SES AI Narrows Q1 Loss to $12.1M Despite Margin Squeeze

SES AI Corporation (NYSE: SES), a battery technology developer, posted a net loss of $12.1 million for the quarter ending March 31, 2026, slightly improved from a $12.4 million loss in the year-ago period. The company burned through $19.8 million in operating cash during the quarter. Read more earnings reports.

Revenue climbed 16% to $6.7 million from $5.8 million in the first quarter of 2025. But cost of revenue surged to $5.5 million from $1.2 million a year earlier, compressing gross profit to $1.2 million from $4.6 million. The company did not explain the fourfold jump in cost of revenue.

Operating expenses fell to $19.1 million from $27.8 million in the prior-year quarter, driven by a sharp reduction in research and development spending. R&D costs dropped 46% to $11.0 million from $20.5 million. The operating loss narrowed to $17.9 million from $23.3 million.

SES AI's cash and cash equivalents stood at $46.9 million as of March 31, 2026, up from $29.5 million at year-end 2025. Combined cash and restricted cash totaled $47.6 million, down from $56.7 million a year earlier. The company generated $39.1 million from investing activities during the quarter, offsetting the operating cash burn.

Total assets declined to $253.5 million from $272.6 million at the end of December 2025. Stockholders' equity fell to $203.2 million from $214.8 million over the same period. The company's accumulated deficit widened to $384.0 million from $371.9 million at year-end.

Diluted loss per share held steady at $0.04, matching the prior-year quarter. Weighted average diluted shares outstanding increased slightly to 332.8 million from 329.3 million.

Financial Snapshot

SES AI, incorporated in Delaware and classified as a non-accelerated filer, had 43.9 million shares outstanding as of the period end. The company reported total liabilities of $50.3 million as of March 31, 2026, down from $57.9 million at year-end 2025.