Summary by Moomoo AI
SES AI Corp reported a net loss of $30.2 million for Q3 2024, compared to $13.5 million in Q3 2023. Research and development expenses increased 188% year-over-year to $24.4 million, driven by equipment purchases for JDA commitments and increased personnel costs. General and administrative expenses decreased 10% to $9.8 million.The company made significant progress in large 50Ah and 100Ah automotive Li-Metal cell manufacturing, addressing key challenges in ultra-thin lithium anode production and high concentration electrolyte scale-up. SES AI is on track to build a B-sample line at an OEM partner's facility in South Korea and has extended its JDA agreement with Hyundai.As of September 30, 2024, SES AI had $66.7 million in cash and cash equivalents and $207.0 million in marketable securities. The company believes its current funds are sufficient to meet working capital needs for at least 12 months and fund commercialization efforts. However, SES AI may require additional funding for various reasons, including potential delays in Li-Metal battery cell development.
