SES AI's second quarter revenue of $5.1M missed estimates while full-year guidance was reaffirmed

SES AI Corporation reported second quarter 2026 revenue of $5.1 million, missing analyst estimates of $5.39 million despite 44% year-over-year growth. The company reported a GAAP net loss of $0.05 per share, matching expectations, while GAAP gross margins improved significantly to 22.6% from 18.1% in the preceding quarter. Management reaffirmed its full-year 2026 revenue guidance of $30 million to $35 million, predicated on a significant commercial ramp-up in the second half of the year.

Key Highlights

• Reaffirmed full-year 2026 revenue guidance of $30 million to $35 million, implying a steep acceleration in the second half.
• GAAP gross margin expanded to 22.6%, driven by a higher mix of international sales and pricing discipline in the ESS segment.
• Operating expenses fell 26% year-over-year to $20.3 million, supporting a strategy to reduce annual expenses by more than 20%.
• Liquidity remained stable with cash and short-term investments of $163 million at quarter-end.
• Scaling Korea-based NDAA-compliant cell production to 1 million units per year, with full capacity expected in the fourth quarter.