SES AI Corp cash flow statement

In fiscal 2025, SES AI Corp's operations generated −$58.4m of cash; it spent $2.9m on capital projects, leaving free cash flow of −$61.2m. It returned $1.6m through buybacks.

Cash flow statement

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

SES AI Corp: cash flow statement, annual
Fiscal year	2024Dec 2024	2025Dec 2025	LTMJun 2026
Cash from operations	−66	−58	−58
Depreciation and amortisation	8	10	11
Stock-based pay	20	11	8
Capital spending	12	3	2
Free cash flow	−78	−61	−60
Free cash flow after stock pay	−98	−72	−69
Share buybacks	—	2	—

US$ millions unless shown otherwise. Fiscal quarters.

SES AI Corp: cash flow statement, quarterly
Quarter	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Cash from operations	−23	−11	−14	−10	−20	−14
Depreciation and amortisation	3	3	3	3	3	3
Stock-based pay	4	3	2	2	2	2
Capital spending	1	1	0	1	0	1
Free cash flow	−24	−12	−15	−11	−20	−14
Free cash flow after stock pay	−28	−14	−17	−13	−22	−16

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from SES AI Corp's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to SES AI Corp.