SES AI Posts Q2 Revenue of $5.1M, Gross Margin Climbs to 22.6%, and Reaffirms $30M–$35M Guidance
SES is trading near its 52-week low of $0.491 (6.4% above the low).
Summary
SES AI reported Q2 2026 revenue of $5.1M with gross margin improving to 22.6%, reaffirmed full-year guidance of $30M–$35M, and appointed Paul Diemer to its board. The stock faces NYSE delisting risk at $0.52.
Key Events · Earnings and Guidance · SES
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Q2 Revenue $5.1M, Gross Margin 22.6%
Revenue of $5.1M fell from $6.7M in Q1 but rose 44% year-over-year. Gross margin improved to 22.6% from 18.1% sequentially, driven by ESS product mix and pricing discipline.
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Full-Year Guidance Reaffirmed
Management reaffirmed 2026 revenue guidance of $30M–$35M, implying a significant second-half ramp from the $11.8M reported in H1, with expected contributions from drone cells and Molecular Universe.
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Board Appointment Strengthens ESS Strategy
Paul Diemer, former CTO of Flex Power and current SVP at Generac, was appointed as an independent director to guide the ESS business, which is the largest revenue unit.
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NYSE Delisting Risk at $0.52
The stock price of $0.52 remains well below the NYSE's $1.00 minimum, following a delisting notice received in July 2026. The company has not yet detailed a compliance plan.
Analysis · SES · Manufacturing
SES AI turned in a mixed second quarter. Revenue came in at $5.1M, missing the sequential trend, yet gross margin expanded to 22.6% from 18.1% in Q1. The company stood by its full-year revenue target of $30M–$35M, signaling confidence in a second-half ramp fueled by ESS, drone cells, and Molecular Universe. Adding to the strategic push, Paul Diemer—former CTO of Flex Power—joined the board, bolstering the ESS strategy. Still, the stock trades at $0.52, well below the NYSE's $1.00 minimum, and a delisting notice arrived in July. The $163M cash position offers runway, but the path to compliance and profitability remains narrow.
At the time of this filing, SES was trading at $0.52 on NYSE in the Manufacturing sector, with a market capitalization of approximately $206.5M. The 52-week trading range was $0.49 to $3.73. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.