SES AI Corporation (SES): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde électrisant de la technologie des véhicules électriques, SES AI Corporation apparaît comme une force transformatrice, redéfinissant l'innovation de la batterie à travers ses solutions révolutionnaires lithium-métal. Avec des partenariats stratégiques couvrant des géants automobiles comme Mercedes-Benz et des collaborateurs de technologies de pointe, SES ne fait pas que le développement de batteries - ils génèrent l'avenir de la mobilité durable et du stockage d'énergie. Leur toile de modèle commercial unique révèle une approche globale qui promet de révolutionner la façon dont nous pensons à la puissance des véhicules électriques, offrant une densité d'énergie sans précédent, une charge plus rapide et des coûts inférieurs qui pourraient potentiellement perturber l'ensemble de l'écosystème d'énergie propre.

SES AI Corporation (SES) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec Mercedes-Benz

SES AI Corporation a établi un Partenariat stratégique avec Mercedes-Benz axé sur le développement de la technologie de la batterie des véhicules électriques.

Détails du partenariat	Métriques spécifiques
Montant d'investissement	240 millions de dollars
Chronologie du développement conjoint	2022-2026
Focus sur la technologie des batteries	Systèmes de batterie au lithium-métal

Partenariat avec Panasonic

SES AI Corporation collabore avec Panasonic pour les capacités avancées de développement et de fabrication de cellules de batterie.

• Accords de transfert de technologie
• Initiatives conjointes de recherche et développement
• Optimisation du processus de fabrication

Paramètres de collaboration	Métriques quantitatives
Cible de production de cellules de batterie annuelle	10 GWh d'ici 2025
Investissement en recherche	150 millions de dollars

Partenariats des fabricants automobiles

SES AI Corporation a établi plusieurs collaborations avec les constructeurs automobiles pour l'intégration des batteries.

Partenaire automobile	Portée du partenariat	Volume de batterie projeté
BMW	Intégration de la technologie de la batterie	5 GWh d'ici 2026
Hyundai	Développement avancé de batterie au lithium-métal	3 GWh d'ici 2025

Partenariats de recherche universitaire

SES AI Corporation maintient des collaborations de recherche stratégique avec les principaux établissements universitaires.

• Institut de technologie du Massachusetts (MIT)
• Université de Stanford
• Université Carnegie Mellon

Institution de recherche	Focus de recherche	Financement de la recherche annuelle
Mit	Science des matériaux de batterie	5,2 millions de dollars
Université de Stanford	Optimisation des performances de la batterie	4,8 millions de dollars

SES AI Corporation (SES) - Modèle d'entreprise: activités clés

Conception et ingénierie de la cellule de la batterie et de la batterie

SES AI Corporation se concentre sur la cellule de batterie au lithium-métal avancée et l'ingénierie des packs avec des paramètres techniques spécifiques:

Métrique de conception	Spécification
Densité énergétique	500 wh / kg ciblés
Conception de la batterie	Architecture évolutive modulaire
Taille de l'équipe d'ingénierie	Plus de 200 ingénieurs

Développement de technologie de batterie avancée au lithium-métal

Le développement de la technologie se concentre sur les principaux domaines d'innovation:

• Optimisation d'électrolyte à semi-conducteurs
• Amélioration de la stabilité de l'anode au lithium-métal
• Algorithmes de conception de batterie prodiguée par l'IA propriétaire

Fabrication de batterie et échelle de production

Métrique de production	État actuel
Capacité de production annuelle	10 GWh prévu d'ici 2025
Lieux de fabrication	États-Unis et Chine
Investissement en production	250 millions de dollars alloués

Recherche et développement de solutions de stockage d'énergie de nouvelle génération

Investissement en R&D et zones de mise au point:

• Dépenses de R&D: 75 millions de dollars en 2023
• Technologies de batterie de véhicules électriques
• Systèmes de stockage d'énergie à l'échelle du réseau
• Recherche avancée des matériaux

SES AI Corporation (SES) - Modèle d'entreprise: Ressources clés

Technologie de batterie au lithium-métal propriétaire

SES AI Corporation détient 3 plates-formes de technologie de batterie de base:

• Technologie de batterie à semi-conducteurs lithium-métal
• Systèmes de conception de batterie pilotés par AI
• Architecture de batterie à densité à haute énergie

Métrique technologique	Spécifications de performance
Densité énergétique	500 wh / kg ciblés
Note de sécurité de la batterie	UL 1973 certifié
Vie de vélo	800+ cycles de charge

Brevets de conception de la propriété intellectuelle et de la batterie

En 2024, SES AI Corporation maintient:

• 78 brevets accordés
• 126 demandes de brevet en instance
• Portefeuille de propriété intellectuelle évaluée à environ 42 millions de dollars

