The following is a summary of the SES AI Corporation (SES) Q1 2024 Earnings Call Transcript:
Financial Performance:
SES AI reported GAAP operating expenses of $21.3 million in the first quarter of 2024.
Cash used in operations was $9 million with a payment of $11 million received from OEM partners.
The company had capital expenditures of $6.8 million during the quarter.
At the end of the first quarter, SES AI reported liquidity of $319 million.
For the full year 2024, cash usage from operations is expected to be in the range of $90 million to $100 million, with projected capital expenditures of $20 million to $30 million.
Business Progress:
SES AI advances towards commercializing its Lithium-Metal technology for both EV and UAM applications.
New partnerships with Hyundai, Honda, and GM have been established, further validating the high-density battery technology platform.
The next phase of the Hyundai partnership will focus on scaling manufacturing to meet demand.
Future plans include building one of the largest capacity Lithium-Metal lines in the world and converting an existing EV line in Korea into a UAM-dedicated line.
The company is integrating Avatar AI to monitor battery health and predict incidents, aiming for a 95% prediction accuracy by the end of the year.
SES AI is integrating sustainability into their operations through recycling initiatives for Lithium-Metal batteries and working on dry electrodes to reduce chemical solvent evaporation.
More details: SES AI Corp IR
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