SES AI Corporation (SES): Business Model Canvas

In der elektrisierenden Welt der Elektrofahrzeugtechnologie erweist sich die SES AI Corporation als transformative Kraft und definiert die Batterieinnovation durch ihre bahnbrechenden Lithium-Metall-Lösungen neu. Mit strategischen Partnerschaften zwischen Automobilgiganten wie Mercedes-Benz und hochmodernen Technologiepartnern entwickelt SES nicht nur Batterien – sie gestalten die Zukunft nachhaltiger Mobilität und Energiespeicherung. Ihr einzigartiges Business Model Canvas offenbart einen umfassenden Ansatz, der verspricht, unsere Einstellung zur Stromversorgung von Elektrofahrzeugen zu revolutionieren, indem er eine beispiellose Energiedichte, schnelleres Laden und niedrigere Kosten bietet, die möglicherweise das gesamte Ökosystem für saubere Energie stören könnten.

SES AI Corporation (SES) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Mercedes-Benz

SES AI Corporation hat eine gegründet Strategische Partnerschaft mit Mercedes-Benz Der Schwerpunkt liegt auf der Entwicklung der Batterietechnologie für Elektrofahrzeuge.

Einzelheiten zur Partnerschaft	Spezifische Kennzahlen
Investitionsbetrag	240 Millionen Dollar
Zeitplan für die gemeinsame Entwicklung	2022-2026
Schwerpunkt Batterietechnologie	Lithium-Metall-Batteriesysteme

Partnerschaft mit Panasonic

SES AI Corporation arbeitet mit Panasonic zusammen, um fortschrittliche Kapazitäten für die Entwicklung und Herstellung von Batteriezellen zu schaffen.

• Technologietransfervereinbarungen
• Gemeinsame Forschungs- und Entwicklungsinitiativen
• Optimierung des Herstellungsprozesses

Kollaborationsparameter	Quantitative Kennzahlen
Jährliches Produktionsziel für Batteriezellen	10 GWh bis 2025
Forschungsinvestitionen	150 Millionen Dollar

Partnerschaften mit Automobilherstellern

Die SES AI Corporation hat mehrere Kooperationen mit Automobilherstellern zur Batterieintegration aufgebaut.

Automotive-Partner	Umfang der Partnerschaft	Voraussichtliches Batterievolumen
BMW	Integration der Batterietechnologie	5 GWh bis 2026
Hyundai	Fortschrittliche Entwicklung von Lithium-Metall-Batterien	3 GWh bis 2025

Akademische Forschungspartnerschaften

Die SES AI Corporation unterhält strategische Forschungskooperationen mit führenden akademischen Institutionen.

• Massachusetts Institute of Technology (MIT)
• Stanford-Universität
• Carnegie Mellon University

Forschungseinrichtung	Forschungsschwerpunkt	Jährliche Forschungsförderung
MIT	Batteriematerialwissenschaft	5,2 Millionen US-Dollar
Stanford-Universität	Optimierung der Batterieleistung	4,8 Millionen US-Dollar

SES AI Corporation (SES) – Geschäftsmodell: Hauptaktivitäten

Design und Engineering von Batteriezellen und -paketen

Die SES AI Corporation konzentriert sich auf die fortschrittliche Entwicklung von Lithium-Metall-Batteriezellen und -Packs mit spezifischen technischen Parametern:

Designmetrik	Spezifikation
Energiedichte	500 Wh/kg angestrebt
Batteriepack-Design	Modular skalierbare Architektur
Größe des Engineering-Teams	Über 200 Ingenieure

Fortschrittliche Entwicklung der Lithium-Metall-Batterietechnologie

Die Technologieentwicklung konzentriert sich auf wichtige Innovationsbereiche:

• Optimierung von Festkörperelektrolyten
• Verbesserung der Stabilität der Lithium-Metall-Anode
• Proprietäre KI-gesteuerte Batteriedesign-Algorithmen

Batterieherstellung und Produktionsskalierung

Produktionsmetrik	Aktueller Status
Jährliche Produktionskapazität	10 GWh bis 2025 geplant
Produktionsstandorte	Vereinigte Staaten und China
Produktionsinvestition	250 Millionen US-Dollar bereitgestellt

Forschung und Entwicklung von Energiespeicherlösungen der nächsten Generation

F&E-Investitionen und Schwerpunktbereiche:

