SES

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Dear Shareholders,

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SES is solving two of the most difficult challenges in energy storage: accelerating product development using AI4Materials and building a robust supply chain to manufacture these products. While we originally focused on EVs, we pivoted more than a year ago to focus on ESS and drone applications. In Q2, we began seeing significant commercial milestones, and we are very excited about the path ahead. Our Q2 revenue grew by more than 40% compared to Q2 last year, while our gross margin improved from 18% to more than 22%, driven by our differentiated technology and robust supply chain. We are also reaffirming our 2026 revenue guidance of $30 million to $35 million.

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On accelerating product development using AI4Materials, we released Molecular Universe MU-3.0, our first agentic workflow platform that works across both sodium and lithium chemistries and integrates with autonomous labs deployed in a fully secure and on-premises environment. We shipped our first Search-in-a-Box order to one of the world’s largest battery manufacturers. Some of the materials discovered by Molecular Universe have completed testing and entered pilot commercial deployment.

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On building a robust supply chain to manufacture these products, our largest revenue-generating unit, ESS, is making great progress, especially in the US market. We were selected by Sol-Ark as a

certified battery partner, and we appointed Paul Diemer, former CTO of Flex Power, to our board to help guide our ESS strategy. We continue to build out a stellar team with experience at leading AI data center total solutions providers to execute on and deliver our exciting ESS growth.

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For drones and unmanned systems, we are recruiting a team with a proven track record of selling to defense and commercial drones. We expect to produce 1 million NDAA-compliant cells per year within one month at our Korea plant, and based on the strong customer demand we are seeing, we are looking at securing orders well into 2028. Here is an update on each of our business units.

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Building a Robust Supply Chain –

Energy Storage Systems (ESS)

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On ESS, while most competitors sell either pure hardware without intelligent software or pure software that isn’t trained on real-world data, our edge-box-enabled ESS systems are trained on the specific cells that we use in our hardware systems, enabling 1-to-1 matching, accurate state-of-health and safety management. This prediction accuracy not only helps prevent fires and other incidents but also delivers tremendous savings for our customers across residential, commercial and industrial, and data center applications.

One of the leading US-based, FCC-authorized inverter producers, Sol-Ark, certified our subsidiary UZ Energy’s low-voltage

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Letter to Our Shareholders

Q2 2026

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residential batteries for their closed-loop compatibility with its hybrid inverters. We believe this certification with Sol-Ark will greatly accelerate the growth of UZ’s revenue growth in the US, especially given the recent FCC restrictions on foreign-produced inverters and other electronics.

Last quarter, we announced a $20 million, three-year agreement with ATG Epower (now US Energy Distributors), providing UZ Energy with immediate access to ATG Epower’s established distribution network across residential, commercial, and industrial customer segments.

UZ Energy’s batteries certified for closed-loop compatibility with Sol-Ark’s hybrid inverters, strengthening our position in the US energy storage market.

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Building a Robust Supply Chain –

Drones & Unmanned Systems

On drones and unmanned systems, we expect to complete the scale-up of our Korea-based, NDAA-compliant cell production from 200,000 cells a year to 1 million cells a year in about one month. We expect to start producing at full capacity of 1 million cells a year starting in Q4 this year. We have already hosted many of the largest American and allied drone makers for line audits, with many more in the queue later this year. We expect revenue from NDAA-compliant cells produced on our Korea line to begin contributing meaningfully in Q4 this year and to accelerate further in the first half of next year.

Even at 1 million NDAA-compliant pouch cells, which we believe represents one of the largest NDAA-compliant pouch manufacturing capacities in the world, combined with our best-in-class energy density and performance, based on the strong customer demand we are seeing, we are looking at securing orders well into 2028. We are also seeking additional NDAA-compliant manufacturing capacity for both pouch and cylindrical cells to address the strong demand for these products. These cells will be for drones, but also for broader unm

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Exhibit 99.1

1 Letter to Our Shareholders Q1 2026 Dear Shareholders, We are off to a strong start in 2026. First quarter revenue reached $6.7 million, a 47% increase over the fourth quarter of 2025 and above published consensus estimates. We are also reaffirming our full year 2026 revenue guidance of $30 million to $35 million. This quarter’s results were driven primarily by continued execution in our Energy Storage Systems business through UZ Energy, with smaller contributions from drone sample sales and Molecular Universe subscription revenue. Importantly, gross margin improved to 18.1% from 11.3% in the fourth quarter, reflecting better margins in the UZ business and the impact of higher-margin drone and subscription revenue. As we noted on our fourth quarter call, our current three business unit structure – ESS, drones, and advanced materials – took shape in the second half of 2025. For that reason, we believe sequential comparisons to the fourth quarter provide the most meaningful view of our operating trajectory, though we include year-over-year figures where relevant for context. Here is an update on each of our business units. 1. Energy Storage Systems (ESS) ESS remains our largest near-term revenue driver. Through the UZ Energy acquisition, we are now serving customers across the globe – from Australia to Europe to the Middle East – and have begun entering the North American market. During the first quarter, we announced a new contract that reflects the growing commercial traction of the ESS business. We entered into a multiyear distribution agreement with ATG EPower, a leading North American distributor of renewable energy and energy storage solutions with over two decades of experience in the clean energy sector. This contract, valued at approximately $20 million over three years, provides immediate access to ATG EPower’s established distribution network across residential, commercial, and industrial customer segments. This represents a significant milestone in our strategy to expand the ESS business into the United States, one of the fastest growing ESS markets globally. This contract builds on UZ Energy’s existing customer base and reflects our strategy to grow both geographically and through the on-premises integration of our Molecular Universe Predict capabilities into the hardware offering, an “Edge Box”. Energy storage systems are financial assets – the value to our customers depends on delivering consistent, long-term performance. Our ability to provide both the hardware and an intelligent operating system that predicts battery health and reduces maintenance costs

2 Letter to Our Shareholders Q1 2026 sets us apart as we compete for share in the estimated $300 billion global ESS market. An Edge Box built on UZ Energy hardware, enhanced with AI-driven predictive intelligence to maximize long-term performance 2. Drones We made progress in our drone cell business during the first quarter. We completed the conversion of our manufacturing line at our Chungju, South Korea facility from EV pouch cells to drone-format pouch cells. This is the same facility where we developed and built the world’s first 100Ah Li-Metal cell in 2021, and it has been NDAA-compliant since its inception. Our plans are for the converted line to gradually ramp up to an annual capacity of over one million drone cells and incorporate our AI for Manufacturing capabilities to ensure quality and cost effectiveness. We have begun shipping sample cells to prospective defense and commercial drone customers for evaluation and qualification testing, and customer interest has been strong. NDAA-compliant cells ready for shipment from our Chungju plant The US defense drone market, in particular, continues to be where we see the most consequential near-term opportunity. A dependable supply chain of high energy density, NDAA-compliant pouch cells remain extremely rare and is critical to the development of the American drone industry. Our manufacturing capability in Korea positions us well relative to competitors who lack compliant supply chains. In addition to our Korea facility, we continue to explore larger NDAA-compliant manufacturing capacity in Southeast Asia and expect to provide updates later this year.

