SES on NYSE
SES AI Corp
Miscellaneous electrical machinery company, listed on NYSE (SES)1
In its 2026 annual report the company says: “We are a leading developer and manufacturer of high-performance, AI-enhanced Lithium-Metal and Lithium-ion rechargeable battery technologies and battery materials for Energy Storage Systems, Urban Air Mobility, drones, robotics, electric vehicles, and other applications. We also manufacture and supply high energy and power density Li-Metal and Li-ion cells which can be used for drones, UAM, robotics and EV applications, which are regularly improved through research powered by Molecular Universe.”5 It is headquartered in Woburn, Massachusetts.1
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Last updated Oct 21, 2026.
Overview
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- TickerSES on NYSE1
- IndustryMiscellaneous Electrical Machinery, Equipment & Supplies1
- HeadquartersWoburn, Massachusetts1
- Business address35 Cabot Rd., Woburn, Ma 018013
- Filer categoryNon-accelerated filer, Smaller reporting company3
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We are a leading developer and manufacturer of high-performance, AI-enhanced Lithium-Metal (“Li-Metal”) and Lithium-ion (“Li-ion”) rechargeable battery technologies and battery materials for Energy Storage Systems (“ESS”), Urban Air Mobility (“UAM”), drones, robotics, electric vehicles (“EVs”), and other applications. The Company’s mission is to accelerate the world’s energy transition through material discovery and battery management. SES accelerates its pace of innovation by utilizing superintelligent AI across the spectrum of our business, from research and development, materials sourcing, cell design, engineering and manufacturing, to battery health and safety monitoring .5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
53.8%Gross margin2
-393.4%Operating margin2
-347.8%Net margin2
929.4%Revenue growth, 20252
-34.0%Return on equity2
-$61.2MFree cash flow2
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Service brought in 65% of the revenue SES AI Corp broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2024 | 2025 |
|---|---|---|
| Service | $1.9M | $13.6M |
| Product | $120.0K | $7.4M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue13¢$9.7M
- Research and development87¢$67.0M
- Income tax0¢$231.0K
Out of $21.0M in revenue.2 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Revenue | $21.0M | $2.0M |
| Cost of revenues | $9.7M | $752.0K |
| Gross profit | $11.3M | $1.3M |
| Research and development | $67.0M | $72.1M |
| General and administrative | $26.9M | $38.4M |
| Total operating expenses | $93.9M | $110.5M |
| Loss from operations | -$82.6M | -$109.2M |
| Interest income | $9.3M | $15.0M |
| Gain (Loss) on change in fair value of Sponsor Earn-Out liabilities | $1.7M | -$5.3M |
| Miscellaneous expense, net | -$1.2M | -$479.0K |
| Total other income, net | $9.8M | $9.3M |
| Loss before income taxes | -$72.8M | -$100.0M |
| Provision from income taxes | -$231.0K | -$188.0K |
| Net loss | -$73.0M | -$100.2M |
| Foreign currency translation gain (loss) | $492.0K | -$456.0K |
| Unrealized gain (loss) on short-term investments | $15.0K | -$164.0K |
| Total other comprehensive income (loss), net of tax | $507.0K | -$620.0K |
| Total comprehensive loss | -$72.5M | -$100.8M |
| Net loss per share attributable to common stockholders - basic (in dollars per share) | -$0.22 | -$0.31 |
| Net loss per share attributable to common stockholders - diluted (in dollars per share) | -$0.22 | -$0.31 |
| Weighted-average shares outstanding, basic (in shares) | 330.9M shares | 321.8M shares |
| Weighted-average shares outstanding, diluted (in shares) | 330.9M shares | 321.8M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 2 fiscal years (annual) or 2 quarters (quarterly), latest first.2
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Cash and cash equivalents | $29.5M | $128.8M |
| Short-term investments | $170.1M | $133.7M |
| Accounts receivable | $4.8M | $950.0K |
| Inventories | $5.2M | $212.0K |
| Prepaid expenses and other assets | $6.7M | $13.2M |
| Total current assets | $216.3M | $276.9M |
| Property and equipment, net | $28.9M | $38.2M |
| Goodwill | $13.3M | $0 |
| Intangible assets, net | $2.8M | $1.2M |
| Right-of-use assets, net | $7.6M | $9.9M |
| Deferred tax assets | $1.5M | $1.3M |
| Other assets, non-current | $2.3M | $2.2M |
| Total assets | $272.6M | $329.8M |
| Accounts payable | $5.7M | $1.9M |
| Operating lease liabilities | $2.3M | $2.6M |
| Deferred consideration, current | $1.1M | |
| Accrued expenses and other liabilities | $15.1M | $18.3M |
| Total current liabilities | $24.2M | $22.8M |
| Sponsor Earn-Out liabilities | $7.8M | $9.5M |
| Operating lease liabilities, non-current | $5.8M | $8.0M |
| Unearned government grant | $9.0M | $8.6M |
