
Summary
Effect of Forex Changes on Cash	0.33	-0.69	-0.55	-0.53	0.23	0.19	-0.06	-0.14	-0.03
Net Change in Cash	-99.18	42.43	-20.97	-53.11	158.32	-23.25	-17.80	2.08	-8.82
Cash at Beginning of Period	129.40	86.97	107.94	161.04	2.73	25.98	43.78	4.99	13.81
Cash at End of Period	30.21	129.40	86.97	107.94	161.04	2.73	25.98	7.07	4.99
Free Cash Flow	-61.22	-78.29	-72.18	-61.15	-38.97	-11.99	-18.88	-6.13	-8.52
Supplemental Disclosures
Income Taxes Paid	-	0.29	0.22	-	-	-	-	-	-

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 Cash Flow

What is SES AI's free cash flow?

SES AI had negative free cash flow of $61.22M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −$58.36M minus $2.86M of capital expenditures.

How much does SES AI spend on capital expenditures?

SES AI spent $2.86M on capital expenditures in fiscal 2025, compared with $12.21M a year earlier.

Does SES AI pay dividends or buy back shares?

Yes. In fiscal 2025 SES AI returned $2.04M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition