Financial Statements — SES
Balance Sheet
(in millions USD)| Metric | Q2
2026 | Q1
2026 | Q3
2025 | Q2
2025 | Q1
2025 | Q3
2024 | Q2
2024 | Q1
2024 | Q3
2023 | Q2
2023 | Q1
2023 | Q3
2022 | Q2
2022 | Q1
2022 | Q3
2021 | Q1
2021 |
|---|
| Cash & Equivalents | 64.14 | 46.94 | 35.27 | 11.76 | 56.05 | 66.74 | 54.82 | 129.61 | 49.94 | 51.47 | 47.98 | 394.66 | 404.61 | 426.08 | 0.25 | 0.50 |
| Accounts Receivable | 7.75 | 8.18 | 3.37 | 3.01 | 1.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Inventory | 8.44 | 6.96 | 3.66 | 0.11 | 0.16 | 0.32 | 0.52 | 0.43 | 0.60 | 0.30 | 0.50 | -- | -- | -- | -- | -- |
| Total Current Assets | 185.99 | 200.57 | 230.36 | 242.96 | 256.09 | 291.50 | 310.14 | 327.11 | 352.12 | 369.71 | 362.79 | 402.24 | 415.87 | 441.03 | 1.02 | 1.42 |
| Property, Plant & Equipment | 24.23 | 26.32 | 30.95 | 34.09 | 35.94 | 42.16 | 41.24 | 40.12 | 34.99 | 32.05 | 27.91 | 24.24 | 20.92 | 15.99 | -- | -- |
| Goodwill | 13.27 | 13.27 | 12.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Intangible Assets | 2.69 | 2.75 | 2.87 | 1.15 | 1.19 | 1.25 | 1.28 | 1.31 | 1.38 | 1.41 | 1.44 | 1.50 | 1.54 | 1.71 | -- | -- |
| Total Non-current Assets* | 50.22 | 52.95 | 58.41 | 47.50 | 49.89 | 58.41 | 58.23 | 58.77 | 51.14 | 48.27 | 65.08 | 40.01 | 37.73 | 33.38 | 276.05 | 276.05 |
| Total Assets | 236.21 | 253.52 | 288.77 | 290.46 | 305.98 | 349.91 | 368.37 | 385.88 | 403.25 | 417.98 | 427.87 | 442.25 | 453.60 | 474.41 | 277.07 | 277.47 |
| Accounts Payable | 5.62 | 5.92 | 4.78 | 1.98 | 1.81 | 2.23 | 2.36 | 2.76 | 5.82 | 5.07 | 2.79 | 4.24 | 7.36 | 16.76 | 0.04 | 0.05 |
| Short-term Debt | 0.44 | 0.71 | 1.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Total Current Liabilities | 28.53 | 29.24 | 28.01 | 19.50 | 16.41 | 19.13 | 13.96 | 13.94 | 15.80 | 16.61 | 16.26 | 16.93 | 15.11 | 27.68 | 0.25 | 0.23 |
| Total Non-current Liabilities* | 20.62 | 21.03 | 32.56 | 21.73 | 19.72 | 21.49 | 22.84 | 24.55 | 23.73 | 26.82 | 29.29 | 31.60 | 26.69 | 54.33 | 35.97 | 39.76 |
| Total Liabilities | 49.15 | 50.27 | 60.57 | 41.23 | 36.13 | 40.62 | 36.80 | 38.49 | 39.53 | 43.43 | 45.55 | 48.53 | 41.80 | 82.01 | 36.22 | 39.99 |
| Retained Earnings | (401.91) | (384.01) | (354.87) | (333.95) | (311.30) | (264.33) | (234.14) | (214.24) | (187.93) | (174.46) | (161.51) | (136.64) | (112.31) | (121.33) | (35.15) | (8.95) |
| Total Stockholder Equity | 187.06 | 203.25 | 228.20 | 249.23 | 269.86 | 309.28 | 331.57 | 347.39 | 363.72 | 374.56 | 382.33 | 393.71 | 411.80 | 392.41 | (35.15) | 5.00 |
* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q2
2026 | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 | Q1
2024 | Q4
2023 | Q3
2023 | Q2
2023 | Q1
2023 | Q4
2022 | Q3
2022 | Q2
2022 | Q1
2022 | Q4
2021 | Q3
2021 |
|---|
| Total Revenue | 5.07 | 6.71 | 4.56 | 7.12 | 3.53 | 5.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Cost of Revenue | 3.93 | 5.50 | 4.05 | 3.48 | 0.93 | 1.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Gross Profit | 1.15 | 1.22 | 0.51 | 3.64 | 2.60 | 4.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Research & Development | 11.36 | 11.03 | 11.82 | 15.63 | 19.09 | 20.51 | 20.88 | 24.44 | 15.06 | 11.77 | 7.37 | 8.47 | 6.35 | 8.49 | 8.29 | 8.42 | 7.19 | 4.07 | -- | -- |
| Selling, General & Admin | 8.98 | 8.05 | 6.38 | 6.66 | 6.52 | 7.32 | 9.54 | 9.78 | 9.57 | 9.51 | 10.55 | 10.89 | 12.92 | 13.12 | 11.30 | 13.31 | 11.87 | 15.13 | 1.32 | 2.47 |
| Total Operating Expenses | 20.34 | 19.08 | 18.20 | 22.29 | 25.61 | 27.83 | 30.42 | 34.22 | 24.63 | 21.27 | 17.92 | 19.36 | 19.27 | 21.61 | 19.59 | 21.73 | 19.06 | 19.20 | -- | -- |
| Operating Income | (19.20) | (17.87) | (17.68) | (18.65) | (23.01) | (23.27) | (29.13) | (34.22) | (24.63) | (21.27) | (17.92) | (19.36) | (19.27) | (21.61) | (19.59) | (21.73) | (19.06) | (19.20) | -- | -- |
| Pretax Income | (17.77) | (11.68) | (17.37) | (21.03) | (21.98) | (12.43) | (34.79) | (30.05) | (19.80) | (15.36) | (12.28) | (13.26) | (12.62) | (16.08) | (7.70) | (24.21) | 9.19 | (27.02) | -- | -- |
| Tax Provision | 0.13 | 0.41 | (0.33) | (0.11) | 0.67 | 0.00 | (0.24) | 0.14 | 0.10 | 0.20 | (1.53) | 0.21 | 0.33 | 0.14 | 0.95 | 0.12 | 0.18 | 0.01 | -- | -- |
| Net Income | (17.90) | (12.10) | (17.04) | (20.92) | (22.65) | (12.43) | (34.54) | (30.19) | (19.90) | (15.56) | (10.75) | (13.47) | (12.95) | (16.23) | (8.65) | (24.33) | 9.02 | (27.03) | (6.00) | 3.37 |
| Basic EPS | (0.05) | (0.04) | (0.05) | (0.06) | (0.07) | (0.04) | (0.11) | (0.09) | (0.06) | (0.05) | (0.04) | (0.04) | (0.04) | (0.05) | (0.01) | (0.08) | 0.03 | (0.12) | -- | -- |
| Diluted EPS | (0.05) | (0.04) | (0.05) | (0.06) | (0.07) | (0.04) | (0.11) | (0.09) | (0.06) | (0.05) | (0.04) | (0.04) | (0.04) | (0.05) | (0.01) | (0.08) | 0.03 | (0.12) | -- | -- |
Cash Flow Statement
(in millions USD)| Metric | Q2
2026 | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 | Q1
2024 | Q4
2023 | Q3
2023 | Q2
2023 | Q1
2023 | Q4
2022 | Q3
2022 | Q2
2022 | Q1
2022 | Q4
2021 | Q3
2021 |
|---|
| Operating Cash Flow | (13.83) | (19.80) | (10.41) | (14.30) | (10.82) | (22.83) | (12.29) | (22.72) | (22.09) | (8.98) | (12.52) | (13.03) | (15.47) | (15.39) | (8.69) | (9.65) | (13.34) | (14.81) | (0.14) | (2.16) |
| Capital Expenditures | 0.66 | 0.33 | 0.71 | 0.43 | 0.80 | 0.92 | 0.23 | 1.52 | 3.70 | 6.76 | 3.48 | 4.49 | 1.81 | 5.97 | 4.01 | 0.60 | 7.50 | 2.54 | -- | -- |
| Free Cash Flow* | (14.48) | (20.13) | (11.12) | (14.73) | (11.62) | (23.75) | (12.52) | (24.24) | (25.79) | (15.74) | (16.00) | (17.52) | (17.28) | (21.37) | (12.70) | (10.26) | (20.84) | (17.36) | -- | -- |
| Investing Cash Flow | 31.47 | 39.13 | 4.52 | 39.48 | (33.34) | (49.84) | 74.04 | 33.61 | (52.69) | 53.24 | 45.05 | 11.47 | 19.30 | (43.09) | (285.36) | (0.60) | (7.38) | (2.66) | 0.00 | (276.00) |
| Financing Cash Flow | (0.24) | (2.01) | 0.05 | (1.66) | (0.35) | 0.01 | 0.63 | 0.25 | 0.11 | 0.02 | 3.12 | 0.08 | 0.06 | 0.01 | 6.73 | 0.22 | 0.04 | 282.94 | 0.00 | 278.25 |
* Derived from reported values
