The following is a summary of the SES AI Corporation (SES) Q1 2024 Earnings Call Transcript:

Financial Performance:

• SES AI reported GAAP operating expenses of $21.3 million in the first quarter of 2024.

• Cash used in operations was $9 million with a payment of $11 million received from OEM partners.

• The company had capital expenditures of $6.8 million during the quarter.

• At the end of the first quarter, SES AI reported liquidity of $319 million.

• For the full year 2024, cash usage from operations is expected to be in the range of $90 million to $100 million, with projected capital expenditures of $20 million to $30 million.

Business Progress:

• SES AI advances towards commercializing its Lithium-Metal technology for both EV and UAM applications.

• New partnerships with Hyundai, Honda, and GM have been established, further validating the high-density battery technology platform.

• The next phase of the Hyundai partnership will focus on scaling manufacturing to meet demand.

• Future plans include building one of the largest capacity Lithium-Metal lines in the world and converting an existing EV line in Korea into a UAM-dedicated line.

• The company is integrating Avatar AI to monitor battery health and predict incidents, aiming for a 95% prediction accuracy by the end of the year.

• SES AI is integrating sustainability into their operations through recycling initiatives for Lithium-Metal batteries and working on dry electrodes to reduce chemical solvent evaporation.

More details: SES AI Corp IR

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