| Deferred consideration, non-current | $7.7M | |
| Other liabilities, non-current | $3.4M | $2.6M |
| Total liabilities | $57.9M | $51.5M |
| Common stock: Class A shares, $0.0001 par value, 2,100,000,000 shares authorized; 321,551,078 and 317,676,034 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively; ; Class B shares, $0.0001 par value, 200,000,000 shares authorized; 43,881,251 shares issued and outstanding as of December 31, 2025 and December 31, 2024 | $37.0K | $36.0K |
| Additional paid-in capital | $588.4M | $579.4M |
| Accumulated deficit | -$371.9M | -$298.9M |
| Accumulated other comprehensive loss | -$1.7M | -$2.2M |
| Total stockholders' equity | $214.8M | $278.3M |
| Total liabilities and stockholders' equity | $272.6M | $329.8M |
| Common stock, shares issued (in shares) | 365.4M shares | 361.6M shares |
| Common stock, shares outstanding (in shares) | 365.4M shares | 361.6M shares |
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Cash and cash equivalents | $29.5M | $128.8M |
| Short-term investments | $170.1M | $133.7M |
| Accounts receivable | $4.8M | $950.0K |
| Inventories | $5.2M | $212.0K |
| Prepaid expenses and other assets | $6.7M | $13.2M |
| Total current assets | $216.3M | $276.9M |
| Property and equipment, net | $28.9M | $38.2M |
| Goodwill | $13.3M | $0 |
| Intangible assets, net | $2.8M | $1.2M |
| Right-of-use assets, net | $7.6M | $9.9M |
| Deferred tax assets | $1.5M | $1.3M |
| Other assets, non-current | $2.3M | $2.2M |
| Total assets | $272.6M | $329.8M |
| Accounts payable | $5.7M | $1.9M |
| Operating lease liabilities | $2.3M | $2.6M |
| Deferred consideration, current | $1.1M | |
| Accrued expenses and other liabilities | $15.1M | $18.3M |
| Total current liabilities | $24.2M | $22.8M |
| Sponsor Earn-Out liabilities | $7.8M | $9.5M |
| Operating lease liabilities, non-current | $5.8M | $8.0M |
| Unearned government grant | $9.0M | $8.6M |
| Deferred consideration, non-current | $7.7M | |
| Other liabilities, non-current | $3.4M | $2.6M |
| Total liabilities | $57.9M | $51.5M |
| Common stock: Class A shares, $0.0001 par value, 2,100,000,000 shares authorized; 321,551,078 and 317,676,034 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively; ; Class B shares, $0.0001 par value, 200,000,000 shares authorized; 43,881,251 shares issued and outstanding as of December 31, 2025 and December 31, 2024 | $37.0K | $36.0K |
| Additional paid-in capital | $588.4M | $579.4M |
| Accumulated deficit | -$371.9M | -$298.9M |
| Accumulated other comprehensive loss | -$1.7M | -$2.2M |
| Total stockholders' equity | $214.8M | $278.3M |
| Total liabilities and stockholders' equity | $272.6M | $329.8M |
| Common stock, shares issued (in shares) | 365.4M shares | 361.6M shares |
| Common stock, shares outstanding (in shares) | 365.4M shares | 361.6M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$73.0M | -$100.2M |
| (Gain) loss on change of fair value of Sponsor Earn-Out liabilities | -$1.7M | $5.3M |
| Stock-based compensation | $11.0M | $19.9M |
| Depreciation and amortization | $10.3M | $8.3M |
| Accretion income from available-for-sale short-term investments | -$3.1M | -$7.2M |
| Loss on sale or disposal of fixed assets | $1.3M | $701.0K |
| Other | $389.0K | -$1.3M |
| Receivable from related party | $3.9M | |
| Accounts receivable | -$2.6M | -$950.0K |
| Inventories | -$1.0M | $330.0K |
| Prepaid expenses and other assets | $10.0M | -$2.2M |
| Right-of-use assets | $2.5M | $2.9M |
| Deferred tax assets | -$137.0K | -$278.0K |
| Accounts payable | $1.0M | -$72.0K |
| Operating lease liabilities | -$2.8M | -$2.9M |
| Accrued expenses and other liabilities | -$10.4M | $7.6M |
| Net cash used in operating activities | -$58.4M | -$66.1M |
| Purchases of property and equipment | -$2.9M | -$12.2M |
| Acquisition of business, net of cash acquired | -$3.0M | |
| Proceeds from the sale of short-term investments | $5.0M | |
| Purchase of short-term investments | -$238.2M | -$215.1M |
| Proceeds from the maturities of short-term investments | $199.9M | $335.5M |
| Net cash (used in) provided by investing activities | -$39.2M | $108.2M |
| Repurchase and retirement of Class A common stock | -$1.6M | |
| Payments for taxes withheld on vesting of restricted stock | -$433.0K | |
| Proceeds from stock option exercises | $77.0K | $1.0M |
| Net cash (used in) provided by financing activities | -$2.0M | $1.0M |
| Effect of exchange rates on cash | $327.0K | -$687.0K |
| Net (decrease) increase in cash, cash equivalents and restricted cash | -$99.2M | $42.4M |
| Accounts payable and accrued expenses related to purchases of property and equipment | $645.0K | $1.5M |
| Income taxes paid | $286.0K | |
| Deferred consideration payable for acquisition | $8.8M | |
| Lease liabilities arising from obtaining right-of-use assets | $12.0K |
No quarter-by-quarter statement was filed.
