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• An Intel for next-generation electric vehicle batteries.
• A Qualcomm for electric vehicle power systems.
• An NVIDIA for advanced electric vehicle batteries.

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• Hybrid Lithium-Metal Batteries: These high energy density batteries are designed for electric vehicles (EVs) and other applications, aiming to extend range and improve performance.
• Proprietary Electrolyte: A key chemical component developed in-house that enables the safe and efficient operation of their advanced lithium-metal battery technology.
• Avatar AI Software Platform: This AI-powered software integrates with their batteries to provide real-time monitoring of battery health, safety, and performance data.

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SES AI (symbol: SES) primarily sells its advanced hybrid lithium-metal (Li-metal) battery technology to other companies (B2B), particularly in the electric vehicle (EV) industry.

Based on their latest financial filings, its major current development customers include:

• General Motors (GM)
• Hyundai Motor Company (005380.KS - listed on the Korea Exchange)

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Dr. Qichao Hu, Founder, Chairman & CEO

Dr. Qichao Hu is the founder and CEO of SES AI (NYSE: SES), a company he launched in 2012 as SolidEnergy Systems from a basement lab at MIT. He holds a BS in Physics from the Massachusetts Institute of Technology (MIT) and a Ph.D. in Applied Physics from Harvard University. Dr. Hu has led SES AI to secure three major joint development agreements with General Motors, Honda, and Hyundai. He has been recognized as one of Forbes 30 Under 30 and MIT Technology Review's Innovators Under 35. His earlier career involved studying physics and clean energy, and he was involved in battery technology development while at MIT and Harvard.

Jing Nealis, Chief Financial Officer

Jing Nealis brings over 18 years of global finance and operations experience in both private and public companies. She has a track record of guiding emerging energy transition companies through successful scale-up and commercialization phases. Prior to joining SES AI, Ms. Nealis held positions at View, SunPower, Shunfeng, Suntech, and Deloitte, with roles including Senior Director-Corporate Finance at View, Inc., Chief Financial Officer at SunPower Systems International Ltd., and Chief Financial Officer-International Division at Shunfeng International Clean Energy Ltd.. Her expertise encompasses corporate finance, mergers and acquisitions, and risk management.

Kyle Pilkington, Chief Legal Officer

Kyle Pilkington possesses 16 years of international legal experience, including capital markets, securities law, corporate governance, and mergers and acquisitions (M&A). His previous professional experience includes roles at International Game Technology, Sullivan & Cromwell, Gibson Dunn, and Baker McKenzie.

Dr. Hong Gan, Chief Science Officer

Dr. Hong Gan has 25 years of experience in battery research and development, gained at institutions such as Brookhaven National Lab and Greatbatch Technologies. He is recognized for his significant contributions to silicon-based Li-ion and Li-Metal anode battery technologies.

Dr. Kang Xu, Chief Technology Officer

Dr. Kang Xu is recognized as an MRS Fellow, ECS Fellow, and emeritus ARL Fellow, and is considered a leading researcher globally in electrolyte materials and interfacial science. He has authored more than 350 papers in his field, boasts an h-index of 118, and has received numerous awards for his discoveries of new electrolyte materials and insights into fundamental mechanisms.

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1. Technological Development and Commercialization Challenges

The primary risk for SES AI is the successful development and commercialization of its Lithium-Metal (Li-Metal) battery technology. The company's Li-Metal technology is largely untested in actual electric vehicles (EVs) and may ultimately prove unworkable. SES AI faces significant challenges in bringing its Li-Metal battery to commercialization for use in EVs. Delays in the pre-manufacturing development of battery cells could adversely affect business prospects. Additionally, there is uncertainty regarding the company's ability to secure agreements for mass production and meet performance expectations, with concerns that its technology may lag behind competitors and struggle to catch up in the race for technological supremacy. Scaling up lithium-metal battery technology reliably and cost-effectively presents immense engineering challenges, such as preventing dendrite growth and maintaining stability and safety in larger cells, which could threaten the entire investment thesis if roadblocks are encountered.

2. Sustained Financial Losses and Capital Requirements

SES AI is a pre-revenue company with a history of significant financial losses and a reliance on future capital. The company needs substantial additional capital to fund its business and may be unable to meet future capital requirements, which could impair its financial position and results of operations. SES AI Corporation exhibits inefficiencies in capital utilization, with a negative Return on Invested Capital (ROIC). The company's revenues have been zero, and liquidity could become a serious problem if it does not generate revenue from samples or commercial products. While SES AI has cash runway, sustained losses and continued cash burn mean that if commercialization takes longer than planned or initial contracts don't deliver expected margins, the company will need to raise more capital, likely leading to dilution for existing shareholders. There is an ongoing uncertainty of achieving and maintaining profitability.

3. Intense Competition and Market Acceptance

SES AI operates in a fiercely competitive market, facing established battery manufacturers and other well-funded startups developing next-generation battery technologies, particularly in the solid-state battery space. The market for applications using Li-Metal technology, such as Urban Air Mobility (UAM), is still emerging and may not achieve the growth potential the company expects. There is also an inability to predict user behavior when driving EVs with Li-Metal technology. The company's rapid expansion and heavy reliance on a few large OEM and AI customers mean that integration missteps or contract losses could quickly derail its potential.

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The clear emerging threat for SES AI is the rapid advancement and potential mass commercialization of *solid-state battery technology* by numerous competitors and major automotive original equipment manufacturers (OEMs). While SES AI focuses on hybrid lithium-metal batteries, true solid-state batteries are widely seen by many in the industry as the ultimate long-term goal for electric vehicles due to their potential for even higher energy density, enhanced safety (eliminating flammable liquid electrolytes), and longer lifespans. Companies like QuantumScape, Solid Power, and major OEMs such as Toyota, Nissan, and others are heavily investing in and publicly targeting commercial production of solid-state batteries within the next few years. If solid-state batteries achieve technical maturity, scalability, and cost-effectiveness faster or more effectively than SES AI's hybrid lithium-metal approach, they could capture a dominant share of the next-generation EV battery market, potentially sidelining or diminishing the demand for SES AI's technology.