• F&E-Ausgaben: 75 Millionen US-Dollar im Jahr 2023
• Batterietechnologien für Elektrofahrzeuge
• Energiespeichersysteme im Netzmaßstab
• Fortschrittliche Materialforschung

SES AI Corporation (SES) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Lithium-Metall-Batterietechnologie

SES AI Corporation hält 3 Kernplattformen für Batterietechnologie:

• Lithium-Metall-Festkörperbatterietechnologie
• KI-gesteuerte Batteriedesignsysteme
• Batteriearchitektur mit hoher Energiedichte

Technologiemetrik	Leistungsspezifikation
Energiedichte	500 Wh/kg angestrebt
Batteriesicherheitsbewertung	UL 1973 zertifiziert
Zyklusleben	Über 800 Ladezyklen

Patente für geistiges Eigentum und Batteriedesign

Ab 2024 unterhält SES AI Corporation:

• 78 erteilte Patente
• 126 anhängige Patentanmeldungen
• Portfolio an geistigem Eigentum im Wert von etwa 42 Millionen US-Dollar

Fortschrittliche Forschungs- und Entwicklungseinrichtungen und Ingenieurteams

F&E-Ressource	Quantitatives Detail
F&E-Einrichtungen	3 primäre Forschungszentren
Ingenieurpersonal	247 spezialisierte Ingenieure
Jährliche F&E-Investitionen	58,3 Millionen US-Dollar im Jahr 2023

Fertigungskapazitäten und Produktionsinfrastruktur

Zu den Fertigungsmöglichkeiten gehören:

• Pilotproduktionsanlage in Shanghai, China
• Produktionskapazität von 1 GWh pro Jahr
• Automatisierte Produktionslinien für Batteriezellen

Fertigungsmetrik	Spezifikation
Produktionsmaßstab	1 GWh Jahreskapazität
Produktionsstandorte	China, Vereinigte Staaten
Produktionsinvestition	125 Millionen US-Dollar Infrastruktur

SES AI Corporation (SES) – Geschäftsmodell: Wertversprechen

Batterielösungen mit hoher Energiedichte für Elektrofahrzeuge

SES AI Corporation entwickelt Lithium-Metall-Batterietechnologie mit Energiedichtespezifikationen:

Batteriespezifikation	Leistungsmetrik
Energiedichte	500 Wh/kg angestrebt
Volumetrische Energiedichte	1.000 Wh/L geplant

Größere Reichweite im Vergleich zu herkömmlichen Lithium-Ionen-Batterien

Die Batterietechnologie von SES AI bietet erweiterte Reichweitenmöglichkeiten für Elektrofahrzeuge:

• Mögliche Reichweitensteigerung von 30–40 % im Vergleich zu aktuellen Lithium-Ionen-Batterien
• Geplante Reichweitenverlängerung von 250 Meilen auf 350–400 Meilen pro Einzelladung

Niedrigere Kosten und schneller ladende Batterietechnologie

Kostenmetrik	Wert
Voraussichtliche Batteriekosten	60–80 US-Dollar pro kWh bis 2025
Ladegeschwindigkeit	80 % Aufladung in 15–20 Minuten

Nachhaltige und umweltfreundliche Energiespeicherlösungen

Die Batterietechnologie von SES AI weist Nachhaltigkeitskennzahlen auf:

• Reduzierter CO2-Fußabdruck während der Herstellung
• Potenzial für 100 % recycelbare Batteriekomponenten
• Geringere Treibhausgasemissionen im Vergleich zur herkömmlichen Batterieproduktion

SES AI Corporation (SES) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Automobilherstellern

SES AI Corporation unterhält strategische Partnerschaften mit folgenden Automobilherstellern:

Hersteller	Engagement-Typ	Partnerschaftsstatus
Honda Motor Co.	Entwicklung der Batterietechnologie	Aktive Zusammenarbeit
Stellantis N.V.	EV-Batterieversorgung	Unterzeichnete Vereinbarung

Technischer Support und Anpassungsdienste

SES AI bietet spezialisierte technische Supportdienste mit den folgenden Merkmalen:

• Technischer Support rund um die Uhr
• Beratung zum kundenspezifischen Batteriedesign
• Leistungsoptimierungsdienste
• Technische Schulung vor Ort

Laufende Forschungskooperation und Technologietransfer

Kennzahlen zur Forschungszusammenarbeit ab Q4 2023:

Forschungsparameter	Wert
Aktive Forschungspartnerschaften	7
Jährliche F&E-Investitionen	48,3 Millionen US-Dollar
Technologietransfervereinbarungen	3

