SES AI Corporation (SES): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo eletrizante da tecnologia de veículos elétricos, a SES AI Corporation surge como uma força transformadora, redefinindo a inovação de baterias por meio de suas soluções inovadoras de lítio-metal. Com parcerias estratégicas abrangendo gigantes automotivos como Mercedes-Benz e colaboradores de tecnologia de ponta, o SES não está apenas desenvolvendo baterias-elas estão engenhando o futuro da mobilidade sustentável e do armazenamento de energia. Seu modelo de modelo de negócios exclusivo revela uma abordagem abrangente que promete revolucionar como pensamos sobre energia de veículos elétricos, oferecendo densidade de energia sem precedentes, carregamento mais rápido e custos mais baixos que podem potencialmente atrapalhar todo o ecossistema de energia limpa.

SES AI Corporation (SES) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com a Mercedes-Benz

A SES AI Corporation estabeleceu um Parceria estratégica com a Mercedes-Benz focado no desenvolvimento da tecnologia de bateria de veículos elétricos.

Detalhes da parceria	Métricas específicas
Valor do investimento	US $ 240 milhões
Linha do tempo de desenvolvimento conjunto	2022-2026
Foco na tecnologia da bateria	Sistemas de bateria de lítio-metal

Parceria com a Panasonic

A SES AI Corporation colabora com a Panasonic para o desenvolvimento avançado de desenvolvimento de células de bateria e recursos de fabricação.

• Acordos de transferência de tecnologia
• Iniciativas conjuntas de pesquisa e desenvolvimento
• Otimização do processo de fabricação

Parâmetros de colaboração	Métricas quantitativas
Alvo anual de produção de células de bateria	10 GWh até 2025
Investimento em pesquisa	US $ 150 milhões

Parcerias do fabricante automotivo

A SES AI Corporation estabeleceu várias colaborações com fabricantes automotivos para integração de bateria.

Parceiro automotivo	Escopo da parceria	Volume de bateria projetado
BMW	Integração da tecnologia da bateria	5 GWh até 2026
Hyundai	Desenvolvimento avançado de bateria de lítio-metal	3 GWh até 2025

Parcerias de pesquisa acadêmica

A SES AI Corporation mantém colaborações estratégicas de pesquisa com as principais instituições acadêmicas.

• Instituto de Tecnologia de Massachusetts (MIT)
• Universidade de Stanford
• Universidade Carnegie Mellon

Instituição de pesquisa	Foco na pesquisa	Financiamento anual de pesquisa
Mit	Ciência dos Materiais da Bateria	US $ 5,2 milhões
Universidade de Stanford	Otimização de desempenho da bateria	US $ 4,8 milhões

SES AI Corporation (SES) - Modelo de negócios: Atividades -chave

Celas de bateria e design e engenharia de embalagem

A SES AI Corporation concentra-se na célula de bateria avançada de lítio-metal e engenharia de embalagem com parâmetros técnicos específicos:

Métrica de design	Especificação
Densidade energética	500 wh/kg direcionados
Design da bateria	Arquitetura escalável modular
Tamanho da equipe de engenharia	Mais de 200 engenheiros

Desenvolvimento avançado da tecnologia de bateria de lítio-metal

O desenvolvimento da tecnologia se concentra nas principais áreas de inovação:

• Otimização de eletrólitos de estado sólido
• Melhoramento de estabilidade do ânodo de lítio-metal
• Algoritmos de design de bateria acionados por IA proprietários

Fabricação de baterias e escala de produção

Métrica de produção	Status atual
Capacidade de produção anual	10 GWh planejado até 2025
Locais de fabricação	Estados Unidos e China
Investimento de produção	US $ 250 milhões alocados

Pesquisa e desenvolvimento de soluções de armazenamento de energia de próxima geração

Áreas de investimento e foco de P&D:

• Despesas de P&D: US $ 75 milhões em 2023
• Tecnologias de bateria de veículos elétricos
• Sistemas de armazenamento de energia em escala de grade
• Pesquisa avançada de materiais

SES AI Corporation (SES) - Modelo de negócios: Recursos -chave

Tecnologia de bateria de lítio-metal proprietária

A SES AI Corporation possui 3 plataformas principais de tecnologia de bateria:

• Tecnologia de bateria de estado sólido de lítio-metal
• Sistemas de design de bateria acionados por IA
• Arquitetura de bateria de alta densidade de energia

Métrica de tecnologia	Especificação de desempenho
Densidade energética	500 wh/kg direcionados
Classificação de segurança da bateria	Certificado Ul 1973
Ciclo de vida	Mais de 800 ciclos de carga

Propriedade intelectual e patentes de design de bateria

A partir de 2024, a SES AI Corporation mantém:

• 78 patentes concedidas
• 126 pedidos de patente pendente
• Portfólio de propriedade intelectual avaliada em aproximadamente US $ 42 milhões

