SES AI Corporation

SES

Auto - Parts · Consumer Cyclical

Price

$0.54

+0.03 (+6.25%)

Market Cap

$196.9M

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+441.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 61.1M (2021) → 330.9M (2025)

Winston Score History

The full picture

SES AI Corporation is a company working to build a new type of rechargeable battery called a lithium-metal battery. These batteries are designed to store more energy than the lithium-ion batteries used in most electric vehicles today. SES AI's main target customers are automakers, and the company has signed joint development agreements with General Motors, Honda, and Hyundai.

SES AI makes money primarily through research partnerships and development agreements rather than selling batteries at scale — it is still in the pre-commercial stage. The company is headquartered in Boston and operates research facilities in the United States, South Korea, and China. Its potential competitive advantage lies in its proprietary battery chemistry and AI-based software for monitoring battery safety, but the core risk is that the company is burning through cash with no meaningful product revenue yet, and it faces intense competition from much larger, better-funded battery developers around the world.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+43.8% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+26.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$67M/ year

↓ Declining (-7% vs prior year)

319.3% of revenue

79.8x the sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

12.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 years

$163M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

$163M cash & investments at current burn rate

Strong grower

SES AI Corporation is growing revenue at 44% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

22.6%

Thin — 22.6% gross margin

Profit after running costs

Operating Margin

-378.5%

Losing money on operations — -378.5%

Return on the money invested

ROCE

-37.9%

Weak — -37.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+106.5%

Fast-growing sales (+106.5% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-255.4%

Burning cash (-255.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.04

Conservative — low debt load (0.04)

Covers its interest

Interest Cover

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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