SES AI Corporation filed its quarterly report on Form 10-Q with the U.S. Securities and Exchange Commission on November 12, 2026, covering the fiscal quarter ended September 30, 2026.

Key Highlights

  • Share count: As of November 9, 2026, there were 312,949,891 shares of Class A common stock and 43,881,251 shares of Class B common stock outstanding.
  • Filer classification: SES AI is classified as a non-accelerated filer and a smaller reporting company, according to the filing.
  • Continued losses expected: The company disclosed that it "expects to continue to incur losses for the foreseeable future."
  • UZ Energy integration risk: The filing identifies a risk that the company "may not be able to successfully integrate UZ Energy's operations" into its business.
  • NDAA-compliant drone cells: The company cited risks related to developing National Defense Authorization Act-compliant manufacturing capacity for drone cells and potential demand uncertainty.
  • Capital needs: According to the filing, the company "will need substantial additional capital in the future to fund our business."

SES AI's Battery and AI Business: Key Risks Disclosed for Q3 2026

SES AI Corporation, headquartered at 35 Cabot Road in Woburn, Massachusetts, develops battery technology and AI-based services, including a product called Molecular Universe. The company trades on NYSE:SES under its Class A common stock, par value $0.0001 per share. Its quarterly filing covers operations through September 30, 2026, and was submitted with Commission File Number 001-39845.

According to the filing, SES AI's business spans multiple product areas, including lithium-metal batteries, Energy Storage Systems, drone cells, and AI-based materials discovery services. The company disclosed that the market for its AI-based services "is still emerging" and that its AI programs "may not achieve the growth potential we expect." The filing also noted that the economic benefit of its Energy Storage Systems products to customers depends on the cost of electricity available from alternative sources, a factor subject to change.

The filing contains forward-looking statements subject to the company's cautionary language. Among the risks disclosed, the company noted competitive pressure from battery manufacturers with "significantly greater resources," reliance on third-party manufacturers located outside the United States, and dependence on an intellectual property portfolio that includes "unpatented proprietary technology." The company stated that if it is unable to protect those rights "from unauthorized use," its business and competitive position "would be harmed."

What Was Disclosed

SES AI Corporation filed a Form 10-Q for the quarter ended September 30, 2026, reporting 312,949,891 Class A and 43,881,251 Class B shares outstanding as of November 9, 2026, and disclosing a range of operational and financial risks, including expected ongoing losses and a need for additional capital.