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Mar 31, 2022
Ses Ai Q1 2022 Earnings Report
SES AI reported an operating loss due to general and administrative, and research and development expenses. They ended the quarter with a solid cash position, expecting to use it to further develop Li-Metal battery technology.
Key Takeaways
SES AI Corporation reported an operating loss of $19.2 million for the first quarter of 2022, driven by general and administrative expenses of $15.1 million and research and development expenses of $4.1 million. Net loss attributable to common stockholders was $27.0 million, or a loss of $0.12 per share. The company ended the quarter with $426 million in cash and cash equivalents.
Closed business combination with Ivanhoe Capital Acquisition Corporation in early February.
Announced a joint development agreement (JDA) with Honda to develop Li-Metal batteries.
Formed SES Korea with plans to build a pre-production facility in South Korea.
Completed Phase 1 of Pilot Facility in Shanghai, providing 0.2GWh of capacity to produce Li-Metal cells.
Forward Guidance
SES is targeting to deliver and optimize A-samples for their 3 JDA partners, begin transitioning from A-samples to B-samples, and continue to establish supply chains for key materials over the next 12 months. They estimate that in 2022, capital expenditures will range from $25 million to $35 million, and cash used in operations will be between $70 million and $80 million, resulting in an expected cash usage between $95 million and $115 million.
Positive Outlook
- Deliver and optimize A-samples for our 3 JDA partners
- Begin to transition from A-samples to B-samples
- Continue to establish supply chains for key materials
- Capital expenditures will range from $25 million to $35 million
- Cash used in operations will be between $70 million and $80 million
Challenges Ahead
- Use of cash for the year is expected to range between $95 million and $115 million
- Changes in domestic and foreign business, market, financial, political and legal conditions, including but not limited to the ongoing conflict between Russia and Ukraine
Historical Earnings Impact
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Avg. Return Before/After Earnings
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