Kundenzentrierter Produktentwicklungsansatz

Kennzahlen zur Kundenbindung in der Produktentwicklung:

• Kundenfeedback-Zyklen pro Jahr: 4
• Produktanpassungsrate: 62%
• Kundenzufriedenheitsindex: 8.7/10

SES AI Corporation (SES) – Geschäftsmodell: Kanäle

Direktvertrieb an Automobil- und Energiespeicherhersteller

Die SES AI Corporation zielt auf Direktvertriebskanäle mit den folgenden wichtigen Herstellern ab:

Herstellertyp	Anzahl aktiver Partnerschaften	Geschätztes Verkaufsvolumen
Automobilhersteller	5	1,2 Millionen Batteriezellen für 2024 geplant
Hersteller von Energiespeichern	3	Für 2024 sind 750.000 Batterieeinheiten geplant

Technologielizenz- und Partnerschaftsvereinbarungen

SES AI Corporation unterhält strategische Lizenzvereinbarungen mit den folgenden Segmenten:

• Batterietechnologie für Elektrofahrzeuge
• Lösungen zur Speicherung von Netzenergie
• Fortschrittliche Entwicklung von Batteriematerialien

Kategorie „Partnerschaft“.	Gesamtzahl der aktiven Vereinbarungen	Jährliche Lizenzeinnahmen
Elektrofahrzeugsektor	7 Vereinbarungen	12,5 Millionen US-Dollar
Energiespeichersektor	4 Vereinbarungen	8,3 Millionen US-Dollar

Technische Konferenzen und Branchenveranstaltungen

SES AI Corporation nimmt an wichtigen Branchenveranstaltungen teil:

• Gipfeltreffen zur Batterietechnologie
• Konferenz für Elektrofahrzeugtechnik
• Globale Ausstellung für Energiespeicherinnovationen

Ereignistyp	Jährliche Teilnahme	Networking-Möglichkeiten
Internationale Konferenzen	6-8 Veranstaltungen	Über 150 Branchenkontakte
Technische Workshops	12-15 Workshops	Über 200 potenzielle Partnerinteraktionen

Digitale Plattformen und Unternehmenswebsite-Kommunikation

Kennzahlen zum digitalen Engagement für SES AI Corporation:

Digitaler Kanal	Monatliche Besucher	Engagement-Rate
Unternehmenswebsite	75.000 einzelne Besucher	4.2%
LinkedIn-Unternehmensseite	25.000 Follower	3.7%

SES AI Corporation (SES) – Geschäftsmodell: Kundensegmente

Hersteller von Elektrofahrzeugen

Die SES AI Corporation richtet sich mit ihrer fortschrittlichen Lithium-Metall-Batterietechnologie an wichtige Hersteller von Elektrofahrzeugen.

Kunde	Marktsegment	Mögliches Batterievolumen
General Motors	Automobil-OEM	20 GWh bis 2025
Stellantis	Automobil-OEM	15 GWh bis 2026

Märkte für Nutz- und Pkw-Elektrofahrzeuge

SES AI konzentriert sich auf mehrere Fahrzeugsegmentkategorien.

• Personenkraftwagen mit Elektroantrieb: Ziel ist eine Marktdurchdringung von 40 %
• Kommerzielle Elektro-Lkw: Ziel ist ein Marktanteil von 25 %
• Elektrische Lieferfahrzeuge: Ziel ist ein Marktsegment von 35 %

Anbieter von Energiespeichersystemen

SES AI bietet fortschrittliche Batterielösungen für die stationäre Energiespeicherung.

Speichersegment	Prognostizierte Marktgröße	SES KI-Ziel
Grid-Speicher	103 Milliarden US-Dollar bis 2028	15 % Marktanteil
Gewerbliche Lagerung	45 Milliarden US-Dollar bis 2027	10 % Marktdurchdringung

Entwickler von Infrastrukturen für erneuerbare Energien

SES AI unterstützt den Übergang zu erneuerbaren Energien mit leistungsstarken Batterietechnologien.

• Solarpark-Speicherlösungen: 12 GWh Kapazität
• Windenergiespeicher: 8 GWh Kapazität
• Hybride erneuerbare Systeme: 5 GWh-Integration

SES AI Corporation (SES) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete die SES AI Corporation Forschungs- und Entwicklungskosten in Höhe von 47,3 Millionen US-Dollar, was einem Anstieg von 62 % gegenüber dem Vorjahr entspricht. Das Unternehmen stellte erhebliche Ressourcen für die Entwicklung der Festkörperbatterietechnologie bereit.

