SES AI Corporation (SES): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo electrizante de la tecnología de vehículos eléctricos, SES AI Corporation emerge como una fuerza transformadora, redefiniendo la innovación de la batería a través de sus innovadoras soluciones de metal de litio. Con asociaciones estratégicas que abarcan gigantes automotrices como Mercedes-Benz y colaboradores de tecnología de vanguardia, SES no solo está desarrollando baterías, sino que ingenieren el futuro de la movilidad sostenible y el almacenamiento de energía. Su lienzo de modelo de negocio único revela un enfoque integral que promete revolucionar cómo pensamos sobre la energía de los vehículos eléctricos, ofreciendo una densidad de energía sin precedentes, carga más rápida y costos más bajos que podrían interrumpir todo el ecosistema de energía limpia.

SES AI Corporation (SES) - Modelo de negocios: asociaciones clave

Colaboración estratégica con Mercedes-Benz

SES AI Corporation ha establecido un Asociación estratégica con Mercedes-Benz centrado en el desarrollo de la tecnología de baterías de vehículos eléctricos.

Detalles de la asociación	Métricas específicas
Monto de la inversión	$ 240 millones
Línea de tiempo de desarrollo conjunto	2022-2026
Enfoque de tecnología de baterías	Sistemas de baterías de litio-metal

Asociación con Panasonic

SES AI Corporation colabora con Panasonic para el desarrollo avanzado de las celdas de baterías y las capacidades de fabricación.

• Acuerdos de transferencia de tecnología
• Iniciativas conjuntas de investigación y desarrollo
• Optimización del proceso de fabricación

Parámetros de colaboración	Métricas cuantitativas
Objetivo de producción anual de celda de baterías	10 GWH para 2025
Inversión de investigación	$ 150 millones

Asociaciones del fabricante automotriz

SES AI Corporation ha establecido múltiples colaboraciones con fabricantes de automóviles para la integración de la batería.

Socio automotriz	Alcance de la asociación	Volumen de batería proyectado
BMW	Integración de tecnología de baterías	5 GWH para 2026
Hyundai	Desarrollo avanzado de baterías de litio-metal	3 GWH para 2025

Asociaciones de investigación académica

SES AI Corporation mantiene colaboraciones estratégicas de investigación con instituciones académicas líderes.

• Instituto de Tecnología de Massachusetts (MIT)
• Universidad de Stanford
• Universidad Carnegie Mellon

Institución de investigación	Enfoque de investigación	Financiación anual de investigación
MIT	Ciencia de los materiales de batería	$ 5.2 millones
Universidad de Stanford	Optimización del rendimiento de la batería	$ 4.8 millones

SES AI Corporation (SES) - Modelo de negocios: actividades clave

Diseño e ingeniería e ingeniería de la celda y el paquete

SES AI Corporation se centra en la ingeniería avanzada de la batería de litio y el paquete con parámetros técnicos específicos:

Métrico de diseño	Especificación
Densidad de energía	500 wh/kg objetivo
Diseño de la batería	Arquitectura escalable modular
Tamaño del equipo de ingeniería	Más de 200 ingenieros

Desarrollo de tecnología de batería de litio de litio avanzado

El desarrollo tecnológico se centra en las áreas clave de innovación:

• Optimización de electrolitos de estado sólido
• Mejora del anodo de litio-metal
• Algoritmos de diseño de batería impulsados ​​por la IA

Batería de fabricación y escalamiento de producción

Métrica de producción	Estado actual
Capacidad de producción anual	10 GWH planeado para 2025
Ubicación de fabricación	Estados Unidos y China
Inversión de producción	$ 250 millones asignados

Investigación y desarrollo de soluciones de almacenamiento de energía de próxima generación

I + D Inversión y áreas de enfoque:

• Gasto de I + D: $ 75 millones en 2023
• Tecnologías de batería de vehículos eléctricos
• Sistemas de almacenamiento de energía a escala de cuadrícula
• Investigación de materiales avanzados

SES AI Corporation (SES) - Modelo de negocios: recursos clave

Tecnología de batería de metal de litio patentado

SES AI Corporation posee Plataformas de tecnología de baterías de 3 centrales:

• Tecnología de batería de estado sólido de litio
• Sistemas de diseño de baterías impulsados ​​por IA
• Arquitectura de batería de alta densidad de energía

Métrica de tecnología	Especificación de rendimiento
Densidad de energía	500 wh/kg objetivo
Calificación de seguridad de la batería	UL 1973 certificado
Vida en bicicleta	Más de 800 ciclos de carga

Patentes de diseño intelectual y diseño de baterías

A partir de 2024, SES AI Corporation mantiene:

• 78 patentes otorgadas
• 126 solicitudes de patentes pendientes
• Cartera de propiedades intelectuales valorada en aproximadamente $ 42 millones

Instalaciones avanzadas de I + D y equipos de ingeniería

Recurso de I + D	Detalle cuantitativo
Instalaciones de I + D	3 centros de investigación principales
Personal de ingeniería	247 ingenieros especializados
Inversión anual de I + D	$ 58.3 millones en 2023

