SES AI Corp (SES) stock

NYSE: SES NYSE Electrical Components & Equipment Next results ~November 12, 2026

SES AI Corp is a US-listed company in the electrical components & equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for SES AI Corp is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: limited reported history: available models are shown without a Buy/Hold/Sell rating. We'll show the comparison once resolved.

SES AI Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Insiders0 buying, 2 selling0 purchases and 6 sales by directors and officers, last 12 monthsInsider trades
Funds71 adding, 75 cuttingOf 32 active managers that changed their stake, 7 added; quarter to June 30, 2026Fund buyers and sellers

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 16.2% while net income grew 31.9%: a 16pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

Loss-making. Operating margin is -312.8%: costs exceed revenue.
Burning cash. Free cash flow was -257.7% of revenue over the last 12 months.
Heavy stock-based pay. Stock pay equals 35.8% of revenue: a real cost that cash-flow figures leave out.
High sales multiple. The shares trade at 11 times revenue while operating margins remain thin.
Volatile shares. Over the past year the shares showed annualised volatility of 112% and a beta of 3.0 against the S&P 500.
Heavily shorted. 13.3% of the shares available to trade are sold short (1.6 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 11, 2026

Earnings per share: -$0.04 against an average estimate of -$0.04: beat by 3.9%
Revenue: $5m, up 43.8% on a year earlier
Share reaction: +7.3% in the first session after the results on August 11, 2026, against -0.1% for the S&P 500
Next report: November 12, 2026; average EPS estimate -$0.04

SES AI's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

1 day-1.5%
1 week+21.0%
1 month-12.1%
This year-56.8%
1 year-67.0%
5 years-92.9%
S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM): $23.5M
Operating margin: -312.8%
Net margin: -289.6%
EPS (TTM, diluted): $-0.20

Growth

Share count change: +1.8%

Cash

Free cash flow (TTM): -$60.5M
FCF margin: -257.7%
Stock pay % of revenue: 35.8%

Earnings

Last results: August 11, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

August 11, 2026Results

SES AI Corp reported results; announced a director or officer change

SEC 8-KRead source ↗
July 20, 2026Announcement

SES AI Corp made a public disclosure

SEC 8-KRead source ↗

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

SES AI Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: limited reported history: available models are shown without a Buy/Hold/Sell rating.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value SES AI Corp as an operating company, with every model that fits that kind of business. Cost of equity 10.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.2 times a 4.5% equity risk premium.

Value per share by model
Model	Value per share	In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings.	—	Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years.	—	Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns.	—	Does not apply: This model is withheld pending its input or assumption review.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable.	—	Does not apply: This model is withheld pending its input or assumption review.
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative.	~$0.0 ~$0.0–$0.3	Left out: out of range vs price (0.01x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld.	—	Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare SES AI Corp with Electrical Components & Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

SES AI Corp: market value and multiples by fiscal year
At fiscal year end	2024	2025	Now
Share price	$2.19	$1.80	$0.78
Market value	$705m	$596m	$259m
+ Net debt (− = net cash)	−$129m	−$29m	−$64m
Enterprise value	$576m	$567m	$195m
Multiples
Price / sales	n/m	28.4x	11.0x
Price / earnings	—	—	—
Price / free cash flow	—	—	—
EV / EBITDA	—	—	—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 12, 2026, before the open. Analysts expect revenue of $7m and EPS of −$0.04 (range −$0.05 to −$0.04) for the quarter.

Analysts' consensus

SES AI Corp: consensus estimates
Fiscal year	EPS	Growth	Revenue	Growth
Current	−$0.14	+13%	$32m	+52%
Next	−$0.16	−14%	$76m	+138%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −9.8% on 90 days ago. In the last 30 days, 2 analysts raised SES AI Corp's forecast and 0 cut it.

Consensus EPS forecast SES AI Corp, last 90 days

Average of analysts' published estimates (third-party data).