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SES AI's main products and services focus on the development and manufacturing of AI-enhanced lithium-metal (Li-Metal) rechargeable batteries and related AI software platforms, primarily for electric vehicles (EVs), urban air mobility, drones, robotics, and battery energy storage systems (ESS).

The addressable markets for SES AI's products and services are significant and global:

• Global Electric Vehicle (EV) Battery Market: This market, which includes lithium-metal batteries, was valued at approximately USD 76.59 billion in 2024 and is projected to increase to around USD 739.31 billion by 2034, growing at a compound annual growth rate (CAGR) of 25.95% from 2025 to 2034. Other estimates place the global EV battery market at US$92.7 billion in 2025, expected to reach US$181.8 billion by 2032 (CAGR of 10.1%), or USD 91.93 billion in 2024, expected to reach USD 251.33 billion by 2035 (CAGR of 9.6%).
• Global Lithium-Metal Battery Market: More specifically, the global lithium-metal battery market is projected to grow from USD 11.53 billion in 2024 to USD 68.79 billion by 2030, at a CAGR of 21.9%. Another report indicates a projected growth from USD 17.14 billion in 2024 to USD 152.26 billion by 2035.
• Global Energy Storage Systems (ESS) Market: SES AI is positioned to be an active player in the global ESS market, which is estimated to be worth approximately $300 billion.

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Here are 3-5 expected drivers of future revenue growth for SES AI (symbol: SES) over the next 2-3 years:

1. Commercialization and Adoption of AI-Enhanced Lithium-Metal Batteries for Electric Vehicles (EVs) and Urban Air Mobility (UAM) Applications: SES AI is actively partnering with automotive original equipment manufacturers (OEMs) like Hyundai and Honda to develop and integrate its AI-enhanced lithium-metal and lithium-ion battery technologies into future EV models. The progression to C-sample validation, a crucial step before commercial qualification, and subsequent supply agreements are expected to drive significant revenue growth in the coming years.
2. Expansion and Monetization of the Molecular Universe (MU) Platform: The Molecular Universe platform, an AI-driven science workflow, is a key focus for SES AI, offering "R&D as a service" for accelerated battery material discovery. The company plans to expand its enterprise-level subscription offerings and anticipates that this high-margin service business will be a substantial driver of revenue growth, allowing it to "sell both intelligence and power."
3. Growth in the Energy Storage Systems (ESS) Market via Strategic Acquisitions: The acquisition of UZ Energy in September 2025 has significantly boosted SES AI's revenue, contributing approximately 45% of its Q3 2025 revenue. This strategic move positions SES AI for further expansion into the broader Battery Energy Storage Systems (BESS) market, with UZ Energy projected to contribute $10-15 million in revenue for the full year 2025.
4. Establishment of Recurring Revenue Streams through Joint Ventures for Commercial Supply of AI-Discovered Materials: SES AI's joint venture with Hisun New Energy Materials aims to produce and commercially supply new electrolyte materials discovered through its Molecular Universe platform. This partnership is expected to create a new, recurring revenue source by supplying these materials to customers globally, while maintaining a capital-light approach.

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Share Repurchases

• In April 2025, SES AI's Board of Directors authorized a share repurchase program of up to $30 million of its Class A common stock.
• As of the third quarter of 2025, the company repurchased 1,340,656 shares for $1.6 million, at an approximate price of $1.20 per share.
• SES AI views share repurchases as an effective capital allocation tool and plans to continue such activities, supported by its expected liquidity of over $200 million by the end of 2025.

Share Issuance

• In February 2022, prior to the closing of its business combination with Ivanhoe Capital Acquisition Corp., SES AI completed an upsized $275 million common stock PIPE (Private Investment in Public Equity) offering, with shares priced at $10.00 each.

Inbound Investments

• The business combination with Ivanhoe Capital Acquisition Corp., which closed in February 2022, provided SES with over $600 million in cash.
• The PIPE offering, part of the business combination, attracted investments from major automotive OEMs and strategic partners including Honda Motor Co. Ltd., General Motors, Hyundai Motor Company, Geely Holding Group, Kia Corporation, SAIC Motor, Koch Strategic Platforms, LG Technology Ventures, and Foxconn.
• Temasek Holdings (Private) Limited and its affiliates, as well as General Motors Holdings LLC, have been notable investors, with Temasek reporting beneficial ownership of 1.0% of Class A common stock, including earnout shares, as of November 2025.

Outbound Investments

• SES AI acquired Shenzhen UZ Energy, a China-based provider of energy storage systems hardware and software solutions, for $25.5 million, with the acquisition closing by September 2025.
• In October 2025, SES AI signed a term sheet to establish a joint venture with Hisun New Energy Materials Ltd. Co. to commercially supply electrolyte materials discovered through SES AI's Molecular Universe platform, with SES AI expected to own 90% of this joint venture.

Capital Expenditures

• Capital expenditures were $6.8 million for the three months ended March 31, 2024, and $0.9 million for the three months ended March 31, 2025.
• Reported capital expenditures for the full years include $394,000 in 2020, $265,000 in 2021, and $2.77 million in 2022.
• The company's focus for capital expenditures includes the development and production of high-performance lithium-metal batteries, with prior plans for a 1 GWh Pilot Facility and a 30 GWh Expansion Facility, and a new facility in South Korea focused on Urban Air Mobility (UAM).