SES AI Corporation reported a net loss of $30.2 million for Q3 2024, compared to $13.5 million in Q3 2023, as research and development expenses increased 188% to $24.4 million. The company ended the quarter with $66.7 million in cash and $207.0 million in marketable securities. Revenue generation has not yet commenced as the company remains in pre-commercialization stage.The company made significant progress in its B-sample battery development program, extending its JDA with Hyundai until December 2025. Research and development expenses increased primarily due to $10.7 million in equipment purchases for JDA commitments and expanded headcount. General and administrative expenses decreased 10% to $9.8 million due to lower stock-based compensation and insurance costs.Looking ahead, SES AI continues to focus on EV B-sample development, including building and operating a...Show More

SES AI Corporation reported a net loss of $30.2 million for Q3 2024, compared to $13.5 million in Q3 2023, as research and development expenses increased 188% to $24.4 million. The company ended the quarter with $66.7 million in cash and $207.0 million in marketable securities. Revenue generation has not yet commenced as the company remains in pre-commercialization stage.The company made significant progress in its B-sample battery development program, extending its JDA with Hyundai until December 2025. Research and development expenses increased primarily due to $10.7 million in equipment purchases for JDA commitments and expanded headcount. General and administrative expenses decreased 10% to $9.8 million due to lower stock-based compensation and insurance costs.Looking ahead, SES AI continues to focus on EV B-sample development, including building and operating a B-sample line at their OEM partner's facility in South Korea. The company's AI initiatives showed progress with prediction accuracy increasing from 60% in 2022 to 95% in 2024. Management believes current cash reserves are sufficient to fund operations through commercialization, though the company received notice from NYSE regarding minimum share price compliance requirements.