View chart data

Period	Current fiscal year	Next fiscal year
90 days ago	−$0.16	−$0.13
60 days ago	−$0.15	−$0.14
30 days ago	−$0.15	−$0.14
7 days ago	−$0.15	−$0.14
Now	−$0.14	−$0.16

Earnings against estimates

SES AI Corp: reported EPS against the consensus estimate
Quarter to	Estimate	Actual	Surprise
Jun 2026	−$0.04	−$0.04	+3.9%
Mar 2026	−$0.03	−$0.03	+2.9%
Dec 2025	−$0.02	−$0.04	−100.0%
Sept 2025	−$0.03	−$0.06	−100.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

1 analysts, Oct 2026

Buy1100%

Hold00%

Sell00%

Monthly trend

Oct 202611
Sep 2026112

Counts of recommendations published by analysts covering SES AI Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest: 13.3%
Days to cover: 1.59
Short interest, 1 month: −17%
Held by institutions: 39%
Held by insiders: 15.9%
Employees: 215

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Return and risk by year

SES AI Corp: yearly return, monthly win rate and worst fall against the S&P 500
Calendar year	2022	2023	2024	2025	2026 to date
Return
SES	−68%	−42%	+20%	−18%	−57%
Industry peers (median)	−30%	−16%	−8%	+14%	−35%
S&P 500	−18%	+26%	+25%	+18%	+11%
Months that ended higher
SES	50%	42%	17%	42%	46%
S&P 500	42%	67%	75%	75%	46%
Largest fall from a high during the year
SES	−69%	−62%	−85%	−82%	−81%
S&P 500	−25%	−10%	−8%	−19%	−9%

Worst fall since March 1, 2021: 98% from November 16, 2021 to November 15, 2024. Getting back needed a 4026% gain, and the shares have not yet recovered.

Price behaviour

52-week range: $0.50 – $2.57
From 52-week high: −69.7%
vs 50-day average: +19.0%
vs 200-day average: −24.4%
Volatility (1 year): 112%
Beta vs S&P 500: 2.98

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day: 6 up, 6 down
After a week: 5 up, 7 down
After a month: 4 up, 8 down

SES AI Corp: share-price change after each results release
Results released	Next day	S&P 500 next day	5 days	21 days
August 11, 2026	+7.3%	−0.1%	−0.2%	−0.9%
April 23, 2026	−8.7%	+0.4%	−17.3%	−3.9%
April 1, 2026	+3.4%	+0.8%	−0.2%	+9.1%
March 4, 2026	−30.3%	+0.1%	−16.8%	−35.8%
November 5, 2025	+5.3%	−0.7%	+6.7%	+4.3%
August 4, 2025	−13.2%	+1.0%	−9.1%	−12.4%
July 28, 2025	+5.9%	−0.3%	+16.1%	−5.1%
April 24, 2025	+40.5%	+2.8%	+22.9%	+29.9%
April 8, 2025	−2.3%	+8.8%	+8.9%	+58.1%
February 25, 2025	−12.5%	−0.4%	−37.6%	−30.8%
January 31, 2025	+10.5%	−1.2%	+20.0%	−45.9%
October 31, 2024	−12.6%	−1.5%	−25.9%	−27.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

SES AI Corp: annual financial statements
Fiscal year	2024 Dec 2024	2025 Dec 2025	LTM Jun 2026
Income
Revenue	2	21	23
Gross profit	1	11	7
EBITDA	−101	−72	−63
Operating income	−109	−83	−73
Net income	−100	−73	−68
Diluted EPS	−$0.31	−$0.22	−$0.20
Growth (year on year)
Revenue	—	+929.4%	—
Margins
Gross margin	63.1%	53.8%	27.8%
EBITDA margin	<−999%	−344.4%	−267.6%
Operating margin	<−999%	−393.4%	−312.8%
Net margin	<−999%	−347.8%	−289.6%
Free-cash-flow margin	<−999%	−291.5%	−257.7%
Cash flow
Cash from operations	−66	−58	−58
Capital spending	12	3	2
Free cash flow	−78	−61	−60
Stock-based pay	20	11	8
Free cash flow after stock pay	−98	−72	−69
Balance sheet
Cash	129	30	64
Total debt	0	1	0
Net debt (negative = net cash)	−129	−29	−64
Diluted shares	322m	331m	333m
Returned to shareholders
Buybacks	—	2	—
Total returned	—	2	—

US$ millions unless shown otherwise. Fiscal quarters; growth is against the same quarter a year earlier.

