Reaches Commercialization and Revenue
Generation in Fourth Quarter New Revenue Sources Develop from EV,
Drones/Robotics and BESS New AI-Enhanced 2170 Cylindrical Cell
Opens Humanoid and Li-ion EV Markets Issues 2025 Revenue Guidance
Strong Balance Sheet Provides Liquidity into 2028
Highlights
- Reported $2.0 million in fourth quarter revenue; an accelerated
revenue ramp is expected in 2025
- Deepened partnerships with existing automotive OEMs with
commercialization of AI for Science to develop new electrolyte
materials for both Li-Metal and Li-ion batteries
- All in on AI strategy powered battery material discovery to an
entirely new AI-enhanced 2170 cylindrical cell for emerging
humanoid robotics applications and entry into Li-ion battery
applications in EV
- Commercialization of AI for Safety led to the signing of an MOU
to provide up to 100 MWh advanced Battery Energy Storage System
(“BESS”) solution
- FY 2024 cash usage in operations and Capex was $78.3M, below
previous guidance of $80M to $95M
- FY 2025 revenue projected to be in a range of $15M to $25M
SES AI Corporation (“SES AI”) (NYSE: SES), a
global leader in the development and manufacturing of AI-enhanced
high-performance Li-Metal and Li-ion batteries, today announced its
fourth quarter and full year 2024 business results for the quarter
ended December 31, 2024 and introduced its financial guidance for
the year ending December 31, 2025.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20250225094510/en/
The Company posted a Letter to Our Shareholders on its Investor
Relations website from Founder and CEO Dr. Qichao Hu and Chief
Financial Officer Jing Nealis, which provides a business update,
details on its fourth quarter 2024 results, and its guidance for
2025.
“2024 was a transformational year for SES AI as we evolved from
our legacy as an EV-only Li-Metal battery player to an emerging
leader in multiple battery chemistries powered by commercialized AI
for Science, Safety, and Manufacturing,” stated Dr. Qichao Hu,
Founder and CEO. “For the first time in our history, we generated
revenue and proved out the potential of our commercialization
strategies.”
“We started 2025 with a number of milestones reached that
accelerate our commercialization plans. Our discovery of an
AI-enhanced molecule enabled us to unveil a new 2170 cylindrical
cell that opened the emerging humanoid robotics applications market
along with new and existing Li-Metal and Li-ion applications in EV
and drones. Commercialization of AI for Safety has also opened a
market for Battery Energy Storage Systems that we believe is 10
times larger than automotive. The contracts and MOU we signed in
all of these markets provide the basis for our 2025 projection of
revenue in the range of $15 million to $25 million,” Hu added.
The Company will hold a conference call later today at 5:00 p.m.
Eastern Time.
A webcast of the live conference call will be available through
SES’s Investor Relations website, https://investors.ses.ai. The
following link can be used to register in advance for the call:
https://events.q4inc.com/attendee/260841479.
The conference call can also be accessed live over the phone by
dialing the following numbers: United States (Toll Free): +1
833-470-1428 International: +1 404-975-4839
https://events.q4inc.com/attendee/260841479 Access Code: 465136
A webcast replay will be available shortly after the call at:
https://investors.ses.ai/events-and-presentations/events/default.aspx
About SES AI:
SES AI Corp. (NYSE: SES) is powering the future of global
electric transportation on land and in the air with the world’s
most advanced Li-Metal batteries. SES AI is the first battery
company in the world to accelerate its pace of innovation by
utilizing superintelligent AI across the spectrum of its business,
from research and development; materials sourcing; cell design;
engineering and manufacturing; to battery health and safety
monitoring. Founded in 2012, SES AI is an Li-Metal battery
developer and manufacturer headquartered in Boston and with
operations in Singapore, Shanghai, and Seoul. Learn more at
SES.AI.
SES AI may use its website as a distribution channel of material
company information. Financial and other important information
regarding SES AI is routinely posted on and accessible through the
Company’s website at www.ses.ai. Accordingly, investors should
monitor this channel, in addition to following SES AI’s press
releases, Securities and Exchange Commission filings and public
conference calls and webcasts.
