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SES AI (SES) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 11, 2026 · SES AI (SES) Q2 2026 earnings results →
Q2 2026 Revenue up 44% year over year to $5.1M · 353¢ of every $1 of revenue lost · operating margin -378.5%
SES AI made $5.1M in Q2 2026 (+44% Y/Y): Product $5.1M, Service $7K. Operating margin -378.5%, net loss $17.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 11, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $5.1M in Q2 2026, up 44% year over year and down 24% from the previous quarter. Product was the largest line at 100% of revenue. Service declined 100%.
Gross margin was 22.6%, down 51.1 points from Q2 2025. Operating costs exceeded revenue by $19.2M, an operating margin of -378.5%. Operating expenses fell 21% while revenue rose 44%. The fastest-growing cost line was General & admin (+38%). The quarter ended with a net loss of $17.9M, wider than the previous quarter's $12.1M loss.
Operating cash flow was −$13.8M. Non-cash charges added back $2.7M of depreciation and amortization and $2.0M of share-based compensation. Capital expenditures of $656K exceeded it, leaving free cash flow of −$14.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 11, 2026 | $5.1M | +44% | -378.5% | −$17.9M | −$13.8M |
| Q1 2026 | 10-Q | Apr 24, 2026 | $6.7M | +16% | -266.3% | −$12.1M | −$19.8M |
| Q4 2025 | 10-K | Mar 4, 2026 | $4.6M | — | -387.7% | −$17.0M | −$10.4M |
| Q3 2025 | 10-Q | Nov 12, 2025 | $7.1M | — | -262.0% | −$20.9M | −$14.3M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $3.5M | — | -652.3% | −$22.7M | −$10.8M |
| Q1 2025 | 10-Q | Apr 30, 2025 | $5.8M | — | -401.7% | −$12.4M | −$22.8M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About SES AI
We are a leading developer and manufacturer of high-performance, AI-enhanced Lithium-Metal (“Li-Metal”) and Lithium-ion (“Li-ion”) rechargeable battery technologies and battery materials for Energy Storage Systems (“ESS”), Urban Air Mobility (“UAM”), drones, robotics, electric vehicles (“EVs”), and other applications. The Company’s mission is to accelerate the world’s energy transition through material discovery and battery management. SES accelerates its pace of innovation by utilizing superintelligent AI across the spectrum of our business, from research and development, materials sourcing, cell design, engineering and manufacturing, to battery health and safety monitoring .
In its own words, from its 10-K, filed Mar 4, 2026.
SES AI against its Miscellaneous Electrical Machinery, Equipment & Supplies peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +44% against the peers' median +8%. Operating margin: -378.5% against the peers' median 2.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SES SES AI | Q2 2026 | $5.1M | +44% | -378.5% |
| ENS EnerSys | Q1 FY27 | $936M | +5% | 16.2% |
| ATKR Atkore | Q3 FY26 | $795M | +8% | 8.1% |
| SPB Spectrum Brands Holdings | Q3 FY26 | $753M | +8% | 2.1% |
| ENR Energizer Holdings | Q3 FY26 | $734M | +1% | 6.8% |
| FLNC Fluence Energy | Q3 FY26 | $650M | +8% | -6.7% |
| NOVT Novanta | Q2 2026 | $266M | +10% | 6.8% |
| CHPT ChargePoint Holdings | Q2 FY27 | $116M | +18% | -29.3% |
| MVST Microvast Holdings | Q2 2026 | $87.3M | -4% | -2.0% |
Source: SES AI 10-Q on SEC EDGAR · CIK 1819142 · Miscellaneous Electrical Machinery, Equipment & Supplies
13F: who owns SES and who is buying
More on SES
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results