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Dec 31, 2025
Ses Ai Q4 2025 Earnings Report
Ses Ai Q4 2025 Earnings Report
Key Takeaways
SES AI achieved significant revenue growth in 2025, reaching $21 million for the full year, driven by EV service agreements and the acquisition of UZ Energy. While Q4 gross margins were impacted by a shift toward lower-margin ESS hardware, the company maintained a strong liquidity position of $200 million and is pivoting toward high-growth sectors including drones and AI-driven material discovery.
Full year 2025 revenue grew nearly 10-fold to $21 million, meeting the company's guidance range.
The company is transitioning its South Korea facility to manufacture NDAA-compliant drone cells to capture the US defense market.
Acquisition of UZ Energy has expanded the company's footprint into the global Energy Storage Systems (ESS) market.
Maintained a strong balance sheet with $200 million in liquidity to fund 2026 growth initiatives.
Molecular Universe (AI4Science platform) discovered six breakthroughs currently being tested by over 40 customers.
Forward Guidance
For the full year 2026, SES AI expects significant revenue growth and continued cost optimization through a capex-light business model.
Positive Outlook
- Full year 2026 revenue guidance of $30 million to $35 million.
- Expected revenue growth of 43% to 67% over 2025.
- Drone cell gross margins expected to exceed 20% as volumes build.
- Projected 15% reduction in operating expenses for 2026.
- Capex expected to remain in the single-digit millions.
Challenges Ahead
- ESS hardware business projected to operate at a relatively low 15% gross margin.
- Consolidated blended gross margin expected to be around 15% in 2026.
- Revenue mix shifts may cause quarter-to-quarter margin volatility.
- Continued R&D spend required for the Molecular Universe platform.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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