Corporate structure
SES AI Corp sits at the top of its group. 12 entities, 5 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of SES AI Corp
- BlackRock Filed SCHEDULE 13G on SES AI Corp, latest Jul 30, 2026
- Tianqi Lithium HK Co., Ltd. Filed SCHEDULE 13G/A on SES AI Corp, latest Jan 21, 2026 (2 filings since Feb 22, 2023)
- Temasek Holdings (Private) Ltd Filed SCHEDULE 13G/A on SES AI Corp, latest Nov 10, 2025 (3 filings since Feb 14, 2022)
- SK Inc. Filed SCHEDULE 13G/A on SES AI Corp, latest Feb 12, 2025 (3 filings since Feb 9, 2023)
- General Motors Filed SCHEDULE 13D/A on SES AI Corp, latest Jan 14, 2025 (3 filings since Feb 14, 2022)
- General Motors Ventures LLC Filed SC 13D/A on SES AI Corp, latest Nov 19, 2024
- INTEGRATED CORE STRATEGIES (US) LLC Filed SC 13G/A on SES AI Corp, latest Feb 13, 2023 (2 filings since Jan 18, 2022)
- Qichao Hu Filed SC 13D on SES AI Corp, latest Feb 14, 2022
- Ivanhoe Capital Sponsor LLC Filed SC 13G on SES AI Corp, latest Feb 11, 2022
- ADAGE CAPITAL PARTNERS GP, L.L.C. Filed SC 13G/A on SES AI Corp, latest Feb 10, 2022
- Vertex Legacy Continuation Fund Pte Ltd. Filed SC 13G on SES AI Corp, latest Feb 10, 2022
- Weiss Asset Management LP Filed SC 13G/A on SES AI Corp, latest Jan 28, 2022
- SES AI Corp Woburn, Massachusetts
- Molecular Universe Limited Subsidiary · Hong Kong
- Molecular Universe Materials Pte. Ltd. Subsidiary · Singapore
- SES (Shanghai) Co., Ltd. Subsidiary · China
- SES (Shanghai) New Energy Materials Co., Ltd. Subsidiary · China
- SES AI Korea Co., Ltd. Subsidiary · South Korea
- SES Energy Storage (Shanghai) Co., Ltd. Subsidiary · China
- SES Holdings Pte. Ltd. Subsidiary · Singapore
- Shenzhen UZ Energy Co., Ltd. Subsidiary · China
- SolidEnergy Systems Securities Corporation Subsidiary · Massachusetts, United States
- SolidEnergy Systems, LLC Subsidiary · Massachusetts, United States
- Viking Power Systems Pte. Ltd. Subsidiary · Singapore
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What SES AI Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $58.7M2 Dec 31, 2025 | $59.0M2 Dec 31, 2024 | −0.6% |
| Accumulated depreciation | $29.8M2 Dec 31, 2025 | $20.9M2 Dec 31, 2024 | +42.9% |
| Property and equipment, net | $28.9M2 Dec 31, 2025 | $38.2M2 Dec 31, 2024 | −24.4% |
| Operating-lease assets (leased space) | $7.6M2 Dec 31, 2025 | $9.9M2 Dec 31, 2024 | −23.1% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $29.5M2 Dec 31, 2025 | $128.8M2 Dec 31, 2024 | −77.1% |
| Marketable securities, current | $170.1M2 Dec 31, 2025 | $133.7M2 Dec 31, 2024 | +27.2% |
| Debt securities available for sale | $169.2M2 Dec 31, 2025 | $132.8M2 Dec 31, 2024 | +27.4% |
| Equity securities at fair value | $1.0M8 Dec 31, 2024 | $600.0K8 Dec 31, 2023 | +66.7% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $13.3M2 Dec 31, 2025 | $02 Dec 31, 2024 | |
| Intangible assets, net (excluding goodwill) | $2.8M2 Dec 31, 2025 | $1.2M2 Dec 31, 2024 | +130.8% |
| Finite-lived intangibles, gross | $3.7M2 Dec 31, 2025 | $1.9M2 Dec 31, 2024 | +91.4% |
| Accumulated amortization | $863.0K2 Dec 31, 2025 | $701.0K2 Dec 31, 2024 | +23.1% |
| Finite-lived intangibles, net | $2.8M2 Dec 31, 2025 | $1.2M2 Dec 31, 2024 | +130.8% |
Inventory
| Item | Latest | A year before | Change |
|---|---|---|---|
| Inventory, total | $5.2M2 Dec 31, 2025 | $212.0K2 Dec 31, 2024 | +2331.1% |
| Raw materials | $3.3M2 Dec 31, 2025 | $212.0K2 Dec 31, 2024 | +1469.3% |
| Work in process | $27.0K2 Dec 31, 2025 | ||
| Finished goods | $1.1M2 Dec 31, 2025 |
Properties, in its own words
We have leased facilities located in Woburn, Massachusetts in the United States, as well as in Shanghai and Shenzhen, China and Chungju and Seoul, South Korea. For more information, see “Part I, Item 1. Business—Our Facilities,” as well as “Leases” in Note 13 to the consolidated financial statements included in Item 8 of this Form 10-K.
