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SES AI cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$14.5M in Q2 2026 · −$60.5M over twelve months

Operating cash flow−$13.8M
Capital spending−$656K
Free cash flow−$14.5M
Cash conversion cycle188 days

Analysis

In Q2 2026, SES AI generated −$13.8M of operating cash flow and spent $656K on capital projects, leaving free cash flow of −$14.5M. That is $2.9M less than in Q2 2025 (−$11.6M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$58.3M; the largest uses were operating cash flow ($58.3M), taxes on employees’ shares ($2.5M), capital spending ($2.1M); besides operations, cash came from other investing ($117M), shares issued ($240K); the cash balance rose by $52.4M.

Operating cash flow was −$13.8M against net income of −$17.9M. The largest differences: depreciation & amortization +$2.7M, stock-based pay +$2.0M, inventory −$1.4M.

Its cash conversion cycle was 188 days (receivables 143 + inventory 178 − payables 134).

Free cash flow

SES AI: free cash flow by quarterSES AI: free cash flow by quarter−$24.2MQ3 2024−$12.5MQ4 2024−$23.7MQ1 2025−$11.6MQ2 2025−$14.7MQ3 2025−$11.1MQ4 2025−$20.1MQ1 2026−$14.5MQ2 2026
Operating cash flow less capital spending.
SES AI: operating cash flow against capital spendingSES AI: operating cash flow against capital spendingOperating cash flowCapital spending−$22.7M$1.5MQ3 2024−$12.3M$233KQ4 2024−$22.8M$916KQ1 2025−$10.8M$804KQ2 2025−$14.3M$426KQ3 2025−$10.4M$712KQ4 2025−$19.8M$330KQ1 2026−$13.8M$656KQ2 2026
Latest (Q2 2026): Operating cash flow −$13.8M, Capital spending $656K.

Capital allocation, year by year

SES AI: where the cash came from (up) and went (down), by fiscal yearSES AI: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$30.0MFY2021: Net borrowing −$500KFY2021: Shares issued $197KFY2021: Capital spending −$9.0M$197KFY2021FY2022: Operating cash flow −$46.5MFY2022: Shares issued $330KFY2022: Capital spending −$14.7M$330KFY2022FY2023: Operating cash flow −$56.4MFY2023: Shares issued $524KFY2023: Capital spending −$15.8M$524KFY2023FY2024: Operating cash flow −$66.1MFY2024: Shares issued $1.0MFY2024: Capital spending −$12.2M$1.0MFY2024FY2025: Operating cash flow −$58.4MFY2025: Shares issued $77KFY2025: Capital spending −$2.9MFY2025: Acquisitions −$3.0MFY2025: Buybacks −$1.6M$77KFY2025
Over these 5 years operating cash flow totalled −$257M; the largest uses were operating cash flow ($257M) and capital spending ($54.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$163M
Debt$442K
Net cash$163M
Cash runway2.7 years

SES AI is burning cash: its operations consume cash, a free cash flow of −$60.5M a year at the current rate against $163M of cash and investments: a runway of about 2.7 years before any new financing.

Where the cash came from and went

SES AI: sources (+) and uses (−) of cash, Q2 2026SES AI: sources (+) and uses (−) of cash, Q2 2026Other investing$32.1MCash drawn (+) / kept (−)−$17.2MOperating cash flow−$13.8MCapital spending−$656KTaxes on employees’ shares−$376KExchange rates−$216KShares issued$136K
SES AI: sources (+) and uses (−) of cash, TTM to Q2 2026SES AI: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing$117MOperating cash flow−$58.3MCash drawn (+) / kept (−)−$52.4MTaxes on employees’ shares−$2.5MCapital spending−$2.1MOther financing−$1.6MShares issued$240KExchange rates−$47K

From profit to cash

SES AI: net income to operating cash flow, Q2 2026SES AI: net income to operating cash flow, Q2 2026Net income−$17.9MDepreciation & amortization$2.7MStock-based pay$2.0MReceivables$496KInventory−$1.4MPayables−$251KPrepaid and other assets$1.0MOperating cash flow−$13.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 2026143178134188
Q1 202687999591
Q4 20258210011963
Q3 20254150892
Q2 20255813186-115
Q1 20251913135-103

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$13.8M−$656K$136K−$17.2M−$14.5M
Q1 2026−$19.8M−$330K$40K−$17.4M−$20.1M
Q4 2025−$10.4M−$712K$64K$5.7M−$11.1M
Q3 2025−$14.3M−$426K—−$23.5M−$14.7M
Q2 2025−$10.8M−$804K$5K$44.2M−$11.6M
Q1 2025−$22.8M−$916K$8K$72.7M−$23.7M
Q4 2024−$12.3M−$233K$632K−$62.0M−$12.5M
Q3 2024−$22.7M−$1.5M$250K−$11.3M−$24.2M

SES AI: income statement and cash flow

SES AI, Q2 2026: revenue $5.1M (+44% year over year), operating margin -378.5%. The chart follows the revenue to costs, profit and cash.

SES AI: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.