SES Reports Third-Quarter 2022 Business and Financial Results

BOSTON–(BUSINESS WIRE)–SES AI Corporation (NYSE: SES), headquartered in Boston, is a global leader in the development and manufacturing of high-performance lithium-metal (Li-Metal) rechargeable batteries for electric vehicles (EVs) and others applications, today announced its business and financial results for the third quarter ended September 30, 2022.

The company posted a letter to shareholders on his Investor Relations website from Founder and CEO Dr. Qichao Hu, and Chief Financial Officer, Jing Nealis, who provided an update on the business and detailed its third quarter financial results.

“As a leader in Li-Metal battery cell development, our organization continues to evolve and innovate to meet all the challenges that come with manufacturing large format cells,” said Founder and CEO, Qichao Hu. “As a result of real-world experiences with large cells, we started a new look at our supply chain and procurement methods and decided to create some operations in-house to improve quality. If you can’t control the entire supply chain, it’s difficult to meet the full specs from OEMs for A and B Sample.

Webcasts and Conference Calls

SES will host a live conference call at 5:00 pm EDT available via the Investor Relations website, investors.ses.ai. The following link can be used to register for the call: webcast earnings call.

The conference call can also be accessed live by telephone by dialing the following numbers:

United States (Toll Free):

1 (833) 927 1758

International:

1 (929) 526 1599

Access Code:

516557

A webcast replay of the conference call will be available approximately two hours after the event investors.ses.ai/events-and-presentations.

About SES

SES is a global leader in the development and production of high-performance Li-Metal rechargeable batteries for EVs and other applications. Founded in 2012, SES is an integrated Li-Metal battery manufacturer with strong capabilities in material, cell, module, AI-powered safety algorithms and recycling. Formerly known as SolidEnergy Systems, SES is headquartered in Boston and has operations in Singapore, Shanghai, and Seoul. To learn more about SES, please visit: ses.ai

SES may use its website as a distribution channel for material company information. Financial and other important information about SES is regularly posted and accessible through the Company’s website at www.ses.ai. Accordingly, investors should monitor this channel, in addition to following SES press releases, filings with the Securities and Exchange Commission and public conference calls and webcasts.

Forward-Looking Statements

All statements other than statements of historical facts contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements Statements include, without limitation, statements related to expectations for future financial performance, business strategies or expectations for our business. These statements are based on the beliefs and assumptions of SES management. Although SES believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it can give no assurance that it will achieve or realize these plans, intentions or expectations. These statements consist of projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be distinguished by the fact that they are not strictly related to historical or current facts. When used in this press release, words such as “expect”, “believe”, “may”, “continue”, “may”, “estimate”, “anticipate”, “estimate”, “intend”, “can”, “could”, “plan”, “possible”, “potential”, “forecast”, “project”, “seek”, “need”, “attempt”, “target”, “will”, “will” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

You should not place undue reliance on these forward-looking statements. If one or more of a number of known and unknown risks and uncertainties materialize, or if any of our assumptions prove incorrect, our actual results or performance could differ materially from expressed or implied in these forward-looking statements. Certain factors that could cause actual results to differ include, but are not limited to the following risks: changes in domestic and foreign business, market, financial, political and legal conditions, including but not limited to the ongoing conflict between Russia and Ukraine; risks related to the uncertainty of expected financial information with respect to SES; risks related to the development and commercialization of SES’s battery technology and the timing and achievement of expected business milestones; the competitive effects on SES business; the ability of SES to issue equity or equity-linked securities or obtain debt financing in the future; SES’s ability to integrate its products into electric vehicles (“EVs”); the risk that delays in the pre-manufacturing development of SES’s battery cells could harm SES’s business and prospects; potential supply chain difficulties; risks resulting from SES’s joint development agreements and other strategic alliances and investments; the rapidly developing battery market; SES’s ability to accurately estimate future supply and demand for its batteries; SES’s ability to develop new products on an ongoing basis in a timely manner; product liability and other potential litigation, regulatory and legal compliance; SES’s ability to effectively manage its growth; SES’s ability to attract, train and retain highly skilled employees and key personnel; the willingness of vehicle operators and consumers to adopt EVs; development of alternative technologies or other alternative fossil fuels; SES’s ability to meet certain motor vehicle standards; a potential shortage of metals needed for making batteries; risks related to SES’s intellectual property; risks related to SES’s business operations outside the United States, including in China and South Korea; the uncertainty of global economic conditions and risks related to health epidemics, including the COVID-19 pandemic and any operational disruptions; SES has identified material weaknesses in its internal control over financial reporting and may identify material weaknesses in the future or otherwise fail to maintain an effective system of internal controls; compliance with certain health and safety laws; changes in US and foreign tax laws; and the other risks described in “Part I, Item 1A. Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”) on March 31, 2022 and other documents -file from time to time with the SEC. There may be additional risks currently known and/or believed by SES to be immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect SES’s expectations, plans or predictions of future events and views only as of the date of this press release. SES expects that subsequent events and developments will change its assessments. However, while SES may choose to update these forward-looking statements at some point in the future, SES specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing SES’s assessments as of any date after the date of this press release.

Source

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