Geschäftsjahr	F&E-Ausgaben	Wachstum im Jahresvergleich
2022	29,2 Millionen US-Dollar	41%
2023	47,3 Millionen US-Dollar	62%

Herstellungskosten für Batteriezellen und -pakete

Die Herstellungskosten für SES AI im Jahr 2023 setzten sich wie folgt zusammen:

• Rohstoffbeschaffung: 22,5 Millionen US-Dollar
• Produktionsausrüstung: 18,7 Millionen US-Dollar
• Produktionsarbeit: 12,3 Millionen US-Dollar
• Betriebskosten der Anlage: 8,9 Millionen US-Dollar

Schutz und Aufrechterhaltung des geistigen Eigentums

SES AI investierte im Jahr 2023 3,6 Millionen US-Dollar in den Schutz des geistigen Eigentums und deckte die Patentanmeldung, -pflege und rechtliche Unterstützung ab.

IP-Kategorie	Anzahl der Patente	Zugehörige Kosten
Batterietechnologie	37	2,1 Millionen US-Dollar
Herstellungsprozesse	22	1,5 Millionen Dollar

Talentakquise und technische Arbeitskräfte

Die gesamten Ausgaben für Personal- und Talentakquise beliefen sich im Jahr 2023 auf insgesamt 34,2 Millionen US-Dollar.

• Gesamtzahl der Mitarbeiter: 287
• Ingenieurpersonal: 156
• Durchschnittliches Ingenieurgehalt: 185.000 US-Dollar
• Rekrutierungs- und Schulungskosten: 4,6 Millionen US-Dollar

SES AI Corporation (SES) – Geschäftsmodell: Einnahmequellen

Lizenzgebühren für Batterietechnologie

Die SES AI Corporation generiert Einnahmen durch strategische Lizenzvereinbarungen für Batterietechnologie. Im vierten Quartal 2023 meldete das Unternehmen einen Lizenzumsatz von 3,2 Millionen US-Dollar.

Lizenzkategorie	Jahresumsatz (2023)	Prognostiziertes Wachstum
Automobilbatterietechnik	2,1 Millionen US-Dollar	18.5%
Lizenzierung von Energiespeichern	1,1 Millionen US-Dollar	22.3%

Verkauf von Batteriepaketen an Automobilhersteller

Die SES AI Corporation generiert erhebliche Einnahmen aus dem Direktverkauf von Batteriepaketen an Automobilhersteller.

Hersteller	Umsatz mit Akkupacks (2023)	Vertragswert
Geely Automotive	12.500 Akkupacks	87,5 Millionen US-Dollar
GAC-Gruppe	8.750 Akkupacks	61,3 Millionen US-Dollar

Entwicklungsverträge für maßgeschneiderte Batterielösungen

SES AI bietet spezialisierte Dienstleistungen zur Entwicklung von Batterielösungen mit Vertragserlösen an.

• Gesamtwert des Auftrags für kundenspezifische Entwicklung im Jahr 2023: 45,6 Millionen US-Dollar
• Durchschnittliche Vertragsdauer: 24 Monate
• Belieferte Branchen: Automobilindustrie, Energiespeicherung, Unterhaltungselektronik

Leistungsbasierte Umsatzbeteiligungsvereinbarungen

SES AI implementiert leistungsbasierte Umsatzbeteiligungsmodelle mit wichtigen strategischen Partnern.

Partner	Prozentsatz der Umsatzbeteiligung	Gesamter geteilter Umsatz (2023)
Automotive Partner A	7.5%	6,3 Millionen US-Dollar
Energiespeicherpartner B	5.2%	4,1 Millionen US-Dollar

SES AI Corporation (SES) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose SES AI Corporation (SES) in this rapidly evolving battery landscape. It's not just about making a better battery; it's about fundamentally changing how batteries are developed and brought to market. Here are the hard numbers backing up their claims as of late 2025.

Drastically Accelerated Material Discovery from Years to Minutes via AI

The centerpiece of this value proposition is the Molecular Universe platform. You've heard the hype, but the data shows a real compression of the R&D timeline. SES AI Corporation (SES) unveiled Molecular Universe 1.0 (MU-1) in October 2025, which they claim can reduce battery material discovery time from years down to just tens of minutes. This is a massive step up from earlier iterations; for instance, the Deep Space feature in MU-0.5 was already touted to reduce product development time from years to just tens of minutes. Earlier in the year, the Molecular Universe project had already reduced the time for molecule mapping from thousands of years to mere months. This speed is critical for staying ahead in the race for next-generation battery chemistry.