3 Letter to Our Shareholders Q1 2026 3. Materials Our materials pipeline continues to build. Through the Molecular Universe platform, both SES and our customers have been discovering new electrolyte materials for applications beyond our current cell production. We now have approximately half a dozen customers who have progressed through second-phase testing of materials discovered through the platform. The progression of existing customers through the testing pipeline represents positive momentum. Several of these testing programs are nearing completion of their second phase, and we expect the next step for these customers will be moving toward commercial-scale supply discussions. Our H

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SES AI Provides First Quarter 2026 Business Update

Expects first quarter 2026 revenue of $6.3 million to $6.5 million

Affirms full year 2026 revenue guidance of $30 million to $35 million

Plans to report first quarter 2026 results on April 23, 2026

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Woburn, MA (April 1, 2026)––(BUSINESS WIRE)––SES AI Corporation (“SES AI”, the “Company,” “we” or “us”) (NYSE: SES), a global leader in the development and manufacturing of AI-enhanced high-performance Li-Metal and Li-ion batteries, today provided a business update for the first quarter of 2026, including expected revenue for the quarter and affirmed its previously issued full year 2026 revenue guidance.

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First Quarter 2026 Business Update

Based on preliminary results, the Company expects first quarter 2026 revenue to be in the range of $6.3 million to $6.5 million, above published consensus estimates. The first quarter revenue is largely due to ESS product revenue from UZ Energy, reflecting continued momentum in the Company’s largest near-term revenue generating business, as well as smaller contributions from drones and subscription revenue. First quarter results also include approximately $1.5 million in revenue from orders that were previously disclosed as having been delayed from the fourth quarter of 2025 due primarily to logistics constraints.

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The Company is affirming its previously issued full year 2026 revenue guidance of $30 million to $35 million, with contributions expected from all three revenue generating business units: ESS, drones, and advanced materials. SES AI continues to execute on its capex-light business model and expects to provide additional details on its full year outlook when it reports first quarter results.

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Qichao Hu, Founder and CEO of SES AI, commented, “We are pleased to start 2026 with strong momentum in our ESS business. Our first quarter results are expected to come in above expectations, driven by the continued execution of UZ Energy and growing demand for our commercial and industrial energy storage solutions.”

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“As we look ahead to the remainder of the year, we are confident in our full year guidance and excited about the pipeline of opportunities across our three revenue generating

businesses. We remain focused on financial discipline, our capex-light model, and creating value for our shareholders through commercial execution and the continued development of the Molecular Universe platform,” Hu added.

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First Quarter 2026 Earnings Date and Conference Call

The Company plans to report its first quarter 2026 financial results after market close on Thursday, April 23, 2026. SES AI will hold a conference call at 5:00 p.m. ET on that date to discuss its results and business outlook.

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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/998500960.

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The conference call can also be accessed live over the phone by dialing the following numbers:

United States (Toll Free): 800-715-9871 International: +1 646-307-1963

Access Code: 2990899

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A webcast replay will be available shortly after the call at: https://investors.ses.ai/events-and-presentations/events/default.aspx

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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.

The financial results presented in this press release are preliminary, estimated, and unaudited. Such amounts are subject to the completion and finalization of SES’s financial and accounting closing procedures. They reflect management’s estimates based solely upon information available to management as of the date of this press release. Further information learned during that completion and finalization may alter the final results. In addition, the preliminary estimates should not be viewed as a substitute for full annual financial statements prepared in accordance with GAAP. There is

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Exhibit 99.1

1 Letter to Our Shareholders Q4 2025 Dear Shareholders, 2025 was the year SES AI turned a corner. Full year revenue reached $21 million, up from just over $2 million in 2024 — nearly 10-fold growth in the first full year we had any revenue at all. This tremendous growth was due to the final contributions from our services agreements with Honda and Hyundai as we completed our EV development work with them. We also had three and half months of revenue from the acquisition of UZ Energy for energy storage business. While we are pleased to report full year revenues in the range of our previously issued guidance, it’s the milestones we reached and the year-over-year growth we’re expecting from full year contributions in our three revenue-generating business units—energy storage systems (ESS), drones, and advanced materials—and for recognizing potential value in the Molecular Universe (MU) that has us really excited. In the past year alone, we made more progress than in the previous 10+ years combined. This development of the Molecular Universe has sped things up for us. SES continues to be well positioned to solve the issues of battery development and safety requirements. With the Molecular Universe as our own in-house AI4Science company, we have been able to help customers overcome standard timelines in the adoption of new technology. We also have a front seat to see how energy transition needs are requiring more integration of AI software and hardware along with precise battery health monitoring. 1. Energy Storage Systems (ESS) ESS business is our largest near-term revenue driver and represents a market currently larger than EVs and drones. At Battery World 2024, we announced our entry into the ESS market. Through the UZ Energy acquisition, we are now serving customers across the globe—from Australia to Europe to the Middle East—and are now entering the North American market. Four SoX algorithms, integrated into Molecular Universe Predict, enable near zero-drift SoC and comprehensive battery management. UZ Energy is a leader in Commercial & Industrial ESS and has sold almost 1 GWh of hardware to customers ranging from residential to C&I to grid storage. We are now able to collect their large amount of historical ESS LFP-graphite data. For all future UZ products, we plan to incorporate our Predict feature from Molecular Universe into a small box to achieve near zero-drift State of Charge (SoC), degradation, health, safety, and other SoX algorithms and automated non-disruptive

