What is SES AI's operating margin?

SES AI (SES) reported operating margin of -352.3% in Q1 2026.

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

SES AI's operating margin increased by 76.8% year-over-year, from -1,519.2% to -352.3%.

What does operating margin mean?

Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.

SES AI SES Operating margin

Operating margin at other companies

SLD

Solid PowerSLDP

-548.6%+41.2pp

Enovix CorporationENVX

-520.3%-160pp

Amprius TechnologiesAMPX

-48.4%-19.0pp

Microvast Holdings, Inc.MVST

9.7%+5.4pp

American Battery Technology CompanyABAT

-381.9%-180pp

AlbemarleALB

-2.8%-1.3pp

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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Gross margin36.3%-39.1pp

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.

operating income/total revenue=-352.3%

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 operating margin?: SES AI (SES) reported operating margin of -352.3% in Q1 2026.
How has SES AI's operating margin changed year-over-year?: SES AI's operating margin increased by 76.8% year-over-year, from -1,519.2% to -352.3%.
What does operating margin mean?: Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.