SES-WT · SES AI Corporation

SES AI reported a strong start to 2026, with Q1 revenue of $6.7 million marking a 47% sequential increase, primarily driven by the Energy Storage Systems (ESS) business through UZ Energy. The company noted that Q1 results benefited from approximately $1.5 million of revenue pushed from Q4 2025. Gross margin improved sequentially to 18.1% from 11.3%, attributed to better margins in the UZ business and contributions from higher-margin drone sample sales and Molecular Universe subscriptions. However, gross margin declined year-over-year from 78.7% due to a revenue mix shift from high-margin OEM service contracts to product-based revenue. The company maintained a robust liquidity position of approximately $178 million and utilized $20 million in cash for operations during the quarter. Management reaffirmed its full-year 2026 revenue guidance of $30 million to $35 million and expects a consolidated gross margin of approximately 15%. Concurrently, the company announced a CFO transition, with Yi (Ray) Liu appointed to succeed Jing Nealis effective April 27, 2026. Mr. Liu brings over 20 years of finance leadership experience, most recently serving as North America Chief Risk and Control Officer at Adyen. Ms. Nealis agreed to remain available through May 15, 2026 to support the transition.