2 Letter to Our Shareholders Q4 2025 recalibration. This integration helps improve UZ’s ability to predict battery health and reduce maintenance cost for customers. Energy storage systems are financial assets, the value to our customers depends on delivering consistent and long-term performance. Historically, UZ supplied only the hardware to customers, mostly LFP and graphite Li-ion cells. Now since we acquired UZ, SES has the opportunity to provide an operating system to the hardware and sell customers a complete package to meet their ESS needs. We are seeing some early traction with UZ sales efforts as they were able to sign a multiyear $20 million contract with a major distributor recently at the InterSolar conference. 2. Drones Drones represent the next business unit of focus. The drone market requires high energy density and high-power density batteries to achieve longer flight time and greater payload. This is where our Li-metal and high silicon carbon Li-ion batteries really shine. The US defense drone market in particular is where we see the most consequential near-term opportunity and where we are devoting most of our attention and investment. It is worth taking a moment to explain why the drone market is a natural fit for deploying our Li-Metal anodes and proprietary electrolyte. 1. High energy density: Drone batteries require roughly double the energy density of conventional Li-ion—at least 400 Wh/kg to be state-of-the-art, with a realistic roadmap to 500 Wh/kg to win the market. Range and payload are critical. 2. High power and C-rate: Batteries must deliver high C-rate and power for maneuvering and acceleration—solved by our technology. 3. Scalable manufacturing: Batteries must be manufacturable at scale—demonstrated through our EV B-sample developments. 4. Material and supply chain requirements: Batteries need abundant, cost-effective materials, and military applications require National Defense Authorization Act (NDAA)–compliant supply chains—we have been NDAA compliant since 2021. Mainstream Li-ion performance benchmarked against SES cell lineup We recently announced that we expect to convert our EV B-sample line in Chungju, South Korea’s facility to manufacture NDAA-compliant cells for drones. This is the same facility that we developed and built the world’s first 100Ah largest Li-Metal cell back in 2021, and this facility has been NDAA-compliant since 2021. To meet

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Exhibit 99.1

1 Letter to Our Shareholders Q3 2025 Dear Shareholders, We had a record third quarter with more than $7 million in revenue – more than 100% growth over the second quarter. Our All-in-on-AI strategy is working remarkably. Today, I want to highlight some of the successes we’ve seen with this strategy and what it means for the future. We reached a major milestone this quarter that we expect to have far-reaching consequences across the revenue machine we described in detail during our last call. That milestone was the release of our latest version of Molecular Universe, MU-1.0. MU-1.0 is a powerful and complete end-to-end AI4Science workflow that includes 5 features: “Ask”, an agentic LLM with access to what we believe is the world’s largest database of battery-relevant literature; “Search” and “Formulate”, which we believe are the world’s largest databases of battery-relevant molecule and formulation-level properties enabled by GPU-accelerated quantum mechanics computation and machine learning-accelerated property prediction; and “Design” and “Predict”, chemistry-specific and chemistry-agonistic machine learning models that, respectively, can accurately predict battery state of health and end of life. Due to the popularity of the Enterprise tier, we also launched three sub-tiers within Enterprise to provide greater value to more Enterprise users. In addition to cloud-based Molecular Universe, we expect to launch on-premise Molecular Universe, providing greater data security to more Enterprise users. This new on-premise capability, which we will be describing in more detail in the coming months, addresses specific security and privacy needs of the world’s largest battery makers, and it will unlock a greater share of our addressable market. We are incorporating MU-1.0’s “Ask”, “Design”, and “Predict” into our ESS products deployed by UZ Energy around the world to collect data for on-site model training. This unprecedented ability for safety and health prediction, combined with reduced maintenance costs, truly helps differentiate our products and attract new customers. Since we completed the acquisition of UZ in mid-September, our ESS revenue has been growing and is already responsible for approximately 45% of our third quarter revenue. We are very excited about the revenue potential of deploying Molecular Universe to enhance our ESS products. MU-1.0’s “Ask”, “Search”, and “Formulate” are also helping our users identify several new electrolyte materials that we are commercializing. These include: To supply these materials discovered by Molecular Universe to our customers, we recently entered into a Joint Venture agreement with Hisun New Energy Materials, a leading electrolyte manufacturer with Improved low temperature rate performance of LiFePO4 Li-ion cells for ESS applications Improved cycle life for 12% silicon Li-ion cells for EV applications Improved cycle life for Li-Metal and 100% silicon Li-ion for drones and UAM applications, and many more 1. 3. 2.

2 Letter to Our Shareholders Q3 2025 150,000 tons of annual capacity to contract manufacture these materials so we stay capex-light, laying the groundwork for exciting revenue growth in the coming quarters. Another revenue opportunity we expect to grow in 2026 and beyond is in drones. A dependable supply chain of high-energy density pouch cells is extremely rare and critical to the development of the American drones industry. To better address this burgeoning market, we are leveraging our Chungju, South Korea cell factory, incorporating the latest material discoveries from Molecular Universe to meet customer demands. In terms of potential revenue from EVs, we completed B-sample line site acceptance testing this summer with one auto OEM. As a result, in 2026, we expect to start commercial supply of electrolyte materials and partner with them for cell production. Overall, it is hard for us to comprehend a more consequential period than what we have experienced over the past two quarters – particularly as it relates to delivering on the goals we outlined coming into this year. For instance, we noted we wanted to break into the ESS market in a major way. Now we’ve done so with the acquisition of UZ Energy, and the acquisition has already delivered significant revenue in 2025. We launched three versions of Molecular Universe this year. The discoveries that we and our customers have made thus far have accelerated our push into materials to supply them through the Hisun JV. We’ll have more to share on our fourth quarter call about how we expect 2026 to shape up for us, but we expect success to look like a hardware-software integrated platform with multi-prong and multi-revenue streams. As Molecular Universe, a complete AI4Science workflow SaaS platform, accelerates innovation across all battery chemistries, we are working with our JV partners to provide a dependable hardware supply chain for the cells develope

