Q3 2024 SES AI Corp Earnings Call Transcript
Key Points
- SES AI Corp (SES) achieved early commercial revenue in urban air mobility (UAM) and drones, with successful site acceptance tests and supply agreements, including with Softbank.
- The company's 100 M power lithium metal B sample cells passed the rigorous GB38031 2020 safety test, marking a significant milestone towards commercialization.
- SES AI Corp's AI solutions have advanced their lithium metal plan, broadening the scope to include other battery chemistries and designs, potentially increasing revenue opportunities.
- The AI accelerated battery material discovery initiative has led to the creation of the world's largest molecular property database, enhancing SES AI Corp's capabilities in battery innovation.
- SES AI Corp reduced its full-year 2024 cash usage guidance, demonstrating effective cost management and extending liquidity well into 2028.
- Despite progress, SES AI Corp is not yet providing specific revenue guidance for 2025, leaving some uncertainty about future financial performance.
- Confidentiality agreements limit the disclosure of details regarding contracts with major partners like Softbank, which may hinder investor insight into potential revenue streams.
- The commercialization of UAM and drone markets, while promising, is still developing and may not immediately translate into significant revenue.
- SES AI Corp's AI-driven material discovery process, while innovative, requires substantial investment in talent and technology, impacting short-term financials.
- The company is still working on improving the cycle life of its lithium metal cells, a critical factor for meeting the requirements of electric vehicle OEMs.
Good afternoon. Thank you for today's SES AI third-quarter 2024 earnings release and call. My name is Jaylen, and I'll be a moderator for today. (Operator Instructions). I now like to turn the conference over to our host Kyle Pilkington, Chief Legal Officer. Kyle, you may proceed.
Hello everyone and welcome to our conference call covering our third 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 closed 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 in today's conference call webcast in the investor relations section of our website at Ses dot AI. Before we get started. This is a reminder that the discussion today may contain forward-looking information or forward-looking statements within the meeting of applicable securities legislation. These statements are based on our predictions
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