Going all in on AI with three AI solutions for batteries
Lowers full-year 2024 cash usage guidance
Strong balance sheet ensures liquidity through 2027
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AI solutions are attracting attention as a future business model for electric vehicles
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Cell Testing Contract Signed to Accelerate Demand for UAM and Drones
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FY24 cash usage to decrease from $110 million to $130 million to $100 million to $120 million
WOOBURN, Mass.–(BUSINESS WIRE)–$SES #AI– SES AI Corporation (“SES AI”) (NYSE: SES), a global leader in the development and manufacturing of high performance lithium metal batteries, today announced a new strategy, “All In on AI,” in its Q2 2024 earnings report for the quarter ended June 30, 2024 after the market closes on Monday, July 29, 2024.
Our company, Letter to Shareholders On the company's investor relations website, founder and CEO Dr. Hu Qichao and Chief Financial Officer Jing Neelulis provide a business update and details of second quarter 2024 results.
“AI is changing everything, and we believe our AI for manufacturing, AI for safety and AI for science solutions are exciting and sooner than expected revenue streams and the future business model for electric transportation,” said Founder and CEO Dr. Qichao Hu. “The paradigm shift we are introducing with these AI solutions has the potential to accelerate commercialization, time to revenue and profitability for lithium metal for EVs, UAM and drones, as well as broader next-generation lithium-ion applications.”
“We remain prudent in managing our cash and expenses. Due to the actions we took during the quarter, we are updating our full-year 2024 guidance to reduce our total cash use in the range of $100 million to $120 million,” Hu added.
The Company will host a conference call today at 5:00 p.m. ET.
A live webcast of the conference call will be available on SES' Investor Relations website at https://investors.ses.ai. To pre-register for the conference call, please use the following link: https://events.q4inc.com/attendee/280209303.
You can also access the conference call live by dialing the following numbers:
United States (toll free): +1-833-470-1428
International: +1 404-975-4839
https://events.q4inc.com/attendee/280209303
Access code: 857303
A replay of the webcast will be available immediately following the conference call at:
https://investors.ses.ai/events-and-presentations/events/default.aspx.
About SES AI:
SES AI Corp. (NYSE: SES) is powering the future of global electric transportation, on land and in the air, with the world's most advanced lithium metal batteries. SES AI is the first battery company to leverage superintelligent AI to accelerate innovation across all areas of its business, from research and development, materials sourcing, cell design, engineering and manufacturing, to battery health and safety monitoring. Founded in 2012, SES AI is a lithium metal battery developer and manufacturer headquartered in Boston with operations in Singapore, Shanghai and Seoul. For more information, visit SES.AI.
SES AI may use its website as a distribution channel for important corporate information. Financial and other important information about SES AI is routinely posted to and accessible from our website, www.ses.ai. Accordingly, investors should monitor this channel, in addition to SES AI's press releases, Securities and Exchange Commission filings and public conference calls and webcasts.
Forward-Looking Statements
This press release contains statements that SES AI believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding future financial performance, business strategy or expectations for our business. These statements are based on the beliefs and assumptions of SES AI management. Although SES AI believes that the plans, intentions and expectations reflected or implied in these forward-looking statements are reasonable, it can give no assurance that these plans, intentions and expectations will be achieved or realized. These statements are predictions, forecasts and forward-looking statements and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “anticipate,” “believe,” “can,” “continue,” “likely,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “strive,” “target,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
You should not place undue reliance on these forward-looking statements. If one or more of a number of known and unknown risks and uncertainties materialize, or if any of SES AI's assumptions prove incorrect, the Company's actual results or performance may differ materially from those expressed or implied by these forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, risks associated with the development and commercialization of SES AI's battery technology, risks associated with the timing and achievement of expected business milestones, risks associated with uncertainties of achieving and maintaining profitability, risks associated with uncertainties of meeting future capital requirements, SES's ability to integrate its products into electric vehicles (“EVs”), urban aerial mobility (“UAMs”), drones and other applications, and risks that delays in the pre-manufacturing development of SES AI's battery cells could adversely affect SES AI's business and prospects.the aviation mobility market and the use of lithium metal technology in aviation mobility applications are still in their infancy and the Company may not achieve its expected growth potential; risks associated with the development of the UAM market and the demand for batteries in the UAM industry; potential supply chain issues; SES AI's ability to successfully engage with and integrate SES AI's products into the EVs they produce; the ability to obtain raw materials, parts or equipment through new or existing supply relationships; the use of artificial intelligence and machine learning may result in legal and regulatory risks; risks arising from SES AI's joint development agreements and other strategic alliances and investments; product liability and other potential litigation, regulation and compliance; SES AI's ability to attract, train and retain highly skilled employees and key personnel; the development of alternative technologies or other fossil fuel alternatives; SES AI has identified material weaknesses in its internal control over financial reporting and may identify material weaknesses in the future or may be unable to develop or maintain an effective internal control system, volatility in the value of SES AI's common stock and SES AI's publicly offered warrants, and other risks described under “Part I, Item 1A. Risk Factors” in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (SEC) on February 27, 2024, and other documents filed from time to time with the SEC. There are additional risks that SES AI currently knows and/or believes are immaterial that could cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements also reflect SES AI's expectations, plans or projections regarding future events and views as of the date of this press release. SES AI expects that subsequent events and developments will cause its assessments to change. However, while SES AI may choose to update these forward-looking statements in the future, SES AI expressly disclaims any obligation to do so, and these forward-looking statements should not be relied upon as representing SES AI's assessments as of any date subsequent to the date of this press release.
© 2024 SES AI Corp., Confidential and Proprietary Information
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