SES AI vs Xchg
Xchg is the larger business, with $25.1m of revenue in fiscal 2025 against $21.0m for SES AI (1.2 times as much). SES AI grew faster (929.4% against -40.5%). Xchg kept more of each dollar of sales as profit: a net margin of -129.5% against -347.8%. SES AI carries less debt relative to equity (0.4% against 35.8%).
| Latest fiscal year | SES AISES, 2025 | XchgXCH, 2025 |
|---|---|---|
| Revenue | $21.0m | $25.1m |
| Revenue growth | 929.4% | -40.5% |
| Net income | −$73.0m | −$32.5m |
| Operating margin | -393.4% | -129.9% |
| Net margin | -347.8% | -129.5% |
| Return on equity | -29.6% | -137.2% |
| Free cash flow | −$61.2m | — |
| Cash | $29.5m | $11.4m |
| Total debt | $830,000 | $6.4m |
| Debt to equity | 0.4% | 35.8% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $1.6m | — |
| Employees | 215 | — |
| Market value | $267m | $362m |
| Price vs our value range | — | — |
| Moat score | — | — |
| Insider trades, 12 months | 0 buys, 6 sales | 0 buys, 0 sales |