SES AI Corporation

Second-quarter revenue was $5.1 million, versus $6.7 million in Q1 2026 and $3.5 million in Q2 2025. GAAP gross margin was 22.6%, up from 18.1% in Q1. GAAP operating expenses were $20.3 million, versus $19.1 million in Q1, with the increase tied mainly to a bad debt provision on a legacy EV service contract; operating expenses were down 26% year over year. GAAP net loss was $17.8 million, or $0.05 per share, versus a GAAP net loss of $12.1 million, or $0.04 per share in Q1. Non-GAAP net loss was $13.1 million, or $0.04 per share, versus $11.1 million, or $0.03 per share in Q1. Adjusted EBITDA was a loss of $14.6 million, versus a loss of $12.8 million in Q1. Cash, cash equivalents and short-term investments ended the quarter at approximately $163 million. Management reaffirmed full-year 2026 revenue guidance of $30 million to $35 million.

Qichao Hu framed SES as tackling two hard problems at once: using AI to speed materials discovery and building a manufacturing/supply-chain base to commercialize those products. He emphasized a pivot away from EV toward ESS and drones, saying Q2 brought meaningful commercial milestones and that the company is seeing strong demand, especially for NDAA-compliant cells and ESS in the U.S. His tone was confident and strategic, with repeated comments that the market underestimates Molecular Universe and that the company is building toward a longer runway of growth.

Ray Liu focused on the quarter’s financial discipline and improving mix. He highlighted 22.6% gross margin, said the increase was driven mainly by ESS with more international sales and pricing discipline, and noted that drone revenue should carry higher margins as it ramps. He also pointed to $163 million of liquidity, a capex-light model, a year-over-year operating expense reduction of 26%, and said the company expects net loss to narrow in the second half as revenue picks up and cost reductions take full effect.

Analysts focused on the revenue mix, ESS margin drivers, capital allocation, M&A, drone capacity, and customer traction in Molecular Universe and hyperscale/data center ESS. Management said first-half revenue was mostly ESS, while second-half revenue should include more drones and materials; on drones, SES said demand already exceeds 1 million cells of Korea capacity and that the company is evaluating more capacity in Korea and Southeast Asia. On Molecular Universe, management said it is deeply engaged with about 3 battery companies, with module-level, workflow-level, and M-Labs interest; on hyperscalers, they said it is still early and may have more to share in Q3 or Q4.