SES (SES) financial statements
SES reported revenue of $21M in fiscal 2025, up 929.4% a year over 1 years.
Net income was -$73M.
Free cash flow was -$61M, and the company returned $2M in net buybacks.
The diluted share count rose 444% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from SES's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | $2M | $21M |
| Cost of revenue | — | — | — | — | $752,000 | $10M |
| Gross profit | — | — | — | — | $1M | $11M |
| Research and development | $9M | $16M | $28M | $31M | $72M | $67M |
| Selling, general and admin | $4M | $16M | $52M | $47M | $38M | $27M |
| Operating income | -$14M | -$32M | -$80M | -$78M | -$109M | -$83M |
| Pre-tax income | -$14M | -$31M | -$50M | -$54M | -$100M | -$73M |
| Income tax | $7,000 | $25,000 | $1M | -$853,000 | $188,000 | $231,000 |
| Net income | -$14M | -$31M | -$51M | -$53M | -$100M | -$73M |
| EPS (diluted) | -$0.23 | -$0.51 | -$0.18 | -$0.17 | -$0.31 | -$0.22 |
| Diluted shares | 61M | 61M | 288M | 315M | 322M | 331M |
| Gross margin | — | — | — | — | 63.1% | 53.8% |
| Operating margin | — | — | — | — | -5355.3% | -393.4% |
| Net margin | — | — | — | — | -4911.0% | -347.8% |
Balance sheet
Fiscal years, from SES's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $161,271 | $160M | $390M | $332M | $263M | $200M |
| Receivables | — | — | — | — | $950,000 | $5M |
| Inventory | — | — | $383,000 | $558,000 | $212,000 | $5M |
| Total current assets | $161,271 | $170M | $397M | $349M | $277M | $216M |
| Property, plant and equipment | — | $12M | $28M | $38M | $38M | $29M |
| Goodwill | — | — | — | — | $0 | $13M |
| Total assets | $574,310 | $193M | $440M | $407M | $330M | $273M |
| Total current liabilities | $582,131 | $11M | $19M | $20M | $23M | $24M |
| Total liabilities | $582,131 | $12M | $49M | $48M | $51M | $58M |
| Shareholders' equity | -$62M | -$88M | $392M | $359M | $278M | $215M |
| Net debt | -$161,271 | -$160M | -$107M | -$86M | -$129M | -$30M |
Cash flow
Fiscal years, from SES's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$11M | -$30M | -$46M | -$56M | -$66M | -$58M |
| Capital spending | $982,000 | $9M | $15M | $16M | $12M | $3M |
| Free cash flow | -$12M | -$39M | -$61M | -$72M | -$78M | -$61M |
| Stock-based compensation | $154,000 | $5M | $23M | $21M | $20M | $11M |
| Share buybacks (net) | — | — | — | — | — | -$2M |
| Free cash flow margin | — | — | — | — | -3837.8% | -291.5% |
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Open SES in InvestinglyQuestions
What was SES's revenue in 2025?
$21M in fiscal 2025, from its 10-K filing.
How much free cash flow does SES generate?
-$61M in fiscal 2025 (operating cash flow minus capital spending).
From SES's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.