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Exhibit 99.1

1 Letter to Our Shareholders Q2 2025 Dear Shareholders, We had another strong quarter with significant progress achieved on key product, revenue, development and profitability milestones. And recently in the third quarter, we continued that momentum to grow our profitability and revenue through an agreement to acquire an established player in the energy storage space (“ESS”) that leverages our strengths in Molecular Universe battery materials discovery and safety monitoring capabilities. In the first quarter since the public release of Molecular Universe, I’m pleased to see that we now have more than 30 companies that have begun trial testing the Enterprise level with many more in the pipeline. Our mission is to accelerate the world’s energy transition through material discovery and battery management. We are excited to see Molecular Universe helping human scientists to be more creative and develop new products much faster. Since our launch of “All-in on AI” a year ago, we have been progressing through four stages: 1. Chatbot We achieved this milestone with the original launch of Molecular Universe 0. Molecular Universe is a powerful LLM specifically trained on the world’s most comprehensive battery domain expertise combined with the world’s largest and most accurate battery-relevant molecule property databases. 2. AI Agent We achieved this milestone with last month’s introduction of Deep Space in Molecular Universe 0.5. An agentic capability that can conduct senior scientist level battery research, Deep Space can reduce product development time from years to just tens of minutes. The return on investment on this capability for battery development teams is tremendous. 3. Physical AI This is where we are right now. Physical AI is the integration of Molecular Universe with physical systems including drones, humanoid robotics, EV, UAM, and the largest of all – ESS. We are on track with EV B-sample development with our EV OEM customers and growing revenue from our AI-enhanced Li-ion and Li-Metal cells for drones and UAM. And our recent agreement to acquire UZ Energy launches us into ESS Physical AI by providing the opportunity to integrate UZ’s ESS hardware with Molecular Universe’s material discovery platform (LFP and Na-ion for ESS) and our precise battery health monitoring system.

2 Letter to Our Shareholders Q2 2025 4. Revenue Machine The world’s energy transition ultimately needs real physical products with software and hardware integrated. We expect exciting revenue growth to come from five areas of focus. These include: a. Software and Service: This will come from our Molecular Universe tool platform subscriptions and development projects from cell and materials makers. b. Materials: We are producing and selling novel electrolytes and other battery materials discovered through Molecular Universe. c. Cells: We are producing and selling AI-enhanced Li-Metal and high silicon Li-ion cells using electrolytes discovered through Molecular Universe for drones, UAM and humanoid robotics. d. EV Development Service: This is the original project that deployed the Molecular Universe with B-sample development with leading EV OEMs for Li-Metal cells. e. ESS: We will be producing and selling ESS hardware and software solutions that deploy safe and long cycle life materials and precise health monitoring from Molecular Universe. This is where we expect to not only grow UZ Energy’s core business but also leverage that integration with Molecular Universe. To implement this platform strategy, we have been busy recruiting more top talent and looking for inorganic acquisition opportunities such as the one with UZ Energy that accelerate and extend this strategy. The reason that so many people are excited about our Molecular Universe platform and want to join us, is that they see SES AI has all the ingredients required to build the best AI platform for energy transition, especially unparalleled access to high quality data not available anywhere else. And they will be able to deliver products that are not just safer and demonstrate better performance than competition but improve much faster.

3 Letter to Our Shareholders Q2 2025 Financial Highlights and Outlook Revenue for the second quarter was $3.5 million with a 74% gross margin. Our second quarter revenue was primarily driven by contracts with our automotive OEM customers to develop AI-enhanced Li-Metal and Li-ion battery materials for EV applications. As noted in our pre-announcement, we affirmed our full-year 2025 revenue guidance of $15 million to $25 million. We utilized $10.8 million in cash for operations in the second quarter, which was a 51% decrease from 2Q24 and a 53% decrease from 1Q25. We have been emphasizing our operational discipline for the past few quarters, and the significant reduction in cash usage in operations is a result of executing our plan to deploy capital effectively while growing our top-li

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Exhibit 99.1

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‌Beyond Li-ion™

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SES AI Announces Preliminary Second Quarter 2025 Financial Results

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Affirms 2025 revenue guidance of $15 million to $25 million

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Acquisition of UZ Energy, following closing, expected to generate additional revenue in 2025

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Woburn, MA (July 28, 2025) - SES AI Corporation (“SES AI”, the “Company,” “we” or “us”) (NYSE: SES), a global leader in the development and manufacturing of AI-enhanced high-performance Li-Metal and Li-ion batteries, today announced its preliminary financial and business results for the second quarter ended June 30, 2025.

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Preliminary Second Quarter 2025 Highlights:

●Revenue of $3.5 million for a total of $9.3 million in the first half of 2025

●Gross Margin of 74%

●Cash used in operations of $10.8 million, a 51% decrease from 2Q24 and a 53% decrease from 1Q25

●Quarter end liquidity (comprising cash, cash equivalents and marketable securities) of $229 million with no debt

●Affirms 2025 revenue guidance of $15 million to $25 million

Qichao Hu, Founder and CEO of SES AI, noted, “We continued our path to profitability with revenue of $3.5 million during the second quarter, positioning us to reach our year-end revenue target of between $15 million to $25 million. With today’s separate announcement of the signing of a deal to acquire UZ Energy, we are deploying a nominal amount of our excess liquidity to pursue what we view as a tremendous opportunity to accelerate our platform strategy in the global energy storage market that will provide additional revenue growth in 2025 and beyond.”

As previously announced, the Company will report its results for the second quarter of 2025 after market close on Monday, August 4, 2025, and will host a conference call later that day at 5:00pm ET to discuss its quarterly results and financial outlook.

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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

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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.

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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.

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The financial results presented in this press release are preliminary, estimated, and unaudited. Such amounts are subject to the completion and finalization of SES’s financial and accounting closing procedures. They reflect management’s estimates based solely upon information available to management as of the date of this press release. Further information learned during that completion and finalization may alter the final results. In addition, the preliminary estimates should not be viewed as a substitute for full annual financial statements prepared in accordance with GAAP. There is a possibility that SES’s financial results for the three months ended June 30, 2025 could vary materially from these preliminary estimates.

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Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “will,” “goal,” “prioritize,” “plan,” “target,” “expect,” “focus,” “look forward,” “opportunity,” “believe,” “estimate,” “continue,” “anticipate,” “project” and “pursue” or the negative of these terms or similar expressions. These statements are based on the beliefs and assumptions of the management of the Company. You should not place undue reliance on these forward-looking statements. Although the Company 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. 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 o

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EX-99.1

Exhibit 99.1

1 Letter to Our Shareholders Q1 2025 Dear Shareholders, We reached a new record for revenue with $5.8 million recognized in the first quarter, and we maintained our outlook for the year for a total of $15M to $25M in revenue. This is a strong start to what we project will be a transformational year for SES AI. We are pleased to present an update on each of our growth initiatives and how they have positioned us to plan to exit 2025 with above $200 million in liquidity and a runway well into the second half of 2028.

