SES Reports First Quarter 2023 Financial Results
May 08 2023 - 4:15PM
Business Wire
SES AI Corporation (NYSE: SES), headquartered in Boston, a
global leader in the development and manufacturing of
high-performance lithium-metal (Li-Metal) rechargeable batteries
for electric vehicles (EVs) and other applications, today announced
its business and financial results for the first quarter of 2023,
which ended March 31.
The company posted a Letter to Our Shareholders on its Investor
Relations website from Founder and CEO Dr. Qichao Hu and Chief
Financial Officer, Jing Nealis, that provides a business update and
details its first-quarter financial results.
“A few years from now, when our Li-Metal battery technology is
in mass production, I think we will look back and say 2023 was a
key turning point as we laid several crucial foundations,” said
Founder and CEO Qichao Hu. ”I’m super excited about the progress
that we are making. It was painful last year, but now it’s fun
again. And our new Line 4 will be a step change in our development
roadmap and a major part of transition to B samples.”
SES will host a live conference call at 5:00 p.m. EDT that will
be available through its Investor Relations website,
investors.ses.ai. The following link can be used to register for
the call: earnings call webcast.
The conference call can also be accessed live over the phone by
dialing the following numbers:
United States (Toll Free):
1 (404) 975 4839
International:
1 (929) 526 1599
Access Code:
250992
A webcast replay of the conference call will be available
approximately two hours after the event is over at
investors.ses.ai/events-and presentations/events/default.aspx.
About SES
SES is a global leader in development and production of
high-performance Li-Metal rechargeable batteries for EVs and other
applications. Founded in 2012, SES is an integrated Li-Metal
battery manufacturer with strong capabilities in material, cell,
module, AI-powered safety algorithms and recycling. Formerly known
as SolidEnergy Systems, SES is headquartered in Boston and has
operations in Singapore, Shanghai, and Seoul.
SES may use its website as a distribution channel of material
company information. Financial and other important information
regarding SES is routinely posted on and accessible through the
Company’s website at www.ses.ai. Accordingly, investors should
monitor this channel, in addition to following SES’s press
releases, Securities and Exchange Commission filings and public
conference calls and webcasts.
Forward-looking statements
This press release contains statements that SES believes are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include, without limitation, statements relating to
expectations for future financial performance, business strategies
or expectations for our business. These statements are based on the
beliefs and assumptions of the management of SES. Although SES
believes that its plans, intentions and expectations reflected in
or suggested by these forward-looking statements are reasonable, it
cannot provide assurance that it will achieve or realize these
plans, intentions or expectations. These statements constitute
projections, forecasts and forward-looking statements, and are not
guarantees of performance. Such statements can be identified by the
fact that they do not relate strictly to historical or current
facts. When used in this press release, words such as “anticipate”,
“believe”, “can”, “continue”, “could”, “estimate”, “expect”,
“forecast”, “intend”, “may”, “might”, “plan”, “possible”,
“potential”, “predict”, “project”, “seek”, “should”, “strive”,
“target”, “will”, “would” and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking.
You should not place undue reliance on these forward-looking
statements. Should one or more of a number of known and unknown
risks and uncertainties materialize, or should any of SES’s
assumptions prove incorrect, our actual results or performance may
be materially different from those expressed or implied by these
forward-looking statements. Some factors that could cause actual
results to differ include, but are not limited to the following
risks: risks related to the development and commercialization of
SES’s battery technology and the timing and achievement of expected
business milestones; risks relating to the uncertainty of achieving
and maintaining profitability; risks relating to the uncertainty of
meeting future capital requirements; the ability of SES to
integrate its products into electric vehicles (“EVs”); the risk
that delays in the pre-manufacturing development of SES’s battery
cells could adversely affect SES’s business and prospects;
potential supply chain difficulties; the ability of SES to engage
target original equipment manufacturers (“OEMs”) customers
successfully and integrate SES’s products into EVs manufactured by
OEM customers; the ability to obtain raw materials, components or
equipment through new or existing supply relationships; risks
resulting from SES’s joint development agreements and other
strategic alliances and investments; product liability and other
potential litigation, regulation and legal compliance; SES’s
ability to attract, train and retain highly skilled employees and
key personnel; the uncertainty in global economic conditions and
risks relating to health epidemics, including the COVID-19 pandemic
and any operational interruptions; developments in alternative
technology or other fossil fuel alternatives; risks related to
SES’s intellectual property; business, regulatory, political,
operational, financial and economic risks related to SES’s business
operations outside the United States; SES has identified material
weaknesses in its internal control over financial reporting and may
identify material weaknesses in the future or otherwise fail to
develop or maintain an effective system of internal controls; the
volatility of SES’s common stock and value of SES’s public
warrants; and the other risks described in “Part I, Item 1A. Risk
Factors” in our annual report on Form 10-K for the fiscal year
ended December 31, 2022 filed with the Securities and Exchange
Commission (“SEC”) on March 16, 2023 and other documents filed from
time to time with the SEC. There may be additional risks that SES
presently knows and/or believes are immaterial that could also
cause actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect SES’s expectations, plans or forecasts of future events and
views only as of the date of this press release. SES anticipates
that subsequent events and developments will cause its assessments
to change. However, while SES may elect to update these
forward-looking statements at some point in the future, SES
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing SES’s assessments as of any date subsequent to the
date of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20230508005516/en/
Investors and Media: Eric Goldstein
ericgoldstein@ses.ai
SES AI (NYSE:SES)
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