Item 2 of the 10-K filed Mar 4, 2026.5
Leadership
Who has led SES AI Corp, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chair
Chief financial officer
2025
- Chief executive officerQichao Hu Feb 11, 2022 to now14
- ChairQichao Hu Feb 11, 2022 to now14
- Chief financial officerJing Nealis Feb 11, 2022 to now15
- Chief financial officerGary Gartner Jan 6, 2021 to Jan 6, 202116
Board members and other officers (19)
- CHIEF TECHNOLOGY OFFICERKang Xu Oct 17, 2024 to now17
- Chief Science OfficerHong Gan Feb 11, 2022 to now18
- Pres. & Chief Op. OfficerRohit Makharia Feb 11, 2022 to Dec 15, 202319
- Chief Technology OfficerYongkyu Son Feb 11, 2022 to Aug 17, 202320
- Chief Investment OfficerAndrew J. Boyd Jan 6, 2021 to Jan 6, 202121
- Board memberPaul Diemer Aug 13, 2026 to now22
- Board memberBrian Krzanich Jan 30, 2024 to Feb 8, 202423
- Board memberAnirvan Coomer Nov 9, 2023 to Nov 9, 202324
- Board memberEric Luo Feb 11, 2022 to now25
- Board memberJangwook Choi Feb 11, 2022 to now26
- Board memberJiong Ma Feb 11, 2022 to now27
- Board memberKent Helfrich Feb 11, 2022 to Feb 11, 202228
- Board memberMichael Noonen Feb 11, 2022 to now29
- Board memberAndrew J. Boyd Jan 6, 2021 to now21
- Board memberHirofumi Katase Jan 6, 2021 to Jan 6, 202130
- Board memberEdward Welburn Jr. Jan 7, 2021 to Jan 7, 202131
- Board memberFrancis Leung Jan 7, 2021 to Jan 7, 202132
- General counselJoanne Ban Feb 11, 2022 to Jun 15, 202233
- General counselKyle Pilkington Jul 8, 2022 to now34
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- Molecular Universe Limited Hong Kong4
- Molecular Universe Materials Pte. Ltd. Singapore4
- Molecular Universe Pte. Ltd. Singapore4
- SES (Shanghai) Co., Ltd. China4
- SES (Shanghai) New Energy Materials Co., Ltd. China4
- SES AI Korea Co., Ltd. South Korea4
- SES Energy Storage (Shanghai) Co., Ltd. China4
- SES Holdings Pte. Ltd. Singapore4
- Shenzhen UZ Energy Co., Ltd. China4
- SolidEnergy Systems Securities Corporation Massachusetts4
- SolidEnergy Systems, LLC Massachusetts4
- Viking Power Systems Pte. Ltd. Singapore4
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
- Ivanhoe Capital Acquisition Corp.Aug 7, 2020 to Feb 4, 20223
Timeline
- Aug 14, 20268-K Listing notice or transfer35
- Aug 11, 20268-K Results of operations; Executive or director change36
- Jul 20, 20268-K Listing notice or transfer; Regulation FD disclosure37
- Apr 23, 20268-K Results of operations; Executive or director change; Regulation FD disclosure38
- Apr 1, 20268-K Results of operations39
- Mar 4, 20268-K Results of operations40
- Jan 16, 20268-K Regulation FD disclosure41
- Nov 7, 20258-K Executive or director change42
- Nov 5, 20258-K Results of operations43
- Oct 3, 20258-K Shareholder vote44
- Sep 3, 20258-K Executive or director change45
- Sep 2, 20258-K Other events46
- Feb 11, 2022New chief executive Qichao Hu becomes CEO14
Calendar
Coming up
- Nov 4, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.06) a share, on Nov 5, 2025.47
When it reported results
- Aug 11, 2026Reported quarterly or annual results36
- Apr 23, 2026Reported quarterly or annual results38
- Apr 1, 2026Reported quarterly or annual results39
- Mar 4, 2026Reported quarterly or annual results40
- Nov 5, 2025Reported quarterly or annual results43
- Aug 4, 2025Reported quarterly or annual results48
- Jul 28, 2025Reported quarterly or annual results49
- Apr 24, 2025Reported quarterly or annual results50
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
433 filings to the SEC since October 2021: 7 annual reports, 17 quarterly reports, 60 major events, 215 insider forms, 20 large holders, 114 other. The latest 20:
- Oct 7, 20264 EDGAR
- Sep 3, 20264 EDGAR
- Aug 31, 202625-NSE EDGAR
- Aug 14, 20268-K EDGAR
- Aug 13, 20263 EDGAR
- Aug 11, 202610-Q EDGAR
- Aug 11, 20268-K EDGAR
- Jul 30, 2026SCHEDULE 13G EDGAR
- Jul 20, 20268-K EDGAR