SES AI Corp: quarterly financial statements
Quarter	2025 Q1 Mar 2025	2025 Q2 Jun 2025	2025 Q3 Sept 2025	2025 Q4 Dec 2025	2026 Q1 Mar 2026	2026 Q2 Jun 2026
Income
Revenue	6	4	7	5	7	5
Gross profit	5	3	4	1	1	1
EBITDA	−21	−20	−16	−15	−15	−17
Operating income	−23	−23	−19	−18	−18	−19
Net income	−12	−23	−21	−17	−12	−18
Diluted EPS	−$0.04	−$0.07	−$0.06	−$0.05	−$0.04	−$0.05
Growth (year on year)
Revenue	—	—	—	—	+15.8%	+43.8%
Margins
Gross margin	78.7%	73.7%	51.1%	11.3%	18.1%	22.6%
EBITDA margin	−358.3%	−580.7%	−225.1%	−330.1%	−226.4%	−325.5%
Operating margin	−401.7%	−652.3%	−262.0%	−387.7%	−266.3%	−378.5%
Net margin	−214.6%	−642.2%	−293.9%	−373.5%	−180.3%	−353.0%
Free-cash-flow margin	−410.0%	−329.6%	−206.9%	−243.7%	−300.0%	−285.5%
Cash flow
Cash from operations	−23	−11	−14	−10	−20	−14
Capital spending	1	1	0	1	0	1
Free cash flow	−24	−12	−15	−11	−20	−14
Stock-based pay	4	3	2	2	2	2
Free cash flow after stock pay	−28	−14	−17	−13	−22	−16

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026

What it owns · $236m

Short-term assets $186mLonger-term assets $50m

What it owes, and who funded it · $236m

Short-term liabilities $29mLonger-term liabilities $21mShareholders' equity $187m

Short-term assets cover short-term liabilities $186m of assets due within a year against $29m of liabilities due within a year.
Short-term assets cover long-term liabilities $186m short-term assets against $21m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From SES AI Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count: +1.8%; year over year
R&D spending: 212.4%; of revenue
Days sales outstanding: 121 days; receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electrical components & equipment

Growth, margins and cash generation against peers
Last 12 months unless stated	SES	RAYA	XCH	HUHU	BEEM	CCTG	Median
Revenue, last 12 months	$23m	$23m	$25m	$21m	$27m	$17m	$133m
Revenue growth, last 12 months	—	−24.6%	−40.5%	18.1%	−20.5%	−1.9%	10.6%
Revenue growth, latest quarter	43.8%	—	—	—	21.0%	—	12.6%
Gross margin	27.8%	21.3%	46.2%	33.1%	10.2%	29.3%	28.9%
Operating margin	−312.8%	−7.2%	−129.9%	−79.6%	−64.9%	−20.0%	−20.0%
Net margin	−289.6%	−6.1%	−129.5%	−80.9%	−64.6%	−27.8%	−25.6%
Cash from operations / revenue	−248.6%	−13.9%	−30.0%	13.5%	−49.6%	−26.1%	−9.0%
Free-cash-flow margin	−257.7%	−36.8%	−31.1%	12.8%	−48.9%	−31.0%	−13.3%
Stock pay / revenue	35.8%	—	83.4%	85.6%	4.4%	—	2.8%
Change in share count	1.8%	349.0%	117.3%	15.0%	−99.6%	114.2%	9.7%

Median of all 58 companies we cover in electrical components & equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Where the revenue comes from

Fiscal year to December 31, 2025

Products and services
Line of business	Revenue	Share	YoY
Services	$13.6M	64.7%	▲ 607.4%
Products	$7.4M	35.3%	▲ 6081.7%

From SES AI Corp's 10-K filed March 4, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling

Reported value: $86.4M
Institutions reporting: 129
Shares held vs prior quarter: ▲ 22.4%
Positions opened / closed: 36 / 45

