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Jun 30, 2022
Ses Ai Q2 2022 Earnings Report
SES AI reported results for the second quarter ended June 30, 2022.
Key Takeaways
SES AI Corporation reported an operating loss of $19.1 million for the quarter. The company ended the quarter with cash and cash equivalents of $405 million.
Total operating expenses were $19.1 million, an increase of $12.5 million from a year ago.
Financial guidance for 2022 is unchanged from our guidance issued with our first quarter results.
Construction of our second cell manufacturing facility, located in SES Korea, is on track and expected to be ready to use by October 2022.
Planning underway for second annual Battery World to be held before 2022 year-end
Forward Guidance
SES is targeting to deliver and optimize “A-sample” batteries for their three JDA partners, begin to transition from “A-sample” batteries to “B-sample” batteries, and continue to establish supply chains for key materials by mid-2023. All aspects of the Company’s 2022 financial guidance issued with its first quarter results are also unchanged. SES estimates 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. As a result, use of cash for the year is expected to range between $95 million and $115 million.
Positive Outlook
- Deliver and optimize “A-sample” batteries for our three JDA partners
- Begin to transition from “A-sample” batteries to “B-sample” batteries
- 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.
- Uncertainty in global economic conditions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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