Installations de R&D avancées et équipes d'ingénierie

Ressource R&D	Détail quantitatif
Installations de R&D	3 centres de recherche primaires
Personnel d'ingénierie	247 ingénieurs spécialisés
Investissement annuel de R&D	58,3 millions de dollars en 2023

Capacités de fabrication et infrastructure de production

Les capacités de fabrication comprennent:

• Installation de production pilote à Shanghai, Chine
• Capacité de production de 1 GWh par an
• Lignes de fabrication de cellules de batterie automatisées

Métrique manufacturière	Spécification
Échelle de production	1 GWh Capacité annuelle
Lieux de fabrication	Chine, États-Unis
Investissement en production	Infrastructure de 125 millions de dollars

SES AI Corporation (SES) - Modèle d'entreprise: propositions de valeur

Solutions de batterie à densité à haute énergie pour les véhicules électriques

SES AI Corporation développe une technologie de batterie au lithium-métal avec des spécifications de densité d'énergie:

Spécification de la batterie	Métrique de performance
Densité énergétique	500 wh / kg ciblés
Densité d'énergie volumétrique	1 000 WH / L projetés

Pratique plus longue par rapport aux batteries au lithium-ion traditionnelles

La technologie des batteries de SES AI offre des capacités de plage de véhicules électriques étendues:

• Augmentation de la plage potentielle de 30 à 40% par rapport aux batteries au lithium-ion actuelles
• Extension de practice prévue de 250 miles à 350 à 400 miles par charge unique

Costte à moindre coût et technologie de batterie de chargement plus rapide

Métrique coût	Valeur
Coût de la batterie projetée	60 $ - 80 $ par kWh d'ici 2025
Vitesse de chargement	Charge de 80% en 15-20 minutes

Solutions de stockage d'énergie durables et respectueuses de l'environnement

La technologie des batteries de SES AI démontre des mesures de durabilité:

• Empreinte carbone réduite pendant la fabrication
• Potentiel pour les composants de la batterie 100% recyclables
• Émissions de gaz à effet de serre inférieures par rapport à la production traditionnelle de batterie

SES AI Corporation (SES) - Modèle d'entreprise: relations clients

Engagement direct avec les constructeurs automobiles

SES AI Corporation entretient des partenariats stratégiques avec les constructeurs automobiles suivants:

Fabricant	Type d'engagement	Statut de partenariat
Honda Motor Co.	Développement de la technologie des batteries	Collaboration active
Stellantis N.V.	Alimentation de la batterie EV	Accord signé

Services de support technique et de personnalisation

SES AI fournit des services de support technique spécialisés avec les caractéristiques suivantes:

• Support d'ingénierie 24/7
• Consultation de conception de batterie personnalisée
• Services d'optimisation des performances
• Formation technique sur place

Collaboration de recherche en cours et transfert de technologie

Métriques de collaboration de recherche auprès du quatrième trimestre 2023:

Paramètre de recherche	Valeur
Partenariats de recherche actifs	7
Investissement annuel de R&D	48,3 millions de dollars
Accords de transfert de technologie	3

Approche de développement de produits centrée sur le client

Métriques d'engagement client dans le développement de produits:

• Cycles de rétroaction des clients par an: 4
• Taux de personnalisation des produits: 62%
• Index de satisfaction client: 8.7/10

SES AI Corporation (SES) - Modèle d'entreprise: canaux

Ventes directes aux fabricants d'automobiles et de stockage d'énergie

SES AI Corporation cible les canaux de vente directs avec les principaux fabricants suivants:

Type de fabricant	Nombre de partenariats actifs	Volume des ventes estimées
Constructeurs automobiles	5	1,2 million de cellules de batterie projetées pour 2024
Fabricants de stockage d'énergie	3	750 000 unités de batterie projetées pour 2024

Accords de licence de technologie et de partenariat

SES AI Corporation conserve des accords de licence stratégique avec les segments suivants:

• Technologie de batterie de véhicules électriques
• Solutions de stockage d'énergie de grille
• Développement avancé des matériaux de batterie

Catégorie de partenariat	Accords actifs totaux	Revenus de licence annuelle
Secteur des véhicules électriques	7 accords	12,5 millions de dollars
Secteur du stockage d'énergie	4 accords	8,3 millions de dollars

Conférences techniques et événements de l'industrie

SES AI Corporation participe à des événements clés de l'industrie:

• Summit sur la technologie des batteries
• Conférence de génie des véhicules électriques
• Exposition mondiale d'innovation de stockage d'énergie

Type d'événement	Participation annuelle	Opportunités de réseautage
Conférences internationales	6-8 événements	150+ connexions de l'industrie
Ateliers techniques	12-15 ateliers	200+ interactions potentielles partenaires

Plateformes numériques et communication du site Web de l'entreprise

Métriques d'engagement numérique pour SES AI Corporation:

Canal numérique	Visiteurs mensuels	Taux d'engagement
Site Web de l'entreprise	75 000 visiteurs uniques	4.2%
Page de société LinkedIn	25 000 abonnés	3.7%

SES AI Corporation (SES) - Modèle d'entreprise: segments de clientèle

Fabricants de véhicules électriques

SES AI Corporation cible les principaux fabricants de véhicules électriques avec sa technologie avancée de batterie en métal lithium.