1. EV

We recognized revenue in the first quarter from contracts with two OEM partners to develop AI-enhanced Li-Metal and Li-ion batteries for EVs: • We are on track to complete B-sample and are in discussions about commercial next steps with two OEMs. • We have deployed our AI for Science material discovery end-to-end capability to develop new electrolytes to improve critical battery performance measures, including cycle life and safety of Li-Metal and silicon Li-ion batteries, for two OEMs. • Based on the successful track record with these two OEMs, we are packaging our AI for Science material discovery with end-to-end capability into a software and service platform called Molecular Universe. This enables us to mass produce material discovery and development service, our largest and most profitable revenue component, and rapidly expand our service from just one chemistry and two OEMs in one market, to potentially all OEMs, battery makers, electrolyte companies, consumer electronics companies, and more, across all battery chemistries. • With fierce global EV competition and new global safety regulations becoming effective in July 2026, through our material discovery and development services, we can deliver commercially practical winning solutions that help OEMs achieve meaningful differentiation in the market. Even before the official global release of Molecular Universe, one dozen companies, including OEMs, battery and electrolyte companies, had already requested early access to the platform for testing. 2. UAM/Drones/Robotics We have received a tremendous response from the introduction of our AI-enhanced 2170 cylindrical cell for humanoid robotics and drone applications. We also continue to produce pouch cells for customers in drones and UAM from our own lines that were previously converted from EV A-sample lines. Our facility in Chungju, South Korea has proven to be strategically positioned to support many of our customers, particularly given the current geopolitical and tariff uncertainty. The development of these cells incorporates electrolyte materials discovered through Molecular Universe. 3. Molecular Universe Software and Service Platform The motivation for Molecular Universe is to mass produce material discovery and development service, our largest and most profitable revenue component. This platform delivers commercially practical

2 Letter to Our Shareholders Q1 2025 winning solutions that help users compete. Molecular Universe is not contracting R&D; rather, it’s an end-to-end service ranging from material discovery to cell manufacturing. It is A-sample, B-sample, C-sample, and SOP, at scale. Its benefits are not just applicable to one chemistry (Li-Metal) and one market (EV) but can be applied to all battery chemistries and all battery markets. We will globally release the first version of Molecular Universe, MU-0, on April 29th. The live demo will explain MU-0’s features and pricing structures. We look forward to reporting more progress and details on the Molecular Universe during the second quarter. Liquidity and Revenue Outlook We concluded the quarter with a strong liquidity position (comprising cash, cash equivalents and marketable securities) of $240 million with no debt. Based on the revenue we recognized for the quarter, we affirmed our previously issued revenue guidance of $15 million to $25 million for 2025. As we look ahead to the remainder of 2025, our focus remains on disciplined execution and building the foundation for long-term and scalable growth. We are seeing top-line growth, maintaining a strong gross margin, executing our plan efficiently, and positioning the business for the next phase of commercial readiness. In summary, we are operating from a position of strength, growing top-line revenue, controlling costs, and deploying capital with discipline. We expect to exit 2025 with more than $200 million in liquidity. Plans for 2025 and Beyond • We are in a strong cash position to execute our vision. • We have evolved from manufacturing capex-heavy plans for EV and UAM at scale to a scalable software and service business model. • We have focused our operating costs on enhancing our commercial team to pursue greater revenue opportunities in 2025-2027. • Our new Molecular Universe software and service platform has proven to be successful with two OEMs already and can more efficiently deliver commercially practic

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‌Beyond Li-ion™

SES AI Provides Preliminary First Quarter 2025 Revenue and Liquidity Results

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Announces Date of Conference Call for First Quarter 2025 Results

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Woburn, MA (April 8, 2025) - SES AI Corporation (“SES AI”) (NYSE: SES), a global leader in the development and manufacturing of AI-enhanced high-performance Li-Metal and Li-ion batteries, today announced preliminary unaudited revenue results and expected liquidity for the first quarter ended March 31, 2025.

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Consistent with its previously issued full year 2025 guidance, the Company expects to report first quarter revenue in the range of $5.0 million to $5.8 million. In addition, the Company anticipates that its liquidity as of March 31, 2025 (consisting of cash and cash equivalents and short-term investments) should be approximately $240 million with no debt outstanding.

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Qichao Hu, Founder and CEO of SES AI, noted, “We are on pace with our revenue projections for the year with the contracts in hand for AI-enhanced EV battery development and initial sales of our AI-enhanced 2170 battery cells generating revenue in the first quarter of 2025. We anticipate contributions from our agreements in the Battery Energy Storage Systems (BESS) sector and our upcoming launch of a Molecular Universe toolkit to add to this early momentum.”

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SES AI also announced that it will release its 2025 first quarter business results and discuss its full year 2025 guidance outlook after market close on Thursday, April 24, 2025, and hold a conference call on Friday, April 25, 2025, at 9:00 a.m. ET.

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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/966696502 and the following link can be used by investors to submit questions in advance of the call by Friday, April 18, 2025 at 11:00 p.m. ET.

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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/966696502

Access Code: 852813

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A webcast replay will be available shortly after the call at: https://investors.ses.ai/events-and-presentations/events/default.aspx

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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

1

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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.

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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.

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The financial results presented in this press release are preliminary, estimated, and unaudited. Such amounts are subject to the completion and finalization of SES’s financial and accounting closing procedures. They reflect management’s estimates based solely upon information available to management as of the date of this press release. Further information learned during that completion and finalization may alter the final results. In addition, the preliminary estimates should not be viewed as a substitute for full annual financial statements prepared in accordance with GAAP. There is a possibility that SES’s financial results for the three months ended March 31, 2025 could vary materially from these preliminary estimates.

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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 guara

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Exhibit 99.2

Beyond Li-ion™

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SES AI Reports Fourth Quarter and Full Year 2024 Results

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Reaches Commercialization and Revenue Generation in Fourth Quarter

New Revenue Sources Develop from EV, Drones/Robotics and BESS

New AI-Enhanced 2170 Cylindrical Cell Opens Humanoid and Li-ion EV Markets

Issues 2025 Revenue Guidance

Strong Balance Sheet Provides Liquidity into 2028

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Highlights

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●Reported $2.0 million in fourth quarter revenue; an accelerated revenue ramp is expected in 2025

●Deepened partnerships with existing automotive OEMs with commercialization of AI for Science to develop new electrolyte materials for both Li-Metal and Li-ion batteries

●All in on AI strategy powered battery material discovery to an entirely new AI-enhanced 2170 cylindrical cell for emerging humanoid robotics applications and entry into Li-ion battery applications in EV

●Commercialization of AI for Safety led to the signing of an MOU to provide up to 100 MWh advanced Battery Energy Storage System (“BESS”) solution

●FY 2024 cash usage in operations and Capex was $78.3M, below previous guidance of $80M to $95M

●FY 2025 revenue projected to be in a range of $15M to $25M

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Woburn, MA (February 25, 2025) - SES AI Corporation (“SES AI”) (NYSE: SES), a global leader in the development and manufacturing of AI-enhanced high-performance Li-Metal and Li-ion batteries, today announced its fourth quarter and full year 2024 business results for the quarter ended December 31, 2024 and introduced its financial guidance for the year ending December 31, 2025.

