SES AI Corp (NYSE: SES)

SES AI Corp develops and manufactures high-performance, AI-enhanced Lithium-Metal and Lithium-ion rechargeable battery technologies and materials for various applications, including Energy Storage Systems, Urban Air Mobility, drones, robotics, and electric vehicles. The company leverages its proprietary AI-based platform, Molecular Universe, to accelerate innovation across research and development, materials sourcing, cell design, engineering, manufacturing, and battery health and safety monitoring. SES AI Corp's mission is to drive the world's energy transition through material discovery and advanced battery management.

SES AI Corp generates revenue through the sale of its AI-enhanced batteries, materials, and software solutions. The company's primary products include high energy and power density Li-Metal and Li-ion cells, enhanced materials discovered through Molecular Universe, and fully integrated hardware and software solutions for Energy Storage Systems. Additionally, SES AI Corp offers access to its Molecular Universe AI4Science platform on a subscription basis, enabling battery professionals to accelerate their research. The company serves a diverse customer base, including OEMs, strategic partners, and potential customers testing its newly discovered electrolyte materials.

• Energy Storage System (ESS): SES AI Corp provides fully integrated hardware and software solutions for ESS, including battery health and safety management software powered by Molecular Universe. The company caters to the growing ESS market, which is essential for renewable energy generation and applications such as peak shaving, self-consumption, and back power. In September 2025, SES AI Corp acquired UZ Energy, an ESS systems manufacturer, to accelerate its entry into this market. The integration of SES AI Corp's solutions with UZ Energy's existing products aims to differentiate its offerings in the competitive ESS marketplace

• Drones: SES AI Corp focuses on high energy density and high-power density Li-Metal and Li-ion batteries for drones and Urban Air Mobility applications. The company has converted two of its EV A-sample lines to dedicated drone and UAM cell production. SES AI Corp is also developing NDAA-compliant manufacturing capacity in Korea to meet the growing demand for compliant cells in this market

• Materials: Through its Molecular Universe platform, SES AI Corp discovers and manufactures enhanced materials for various applications, including ESS, drones, EVs, and consumer electronics. The company has discovered six novel electrolyte materials and has partnered with Hisun New Energy Materials Ltd. Co. to manufacture these materials at commercial scale. SES AI Corp expects to begin supplying materials through this joint venture in the second half of 2026

• Molecular Universe: SES AI Corp offers access to its Molecular Universe AI4Science platform, either through a cloud version or on-premises deployment, on a subscription basis. The platform allows battery professionals to accelerate research and discover breakthroughs in battery materials for various applications, reducing research and development costs

SES AI Corp operates in a fast-growing and highly competitive battery market, facing competition from both large incumbents and emerging entrants. Key competitors include FREYR Battery, Microvast Holdings, Electrovaya, Stem Inc., Fluence Energy, Enovix, Solid Power, Sion Power, Natrion, Amprius, QuantumScape, Cuberg, C3.ai, Intecells, Zeta Energy, and Innoviz Technologies. To maintain a competitive advantage, SES AI Corp relies on a combination of copyright, patent, trademark, trade secret, license, and other intellectual property laws, as well as license agreements and non-disclosure agreements. As of December 31, 2025, the company has been granted 103 patents and has over 80 patent applications pending, covering various aspects of its technology, including cell design, materials, battery management, and environmental factors.

SES AI Corp's customer base is primarily international, with 99% and 100% of its total revenue generated outside the United States for the years ending December 31, 2025, and 2024, respectively. For the year ending December 31, 2025, three customers accounted for 48%, 15%, and 12% of the company's revenue, respectively, compared with one customer that accounted for 93% in the previous year. The company serves a diverse range of customers, including OEMs, strategic partners, and potential customers testing its newly discovered electrolyte materials.