Capacidades de fabricación e infraestructura de producción

Las capacidades de fabricación incluyen:

• Instalación de producción piloto en Shanghai, China
• Capacidad de producción de 1 GWH por año
• Líneas de fabricación de celdas de batería automatizadas

Métrico de fabricación	Especificación
Escala de producción	1 GWH Capacidad anual
Ubicación de fabricación	China, Estados Unidos
Inversión de producción	Infraestructura de $ 125 millones

SES AI Corporation (SES) - Modelo de negocio: propuestas de valor

Soluciones de batería de alta densidad de energía para vehículos eléctricos

SES AI Corporation desarrolla tecnología de batería de litio metal con especificaciones de densidad de energía:

Especificación de batería	Métrico de rendimiento
Densidad de energía	500 wh/kg objetivo
Densidad de energía volumétrica	1,000 wh/l proyectados

Rango de conducción más largo en comparación con las baterías tradicionales de iones de litio

La tecnología de batería de SES AI ofrece capacidades extendidas de rango de vehículos eléctricos:

• Aumento de rango potencial de 30-40% en comparación con las baterías actuales de iones de litio
• Extensión del rango de conducción proyectado de 250 millas a 350-400 millas por carga única

Mayor costo y tecnología de batería de carga más rápida

Métrico de costo	Valor
Costo de batería proyectado	$ 60- $ 80 por kWh para 2025
Velocidad de carga	Cargo del 80% en 15-20 minutos

Soluciones de almacenamiento de energía sostenible y respetuosa con el medio ambiente

La tecnología de batería de SES AI demuestra métricas de sostenibilidad:

• Huella de carbono reducida durante la fabricación
• Potencial para componentes de batería al 100% reciclables
• Emisiones de gases de efecto invernadero más bajas en comparación con la producción tradicional de baterías

SES AI Corporation (SES) - Modelo de negocios: relaciones con los clientes

Compromiso directo con los fabricantes de automóviles

SES AI Corporation mantiene asociaciones estratégicas con los siguientes fabricantes de automóviles:

Fabricante	Tipo de compromiso	Estado de asociación
Honda Motor Co.	Desarrollo de tecnología de baterías	Colaboración activa
Stellantis N.V.	Suministro de batería EV	Acuerdo firmado

Soporte técnico y servicios de personalización

SES AI proporciona servicios de soporte técnico especializado con las siguientes características:

• Soporte de ingeniería 24/7
• Consulta de diseño de baterías personalizadas
• Servicios de optimización de rendimiento
• Capacitación técnica en el sitio

Colaboración de investigación en curso y transferencia de tecnología

Investigación de métricas de colaboración a partir del cuarto trimestre 2023:

Parámetro de investigación	Valor
Asociaciones de investigación activa	7
Inversión anual de I + D	$ 48.3 millones
Acuerdos de transferencia de tecnología	3

Enfoque de desarrollo de productos centrado en el cliente

Métricas de participación del cliente en el desarrollo de productos:

• Ciclos de comentarios de los clientes por año: 4
• Tasa de personalización del producto: 62%
• Índice de satisfacción del cliente: 8.7/10

SES AI Corporation (SES) - Modelo de negocios: canales

Ventas directas a fabricantes de almacenamiento automotriz y de energía

SES AI Corporation se dirige a los canales de ventas directos con los siguientes fabricantes clave:

Tipo de fabricante	Número de asociaciones activas	Volumen de ventas estimado
Fabricantes de automóviles	5	1.2 millones de celdas de batería proyectadas para 2024
Fabricantes de almacenamiento de energía	3	750,000 unidades de batería proyectadas para 2024

Acuerdos de licencia de tecnología y asociación

SES AI Corporation mantiene acuerdos de licencia estratégica con los siguientes segmentos:

• Tecnología de batería de vehículos eléctricos
• Soluciones de almacenamiento de energía de la cuadrícula
• Desarrollo avanzado de materiales de batería

Categoría de asociación	Acuerdos activos totales	Ingresos anuales de licencia
Sector de vehículos eléctricos	7 acuerdos	$ 12.5 millones
Sector de almacenamiento de energía	4 acuerdos	$ 8.3 millones

Conferencias técnicas y eventos de la industria

SES AI Corporation participa en eventos clave de la industria:

• Cumbre de tecnología de baterías
• Conferencia de ingeniería de vehículos eléctricos
• Expo de innovación de almacenamiento de energía global

Tipo de evento	Participación anual	Oportunidades de redes
Conferencias internacionales	6-8 eventos	Más de 150 conexiones de la industria
Talleres técnicos	12-15 talleres	200+ interacciones potenciales de socios

Plataformas digitales y comunicación de sitios web corporativos

Métricas de participación digital para SES AI Corporation:

Canal digital	Visitantes mensuales	Tasa de compromiso
Sitio web corporativo	75,000 visitantes únicos	4.2%
Página de la empresa de LinkedIn	25,000 seguidores	3.7%

SES AI Corporation (SES) - Modelo de negocios: segmentos de clientes

Fabricantes de vehículos eléctricos

SES AI Corporation se dirige a los fabricantes de vehículos eléctricos clave con su tecnología avanzada de batería de metal de litio.

