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
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/
SES AI goes All-in on AI with 3 AI
Solutions for batteries. (Photo: Business Wire)
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, 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.
About SES AI: SES AI Corp. (NYSE: SES) is powering the
future of global electric transportation on land and in the air
with the world’s most advanced Li-Metal batteries. SES AI is the
first battery company in the world to accelerate its pace of
innovation by utilizing superintelligent AI across the spectrum of
its business, from research and development; materials sourcing;
cell design; engineering and manufacturing; to battery health and
safety monitoring. Founded in 2012, SES AI is an Li-Metal battery
developer and manufacturer headquartered in Boston and with
operations in Singapore, Shanghai, and Seoul. Learn more at
SES.AI.
SES AI may use its website as a distribution channel of material
company information. Financial and other important information
regarding SES AI 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 AI’s press
releases, Securities and Exchange Commission filings and public
conference calls and webcasts.
Forward-Looking Statements This press release contains
statements that SES AI 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 AI. Although SES AI 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 AI’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 AI’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”) and
Urban Air Mobility (“UAM"), drones and other applications; the risk
that delays in the pre-manufacturing development of SES AI’s
battery cells could adversely affect SES AI’s business and
prospects; the market for air mobility, and for use of Li-Metal
technology in air mobility applications, is still emerging and may
not achieve the growth potential we expect; risks relating to the
development of the UAM market and demand for batteries from the UAM
industry; potential supply chain difficulties; the ability of SES
AI to engage target original equipment manufacturers (“OEMs”)
customers successfully and integrate SES AI’s products into EVs
manufactured by OEM customers; the ability to obtain raw materials,
components or equipment through new or existing supply
relationships; our use of artificial intelligence and machine
learning may result in legal and regulatory risk; risks resulting
from SES AI’s joint development agreements and other strategic
alliances and investments; product liability and other potential
litigation, regulation and legal compliance; SES AI’s ability to
attract, train and retain highly skilled employees and key
personnel; developments in alternative technology or other fossil
fuel alternatives; risks related to SES AI’s intellectual property;
business, regulatory, political, operational, financial and
economic risks related to SES AI’s business operations outside the
United States; SES AI 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
AI’s common stock and value of SES AI’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,
2023 filed with the Securities and Exchange Commission (“SEC”) on
February 27, 2024 and other documents filed from time to time with
the SEC. There may be additional risks that SES AI 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 AI’s
expectations, plans or forecasts of future events and views only as
of the date of this press release. SES AI anticipates that
subsequent events and developments will cause its assessments to
change. However, while SES AI may elect to update these
forward-looking statements at some point in the future, SES AI
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing SES AI’s assessments as of any date subsequent to the
date of this press release.
© 2024 SES AI Corp., Confidential and
Proprietary
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240729348260/en/
For the media: pr@ses.ai
For investors: ir@ses.ai
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