SES AI Corporation reported a net loss of $19.9 million for Q2 2024, compared to $12.9 million in Q2 2023, as the company continues to advance its Li-Metal battery technology development. Research and development expenses increased 137% to $15.1 million, driven by reduced JDA partner reimbursements and higher personnel costs to support operations. The company maintained a strong liquidity position with $54.8 million in cash and $239.9 million in short-term investments.The company made significant progress in its core business areas, including extending its JDA with Hyundai until December 2025 for B-sample Li-Metal batteries development. SES AI is executing on multiple strategic initiatives, including building two B-sample production lines and converting one EV A-sample line for UAM cell production. The company's Avatar AI prediction...Show More

SES AI Corporation reported a net loss of $19.9 million for Q2 2024, compared to $12.9 million in Q2 2023, as the company continues to advance its Li-Metal battery technology development. Research and development expenses increased 137% to $15.1 million, driven by reduced JDA partner reimbursements and higher personnel costs to support operations. The company maintained a strong liquidity position with $54.8 million in cash and $239.9 million in short-term investments.The company made significant progress in its core business areas, including extending its JDA with Hyundai until December 2025 for B-sample Li-Metal batteries development. SES AI is executing on multiple strategic initiatives, including building two B-sample production lines and converting one EV A-sample line for UAM cell production. The company's Avatar AI prediction accuracy increased to 92% in 2023 and is expected to reach 95% by end of 2024.Management believes current cash reserves are sufficient to fund operations for at least 12 months and through to commercialization. The company expects to transition to C-Sample development in 2026 and aims to commence commercial production in 2027. However, additional funding may be required for supply chain integration in the United States and potential development delays.