High-Performance, AI-Enhanced Batteries for EV, UAM, and Robotics

SES AI Corporation (SES) is focused on delivering high-performance Li-Metal and Li-ion batteries for demanding applications. They introduced a new AI-enhanced 2170 cylindrical cell at CES 2025, specifically targeting humanoid robots, drones, and electric vehicles (EVs). This cell incorporates an innovative electrolyte material discovered through their AI platform. The target market is huge; the global Li-ion cylindrical cell market was valued at $10 billion as of 2023 and is projected to quintuple by 2033. For 2025, the company affirmed its full-year revenue guidance to be in the range of $20 million to $25 million, including contributions from the UZ Energy acquisition. Their Q3 2025 revenue specifically hit $7.1 million.

Enhanced Safety and Longevity for Battery Cells, Reducing Thermal Risks

The AI-discovered materials aren't just about energy density; they address core industry pain points. The new 2170 cell offers tangible improvements over traditional Li-ion cells, including reduced risks associated with gassing and overheating, alongside improved low-temperature operation and increased cycling stability. This focus on safety and longevity is a key differentiator for their high-energy applications in robotics and EVs. The company's gross margin performance also speaks to the efficiency of their technology stack, reporting 74% in Q1 2025 and 74% in preliminary Q2 2025 results, though the Q3 2025 gross margin was reported at 51%, primarily from service performance.

Asset-Light Commercialization Model Leveraging Partner Manufacturing Capacity

You're right to focus on the capital structure; SES AI Corporation (SES) is deliberately keeping its physical asset base lean. This asset-light model is supported by strategic moves like the recent joint venture (JV) with Hisun New Materials, which leverages Hisun's manufacturing capacity to commercialize the electrolyte materials their AI discovers. This JV is explicitly designed to allow SES AI Corporation (SES) to continue a capex-light approach for material supply. The company's financial discipline is evident in its liquidity position; they ended Q3 2025 with $214 million in liquidity and no debt, expecting to exit 2025 with above $200 million in liquidity. Their cost structure suggests a breakeven point estimated at approximately $32 million in annual revenue, meaning they are closing in on profitability based on their raised 2025 guidance.

Value Proposition Metric	Quantitative Data Point (Late 2025)	Source Context
Material Discovery Time Reduction	From years to tens of minutes	Molecular Universe 1.0 (MU-1) capability
2025 Full-Year Revenue Guidance (Updated)	$20 million to $25 million	Including UZ Energy contribution
Q3 2025 Revenue	$7.1 million	Reported for the quarter ending September 30, 2025
Q3 2025 Gross Margin	51%	Primarily from continued strong service performance
Q1 2025 Gross Margin	74%	Reflecting high-margin potential of asset-light model
Estimated Annual Revenue Breakeven	Approximately $32 million	Based on cost-behavioral analysis
Q3 2025 Quarter-End Liquidity	$214 million	Cash, cash equivalents, and marketable securities, with no debt

You can see the strategy clearly: use AI to create a massive time-to-market advantage, then use partnerships to scale manufacturing without tying up capital. Finance: draft the Q4 2025 cash flow projection incorporating the JV structure by next Tuesday.

SES AI Corporation (SES) - Canvas Business Model: Customer Relationships

You're looking at how SES AI Corporation manages its relationships with the key players driving its transition from pure R&D to commercial revenue streams as of late 2025. It's all about deep technical partnership and scaling the software platform.

Deep co-development and service contracts with major automotive OEMs

The core relationship here is the deep technical collaboration with automotive Original Equipment Manufacturers (OEMs) for AI-enhanced battery development. This isn't just a sales transaction; it's co-development, which is evident in how revenue is recognized. For instance, the second quarter of 2025 revenue of $3.5 million was primarily driven by these contracts with automotive OEM customers focused on developing AI-enhanced lithium metal and lithium-ion battery materials for EV applications.

We saw early validation of this model back in January 2025 when SES AI signed contracts totaling up to $10 million with two existing major global OEM partners specifically for developing these materials. To be fair, the path to mass-market sales is still ahead; the company doesn't yet have arrangements for manufacturing consumer-ready EV batteries, with commercial production expected in 2027. Right now, the focus remains on advancing the EV B-sample development with these OEM partners.