Equipes avançadas de P&D e equipes de engenharia

Recurso de P&D	Detalhes quantitativos
Instalações de P&D	3 centros de pesquisa primários
Pessoal de engenharia	247 engenheiros especializados
Investimento anual de P&D	US $ 58,3 milhões em 2023

Capacidades de fabricação e infraestrutura de produção

Os recursos de fabricação incluem:

• Instalação de produção piloto em Xangai, China
• Capacidade de produção de 1 GWh por ano
• Linhas automatizadas de fabricação de células de bateria

Métrica de fabricação	Especificação
Escala de produção	Capacidade anual de 1 GWH
Locais de fabricação	China, Estados Unidos
Investimento de produção	Infraestrutura de US $ 125 milhões

SES AI Corporation (SES) - Modelo de Negócios: Proposições de Valor

Soluções de bateria de alta densidade de energia para veículos elétricos

A SES AI Corporation desenvolve tecnologia de bateria de lítio-metal com especificações de densidade de energia:

Especificação da bateria	Métrica de desempenho
Densidade energética	500 wh/kg direcionados
Densidade de energia volumétrica	1.000 WH/L Projetado

Driving range mais longo em comparação com as baterias tradicionais de íons de lítio

A tecnologia de bateria da SES AI oferece recursos estendidos de alcance de veículos elétricos:

• Aumento potencial da faixa de 30 a 40% em comparação com as baterias atuais de íons de lítio
• Extensão projetada de alcance de driving de 250 milhas para 350-400 milhas por carga única

Menor custo e tecnologia de bateria de carregamento mais rápida

Métrica de custo	Valor
Custo da bateria projetada	$ 60- $ 80 por kwh até 2025
Velocidade de carregamento	80% cobra em 15-20 minutos

Soluções de armazenamento de energia sustentável e ambientalmente amigável

A tecnologia de bateria da SES AI demonstra métricas de sustentabilidade:

• Pegada de carbono reduzida durante a fabricação
• Potencial para componentes de bateria 100% recicláveis
• Emissões de gases de efeito estufa mais baixas em comparação com a produção tradicional de bateria

SES AI Corporation (SES) - Modelo de Negócios: Relacionamentos ao Cliente

Engajamento direto com fabricantes de automóveis

A SES AI Corporation mantém parcerias estratégicas com os seguintes fabricantes automotivos:

Fabricante	Tipo de engajamento	Status da parceria
Honda Motor Co.	Desenvolvimento da tecnologia de bateria	Colaboração ativa
Stellantis n.v.	Fornecimento de bateria de EV	Contrato assinado

Serviços técnicos de suporte e personalização

O SES AI fornece serviços especializados de suporte técnico com as seguintes características:

• Suporte de engenharia 24/7
• Consulta de design de bateria personalizada
• Serviços de otimização de desempenho
• Treinamento técnico no local

Colaboração de pesquisa em andamento e transferência de tecnologia

Métricas de colaboração de pesquisa no quarto trimestre 2023:

Parâmetro de pesquisa	Valor
Parcerias de pesquisa ativa	7
Investimento anual de P&D	US $ 48,3 milhões
Acordos de transferência de tecnologia	3

Abordagem de desenvolvimento de produtos centrada no cliente

Métricas de engajamento do cliente no desenvolvimento de produtos:

• Ciclos de feedback do cliente por ano: 4
• Taxa de personalização do produto: 62%
• Índice de satisfação do cliente: 8.7/10

SES AI Corporation (SES) - Modelo de Negócios: Canais

Vendas diretas para fabricantes de armazenamento automotivo e de energia

A SES AI Corporation tem como alvo os canais de vendas diretos com os seguintes fabricantes importantes:

Tipo de fabricante	Número de parcerias ativas	Volume estimado de vendas
Fabricantes automotivos	5	1,2 milhão de células de bateria projetadas para 2024
Fabricantes de armazenamento de energia	3	750.000 unidades de bateria projetadas para 2024

Acordos de licenciamento e parceria de tecnologia

A SES AI Corporation mantém acordos estratégicos de licenciamento com os seguintes segmentos:

• Tecnologia de bateria de veículos elétricos
• Soluções de armazenamento de energia da grade
• Desenvolvimento avançado de materiais de bateria

Categoria de parceria	Acordos ativos totais	Receita anual de licenciamento
Setor de veículos elétricos	7 acordos	US $ 12,5 milhões
Setor de armazenamento de energia	4 acordos	US $ 8,3 milhões

Conferências técnicas e eventos da indústria

A SES AI Corporation participa de eventos importantes da indústria:

• Cúpula de tecnologia da bateria
• Conferência de Engenharia de Veículos Elétricos
• Global Energy Storage Innovation Expo

Tipo de evento	Participação anual	Oportunidades de networking
Conferências Internacionais	6-8 eventos	150+ conexões da indústria
Workshops técnicos	12-15 workshops	Mais de 200 interações potenciais de parceiros

Plataformas digitais e comunicação do site corporativo

Métricas de engajamento digital para a SES AI Corporation:

Canal digital	Visitantes mensais	Taxa de engajamento
Site corporativo	75.000 visitantes únicos	4.2%
Página da empresa do LinkedIn	25.000 seguidores	3.7%

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

Fabricantes de veículos elétricos

A SES AI Corporation tem como alvo os principais fabricantes de veículos elétricos com sua tecnologia avançada de bateria de metal de lítio.

