SES Reports Third-Quarter 2022 Business and Financial Results
November 09 2022 - 04:10PM
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 third-quarter ended
September 30, 2022.
The company posted a letter to 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 third-quarter financial results.
“As a leader in Li-Metal battery cell development, our
organization continues to evolve and innovate in order to meet all
the challenges that come with manufacturing large format cells,”
said Founder and CEO, Qichao Hu. “As a result of real-world
experiences with large cells, we have started to take a fresh look
at our supply chain and procurement strategies and have decided to
take certain operations in-house to improve quality. If you don’t
control the entire supply chain, it will be difficult to meet the
full-blown specs from OEMs for A and B Samples.”
Webcast and Conference Call
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 (833) 927 1758
International:
1 (929) 526 1599
Access Code:
516557
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.
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. To learn more about
SES, please visit: ses.ai
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
All statements other than statements of historical facts
contained in this press release 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 our
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: changes in domestic and foreign business, market, financial,
political and legal conditions, including but not limited to the
ongoing conflict between Russia and Ukraine; risks relating to the
uncertainty of the projected financial information with respect to
SES; risks related to the development and commercialization of
SES’s battery technology and the timing and achievement of expected
business milestones; the effects of competition on SES’s business;
the ability of SES to issue equity or equity-linked securities or
obtain debt financing in the future; 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; risks resulting from SES’s
joint development agreements and other strategic alliances and
investments; the quickly evolving battery market; SES’s ability to
accurately estimate future supply and demand for its batteries;
SES’s ability to develop new products on an ongoing basis in a
timely manner; product liability and other potential litigation,
regulation and legal compliance; SES’s ability to effectively
manage its growth; SES’s ability to attract, train and retain
highly skilled employees and key personnel; the willingness of
vehicle operators and consumers to adopt EVs; developments in
alternative technology or other fossil fuel alternatives; SES’s
ability to meet certain motor vehicle standards; a potential
shortage of metals required for manufacturing batteries; risks
related to SES’s intellectual property; risks related to SES’s
business operations outside the United States, including in China
and South Korea; the uncertainty in global economic conditions and
risks relating to health epidemics, including the COVID-19 pandemic
and any operational interruptions; SES has identified material
weaknesses in its internal control over financial reporting and may
identify material weaknesses in the future or otherwise fail to
maintain an effective system of internal controls; compliance with
certain health and safety laws; changes in U.S. and foreign tax
laws; 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, 2021 filed with the Securities and Exchange
Commission (“SEC”) on March 31, 2022 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/20221109006023/en/
Investors: Eric Goldstein ericgoldstein@ses.ai
Media: Irene Lam ilam@ses.ai
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