- Jun 15, 2026144 EDGAR
- Jun 8, 2026144 EDGAR
- Jun 4, 2026144 EDGAR
- Jun 2, 2026144 EDGAR
- May 27, 2026144 EDGAR
- May 27, 20264 EDGAR
- May 22, 2026144 EDGAR
- May 20, 20264 EDGAR
- May 20, 20264 EDGAR
- May 20, 20264 EDGAR
- May 20, 20264 EDGAR
The 433 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
125 open-market trades by officers, directors and large owners since October 2021: 2 buys and 123 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 22, 2026 | Pilkington KyleCHIEF LEGAL OFFICER | Sale | 25,000 | $1.20 | $30.0K | Form 4 |
| Mar 9, 2026 | Pilkington KyleCHIEF LEGAL OFFICER | Sale | 25,000 | $1.20 | $30.0K | Form 4 |
| Jan 23, 2026 | Gan HongCHIEF SCIENCE OFFICER | Sale | 100,000 | $2.50 | $250.0K | Form 4 |
| Jan 22, 2026 | Gan HongCHIEF SCIENCE OFFICER | Sale | 150,000 | $2.50 | $375.0K | Form 4 |
| Dec 15, 2025 | Gan HongCHIEF SCIENCE OFFICER | Sale | 100,000 | $1.98 | $198.0K | Form 4 |
| Nov 17, 2025 | Gan HongCHIEF SCIENCE OFFICER | Sale | 150,000 | $1.90 | $285.0K | Form 4 |
| Feb 10, 2025 | Pilkington KyleCHIEF LEGAL OFFICER | Sale | 44,051 | $1.17 | $51.5K | Form 4 |
| Feb 10, 2025 | Li GangCHIEF MANUFACTURING OFFICER | Sale | 15,909 | $1.17 | $18.6K | Form 4 |
| Feb 10, 2025 | Gan HongCHIEF SCIENCE OFFICER | Sale | 51,600 | $1.17 | $60.4K | Form 4 |
| Feb 10, 2025 | Nealis JingCHIEF FINANCIAL OFFICER | Sale | 80,992 | $1.17 | $94.8K | Form 4 |
| Feb 10, 2025 | Hu QichaoCEO & CHAIRMAN | Sale | 194,459 | $1.17 | $227.5K | Form 4 |
| Feb 10, 2025 | Xu KangCHIEF TECHNOLOGY OFFICER | Sale | 27,969 | $1.17 | $32.7K | Form 4 |
| Jan 16, 2025 | Nealis JingCHIEF FINANCIAL OFFICER | Sale | 50,000 | $1.02 | $51.0K | Form 4 |
| Dec 26, 2024 | Nealis JingCHIEF FINANCIAL OFFICER | Sale | 150,000 | $1.02 | $153.0K | Form 4 |
| Dec 18, 2024 | SK INC.10% owner | Sale | 400,000 | $0.42 | $168.0K | Form 4 |
| Dec 17, 2024 | SK INC.10% owner | Sale | 326,460 | $0.38 | $124.1K | Form 4 |
| Dec 16, 2024 | SK INC.10% owner | Sale | 500,000 | $0.40 | $200.0K | Form 4 |
| Dec 13, 2024 | SK INC.10% owner | Sale | 417,857 | $0.39 | $163.0K | Form 4 |
| Dec 12, 2024 | SK INC.10% owner | Sale | 115,508 | $0.42 | $48.5K | Form 4 |
| Dec 11, 2024 | SK INC.10% owner | Sale | 300,000 | $0.44 | $132.0K | Form 4 |
All 125 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- BlackRockSCHEDULE 13G, 1 filing Jul 30, 202651
- Tianqi Lithium HK Co., Ltd.SCHEDULE 13G/A, 2 filings Feb 22, 2023 to Jan 21, 202652
- Temasek Holdings (Private) LtdSCHEDULE 13G/A, 3 filings Feb 14, 2022 to Nov 10, 202553
- SK Inc.SCHEDULE 13G/A, 3 filings Feb 9, 2023 to Feb 12, 202554
- General MotorsSCHEDULE 13D/A, 3 filings Feb 14, 2022 to Jan 14, 202555
- General Motors Ventures LLCSC 13D/A, 1 filing Nov 19, 202456
- INTEGRATED CORE STRATEGIES (US) LLCSC 13G/A, 2 filings Jan 18, 2022 to Feb 13, 202357
- Qichao HuSC 13D, 1 filing Feb 14, 202258
- Ivanhoe Capital Sponsor LLCSC 13G, 1 filing Feb 11, 202259
- ADAGE CAPITAL PARTNERS GP, L.L.C.SC 13G/A, 1 filing Feb 10, 202260
- Vertex Legacy Continuation Fund Pte Ltd.SC 13G, 1 filing Feb 10, 202261
- Weiss Asset Management LPSC 13G/A, 1 filing Jan 28, 202262
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2024 | Dr. Qichao Hu | $4.1M63 | ||
| 2024 | Jing Nealis | $1.8M63 | ||
| 2024 | Dr. Hong Gan | $1.2M63 | ||
| 2023 | FounderChief Executive Officer and Director | $3.5M63 | ||
| 2023 | Chief Financial Officer | $1.3M63 | ||
| 2023 | Chief Science Officer | $1.1M63 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 18,946,396 | $18.2M | 0.0% | +13,465,285 |
| Artemis Investment Management LLP | 133,282 | $13.7M | 0.1% | New |
| Invesco Ltd. | 10,265,727 | $9.9M | 0.0% | +2,368,031 |
| State Street Corp | 9,621,184 | $9.2M | 0.0% | +6,582,374 |
| Vanguard Capital Management LLC | 9,585,985 | $9.2M | 0.0% | +114,877 |
| Geode Capital Management, LLC | 6,619,239 | $6.4M | 0.0% | +3,425,485 |
