SES Reports Fourth Quarter and Full Year 2023 Business and Financial Results; Provides 2024 Outlook
February 26 2024 - 4:36PM
Business Wire
- World’s first to enter automotive B-sample joint development
for Li-Metal.
- Focusing on EV B-sample and building and operating B-sample
lines with JDA partners.
- Building dedicated UAM Li-Metal line and shipping first batch
of UAM cells to customers, as UAM is a stepping stone to EV.
- Improving Avatar AI incident prediction accuracy.
SES AI Corporation (NYSE: SES), a global leader in the
development and manufacturing of high-performance lithium-metal
(Li-Metal) rechargeable batteries for electric vehicles (EVs),
Urban Air Mobility (UAM) and other applications, today announced
its business and financial results for the fourth quarter and full
year 2023, which ended December 31, 2023.
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the full release here:
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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 its fourth quarter and full year 2023
results.
“2023 was a great year for us,” said Dr. Hu. “We took a massive
step toward commercialization of our Li-Metal technology for
automotive applications, and we signed the world’s first automotive
B-sample joint development agreement for Li-Metal batteries with a
major automaker. As we look to the year ahead, we will focus on our
EV B-sample, suppling the first batch of UAM cells, and improving
Avatar AI incident prediction accuracy.”
SES will host a live conference call today at 5 p.m. ET that
will be available through its Investor Relations website. 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:
United States (Toll Free):
+1-833-470-1428
International:
+1 404-975-4839
Access Code:
293516
A webcast replay of the conference call will be available
approximately two hours after the event is over and will remain
available by archive for six months after the original call date.
The webcast replay is available at: investors.ses.ai/events-and
presentations/events/default.aspx.
About SES
SES is a global leader in development and manufacturing 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”) and Urban Air
Mobility (“UAM") and other applications; the risk that delays in
the pre-manufacturing development of SES’s battery cells could
adversely affect SES’s business and prospects; 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 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; 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; risks related to SES’s use of artificial
intelligence and machine learning; 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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