Key Highlights

  • SES AI (NYSE:SES) traded at USD 0.62 in intraday trading on November 13, 2026, up 6.40%, on about 5.2 million shares, below its three-month average of roughly 21.7 million.
  • Third quarter revenue, reported on November 12, rose 31% from the second quarter to USD 6.6 million but fell short of market expectations of about USD 7.7 million, and the shares fell after the release.
  • The GAAP net loss narrowed to USD 13.4 million from USD 17.9 million in the second quarter, and Liquidity was about USD 137 million with no debt.
  • The company kept its 2026 Revenue guidance of USD 30 million to USD 35 million, and holders will vote on December 10 on a reverse split of between 1-for-5 and 1-for-20.

Results Showed Progress but Missed Expectations

SES AI develops lithium-metal and lithium-ion batteries and uses AI tools to discover battery materials. It reported third quarter results before the open on November 12. Revenue of USD 6.6 million rose 31% from USD 5.1 million in the second quarter, and product revenue more than doubled from USD 3.2 million a year earlier. Even so, revenue fell short of the roughly USD 7.7 million the market had expected, and the stock dropped during that session. The adjusted loss of USD 0.03 per share was narrower than the USD 0.05 expected, and the GAAP net loss improved to USD 13.4 million, or USD 0.04 per share, from USD 17.9 million in the second quarter. The non-GAAP net loss was USD 10.7 million. The 6.40% rebound on November 13 came on below-average volume, which suggests short-term buyers stepped in after the selloff rather than a broad change in sentiment. The company reiterated its full year revenue guidance of USD 30 million to USD 35 million, which requires a sharp step-up in the fourth quarter given the USD 18.4 million recorded through September.

Drones Are Now the Growth Priority

Management named drone batteries as the central growth driver. Its plant in Chungju, South Korea completed a ramp to an annual capacity of 1 million cells that meet US defence sourcing rules and has been producing since early October, with quality certification in place. A staged expansion aims to reach 3 million cells a year by the end of the second quarter of 2027. The company said more than 50 drone makers and battery pack integrators are in its pipeline and that it has purchase orders from several participants in a US defence drone programme. On the software side, the latest version of its AI materials discovery platform is being evaluated by several large battery makers. It also sells energy storage systems through a subsidiary. Defence Demand for domestic and allied Supply chains is a meaningful tailwind, but the step from pilot orders to recurring Volume contracts has not yet been demonstrated in reported revenue.

Liquidity Is Ample, Listing Is the Issue

Unlike many stocks on penny screens, SES has a sizeable cash cushion. Liquidity of about USD 137 million and no Debt compare with an intraday Market Value of about USD 229.7 million, and the company spent roughly USD 26 million of liquidity in the third quarter. The share price is the more pressing problem. The NYSE notified the company in July that its average closing price had been below USD 1.00 for 30 trading days, giving it until January 17, 2027 to cure the deficiency. Its listed warrants were already removed from the exchange in August after trading at abnormally low prices. At the December 10 annual meeting, holders will vote on authorising a reverse split of between 1-for-5 and 1-for-20, at the board's discretion. Investors will watch fourth quarter delivery against guidance, conversion of drone pipeline customers into volume orders and the reverse split decision.

Where Things Stand

SES AI (NYSE:SES) rose 6.40% to USD 0.62 on November 13, 2026 after a selloff on third quarter revenue that missed expectations. Sequential growth, a narrower loss, about USD 137 million of liquidity and kept guidance support the case, but the NYSE price deficiency and a December 10 reverse split vote are near-term tests.