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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, details on its fourth quarter 2024 results, and its guidance for 2025.

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“2024 was a transformational year for SES AI as we evolved from our legacy as an EV-only Li-Metal battery player to an emerging leader in multiple battery chemistries powered by commercialized AI for Science, Safety, and Manufacturing,” stated Dr. Qichao Hu, Founder and CEO. “For the first time in our history, we generated revenue and proved out the potential of our commercialization strategies.”

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“We started 2025 with a number of milestones reached that accelerate our commercialization plans. Our discovery of an AI-enhanced molecule enabled us to unveil a new 2170 cylindrical cell that opened the emerging humanoid robotics applications market along with new and existing Li-Metal and Li-ion applications in EV and drones. Commercialization of AI for Safety has also opened a market for Battery Energy Storage Systems that we believe is 10 times larger than automotive. The contracts and MOU we signed in all of these markets provide the basis for our 2025 projection of revenue in the range of $15 million to $25 million,” Hu added.

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The Company will hold a conference call later today at 5:00 p.m. Eastern Time.

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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/260841479.

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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/260841479

Access Code: 465136

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A webcast replay will be available shortly after the call at: https://investors.ses.ai/events-and-presentations/events/default.aspx

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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.

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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.

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Forward-Looking Statements

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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 expectati

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‌Beyond Li-ion™

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SES AI Provides Preliminary Fourth Quarter 2024 Revenue and Liquidity Results

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Announces Date of Conference Call for Fourth Quarter 2024 Results

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Woburn, MA (January 31, 2025) - SES AI Corporation (“SES AI”) (NYSE: SES), a global leader in the development and manufacturing of AI-enhanced high-performance Li-Metal and Li-ion batteries, today announced preliminary unaudited revenue results and expected liquidity for the fourth quarter ended December 31, 2024.

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Based on this month’s announcement of contracts with SES AI’s OEM partners for the commercial application of AI for Science for battery material discovery and the purchase order for AI-enhanced Li-Metal and Li-ion batteries for drone applications, the Company expects to report fourth quarter revenue earlier than it originally anticipated and in the range of $1.5 million to $2.0 million. In addition, the Company anticipates that its work during the quarter to reduce expenses should result in 2024 year-end liquidity (consisting of cash and cash equivalents and short-term investments) in the range of $260 million to $265 million and no debt outstanding.

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SES AI also announced that it will release its 2024 fourth quarter and full year business results as well as its initial full year 2025 guidance outlook after market close on Tuesday, February 25, 2025, and hold a conference call on Tuesday, February 25, 2025, at 5:00 p.m. ET. The 2025 guidance is expected to include the Company’s initial outlook on projected 2025 revenue, which will be based on the contracts referenced above and the recent announcement on new battery energy storage system opportunities among others, as well as an updated outlook for operating and capital expenditures

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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/260841479 and the following link can be used by investors to submit questions in advance of the call by Friday, February 21, 2025 at 11:00 p.m. ET.

​

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/260841479 ​

Access Code: 465136

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A webcast replay will be available shortly after the call at: https://investors.ses.ai/events-and-presentations/events/default.aspx

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1

© 2024 SES AI Corp., Confidential and Proprietary‌

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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.

​

The financial results presented in this press release are preliminary, estimated, and unaudited. Such amounts are subject to the completion and finalization of SES’s financial and accounting closing procedures, including its audit. They reflect management’s estimates based solely upon information available to management as of the date of this press release. Further information learned during that completion and finalization may alter the final results. In addition, the preliminary estimates should not be viewed as a substitute for full annual financial statements prepared in accordance with GAAP. There is a possibility that SES’s financial results for the fiscal year ended December 31, 2024 could vary materially from these preliminary estimates.

​

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 sugge

EX-99.1

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Exhibit 99.1

Dear Shareholders, Here we present an update on our progress toward commercialization of our next generation Li-Metal batteries and our three AI solutions. 1. Revenue Pipeline from UAM (Urban Air Mobility) and Drones: Our UAM lines have completed Site Acceptance Tests (SAT) and we signed cell supply agreements including with SoftBank. 2. B-Samples Passed EV Safety Tests: Our 100Ah Li-Metal B-samples cells successfully passed GB38031-2020, a major milestone towards C-samples and Start-of-Production (SOP) for EV. 3. Revenue Pipeline from AI-Accelerated Battery Material Discovery for Li-Metal and Li-ion: We are building earlier revenue pipeline from electrolyte projects including both Li-Metal and Li-ion. 1. Revenue Pipeline from UAM (Urban Air Mobility) and Drones Recently we signed several commercial agreements to supply Li-Metal cells to customers, including one of the world’s largest wireless communication providers SoftBank Corp. Earlier this year, we converted our EV A-Sample lines to UAM lines, and we are excited to report that both our Shanghai and Chungju EV A-sample to UAM line conversions have completed Site Acceptance Test (SAT) and achieved Ready-To-Use (RTU) status. The new UAM cells manufactured on these lines have 30Ah in capacity and are custom designed to meet UAM customer requirements. *Shanghai UAM and Chungju UAM line 2. B-Samples Pass EV Safety Tests As the world’s first to enter automotive B-Sample joint development for Li-Metal, our 100Ah Li-Metal cells developed for our B-Sample JDAs successfully passed the rigorous industry safety test of GB38031-2020. This is the first time in the industry that a large capacity Li-Metal cell successfully passed safety tests required by the global Electric Vehicles Battery Safety Standards. This certification is required by all of SES AI’s EV

OEM partners, as well as many of the other leading manufacturers, as a global standard. This is a major milestone towards C-sample and Start-of-Production (SOP). Further details on GB38031-2020 test results are available on ses.ai website. 3. All-in on AI Our AI solutions have already borne fruits in advancing our Li-Metal plan as outlined earlier. We are working closely with our OEM partners to broaden the scope of our AI efforts to incorporate other battery chemistry and cell designs. We anticipate that this will enable us to deliver greater value to a broader customer base using Li-ion and Li-Metal batteries and generate multiple revenue opportunities. AI-Accelerated Battery Material Discovery Earlier this year, we established our Electrolyte Foundry, formed a partnership with NVIDIA to leverage the latest computing hardware and software, and attracted a team of worldclass battery electrolyte scientists, including promoting Dr. Kang Xu to our Chief Technology Officer (CTO). We achieved remarkable acceleration, which allowed us to compute the largest molecular property database in the world. We have the most complete end-to-end capabilities including molecular property mapping, AI model development, human domain expertise, the Electrolyte Foundry for molecule synthesis and electrolyte formulation, and cell production and validation (from lab to A-samples and B-samples and beyond).