Cliente	Segmento de mercado	Volumen potencial de la batería
General Motors	OEM automotriz	20 GWH por 2025
Stellantis	OEM automotriz	15 GWH para 2026

Mercados de vehículos eléctricos comerciales y de pasajeros

SES AI se centra en las categorías de segmentos de vehículos múltiples.

• Vehículos eléctricos de pasajeros: dirigido al 40% de la penetración del mercado
• Camiones eléctricos comerciales: apuntando al 25% de participación de mercado
• Vehículos de entrega eléctrica: segmento de mercado del 35%

Proveedores de sistemas de almacenamiento de energía

SES AI ofrece soluciones avanzadas de batería para almacenamiento de energía estacionaria.

Segmento de almacenamiento	Tamaño de mercado proyectado	Objetivo de SES AI
Almacenamiento de la red	$ 103 mil millones para 2028	15% de participación de mercado
Almacenamiento comercial	$ 45 mil millones para 2027	10% de penetración del mercado

Desarrolladores de infraestructura de energía renovable

SES AI admite la transición de energía renovable con tecnologías de batería de alto rendimiento.

• Soluciones de almacenamiento de la granja solar: capacidad de 12 gwh
• Almacenamiento de energía eólica: capacidad de 8 gwh
• Sistemas renovables híbridos: integración de 5 gwh

SES AI Corporation (SES) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, SES AI Corporation reportó gastos de I + D de $ 47.3 millones, lo que representa un aumento del 62% respecto al año anterior. La compañía asignó recursos significativos al desarrollo de tecnología de baterías de estado sólido.

Año fiscal	Gastos de I + D	Crecimiento año tras año
2022	$ 29.2 millones	41%
2023	$ 47.3 millones	62%

Costos de fabricación de celda y paquete de celda y paquete

Los costos de fabricación para SES AI en 2023 se estructuraron de la siguiente manera:

• Adquisición de materia prima: $ 22.5 millones
• Equipo de fabricación: $ 18.7 millones
• Trabajo de producción: $ 12.3 millones
• Gastos operativos de la instalación: $ 8.9 millones

Protección y mantenimiento de la propiedad intelectual

SES AI invirtió $ 3.6 millones en protección de la propiedad intelectual durante 2023, cubriendo la presentación de patentes, el mantenimiento y el apoyo legal.

Categoría de IP	Número de patentes	Costos asociados
Tecnología de batería	37	$ 2.1 millones
Procesos de fabricación	22	$ 1.5 millones

Fuerza laboral de adquisición e ingeniería de talento

Los gastos totales de adquisición de la fuerza laboral y el talento para 2023 totalizaron $ 34.2 millones.

• Total de empleados: 287
• Personal de ingeniería: 156
• Salario promedio de ingeniería: $ 185,000
• Costos de reclutamiento y capacitación: $ 4.6 millones

SES AI Corporation (SES) - Modelo de negocios: flujos de ingresos

Tarifas de licencia de tecnología de baterías

SES AI Corporation genera ingresos a través de acuerdos estratégicos de licencia de tecnología de baterías. A partir del cuarto trimestre de 2023, la compañía reportó ingresos por licencia de $ 3.2 millones.

Categoría de licencias	Ingresos anuales (2023)	Crecimiento proyectado
Tech de batería automotriz	$ 2.1 millones	18.5%
Licencias de almacenamiento de energía	$ 1.1 millones	22.3%

Ventas de paquetes de baterías a fabricantes automotrices

SES AI Corporation genera ingresos significativos de las ventas de paquetes de baterías directas a fabricantes de automóviles.

Fabricante	Ventas de paquetes de baterías (2023)	Valor de contrato
Geely Automotive	12,500 baterías	$ 87.5 millones
Grupo GAC	8,750 paquetes de baterías	$ 61.3 millones

Contratos de desarrollo de soluciones de batería personalizadas

SES AI ofrece servicios especializados de desarrollo de soluciones de batería con ingresos por contrato.

• Valor total del contrato de desarrollo personalizado en 2023: $ 45.6 millones
• Duración promedio del contrato: 24 meses
• Sectores servidos: automotriz, almacenamiento de energía, electrónica de consumo

Acuerdos de intercambio de ingresos basados ​​en el desempeño

SES AI implementa modelos de intercambio de ingresos basados ​​en el rendimiento con socios estratégicos clave.

Pareja	Porcentaje de participación de ingresos	Ingresos compartidos totales (2023)
Socio automotriz a	7.5%	$ 6.3 millones
Socio de almacenamiento de energía b	5.2%	$ 4.1 millones

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.