Client	Segment de marché	Volume potentiel de la batterie
General Motors	OEM automobile	20 GWh d'ici 2025
Stelllantis	OEM automobile	15 GWh d'ici 2026

Marchés commerciaux et de véhicules électriques commerciaux

SES AI se concentre sur plusieurs catégories de segments de véhicules.

• Véhicules électriques à passagers: ciblant 40% de pénétration du marché
• Camions électriques commerciaux: ciblant 25% de part de marché
• Véhicules de livraison électrique: ciblage du segment de marché de 35%

Fournisseurs de systèmes de stockage d'énergie

SES AI fournit des solutions de batterie avancées pour le stockage d'énergie stationnaire.

Segment de stockage	Taille du marché projeté	Cible SES AI
Stockage de grille	103 milliards de dollars d'ici 2028	15% de part de marché
Stockage commercial	45 milliards de dollars d'ici 2027	10% de pénétration du marché

Développeurs d'infrastructures d'énergie renouvelable

SES AI prend en charge la transition d'énergie renouvelable avec des technologies de batterie haute performance.

• Solutions de stockage de ferme solaire: capacité de 12 GWh
• Stockage d'énergie éolienne: Capacité de 8 GWh
• Systèmes renouvelables hybrides: intégration de 5 GWh

SES AI Corporation (SES) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, SES AI Corporation a déclaré des dépenses de R&D de 47,3 millions de dollars, ce qui représente une augmentation de 62% par rapport à l'année précédente. L'entreprise a alloué des ressources importantes au développement de la technologie des batteries à semi-conducteurs.

Exercice fiscal	Dépenses de R&D	Croissance d'une année à l'autre
2022	29,2 millions de dollars	41%
2023	47,3 millions de dollars	62%

Coûts de fabrication de cellules et de batteries

Les coûts de fabrication de SES AI en 2023 ont été structurés comme suit:

• Procurement des matières premières: 22,5 millions de dollars
• Équipement de fabrication: 18,7 millions de dollars
• Travail de production: 12,3 millions de dollars
• Dépenses opérationnelles de l'installation: 8,9 millions de dollars

Protection et entretien de la propriété intellectuelle

SES AI a investi 3,6 millions de dollars dans la protection de la propriété intellectuelle en 2023, couvrant le dépôt, l'entretien des brevets et la pension alimentaire.

Catégorie IP	Nombre de brevets	Coûts associés
Technologie de la batterie	37	2,1 millions de dollars
Processus de fabrication	22	1,5 million de dollars

Travail acquisition et ingénierie des talents

Les dépenses totales de la main-d'œuvre et de l'acquisition de talents pour 2023 ont totalisé 34,2 millions de dollars.

• Total des employés: 287
• Personnel d'ingénierie: 156
• Salaire d'ingénierie moyen: 185 000 $
• Coûts de recrutement et de formation: 4,6 millions de dollars

SES AI Corporation (SES) - Modèle d'entreprise: Strots de revenus

Frais de licence de technologie de la batterie

SES AI Corporation génère des revenus grâce à des accords de licence de technologie de batterie stratégique. Au quatrième trimestre 2023, la société a déclaré des revenus de licence de 3,2 millions de dollars.

Catégorie de licence	Revenus annuels (2023)	Croissance projetée
Tech de batterie automobile	2,1 millions de dollars	18.5%
Licence de stockage d'énergie	1,1 million de dollars	22.3%

Ventes de batteries aux constructeurs automobiles

SES AI Corporation génère des revenus importants, des ventes directes des batteries aux fabricants automobiles.

Fabricant	Ventes de batteries (2023)	Valeur du contrat
Geely Automotive	12 500 packs de batteries	87,5 millions de dollars
Groupe GAC	8 750 piles	61,3 millions de dollars

Contrats de développement de solutions de batterie personnalisés

SES AI propose des services de développement de solutions de batterie spécialisés avec des revenus contractuels.

• Valeur totale du contrat de développement personnalisé en 2023: 45,6 millions de dollars
• Durée du contrat moyen: 24 mois
• Secteurs desservis: automobile, stockage d'énergie, électronique grand public

Accords de partage des revenus basés sur les performances

SES AI met en œuvre des modèles de partage des revenus basés sur les performances avec des partenaires stratégiques clés.

Partenaire	Pourcentage de partage des revenus	Revenus partagés totaux (2023)
Partenaire automobile A	7.5%	6,3 millions de dollars
Partenaire de stockage d'énergie B	5.2%	4,1 millions de dollars

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.