Forward-Looking Statements
This press release contains statements that SES AI believes are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include, without limitation, statements relating to
expectations for future financial performance, business strategies
or expectations for our business. These statements are based on the
beliefs and assumptions of the management of SES AI. Although SES
AI believes that its plans, intentions and expectations reflected
in or suggested by these forward-looking statements are reasonable,
it cannot provide assurance that it will achieve or realize these
plans, intentions or expectations. These statements constitute
projections, forecasts and forward-looking statements, and are not
guarantees of performance. Such statements can be identified by the
fact that they do not relate strictly to historical or current
facts. When used in this press release, words such as “anticipate”,
“believe”, “can”, “continue”, “could”, “estimate”, “expect”,
“forecast”, “intend”, “may”, “might”, “plan”, “possible”,
“potential”, “predict”, “project”, “seek”, “should”, “strive”,
“target”, “will”, “would” and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking.
You should not place undue reliance on these forward-looking
statements. Should one or more of a number of known and unknown
risks and uncertainties materialize, or should any of SES AI’s
assumptions prove incorrect, our actual results or performance may
be materially different from those expressed or implied by these
forward-looking statements. Some factors that could cause actual
results to differ include, but are not limited to the following
risks: risks related to the development and commercialization of
SES AI’s battery technology and the timing and achievement of
expected business milestones; risks relating to the uncertainty of
achieving and maintaining profitability; risks relating to the
uncertainty of meeting future capital requirements; the ability of
SES to integrate its products into electric vehicles (“EVs”) and
Urban Air Mobility (“UAM"), drones, robotics, battery energy
storage systems and other applications; the risk that delays in the
pre-manufacturing development of SES AI’s battery cells could
adversely affect SES AI’s business and prospects; the market for
air mobility, and for use of Li-Metal technology in air mobility
applications, is still emerging and may not achieve the growth
potential we expect; the risk that the market for SES AI’s AI-based
services is still emerging, and its AI programs may not achieve the
growth potential SES AI expects; risks relating to the development
of the UAM market and demand for batteries from the UAM industry;
potential supply chain difficulties; the ability of SES AI to
engage target original equipment manufacturers (“OEMs”) customers
successfully and integrate SES AI’s products into EVs manufactured
by OEM customers; the ability to obtain raw materials, components
or equipment through new or existing supply relationships; our use
of artificial intelligence and machine learning may result in legal
and regulatory risk; risks resulting from SES AI’s joint
development agreements and other strategic alliances and
investments; product liability and other potential litigation,
regulation and legal compliance; SES AI’s ability to attract, train
and retain highly skilled employees and key personnel; developments
in alternative technology or other fossil fuel alternatives; risks
related to SES AI’s intellectual property; business, regulatory,
political, operational, financial and economic risks related to SES
AI’s business operations outside the United States; the volatility
of SES AI’s common stock and value of SES AI’s public warrants; and
the other risks described in “Part I, Item 1A. Risk Factors” in our
annual report on Form 10-K for the fiscal year ended December 31,
2023 filed with the Securities and Exchange Commission (“SEC”) on
February 27, 2024 and other documents filed from time to time with
the SEC. There may be additional risks that SES AI presently knows
and/or believes are immaterial that could also cause actual results
to differ from those contained in the forward-looking statements.
In addition, forward-looking statements reflect SES AI’s
expectations, plans or forecasts of future events and views only as
of the date of this press release. SES AI anticipates that
subsequent events and developments will cause its assessments to
change. However, while SES AI may elect to update these
forward-looking statements at some point in the future, SES AI
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing SES AI’s assessments as of any date subsequent to the
date of this press release.
© 2025 SES AI Corp., Confidential and Proprietary
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version on businesswire.com: https://www.businesswire.com/news/home/20250225094510/en/
For the media: pr@ses.ai For investors: ir@ses.ai
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