Summary by Moomoo AI
SES AI Corporation reported its first revenue of $2.0 million in FY2024 as it began commercialization, while net loss widened to $100.2 million from $53.4 million in FY2023. Research and development expenses increased 135% to $72.1 million, reflecting higher investments in AI initiatives and new materials discovery. The company maintained $262.5 million in cash and investments at year-end.The company made significant progress in battery development, producing large 50Ah and 100Ah B-sample Li-Metal battery cells for EVs and advancing its AI programs across science, manufacturing and safety. SES expanded its partnerships, extending its JDA with Hyundai through 2025 for B-sample development and entering a new B-sample JDA with another OEM partner.Looking ahead, SES expects R&D expenses to remain consistent in 2025 as it continues investing in AI infrastructure rather than manufacturing equipment. The company believes its current cash position is sufficient to fund operations through commercialization, while also establishing a $150 million at-the-market equity program to provide additional financing flexibility.
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