Growth & profitability
- Revenue has grown 929.4% per year over the past 5 years.
Financial health
- The company is unprofitable and has less than a year of cash runway at its current free-cash-flow burn.
SES Financials SES AI Corp
6 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $21M | -$73M | 53.8% | -393.4% | -$61M | — | $30M |
| 2024 | $2M | -$100M | 63.1% | -5355.3% | -$78M | — | $129M |
| 2023 | — | -$53M | — | — | -$72M | — | $86M |
| 2022 | — | -$51M | — | — | -$61M | — | $107M |
| 2021 | — | -$31M | — | — | -$39M | — | $160M |
| 2020 | — | -$14M | — | — | -$12M | — | $161271 |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $7M | -$12M | 18.1% | -266.3% | -$20M | — | $47M |
| Dec '25 | $5M | -$17M | 11.3% | -387.7% | -$11M | — | $30M |
| Sep '25 | $7M | -$21M | 51.1% | -262.0% | -$15M | — | $35M |
| Jun '25 | $4M | -$23M | 73.7% | -652.3% | -$12M | — | $12M |
| Mar '25 | $6M | -$12M | 78.7% | -401.7% | -$24M | — | $56M |
| Dec '24 | — | -$35M | — | — | -$13M | — | $129M |
| Sep '24 | — | -$30M | — | — | -$24M | — | $67M |
| Jun '24 | — | -$20M | — | — | -$26M | — | $55M |
| Mar '24 | — | -$16M | — | — | -$16M | — | $130M |
| Dec '23 | — | -$11M | — | — | -$16M | — | $86M |
| Sep '23 | — | -$13M | — | — | -$18M | — | $50M |
| Jun '23 | — | -$13M | — | — | -$17M | — | $51M |
| Mar '23 | — | -$16M | — | — | -$21M | — | $48M |
| Dec '22 | — | -$9M | — | — | -$13M | — | $107M |
| Sep '22 | — | -$24M | — | — | -$10M | — | $395M |
| Jun '22 | — | $9M | — | — | -$21M | — | $405M |
| Mar '22 | — | -$27M | — | — | -$17M | — | $426M |
| Dec '21 | — | -$10M | — | — | -$17M | — | $160M |
| Sep '21 | — | -$11M | — | — | -$4M | — | $254887 |
| Jun '21 | — | -$7M | — | — | -$15M | — | $501228 |
Valuation over time
How the market has priced SES against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-sales ratio has fallen from 357.3× (Dec '24) to 14.0× (Jun '26).
P/S
Frequently asked questions
Is SES growing its revenue and profit?
Over the past 5 years, SES AI Corp's revenue has grown 929.4% per year. These are computed facts, not advice.
How much debt does SES have?
As of FY2025, SES AI Corp reported — of total debt against $30M of cash.
What is SES's profit margin?
In FY2025, gross margin was 53.8%, operating margin -393.4%, and net margin -347.8%.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.