Goes All-in on AI with 3 AI Solutions for batteries
Full year 2024 cash usage guidance lowered
Strong balance sheet provides liquidity into 2027
Highlights
- AI solutions now targeted as the future business model of electric transportation
- UAM and drone demand accelerating with cell testing agreements reached
- FY 2024 cash usage in range of $100M to $120M, down from $110M – $130M
WOBURN, Mass.–BUSINESS WIRE–
SES AI Corporation (“SES AI”) (NYSE: SES), a global leader in the development and manufacturing of high-performance Li-Metal batteries, today announced its new strategy of “All-in on AI” at its second quarter 2024 business results for the quarter ended June 30, 2024, after market close on Monday, July 29, 2024.
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“AI is changing everything. We believe our AI for Manufacturing, AI for Safety, and AI for Science solutions represent exciting, sooner-than-expected revenue streams, and the future business model of electric transportation,” stated Dr. Qichao Hu, Founder and CEO. “The paradigm shift we are introducing with these AI solutions has the potential to accelerate the commercialization, time to revenue and profitability of Li-Metal for EV, UAM and drones, as well as broader next generation Li-ion applications.
“We continue to be prudent with our cash and expense management. With the actions we implemented during the quarter, we are updating our full year 2024 guidance to account for lower total cash usage in the range of $100 million to $120 million,” Hu added.
The Company will hold a conference call later today at 5:00 p.m. Eastern Time.
A webcast of the live conference call will be available through SES’s Investor Relations website, https://investors.ses.ai. The following link can be used to register in advance for the call: https://events.q4inc.com/attendee/280209303.
The conference call can also be accessed live over the phone by dialing the following numbers: United States (Toll Free): +1-833-470-1428 International: +1 404-975-4839 https://events.q4inc.com/attendee/280209303 Access Code: 857303
A webcast replay will be available shortly after the call at: https://investors.ses.ai/events-and-presentations/events/default.aspx.