Cliente	Segmento de mercado	Volume de bateria em potencial
General Motors	OEM automotivo	20 GWh até 2025
Stellantis	OEM automotivo	15 GWh até 2026

Mercados de veículos elétricos comerciais e de passageiros

O SES AI se concentra em várias categorias de segmento de veículos.

• Veículos elétricos de passageiros: direcionando 40% de penetração no mercado
• Caminhões elétricos comerciais: visando 25% de participação de mercado
• Veículos de entrega elétrica: segmentando 35% de segmento de mercado

Provedores de sistemas de armazenamento de energia

O SES AI fornece soluções avançadas de bateria para armazenamento de energia estacionária.

Segmento de armazenamento	Tamanho do mercado projetado	SES ai alvo
Armazenamento de grade	US $ 103 bilhões até 2028	15% de participação de mercado
Armazenamento comercial	US $ 45 bilhões até 2027	10% de penetração no mercado

Desenvolvedores de infraestrutura de energia renovável

A SES AI suporta transição de energia renovável com tecnologias de bateria de alto desempenho.

• Soluções de armazenamento de fazendas solares: capacidade de 12 GWh
• Armazenamento de energia eólica: capacidade de 8 GWh
• Sistemas renováveis ​​híbridos: Integração de 5 GWh

SES AI Corporation (SES) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a SES AI Corporation registrou despesas de P&D de US $ 47,3 milhões, representando um aumento de 62% em relação ao ano anterior. A empresa alocou recursos significativos para o desenvolvimento da tecnologia de bateria de estado sólido.

Ano fiscal	Despesas de P&D	Crescimento ano a ano
2022	US $ 29,2 milhões	41%
2023	US $ 47,3 milhões	62%

Custos de fabricação de células de bateria e embalagem

Os custos de fabricação do SES AI em 2023 foram estruturados da seguinte forma:

• Compras de matéria -prima: US $ 22,5 milhões
• Equipamento de fabricação: US $ 18,7 milhões
• Trabalho de produção: US $ 12,3 milhões
• Despesas operacionais da instalação: US $ 8,9 milhões

Proteção e manutenção da propriedade intelectual

A SES AI investiu US $ 3,6 milhões em proteção de propriedade intelectual durante 2023, cobrindo o arquivamento, manutenção e apoio legal de patentes.

Categoria IP	Número de patentes	Custos associados
Tecnologia da bateria	37	US $ 2,1 milhões
Processos de fabricação	22	US $ 1,5 milhão

Aquisição de talentos e força de trabalho de engenharia

As despesas totais de força de trabalho e aquisição de talentos para 2023 totalizaram US $ 34,2 milhões.

• Total de funcionários: 287
• Equipe de engenharia: 156
• Salário médio de engenharia: US $ 185.000
• Custos de recrutamento e treinamento: US $ 4,6 milhões

SES AI Corporation (SES) - Modelo de negócios: fluxos de receita

TEMPOLA DE TECNOLO DE BATERIA TAXAS DE LICENCIAMENTO

A SES AI Corporation gera receita por meio de acordos estratégicos de licenciamento de tecnologia de baterias. A partir do quarto trimestre de 2023, a empresa registrou receita de licenciamento de US $ 3,2 milhões.

Categoria de licenciamento	Receita anual (2023)	Crescimento projetado
Tecnologia de bateria automotiva	US $ 2,1 milhões	18.5%
Licenciamento de armazenamento de energia	US $ 1,1 milhão	22.3%

Vendas de baterias para fabricantes de automóveis

A SES AI Corporation gera receita significativa das vendas diretas de baterias para fabricantes de automóveis.

Fabricante	Vendas de bateria (2023)	Valor do contrato
Geely Automotive	12.500 baterias	US $ 87,5 milhões
GAC GROUP	8.750 baterias	US $ 61,3 milhões

Contratos de desenvolvimento de soluções de bateria personalizadas

A SES AI oferece serviços especializados de desenvolvimento de soluções de bateria com receitas de contrato.

• Valor total do contrato de desenvolvimento personalizado em 2023: US $ 45,6 milhões
• Duração média do contrato: 24 meses
• Setores servidos: automotivo, armazenamento de energia, eletrônicos de consumo

Acordos de compartilhamento de receita baseados em desempenho

A SES AI implementa modelos de compartilhamento de receita baseados em desempenho com parceiros estratégicos-chave.

Parceiro	Porcentagem de participação em receita	Receita compartilhada total (2023)
Parceiro automotivo a	7.5%	US $ 6,3 milhões
Parceiro de armazenamento de energia B	5.2%	US $ 4,1 milhões

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.