Complete end-to-end capabilities for AI-accelerated battery material discovery,

validated in Li-Metal, now applied to Li-ion

Since we introduced our “All-in on AI” strategy last quarter, we have already seen great partnership interests in our AI-accelerated battery material discovery end-to-end capability. We are building revenue pipeline for the first time including five projects from two companies (one electrolyte manufacturer and one automaker) to address various Li-Metal and Li-ion electrolyte challenges. AI for Manufacturing and Safety Both our Shanghai and Chungju UAM lines now have AI for Manufacturing installed, and we are currently installing AI for Manufacturing for the B-sample lines at our OEM partner site. This tool has helped us detect defects that would have escaped using conventional manufacturing quality control. All UAM and Drone customers that receive our Li-Metal cells and modules will also have our AI for Safety embedded in addition to conventional battery management system (BMS) to precisely monitor battery health and predict incidents. With AI for Safety alone, we have achieved 95% prediction accuracy (achieving the target that we set out earlier this year), and with AI for Manufacturing integrated with AI for Safety, we can achieve 100% prediction accuracy. These are based on training from 15,000 Li-Metal cells.

Financial Updates In the third quarter, our GAAP operating expenses were $34.2 million. Cash used in operations was $22.7 million and capital expenditures were $1.5 million. We ended the third quarter with $274 million in liquidity. As we continue to be very prudent with our cash and management of expenditures, we updated our full year 2024 gui

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Exhibit 99.1

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Dear Shareholders,

2023 is starting out to be a great year for SES. A few years from now when we expect our Li-Metal battery technology will be in mass production, we think we will look back and say 2023 was a key turning point as we laid several crucial foundations.

​

First we’d like to give you an update on our three OEM JDAs. As we have discussed previously, we were the world’s first Li-Metal battery company to enter automotive A-sample JDAs, and we did so with GM, Hyundai, and Honda. We believe our biggest value to them, in addition to deep material development capability, is the ability to build and test many large 100Ah Li-Metal cells. With this ability, our ideas become data, and data becomes intelligence. Even Elon Musk tweeted after the starship launch “high production rate solves many ills.”

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It’s been more than a year now since our three A-sample lines have been up and running, one in Shanghai China and two in Cheongchungbuk-do South Korea, producing and testing large 50Ah and 100Ah Li-Metal cells. We believe these are the most advanced and battle-tested large Li-Metal cell production lines anywhere in the world, and what a difference they have made. They provide a safe and reliable platform for us to test new ideas and make improvements to the technology.

​

It is safe to say, as we have discussed in previous shareholder letters, we simply didn’t know what we didn’t know until we started making these large cells in higher volumes. Many of the manufacturing issues that we

detailed have now been solved or are close to being solved. For example:

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1.Ultra-thin lithium anode wrinkling and tearing during large format rolling and lamination -- after three rounds of iterations and improvements on our A-sample lines and in collaboration with our equipment and material vendors, we have significantly improved this issue. We have even started testing new processes for anode lamination and believe we will completely eliminate this issue in future designs.

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2.Novel electrolyte solvent scale-up -- while our material R&D team continues to develop new solvent molecules, our scale-up team has completed 4 different types of electrolyte solvents for production.

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3.Electrode stacking misalignment and overhang -- our approach of manufacturing Li-Metal cells using Li-ion processes really paid off here as our team of experienced Li-ion engineers quickly addressed this issue by borrowing from their Li-ion stack pouch cell experience.

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4.Powder formation during electrode punching -- this is unique to our lithium metal anode, and we now have two teams working on laser and metal die approaches in parallel, understanding the ​

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Letter to Our Shareholders | May 8, 2023

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fundamental mechanism, we believe we will be able to choose the best solution after fully understanding both approaches.

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5.Formation pressure and voltage stability -- this is also unique to our Li-Metal cells, and after three rounds of iterations and improvements and working with our vendor, we believe we now have a solution and that we will implement across our current equipment and future designs.

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6.Finding efficient ways to do image scanning on large format cells and developing proper ways to store, handle, test and recycle Li-Metal cells -- this is a really interesting and important area that many companies don’t pay enough attention to. We are integrating imaging tools including x-ray, CT, SEM, ultrasound and others to our manufacturing and Avatar systems. We are also developing new tools such as large 100Ah Li-Metal cell teardown robots, smart test boxes, and very sophisticated large cell testing and storage monitoring facilities. All to provide a safe environment for us to innovate and test cutting-edge ideas on large 100Ah Li-Metal cells.

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7.Avatar -- our large cell Avatar prediction accuracy increased from 0% to 60% last year, and in a recent experiment, our Avatar successfully predicted 18 out of 21 abnormal cells, that’s getting close to 90%.

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SES employee operating X-ray machine

Furthermore, we significantly improved quality management through diligently working with our OEM partners. For example, our control plan went from about 200 control points to now more than 1,400 control points. We are targeting more than 4,000 control points, since Li-Metal is a new technology, and we want to fully characterize every detail in the entire process. These issues could not have been addressed through simulation or discussion, they required extensive trial and error, and that’s what our three A-sample lines did. We have built and tested hundreds to thousands of large 100Ah Li-Metal cells. We don’t think any other Li-Metal battery company has done this. And we believe that if you don’t do this, you just can’t push Li-Metal forward.

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Letter to Our Shareholders | May 8, 2023

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And we didn’t stop there. We believe these thre

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Exhibit 99.1

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Dear Shareholders,

As a leader in Li-Metal batteries, SES AI Corporation (SES) continues to evolve and innovate, despite all the challenges that come with new battery development, we have made some exciting progress that we would like to share with you.