| Two Sigma Investments, LP | 5,711,123 | $5.5M | 0.0% | +3,721,104 |
| Temasek Holdings (Private) Ltd | 3,160,712 | $3.0M | 0.0% | No change |
| General Motors Holdings LLC | 2,921,950 | $2.8M | 3.5% | No change |
| Charles Schwab Investment Management Inc | 2,147,594 | $2.1M | 0.0% | +547,826 |
| Northern Trust Corp | 1,982,414 | $1.9M | 0.0% | +1,343,967 |
| Vanguard Portfolio Management LLC | 1,977,420 | $1.9M | 0.0% | +1,734,514 |
| Vanguard Fiduciary Trust Co | 1,722,801 | $1.7M | 0.0% | +213,634 |
| Renaissance Technologies LLC | 1,678,042 | $1.6M | 0.0% | −2,918,210 |
| UBS Group AG | 865,665 | $831.0K | 0.0% | −867,015 |
| XTX Topco Ltd | 792,396 | $760.9K | 0.0% | +332,692 |
| Bank of New York Mellon Corp | 699,122 | $671.3K | 0.0% | +623,501 |
| Inspire Investing, LLC | 696,061 | $668.4K | 0.0% | +149,284 |
| Millennium Management LLC | 623,351 | $598.5K | 0.0% | −2,557,304 |
| Kestra Advisory Services, LLC | 618,600 | $594.0K | 0.0% | +222,415 |
| Susquehanna International Group, Llp | 453,368 | $435.3K | 0.0% | +249,784 |
| Mitsubishi UFJ Asset Management Co., Ltd. | 450,900 | $433.0K | 0.0% | +253,937 |
| FIL Ltd | 400,000 | $384.1K | 0.0% | No change |
| Nuveen, LLC | 333,505 | $320.2K | 0.0% | New |
| HITE Hedge Asset Management LLC | 306,121 | $293.9K | 0.0% | No change |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How SES AI Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARSES AI Corp1
- CIK0001819142
- Employer ID (EIN)88-06418655
- Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company5
- Incorporated inDelaware5
- Fiscal year endsDecember 311
- Industry code (SIC)3690 Miscellaneous Electrical Machinery, Equipment & Supplies1
- SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
- Business address35 Cabot Rd., Woburn, MA 018011
- Phone339-298-87501
- Shares outstanding322,742,539 Common Class A shares; 43,881,251 Common Class B shares as of Mar 2, 20265
- Public float$278.5M as of Jun 30, 20255
- AuditorGRANT THORNTON LLP, Boston, Massachusetts PCAOB ID 248; no auditor attestation of internal control over financial reporting5
- On EDGAR sinceAug 7, 20201
- Filings485 in all: 4 (192), 8-K (64), 144 (33), 3 (31), 425 (31), 10-Q (17), 424B3 (9), CORRESP (9)1
All 50 form types
SC 13G (8), UPLOAD (7), 10-K (6), 144/A (6), EFFECT (6), S-4/A (6), SC 13G/A (6), DEFA14A (4), ARS (3), DEF 14A (3), SCHEDULE 13G/A (3), 10-K/A (2), 10-Q/A (2), 25-NSE (2), NT 10-Q (2), S-1 (2), S-1/A (2), S-3 (2), S-8 (2), SC 13D (2), SC 13D/A (2), 3/A (1), 4/A (1), 424B4 (1), 424B5 (1), 5 (1), 8-A12B (1), 8-A12B/A (1), 8-K/A (1), 8-K12B (1), 8-K12B/A (1), CERT (1), DRS (1), DRS/A (1), NT 10-K (1), POS AM (1), RW (1), S-1MEF (1), S-3ASR (1), S-4 (1), SCHEDULE 13D/A (1), SCHEDULE 13G (1)
- Latest filingsAnnual report (10-K) Mar 4, 2026
Quarterly report (10-Q) Aug 11, 2026
Proxy statement (DEF 14A) Sep 9, 2025
Latest 8-K (8-K) Aug 14, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Class A common stock, par value $0.0001 per share | SES | The New York Stock Exchange |
| Warrants to purchase one share of Class A common stock,each at an exercise price of $11.50 | SES WS | The New York Stock Exchange |
From the cover page of the 10-K filed Mar 4, 2026 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks SES AI Corp names in Item 1A of its 10-K filed Mar 4, 2026: 55 risks under these headings, as written.5
- Risks Relating to Our Business and Technology
- We expect to continue to incur losses for the foreseeable future. While we expect to become profitable eventually, our projections are based on internal assumptions that may prove incorrect, and we may never achieve or maintain profitability.
- We will need substantial additional capital in the future to fund our business and may be unable to meet our future capital requirements, impairing our financial position and results of operations.
