SES AI Cuts Q4 EBITDA Loss, Reports 124% Revenue Growth and $200M Liquidity
SES AI narrowed Q4 adjusted EBITDA losses to $13.8 million from $23.2 million last year, with Q4 revenue up 124% to $4.6 million. It closed 2025 with $200 million liquidity and projected 2026 revenue of $30–35 million, a 43–67% increase led by its ESS business.
1. Q4 Financial Results
SES AI reported a Q4 adjusted EBITDA loss of $13.8 million, an improvement from a $23.2 million loss a year earlier. GAAP net loss narrowed to $17.0 million ($0.05 per share), while operating expenses fell 40% to $18.2 million, driven by a 44% reduction on a non-GAAP basis.
2. Full-Year Performance and Liquidity
Full-year 2025 revenue surged to $21 million from just over $2 million in 2024, reflecting completion of EV development work with Honda and Hyundai. The company used $58.4 million in cash for operations, deployed $3.3 million on the UZ Energy acquisition, repurchased $1.6 million of shares and ended the year with $200 million in liquidity.
3. 2026 Guidance and Outlook
Management guided 2026 revenue to $30–35 million, implying 43–67% growth with at least 65% from the ESS segment. Consolidated gross margin is expected around 15%, with operating expenses forecast to decline roughly 15% year-over-year under a CapEx-light model.
4. Strategic Business Drivers
The ESS unit remains the primary near-term revenue driver, with UZ Energy having sold nearly a gigawatt-hour of hardware and plans for an AI-powered Edge Box. Drone cell production will shift to NDAA-compliant pouch cells in South Korea, and a JV with Hyzon aims to scale electrolyte materials based on Molecular Universe discoveries.