2022 was a difficult but productive year. We built three A-sample lines: one in Shanghai, China and two in Chungcheongbuk-do, South Korea, including one for each of our three OEM JDA partners GM, Hyundai and Honda. The necessary level of dedicated engineering, quality and production output required us to have dedicated lines for each OEM. Importantly, we achieved ready-to-use status for our A-sample lines under budget and ahead of time. This experience strongly supports our strategy of building Li-Metal cells using Li-ion manufacturing processes and building A/B-samples in Asia so we can come back to the United States for C-samples and commercial production in the most efficient way possible.

SES was the first battery company in the world to introduce 100Ah Li-Metal cells, the first to enter an automotive A-sample JDA with a major OEM, and the first to encounter all the start-up issues that come with producing 100Ah Li-Metal cells at pilot scale. As we detailed last quarter, we encountered countless issues ranging from:

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●ultra-thin lithium anode wrinkling and tearing during large format rolling and lamination

●novel electrolyte solvent scale up

●electrode stacking misalignment and overhang

●powder formation during electrode punching

●formation pressure and voltage stability

●finding efficient ways to do image scanning on large format cells

●developing proper ways to store, handle, test and recycle Li-Metal cells

One really important thing we have learned over the past decade of development is that, when our team can identify a specific issue, we are often not far from solving the problem. Over the past year, we have leveraged the deep Li-ion stacked pouch cell engineering, manufacturing and quality experience of our own team and our OEM partners and made a lot of progress. Identifying and solving these issues has provided great know-how and knowledge for our human engineers and scientists and Avatar, our advanced AI-powered safety software and battery management system, which monitors the state-of-health of the battery cells. By the end of 2022, Avatar could predict 100Ah cell safety and life with more than 60% accuracy compared to 0% in the beginning of 2022. In comparison, Avatar could predict 4Ah cell safety and life with 99% accuracy after 3 years of data training.

Our three A-sample lines provided a platform for us to work closely with each of our OEM partners and get hands-on live feedback. Our partners were stationed in our facilities for months at a time and we attracted top engineering

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Letter to Our Shareholders | March 14, 2023

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talent and worked with top vendors from around the world. It was accelerated learning for us in manufacturing and quality control, and we plan to continue to work with our OEM partners to eventually build facilities for C-sample batteries.

During the year, we also made significant investments in Chungcheongbuk-do South Korea to achieve full operations by the fourth quarter. Our investments followed LG Energy Solution investment in the same province, making Chungcheongbuk-do the province with the highest battery production capacity in South Korea. During the fourth quarter of last year, I met with the President of South Korea -- Suk-Yeol Yoon -- to thank him for supporting the industry and helping to build a robust supply chain around the world. I am extremely honored that we were recently awarded cash grants from the South Korean Central Government – represented by the Ministry of Trade, Industry and Energy – Chungcheongbuk-do Province and Chung-Ju City which will help us expand our capabilities in South Korea.

The thing I am most proud of over the past year is how the entire SES team has worked as one. Our Boston team is developing new electrolytes and anode materials, our Chungcheongbuk-do team focuses on assembly equipment and cathode processes, and our Shanghai team focuses on electrolytes, anode manufacturing processes and cell assembly processes. All of these contributions from our global team are being integrated into a system for our 100Ah Li-Metal cells.

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SES scientists committed to new material development

We recently summarized our latest large cell test data and published the results on our website. We believe this is the most complete data report on large format Li-Metal cells and we will continue to publish similar data reports to keep the industry updated. We believe in transparency and are confident that a year from now when we publish additional reports on our large cells, the data will be even stronger as we continue to improve everything from materials to engineering to manufacturing quality.

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Exhibit 99.1

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Beyond Li-ion™

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SES Provides an Update on Cash Position as of End of 2022 and Status of Annual Report on Form 10-K

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BOSTON, Mass. – March 1, 2023 – SES AI Corporation (NYSE: SES) (the “Company” or “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 it is unable to complete the preparation of its Annual Report on Form 10-K (the “Form 10-K”) and its audit for the fiscal year ended December 31, 2022 in a timely manner.  SES has filed a form NT 10-K with the Securities and Exchange Commission (SEC), which provides a 15-calendar day “grace period” to file its Form 10-K. Reflecting the aforementioned “grace period”, SES currently anticipates that its Form 10-K shall be filed on or before March 16, 2023.

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SES became a “large accelerated filer” and lost its status as an “emerging growth company” as of December 31, 2022, causing it to comply with certain requirements of Section 404 of the Sarbanes-Oxley Act of 2002 for the first time this year. SES also has a shortened deadline to file its Form 10-K of 60 days rather than 90 days after December 31, 2022. Although SES’s current year assessment of internal control over financial reporting is not yet complete, like in its annual report for the 2021 fiscal year, SES additionally expects to report one or more material weaknesses in its internal control over financial reporting as of December 31, 2022, further delaying the completion of the Form 10-K.

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Ahead of the filing of the Form 10-K, SES also announced that cash usage, defined as net cash used in operations and for capital expenditures, for the year ending December 31, 2022 was approximately $61 million, below its prior financial guidance of $75 million - $85 million.  Additionally, available liquidity, defined as cash and cash equivalents and short-term investments in marketable securities, as of December 31, 2022 was approximately $390 million, providing the Company a strong balance sheet going into 2023.

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“We appreciate all the support we have received from our shareholders, employees, and OEM partners in our first year as a public company. Our cash position at the end of 2022 was stronger than expected, and we still built three A-sample lines under budget and ahead of time, reinforcing our strategy of making Li-Metal cells using Li-ion process. We are also developing A-sample in Asia as we plan to come back to the US for C-sample and commercial production later in an efficient manner,” said SES Founder and CEO Qichao Hu. “2023 should be an exciting year for SES, as we expect to transition to B-sample and commercial production beyond.”

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The financial results presented in this press release are preliminary, estimated, and unaudited. Such amounts are subject to the completion and finalization of SES’s financial and accounting closing procedures, including its audit. They reflect management’s estimates based solely upon information available to management as of the date of this press release. Further information learned during that completion and finalization may alter the final results. In addition, the preliminary estimates should not be viewed as a substitute for full annual financial statements prepared in accordance with GAAP. There is a possibility that SES’s financial results for the fiscal year ended December 31, 2022 could vary materially from these preliminary estimates.

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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 Chungju.

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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 SES’s website at www.ses.ai. Accordingly, investors should monitor this channel, in addition to following the Company’s press releases, Securities and Exchange Commission filings and public conference calls and webcasts. To learn more about SES, please visit: https://investors.ses.ai

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Investors: Eric Goldstein ericgoldstein@ses.ai

Media: Irene Lam ilam@ses.ai

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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 expect