- We may not be able to successfully integrate UZ Energy’s operations with our business.
- The market for UAM, and for use of our battery technology in UAM and other applications, is still emerging, and may not achieve the growth potential we expect.
- Similarly, to the extent we seek to grow our business through the commercialization of our battery technology for use in EVs, our growth will be dependent upon the adoption of EVs by commercial vehicle and specialty vehicle operators and consumers. In that case, if the markets for EVs do not develop as we expect or develop more slowly than we expect, it could materially adversely affect our business, operating results, financial condition and prospects.
- We may face challenges in developing NDAA-compliant manufacturing capacity for drone cells, and even if we develop the manufacturing capacity, demand for NDAA-compliant drone cells may not develop.
- If our batteries fail to perform as expected, our ability to develop, market and sell our batteries could be harmed.
- We may not be able to engage target OEM customers successfully and to convert such contacts into meaningful orders in the future.
- We may not be able to establish new, or maintain sufficient existing, supply relationships for necessary raw materials, newly discovered materials, components or equipment, or we may be required to pay costs for raw materials, newly discovered materials, components or equipment that are more expensive than anticipated, which could delay the introduction of our product and negatively impact our business.
- Our ability to manufacture our batteries at scale depends on our ability to build, operate and staff our facilities successfully, as well as to obtain sufficient contract manufacturing capacity.
- We have pursued and may continue to pursue JDAs, service contracts, joint ventures and other strategic alliances, which could have an adverse impact on our business if they are unsuccessful or if we are unable to enter into new strategic alliances.
The other 44 risks
- The battery market continues to evolve and is highly competitive, and certain other battery manufacturers have significantly greater resources than we do.
- We may not be able to estimate accurately the future supply and demand for our batteries, or battery materials, which could result in a variety of inefficiencies in our business and hinder our ability to generate revenue. If we fail to predict accurately our manufacturing requirements, we could incur additional costs or experience delays.
- Certain components of our batteries pose safety risks that may cause accidents. We may be subject to financial and reputational risks due to product recalls and product liability claims, and we could face substantial liabilities that exceed our resources.
- We may not be able to develop and commercialize newly discovered materials.
- We may incur significant costs based on the warranties we may supply in our products and services.
- Our business depends substantially on the continuing efforts of our senior executives and other key personnel as well as the ability to attract, train and retain highly skilled employees and key personnel.
- Our insurance coverage may not be adequate to protect us from all business risks.
- The unavailability, reduction or elimination of, or uncertainty regarding, government and economic incentives or subsidies available to us, end-users or OEMs could have a material adverse effect on our business, financial condition, operating results and prospects.
- Developments in alternative technology or other fossil fuel alternatives may adversely affect the demand for our battery products.
- If our batteries are installed in EVs that do not meet certain motor vehicle standards, our business, operating results and prospects could be adversely affected.
- Risks Relating to Artificial Intelligence
- The use of AI in our products and services may result in reputational harm and competitive harm.
- Our use of artificial intelligence and machine learning may result in legal and regulatory risks.
- The market for our AI for Science services such as Molecular Universe is still emerging, and our Molecular Universe programs may not achieve the growth potential we expect.
- Risks Relating to the ESS Industry
- The economic benefit of our ESS products to our customers depends on the cost of electricity available from alternative sources, including local electric utility companies, which cost structure is subject to change.
- Our ESS products performance may not meet customers’ expectations or needs
- We depend upon component and product manufacturing and logistical services provided by third parties, many of whom are located outside of the U.S.
- Risks Relating to Our Intellectual Property
- Our patent applications may not result in issued patents or our patent rights may be challenged, invalidated or limited in scope, any of which could have a material adverse effect on our ability to prevent others from competing or interfering with the commercialization of our products.
- We rely heavily on our intellectual property portfolio, including unpatented proprietary technology. If we are unable to protect our intellectual property rights from unauthorized use, our business and competitive position would be harmed.
- We may need to defend ourselves against intellectual property infringement claims, which may be time-consuming and could cause us to incur substantial costs.
- We may face risks relating to protecting our intellectual property in various countries.
- Risks Relating to our International Operations
- The international nature of our business exposes us to business, regulatory, political, operational, financial and economic risks associated with doing business outside of the United States.
- We could experience losses associated with our intellectual property in relation to our operations in China.
- Implementation of labor laws and regulations in China may adversely affect our business and results of operations.
- Our incentives from various governments are conditional upon achieving or maintaining certain performance obligations and are subject to reduction, termination, or clawback.
- Risks Relating to Regulations and Our Compliance With Such Regulations
- Changes in U.S. and foreign government policy, including the imposition of or increases in tariffs and changes to existing trade agreements, could have a material adverse effect on global economic conditions and our business, results of operations, prospects and financial condition.
- Our operations expose us to litigation, environmental and other legal compliance risks. Compliance with laws and regulations can be expensive, and our failure to comply with these laws and regulations may result in monetary damages and fines, adverse publicity and a material adverse effect on our business.
- Failure to comply with certain health and production safety laws and regulations governing hazardous materials could materially adversely affect our business and results of operations.
