SES AI Corporation (SES) Q1 2026 Earnings Report

Quarterly performance highlights and trend analysis:
- Revenue: $6.711 million in Q1 2026, up sequentially from Q4 2025 (reported as $6.7 million); QoQ growth of approximately 15.85% per reported quarterly comparison.
- Gross margin (GAAP): 18.1% in Q1 2026, up from 11.3% in Q4 2025; Non‑GAAP gross margin: 18.3% in Q1 2026, up from 11.7% in Q4 2025. Margin expansion driven by ESS improvements at UZ Energy and higher‑margin drone samples and MU subscription, per management commentary.
- Operating expenses (GAAP): $19.1 million in Q1 2026; Non‑GAAP operating expenses: $14.3 million. Both lines declined versus earlier periods in the year but rose modestly quarter‑over‑quarter as SES continues investment in growth.
- Profitability: GAAP net loss of $12.1 million ($0.04 per share) vs. $17.0 million loss in Q4 2025; Non‑GAAP net loss of $11.1 million ($0.03 per share) vs. $11.8 million loss in Q4 2025.
- EBITDA and operating leverage: Adjusted EBITDA of –$12.8 million in Q1 2026, modestly better than –$13.8 million in Q4 2025, signaling improving operating leverage as revenue scales.
- Cash and liquidity: Approximately $178 million of liquidity; cash used in operations about $20 million in Q1; reaffirmation of a robust liquidity runway to fund 2026 initiatives.
- Guidance: Full-year 2026 revenue guidance reaffirmed at $30–$35 million; target cost discipline to deliver roughly 15% operating expense reduction for the year.
- Capital posture: Capex‑light model remains intact; filing of a new S‑3 shelf aligned with ongoing financial flexibility.
- Strategic progress (qualitative): North American ESS distribution via ATG EPower (~$20 million over 3 years), NDAA‑compliant drone cell manufacturing in Korea targeting >1 million cells annually, and continued Molecular Universe platform evolution (Version 2.5) with a multi‑year customer subscription during the quarter (Search‑in‑Box).