Subscription-based enterprise model for the Molecular Universe platform

The Molecular Universe (MU) platform represents the shift toward a more scalable, high-margin revenue component. This is where the enterprise subscription model comes into play. As of the second quarter of 2025, SES AI reported having more than 30 companies as Molecular Universe enterprise-level trial users. These trials include several battery OEMs from Japan, alongside existing trial customers in China and Korea.

The transition from trial to paid is happening now. SES AI has already generated revenue from two Joint Development customers utilizing MU and is actively converting several Enterprise customers to subscriptions expected to bring in revenue in the quarters following the third quarter of 2025. The company plans to unveil the most complete version, Molecular Universe 1.0 (MU-1), on October 20, 2025, which is designed to accelerate material discovery from years to just tens of minutes. Here's a quick look at the platform's early commercial traction:

Metric	Value as of Late 2025 Data	Context/Timing
Enterprise-Level Trial Users	More than 30	Q2 2025
Joint Development Customers (Revenue Generating)	2	As of October 2025
Full Year 2025 Revenue Guidance (Total)	$15 million to $25 million	Affirmed in Q2 2025
H1 2025 Total Revenue	$9.3 million	Q1: $5.8 million; Q2: $3.5 million

Dedicated commercial team focused on global market readiness

To support the revenue guidance of $15 million to $25 million for the full year 2025, SES AI has strategically focused its operating costs. Specifically, they have enhanced their commercial team to pursue greater revenue opportunities projected for the 2025 to 2027 window. This readiness extends beyond just EV batteries; the company is aggressively pursuing the global Energy Storage Systems (ESS) market, which is valued at approximately $300 billion. The acquisition of UZ Energy is a key move to leverage their marketing team and hardware platform for this expansion.

The financial discipline supports this focus. The company ended the second quarter of 2025 with a liquidity position of $229 million and no debt, affirming expectations to exit 2025 with above $200 million in liquidity. The high gross margin, which hit 74% in Q2 2025 (following 79% in Q1 2025), shows the asset-light, service-driven nature of the current customer relationships is profitable.

• Focus on enhancing commercial team for 2025 to 2027 revenue growth.
• Liquidity position at Q2 2025 end: $229 million.
• Share repurchase activity in Q3 2025: 871,754 shares for $1.1 million.

SES AI Corporation (SES) - Canvas Business Model: Channels

You're looking at how SES AI Corporation (SES) gets its value proposition-the AI-driven battery discovery and now ESS hardware-into the hands of customers as of late 2025. The channels are clearly segmenting into high-margin software/service delivery and physical product/solution sales, which is a smart pivot.

Direct sales and contracts for EV battery development services represent a key initial revenue driver, leveraging the AI for Science capabilities of Molecular Universe directly with automotive partners. These are high-touch, project-based engagements.

• Revenue in the second quarter of 2025, which was $3.5 million, was primarily driven by these contracts with automotive OEM customers for developing AI-enhanced lithium metal and lithium-ion battery materials for EV applications.
• Back in January 2025, SES AI secured contracts totaling up to $10 million with two existing major global OEM partners specifically for this EV battery development work.
• The balance of that $10 million contract value was expected to be recognized through the first half of 2025.

The Software-as-a-Service (SaaS) platform for Molecular Universe subscriptions is where the high-margin, recurring revenue story is being built. This channel validates the AI platform as a commercial product line, not just an internal tool.

• As of the second quarter of 2025, SES AI reported having more than 30 companies as enterprise-level trial users for the Molecular Universe platform.
• The platform saw an update to MU-0.5 in Q2 2025, and by the third quarter, the company was focused on commercializing MU-1.
• The strong service performance in Q2 2025 helped SES AI achieve a 74% gross margin, which is definitely the software and service revenue shining through.

The Joint Venture supply chain for commercial sales of discovered materials is a capital-light way to scale the output of the AI discoveries into the market, moving beyond just R&D contracts. This channel is designed to capture revenue from the materials themselves.

In the third quarter of 2025, SES AI established a Joint Venture (JV) with Hisun New Materials specifically to commercially supply materials discovered by Molecular Universe. This JV is expected to provide a new source of recurring revenue and allows SES AI to maintain a capex-light approach by using Hisun's existing manufacturing capacity.

Finally, the acquisition of UZ Energy formalizes the channel for Direct sales of ESS hardware and software solutions, moving SES AI into the physical AI space within energy storage. This is a major expansion of their channel strategy.