- We are subject to U.S. and foreign anti-corruption, anti-bribery, anti-money laundering, financial and economic sanctions and similar laws and regulations. We can face criminal liability and other serious consequences for violations, which can harm our business.
- Governmental trade controls, including export and import controls, sanctions, customs requirements and related regimes, could subject us to liability or loss of contracting privileges, limit our ability to transfer technology or compete in certain markets and affect our ability to hire qualified personnel.
- Changes in U.S. and foreign tax laws could have a material adverse effect on our business, cash flow, results of operations or financial conditions.
- Certain U.S. state tax authorities may assert that we have a state nexus and seek to impose state and local income taxes which could harm our results of operations.
- Risks Relating to Privacy and Security
- If we experience a significant cybersecurity breach or disruption in our information systems or any of our partners’ information systems, our business could be adversely affected.
- Risks Relating to Our Common Stock and Warrants
- Our failure to satisfy certain NYSE listing requirements may result in our Class A common stock being delisted from the NYSE, which could eliminate or adversely affect the trading market for our Class A common stock.
- Our CEO and certain entities affiliated with the CEO (the “SES Founder Group”) is a large and significant stockholder and, as a result, we are a “controlled company,” which exempts us from certain obligations to comply with certain corporate governance requirements.
- We are controlled or substantially influenced by the SES Founder Group, whose interests may conflict with other stockholders. The concentrated ownership of our dual class common stock could prevent stockholders from influencing significant decisions.
- Provisions in our Certificate of Incorporation (the “Charter”) and Delaware law may inhibit a takeover attempt which could limit the price investors might be willing to pay in the future for our common stock and could entrench management.
- Our Charter provides, subject to limited exceptions, that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for certain stockholder litigation matters, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or stockholders.
- The price of our common stock has been and may continue to be volatile.
- Our public warrants may never be in the money, and they may expire worthless.
- We may redeem unexpired public warrants prior to their exercise at a time that is disadvantageous to the warrant holders, thereby making the warrants worthless.
- If the price of our Class A common stock increases, warrants to purchase SES common stock could increase the number of shares eligible for future resale in the public market and result in dilution to stockholders.
- We may be subject to securities litigation, which is expensive and could divert management’s attention.
- We are a “smaller reporting company” and the reduced reporting requirements applicable to such companies may make our securities less attractive to investors.
- We have a history of material weaknesses in our internal control over financial reporting. Our identification of any new material weakness could have an adverse impact on the value of our Class A common stock.
Legal proceedings
The information required by this Item is provided under “Legal Contingencies” in Note 14 to the consolidated financial statements included in Item 8 of this Form 10-K and is incorporated herein by reference.
The opening of Item 3, Legal Proceedings.5
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARSES AI Corp filings on SEC EDGAR
- 2SEC EDGARSES AI Corp 10-K for fiscal 2025
- 3SEC EDGARSES AI Corp filings on SEC EDGAR
- 4
- 5
- 6SEC EDGARSES AI Corp 10-K for fiscal 2020
- 7SEC EDGARSES AI Corp 10-K for fiscal 2021
- 8SEC EDGARSES AI Corp 10-K for fiscal 2023
- 9SEC EDGARSES AI Corp 10-Q for fiscal 2025
- 10SEC EDGARSES AI Corp 10-Q for fiscal 2025
- 11SEC EDGARSES AI Corp 10-Q for fiscal 2026
- 12SEC EDGARSES AI Corp 10-K for fiscal 2020
- 13SEC EDGARSES AI Corp 10-Q for fiscal 2025
- 14SEC EDGARQichao Hu, Chief executive officer
- 15SEC EDGARJing Nealis, Chief financial officer
- 16
- 17SEC EDGARKang Xu, CHIEF TECHNOLOGY OFFICER
- 18SEC EDGARHong Gan, Chief Science Officer
- 19
- 20
- 21
- 22SEC EDGARPaul Diemer, Board member
- 23SEC EDGARBrian Krzanich, Board member
- 24SEC EDGARAnirvan Coomer, Board member
- 25SEC EDGAREric Luo, Board member
- 26SEC EDGARJangwook Choi, Board member
- 27SEC EDGARJiong Ma, Board member
- 28SEC EDGARKent Helfrich, Board member
- 29SEC EDGARMichael Noonen, Board member
- 30SEC EDGARHirofumi Katase, Board member
- 31SEC EDGAREdward Welburn Jr., Board member
- 32SEC EDGARFrancis Leung, Board member
- 33SEC EDGARJoanne Ban, General counsel
- 34SEC EDGARKyle Pilkington, General counsel
- 35SEC EDGARListing notice or transfer
- 36
- 37
- 38
- 39SEC EDGARResults of operations
- 40SEC EDGARResults of operations
- 41SEC EDGARRegulation FD disclosure
- 42SEC EDGARExecutive or director change
- 43SEC EDGARResults of operations
- 44SEC EDGARShareholder vote
- 45SEC EDGARExecutive or director change
- 46SEC EDGAROther events
- 47NasdaqNasdaq calendar
- 48
- 49
- 50
- 51
- 52
- 53
- 54
- 55
- 56
- 57
- 58SEC EDGARQichao Hu SC 13D on SES AI Corp
- 59
- 60
- 61
- 62
- 63