SES AI Unveils All-in On AI Plan at Q2 2024 Earnings

SES AI Corporation

Goes All-in on AI with 3 AI Solutions for batteries

Full year 2024 cash usage guidance lowered

Strong balance sheet provides liquidity into 2027

Highlights

AI solutions now targeted as the future business model of electric transportation
UAM and drone demand accelerating with cell testing agreements reached
FY 2024 cash usage in range of $100M to $120M, down from $110M - $130M

WOBURN, Mass.--BUSINESS WIRE--

SES AI Corporation ("SES AI") (NYSE: SES), a global leader in the development and manufacturing of high-performance Li-Metal batteries, today announced its new strategy of "All-in on AI" at its second quarter 2024 business results for the quarter ended June 30, 2024, after market close on Monday, July 29, 2024.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240729348260/en/

Letter to Our Shareholders on its Investor Relations website from Founder and CEO Dr. Qichao Hu and Chief Financial Officer Jing Nealis, which provides a business update and details on its second quarter 2024 results.

"AI is changing everything. We believe our AI for Manufacturing, AI for Safety, and AI for Science solutions represent exciting, sooner-than-expected revenue streams, and the future business model of electric transportation," stated Dr. Qichao Hu, Founder and CEO. "The paradigm shift we are introducing with these AI solutions has the potential to accelerate the commercialization, time to revenue and profitability of Li-Metal for EV, UAM and drones, as well as broader next generation Li-ion applications.

"We continue to be prudent with our cash and expense management. With the actions we implemented during the quarter, we are updating our full year 2024 guidance to account for lower total cash usage in the range of $100 million to $120 million," Hu added.

The Company will hold a conference call later today at 5:00 p.m. Eastern Time.

A webcast of the live conference call will be available through SES's Investor Relations website, https://investors.ses.ai. The following link can be used to register in advance for the call: https://events.q4inc.com/attendee/280209303.

The conference call can also be accessed live over the phone by dialing the following numbers: United States (Toll Free): +1-833-470-1428 International: +1 404-975-4839 https://events.q4inc.com/attendee/280209303 Access Code: 857303

A webcast replay will be available shortly after the call at: https://investors.ses.ai/events-and-presentations/events/default.aspx.

/Public Release. This material from the originating organization/author(s) might be of the point-in-time nature, and edited for clarity, style and length. Mirage.News does not take institutional positions or sides, and all views, positions, and conclusions expressed herein are solely those of the author(s).

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