Q2 2024 SES AI Corp Earnings Call Transcript
Key Points
- SES AI Corp (SES) is on track to complete its B-Sample joint development partnership with Hyundai by the fourth quarter of this year, which will yield one of the largest capacity lithium metal lines globally.
- The company has successfully integrated AI into its operations, including design, technology development, manufacturing, and aftermarket support, which is expected to accelerate the commercialization of next-gen battery technologies.
- SES AI Corp (SES) has developed AI solutions for manufacturing, safety, and science, which are expected to significantly reduce the time required for large-scale commercialization of next-gen battery technologies.
- The company has entered the air mobility market, including urban air mobility (UAM) and drones, and is seeing strong demand in these sectors.
- SES AI Corp (SES) ended the second quarter with $294.7 million in liquidity and has updated its full-year 2024 guidance to reflect more prudent cash management, expecting total cash usage to be in the range of $100 million to $120 million.
- The traditional human-based approach to optimizing cell design and manufacturing quality is slow, taking at least eight years, which SES AI Corp (SES) aims to overcome with AI.
- The company faces significant competition from incumbent battery players who dominate the global market, making it challenging for next-gen battery companies to become relevant.
- SES AI Corp (SES) is heavily reliant on AI for its future growth and commercialization, which carries risks if the AI solutions do not perform as expected.
- The company is investing heavily in AI and new battery technologies, which could strain its financial resources if the expected revenue streams do not materialize.
- There are uncertainties and risks associated with the integration of AI into manufacturing and safety processes, which could impact the company's ability to deliver on its promises.
Good afternoon. Thank you for attending today's SES AI second-quarter 2024 business and financial results. My name is Cole, and I'll be the moderator for today's call. (Operator Instructions)
I'd now like to pass it over to Kyle Pilkington. Please go ahead.
Hello, everyone, and welcome to our conference call covering our second-quarter 2024 results. Joining me today are Qichao Hu, Founder, Chairman, and Chief Executive Officer; and Jing Nealis, Chief Financial Officer.
We issued our shareholder letter after market close today, which provides a business update, as well as our financial results. You'll find a press release with a link to our shareholder letter and today's conference call webcast in the Investor Relations section of our website at ses.ai.
Before we get started, this is a reminder that the discussion today may contain forward-looking information or forward-looking statements within the meaning of applicable securities legislation. These statements are based on our
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