71 bought 75 sold

Top buyers and sellers, Q2 2026: 71 institutions bought and 75 sold ; the biggest buyer was Blackrock, Inc (+13.5M shares) and the biggest seller Renaissance Technologies LLC (−2.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager	Value	Shares	Share of 13F value	Shares QoQ
Blackrock, Inc.	$18.2M	18.9M	21.0%	▲ 245.7%
Invesco Ltd.	$9.9M	10.3M	11.4%	▲ 30.0%
State Street Corp	$9.2M	9.6M	10.7%	▲ 216.6%
Vanguard Capital Management LLC	$9.2M	9.6M	10.6%	▲ 1.2%
Geode Capital Management, LLC	$6.4M	6.6M	7.4%	▲ 107.3%
Two Sigma Investments, LP	$5.5M	5.7M	6.3%	▲ 187.0%
Temasek Holdings (Private) Ltd	$3M	3.2M	3.5%	0.0%
General Motors Holdings LLC	$2.8M	2.9M	3.2%	0.0%
Charles Schwab Investment Management Inc	$2.1M	2.1M	2.4%	▲ 34.2%
Northern Trust Corp	$1.9M	2.0M	2.2%	▲ 210.5%
Vanguard Portfolio Management LLC	$1.9M	2.0M	2.2%	▲ 714.1%
Vanguard Fiduciary Trust Co	$1.7M	1.7M	1.9%	▲ 14.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not SES AI Corp's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart

Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.2M 6 trades by 2 insiders · 100% under pre-set plans

Net ▼ $1.2M net selling

Recent insider open-market transactions
Insider	Date	Trade	Shares	Price	Value
Pilkington Kyle CHIEF LEGAL OFFICER	May 22, 2026	Sell pre-set plan	25,000	$1.20	$30,000
Pilkington Kyle CHIEF LEGAL OFFICER	March 9, 2026	Sell pre-set plan	25,000	$1.20	$30,000
Gan Hong CHIEF SCIENCE OFFICER	January 23, 2026	Sell pre-set plan	100,000	$2.50	$250,000
Gan Hong CHIEF SCIENCE OFFICER	January 22, 2026	Sell pre-set plan	150,000	$2.50	$375,000
Gan Hong CHIEF SCIENCE OFFICER	December 15, 2025	Sell pre-set plan	100,000	$1.98	$198,000
Gan Hong CHIEF SCIENCE OFFICER	November 17, 2025	Sell pre-set plan	150,000	$1.90	$285,000

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

August 11, 2026
April 23, 2026
April 1, 2026
March 4, 2026
November 5, 2025
August 4, 2025

Recent SEC filings

DEF 14A Proxy statement October 27, 2026
8-K Current report August 14, 2026
10-Q Quarterly report August 11, 2026
8-K Current report August 11, 2026
8-K Current report July 20, 2026
10-K/A 10-K/A April 30, 2026
S-3 S-3 April 24, 2026
10-Q Quarterly report April 24, 2026

Data status

When each part of this page on SES AI Corp was last updated.

Data	Last updated	Source
Share price	November 2, 2026	Exchange closing prices
Financial statements	August 11, 2026	SEC 10-K and 10-Q filings
News and updates	October 31, 2026, 7:55pm ET	Company releases and SEC 8-K filings
Analyst estimates	October 31, 2026, 9:47am ET	Aggregated analyst estimates
Valuation and scores	November 3, 2026, 9:30am ET	Our models, from the filed figures

How we build and check these figures: methodology and data sources.

SES AI Corp in brief

What does SES AI Corp do?: SES AI Corp is a US-listed company in the electrical components & equipment industry. Its financial year ends in December.
What is SES AI Corp's stock ticker?: SES AI Corp trades under the ticker SES on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is SES AI Corp's free cash flow?: SES AI Corp's free-cash-flow margin is -257.7% of revenue over the trailing twelve months.
Who are SES AI Corp's largest institutional shareholders?: By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Invesco Ltd. and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is SES AI Corp's market cap?: On November 2, 2026, SES AI Corp's market capitalisation was about $259M and net debt of -$63.7M. Market figures come from third-party market data and may be delayed.
Who are SES AI Corp's competitors?: In our Electrical Components & Equipment peer group, the companies closest to SES AI Corp are Erayak Power Solution Group Inc., Xchg Ltd, Huhutech International Group Inc., Beam Global and Ccsc Technology International Holdings Ltd. The side-by-side comparison below sets their revenue, margins and growth against SES AI Corp's.
Are insiders buying or selling SES AI Corp stock?: Over the last 12 months, SES AI Corp's directors and officers reported 0 open-market purchases and 6 sales on Form 4. The insider trading page charts every trade.
When is SES AI Corp's next earnings date?: Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — SES AI Corp announces its own schedule.