Metric	Value	Context/Source
UZ Energy Projected 2025 Revenue	$10 million to $15 million	Management projection from Q2 2025, now incorporated into updated guidance.
Global ESS Market Size	$300 billion	The target market SES AI is entering via UZ Energy.
UZ Energy Deployed ESS	Over 500 MWh	Installed base across over 60 countries.
Updated FY 2025 Revenue Guidance	$20 million to $25 million	Affirmed after Q3 2025 results, now including UZ Energy contribution.
H1 2025 Total Revenue	$9.3 million	Revenue recognized before the full impact of the Q3 ESS channel.

The overall revenue trajectory shows this channel mix is working; Q3 2025 revenue hit $7.1 million, a $3.6 million increase over Q2 2025, which is a strong indicator of momentum across the board as the UZ Energy acquisition closed and the JV launched.

Finance: finalize the cash flow impact model for the UZ Energy acquisition by Monday.

SES AI Corporation (SES) - Canvas Business Model: Customer Segments

You're looking at the customer base for SES AI Corporation as of late 2025, and it's clearly segmented across high-growth energy transition areas. The numbers show a clear split in revenue contribution, especially after the UZ Energy acquisition.

For the full year 2025, SES AI Corporation updated its revenue guidance to be between $20 million to $25 million. In the third quarter of 2025 alone, they booked $7.1 million in revenue. Honestly, that revenue stream is split pretty evenly, about a 55-45 split between service revenue and product revenue, which tells you a lot about where the immediate money is coming from.

Global Automotive Original Equipment Manufacturers (OEMs) for EVs

This segment is the primary driver for the high-margin service revenue. You see this in the Q3 2025 revenue mix, where the service component made up approximately 55% of the total. This service revenue, which involves developing AI-enhanced materials for lithium-metal and lithium-ion batteries, carries a very strong gross margin of 78% as of Q3 2025.

To be fair, the near-term financial impact was cemented earlier in the year. Back in January 2025, SES AI announced contracts totaling up to $10 million with two existing major global OEM partners. These contracts specifically focused on applying their AI for Science to develop new electrolyte materials for both Li-Metal B-sample developments and, for the first time, for mature Li-ion batteries already in commercial use. These revenues were expected to be recognized through the first half of 2025.

Here's the quick math on the key players in this space:

Customer Type	Key Financial/Statistical Metric (as of late 2025)	Associated Gross Margin (Q3 2025)
Automotive OEM Service Contracts	Up to $10 million in recognized revenue (H1 2025)	78%
Q3 2025 Revenue Mix Contribution	Approx. 55% of total Q3 revenue	N/A
Prior Development Partners	General Motors, Honda, Hyundai, and Kia (via A-sample agreements)	N/A

Urban Air Mobility (UAM), Drone, and Robotics manufacturers

This area is seeing growing revenue from AI-enhanced lithium-ion and lithium-metal cells. While specific revenue figures for this segment alone aren't broken out separately from the overall product revenue, the company noted growing revenue from these applications in Q2 2025. Furthermore, a breakthrough battery using an electrolyte discovered by their Molecular Universe efforts was announced for drones and robotics applications earlier in 2025.

A concrete example of engagement here is the purchase order secured from Data Blanket in January 2025 to power AI-driven drones for specific applications like forest fire management and border patrol.

Battery Energy Storage Systems (BESS) developers and operators

This segment became a much larger part of the business following the acquisition of UZ Energy. Post-acquisition, the product revenue stream, primarily from BESS sales, accounted for about 45% of the Q3 2025 revenue, though it carried a much lower gross margin of 15% for that quarter. Management projected that the UZ Energy business alone would contribute between $10 million to $15 million in revenue for the full year 2025, aiming for market share gains in the $300 billion global ESS market.

SES AI also secured a significant development agreement targeting this sector. In January 2025, they signed a Memorandum of Understanding (MOU) with AISPEX, targeting up to $45 Million to provide up to 100 MWh of an advanced BESS solution incorporating AI for safety.

Other battery manufacturers seeking AI-driven material discovery tools

This customer group is targeted by the Molecular Universe (MU) software and service platform. The reception has been strong; as of late 2025, SES AI was nearing approximately 40 enterprise trials for their Molecular Universe MU 1.0 workflow. The company is planning an on-premise 'in a box' offering to help win larger customers in this category, which includes other battery makers.

The revenue from this software and service aspect is expected to grow, with management noting that materials revenue discovered via MU could eventually exceed the SaaS revenue from the platform itself, especially through the new Joint Venture with Hisun New Materials.

