Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data SES AI Corp files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
2.04
21
Cost of revenue
0.75
9.69
Gross profit
1.29
11.3
Research and development
9.44
15.5
28
30.7
72.1
67
General and administrative
4.46
16.5
51.6
47.5
38.4
26.9
Operating expenses
13.9
32
79.6
78.2
111
93.9
Operating income
-13.9
-32
-79.6
-78.2
-109
-82.6
Interest income
0.06
Other non-operating income
0.02
0.78
29.8
23.9
9.25
9.81
Pre-tax income
-13.9
-31.2
-49.7
-54.3
-100
-72.8
Income tax
0.01
0.03
1.26
-0.85
0.19
0.23
Net income
-13.9
-31.3
-51
-53.4
-100
-73
EBITDA
-12.2
-30.3
-77
-72.6
-101
-72.3
EPS, basic
-0.23
-0.51
-0.18
-0.17
-0.31
-0.22
EPS, diluted
-0.23
-0.51
-0.18
-0.17
-0.31
-0.22
Shares, basic (weighted)
60.8
61.1
288
315
322
331
Shares, diluted (weighted)
60.8
61.1
288
315
322
331
Balance sheet
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.16
160
107
85.7
129
29.5
Short-term investments
283
247
134
170
Receivables
0.95
4.78
Inventory
0.38
0.56
0.21
5.15
Other current assets
1.56
3.79
11.7
13.2
6.71
Total current assets
0.16
170
397
349
277
216
Property, plant and equipment
12.5
27.8
38
38.2
28.9
Lease right-of-use assets
11.4
13.1
9.93
7.64
Goodwill
0
13.3
Intangible assets
1.63
1.47
1.35
1.22
2.81
Other non-current assets
9.26
3.21
4.72
2.24
2.26
Total assets
0.57
193
440
407
330
273
Accounts payable
0.01
4.71
6.19
4.83
1.9
5.69
Accrued liabilities
0.07
0.8
3.12
7.02
6.65
4.35
Deferred revenue
2.67
Short-term debt
0.83
Total current liabilities
0.58
11
19.4
20.4
22.8
24.2
Lease liabilities
10.2
11.3
7.98
5.81
Other non-current liabilities
0.75
1.76
2.75
2.61
3.41
Total liabilities
0.58
11.7
48.9
47.9
51.5
57.9
Paid-in capital
0.02
5.6
538
559
579
588
Retained earnings
-0.03
-94.3
-145
-199
-299
-372
Other comprehensive income
0.37
-1.25
-1.61
-2.23
-1.73
Shareholders' equity
-62.1
-88.3
392
359
278
215
Total equity
-62.1
-88.3
392
359
278
215
Total liabilities and equity
0.57
193
440
407
330
273
Shares outstanding
350
354
362
365
Cash flow statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-13.9
-31.3
-51
-53.4
-100
-73
Depreciation and amortization
1.71
1.66
2.6
5.54
8.31
10.3
Stock-based compensation
0.15
4.57
22.8
20.6
19.9
11
Deferred income tax
-1.06
-0.28
-0.47
Change in receivables
-0.95
-2.63
Change in inventory
-0.38
-0.18
0.33
-1.04
Change in payables
0.61
1.29
-3.98
-0.06
-0.07
1.04
Cash from operations
-11
-30
-46.5
-56.4
-66.1
-58.4
Capital expenditures
-0.98
-8.95
-14.7
-15.8
-12.2
-2.86
Acquisitions
-3.03
Purchases of investments
-17.5
-151
-411
-282
-215
-238
Cash from investing
-13.3
3.31
-296
32.7
108
-39.2
Stock issued
0.2
0.33
0.52
1.01
0.08
Share buybacks
-1.61
Cash from financing
0.84
185
290
3.28
1.01
-1.96
Exchange rate effect
0.19
0.23
-0.53
-0.55
-0.69
0.33
Net change in cash
-23.3
158
-53.1
-21
42.4
-99.2
Free cash flow
-12
-38.9
-61.2
-72.2
-78.3
-61.2
Income taxes paid
0.22
0.29
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.53 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
27.8%
Gross profit / revenue.
Operating margin
-312.8%
Operating income / revenue.
EBITDA margin
-267.6%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-289.2%
Pre-tax income / revenue.
Net margin
-289.6%
Net income / revenue.
FCF margin
-257.7%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-248.6%
Cash from operations / revenue.
Return on equity (ROE)
-36.3%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-28.8%
Net income / average total assets.
Return on invested capital (ROIC)
-47.2%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
212.4%
Research and development expense / revenue.
Stock-based pay / revenue
35.8%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
9.1%
Capital expenditures / revenue.
D&A / revenue
45.3%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
929.4%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
777.9%
Gross profit vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-22.8%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-18.1%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-17.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-14.8%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
243.0%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
2.8%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
4.7%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
40.3%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
6.52x
Current assets / current liabilities.
Quick ratio
5.99x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
5.71x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.20
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.07
Revenue / diluted weighted shares.
FCF per share
-$0.18
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.17
Cash from operations / diluted weighted shares.
Book value per share
$0.56
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
8.46x
Market cap / revenue.
P/B
1.06x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.16x
Market cap / tangible book value, when positive.
EV/Sales
1.51x
Enterprise value / revenue.
FCF yield
-30.5%
Free cash flow / market cap.
Earnings yield
-34.2%
Net income / market cap (the inverse of P/E).
What was SES AI Corp's revenue in fiscal 2025?
SES AI Corp reported revenue of $21.0M for fiscal 2025, 929.4% higher than the year before.
Was SES AI Corp profitable in fiscal 2025?
No. It reported a net loss of $73.0M.
How much free cash flow did SES AI Corp generate in fiscal 2025?
Cash from operations of $58.4M minus capital expenditures of $2.9M left free cash flow of -$61.2M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.