What is SES AI's gross margin?

SES AI (SES) reported gross margin of 36.3% in Q1 2026.

How has SES AI's gross margin changed year-over-year?

SES AI's gross margin decreased by 51.8% year-over-year, from 75.4% to 36.3%.

What does gross margin mean?

Gross profit (revenue minus cost of revenue) as a percentage of revenue, on a trailing-twelve-month basis. Measures how much of each sales dollar survives the direct cost of producing the goods or services sold.

SES AI SES Gross margin

Gross margin at other companies

Enovix CorporationENVX

21.5%—

Amprius TechnologiesAMPX

18.1%+10.5pp

Microvast Holdings, Inc.MVST

26.4%-8.6pp

American Battery Technology CompanyABAT

-42.7%-20.5pp

AlbemarleALB

18.4%+14.9pp

AESAES

19.3%+1.7pp

Other financials

Income statement

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Revenue$6.7M+15.8%

Gross profit$1.2M-73.3%

Operating income-$17.9M+23.2%

Net income-$12.1M+2.7%

EPS (diluted)-$0.040.0%

Balance sheet

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Cash & equivalents$46.9M-16.3%

Total debt$7.7M-18.9%

Total equity$203.2M-24.7%

Total assets$253.5M-17.1%

Cash flow

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Operating cash flow-$19.8M+13.3%

CapEx$330.0K-64.0%

Free cash flow-$20.1M+15.2%

Valuation

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Market cap$325.08M+5.5%

Enterprise value$285.86M+9.3%

P/S14.8×-27.2×

Profitability

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Operating margin-352.3%-153pp

Net margin-331.7%-142pp

FCF margin-262.8%-115pp

Returns & leverage

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Return on equity-30.7%-0.7pp

Debt / equity0×0.0×

Current ratio6.9×-8.8×

Where this comes from

Calculated from SES AI’s reported figures.

gross profit/total revenue=36.3%

Based on trailing twelve months.

The official record: SES AI’s 10-Q, filed April 24, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is SES AI's gross margin?: SES AI (SES) reported gross margin of 36.3% in Q1 2026.
How has SES AI's gross margin changed year-over-year?: SES AI's gross margin decreased by 51.8% year-over-year, from 75.4% to 36.3%.
What does gross margin mean?: Gross profit (revenue minus cost of revenue) as a percentage of revenue, on a trailing-twelve-month basis. Measures how much of each sales dollar survives the direct cost of producing the goods or services sold.