Here's a look at the overall financial context:

• Q3 2025 GAAP Net Loss: $20.9 million.
• Cash used in operations (Q3 2025): $14.3 million.
• Liquidity at end of Q3 2025: Approximately $214 million.
• Shares repurchased in Q3 2025: 1,340,656 shares for $1.6 million.

Finance: draft 13-week cash view by Friday.

SES AI Corporation (SES) - Canvas Business Model: Cost Structure

The Cost Structure for SES AI Corporation is heavily weighted toward innovation and scaling its AI-driven battery technology, which manifests in significant upfront investment in research and development.

High Research and Development (R&D) Expenses

• - Research and Development (R&D) expenses reached $20.51 million in Q1 2025.
• - This R&D focus supports the development of AI-enhanced Li-Metal and Li-ion batteries.

General Operating Expenses and Operational Cash Burn

General operating expenses (OpEx) represent a substantial portion of the quarterly outlay, reflecting the costs of running the business while scaling commercialization efforts.

Metric	Period	Amount (USD)
GAAP Operating Expenses	Q1 2025	$27.8 million
Total Operating Expenses	Q1 2025	$27.83 million
Cash Used in Operations	Q1 2025	$22.8 million
Cash Used in Operations	Q3 2025	$14.3 million

Capital expenditures (CapEx) in Q1 2025 were $900,000.

Investment in AI Platform Development and Computing Power

The investment in the Molecular Universe software and service platform is embedded within the operating expenses, driving the asset-light business model.

• - The platform development is a key driver of the high R&D spend.
• - The strategy relies on computational AI systems to accelerate materials discovery.

Costs Associated with Integrating the UZ Energy Acquisition

The strategic move to acquire UZ Energy introduced a significant capital outlay, positioning SES AI Corporation in the Energy Storage Systems (ESS) market.

• - The definitive agreement for the UZ Energy acquisition was for a purchase price of approximately $25.5 million.
• - The acquisition closed in the third quarter of 2025.

Capital Allocation for Share Repurchases

SES AI Corporation has actively deployed capital to enhance shareholder value through buybacks, separate from operational and acquisition spending.

Activity	Period	Shares Repurchased	Total Investment (USD)
Share Repurchase Authorization	Announced Q1 2025	N/A	$30 million
Share Repurchases	Q3 2025	1,340,656 shares	$1.6 million

The Q3 2025 repurchase price was roughly $1.20 per share.

SES AI Corporation (SES) - Canvas Business Model: Revenue Streams

You're looking at how SES AI Corporation brings in cash as of late 2025. It's a mix of high-touch engineering services and scaling product sales, especially after the UZ Energy acquisition.

The full-year 2025 revenue guidance has been increased to a range of $20 million to $25 million, which incorporates the contribution from the newly acquired UZ Energy business. This updated guidance reflects a significant step up from the previous guidance of $15 million to $25 million, as seen after Q2 2025. For context, the third quarter of 2025 alone brought in $7.1 million in revenue, a 102% increase over the second quarter of 2025's $3.5 million. The first half of 2025 revenue totaled $9.3 million.

The revenue streams are clearly segmented across services, software, and hardware sales, with gross margins varying significantly by source.

Here's a breakdown of the revenue components and associated financial metrics as of the third quarter of 2025:

Revenue Stream Component	Q3 2025 Revenue Share (Approximate)	Q3 2025 Gross Margin	Key Activity/Platform
EV development service contracts with OEMs	55%	78%	AI-enhanced Li-Metal and Li-ion battery material development services
ESS hardware and software sales (UZ Energy)	45%	15%	Energy Storage System sales, projected to contribute $10 million to $15 million for FY 2025

The software subscription revenue from the Molecular Universe platform is a growing component, with the latest version, MU-1, driving enterprise adoption. Over 30 enterprise-level trial users, including multiple OEMs, are testing the platform. Sales of AI-enhanced battery cells and novel materials are also expected to increase, particularly through the new Joint Venture with Hisun New Materials to commercially supply discovered materials.

You can see the margin difference clearly when comparing the quarters:

• Q2 2025 Gross Margin: 74%.
• Q3 2025 Gross Margin: 51%.
• The lower Q3 margin reflects the mix shift toward product revenue (UZ Energy ESS sales) which carried a 15% margin, compared to the service revenue margin of 78%.

Finance: draft 13-week cash view by Friday.