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Dec 31, 2022
Ses Ai Q4 2022 Earnings Report
SES AI Corporation reported its Q4 2022 earnings, highlighting progress in Li-Metal battery development and A-sample line construction.
Key Takeaways
SES AI Corporation reported operating expenses of $20.7 million for the fourth quarter of 2022, with R&D expenses at $8.3 million and G&A expenses at $12.4 million. A non-cash gain of $9.0 million was recognized from the change in fair value of the sponsor earn-out liability. The net loss attributable to common stockholders was $0.03 per share on a fully diluted basis. The company's available liquidity was $390 million as of December 31, 2022.
SES AI Corporation built three A-sample lines, achieving ready-to-use status under budget and ahead of time.
The company made investments in Chungcheongbuk-do South Korea, achieving full operations by Q4 2022.
SES AI Corporation is preparing for B-samples and plans to build new B-sample lines.
Avatar, SES AI's safety software, can predict 100Ah cell safety and life with more than 60% accuracy.
Forward Guidance
For 2023, SES expects total cash usage from operations to be in the range of $80 - $100 million and capital expenditures in the range of $50 – $70 million. We expect total cash usage for the year to be in the range of $130 - $170 million.
Positive Outlook
- Double the size of teams in material development, cell development, and system development.
- Triple the size of the quality team.
- Expand Boston, MA lab space.
- Work with OEM partners to build highly automated production lines and highly efficient manufacturing facilities to support B-sample development.
- Continue to invest in materials as we anticipate manufacturing at higher volumes to meet our OEM partners’ needs as well as our own development needs
Historical Earnings Impact
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Avg. Return Before/After Earnings
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