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Mar 31, 2023
Ses Ai Q1 2023 Earnings Report
SES AI reported a net loss of $0.05 per share in Q1 2023, with operating expenses of $21.6 million and cash, cash equivalents, and marketable securities of $373 million.
Key Takeaways
SES AI Corporation reported its Q1 2023 financial results, highlighting operating expenses of $21.6 million, a net loss of $0.05 per share, and a strong balance sheet with $373 million in cash, cash equivalents, and marketable securities. The company's financial guidance for 2023 remains unchanged.
Operating expenses for the first quarter were $21.6 million, including $8.5 million in research and development and $13.1 million in general and administrative expenses.
Net loss attributable to common stockholders was $0.05 per share on a fully-diluted basis.
Cash used in operations during the quarter was $15.4 million, with capital spending at $6.0 million.
The company ended the quarter with $373 million in cash, cash equivalents, and marketable securities, which is believed to be sufficient to reach commercialization.
Forward Guidance
SES AI's financial guidance for 2023 remains unchanged, with expected cash usage from operations between $80 - $100 million and capital expenditures between $50 - $70 million, resulting in total cash usage between $130 - $170 million.
Positive Outlook
- Transitioning from A-samples to B-samples in 2023
- Continued spending on headcount to support growth
- Lab expansion to enhance research capabilities
- Investments in equipment and manufacturing facilities
- Sustained focus on materials for battery development
Challenges Ahead
- Cash usage from operations expected to be in the range of $80 - $100 million
- Capital expenditures projected to be in the range of $50 - $70 million
- Total cash usage for the year expected in the range of $130 - $170 million
- Significant spending required to support growth
Historical Earnings Impact
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Avg. Return Before/After Earnings
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