SES AI Corporation (SES) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | -19.8M | -9.89M | -14.3M | -11.43M | -22.83M | -12.29M | -22.72M | -22.09M | -8.98M | -12.47M | -13.03M | -15.47M | -15.39M | -8.69M | -9.65M | -13.34M | -14.81M | -12.19M | -2.66M | -12M |
| Operating CF Margin % | -295.04% | -216.8% | -200.91% | -324.2% | -394.15% | -602.55% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 13.28% | 19.54% | 37.06% | 48.24% | -154.29% | 1.41% | -74.4% | -42.79% | 41.67% | -43.43% | -34.99% | -15.98% | -3.9% | 28.67% | -262.45% | -11.15% | -371.97% | -406.53% | - | - |
| Net Income | -12.1M | -17.04M | -20.92M | -22.65M | -12.43M | -34.55M | -30.19M | -19.9M | -15.56M | -10.75M | -13.47M | -12.95M | -16.23M | -8.04M | -24.33M | 9.02M | -27.03M | -13.04M | -8M | -6.63M |
| Depreciation & Amortization | 2.68M | 97K | 2.63M | 0 | 2.52M | 2.42M | 2.23M | 1.95M | 1.72M | 1.61M | 1.61M | 1.26M | 1.06M | 1.02M | 594K | 576K | 410K | 364K | 416K | 442K |
| Stock-Based Compensation | 2.12M | -606K | 2.2M | 0 | 3.97M | 3.84M | 6.51M | 4.8M | 4.78M | 4.44M | 2.42M | 7.33M | 6.46M | 6.83M | 7.21M | 5.55M | 3.19M | 4.23M | 157K | 114K |
| Deferred Taxes | 0 | -137K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.05M | -8.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -5.12M | 6.62M | 4.2M | 5.53M | -8.93M | 7.74M | -2.49M | -4M | -3.66M | -3.53M | 3.77M | -5.49M | -4.2M | -10.52M | 5.08M | -29.54M | 7.69M | 95K | -5.8M | 7.27M |
| Working Capital Changes | -7.37M | 1.18M | -2.4M | 5.68M | -7.96M | 8.26M | 1.21M | -4.94M | 3.73M | -3.19M | 1.25M | -5.61M | -2.49M | 2.02M | 1.78M | 1.06M | 934K | -3.84M | 4.76M | -5.93M |
| Change in Receivables | -3.36M | -1.34M | 787.27K | -1.54M | -558K | 1.61M | -3.31M | 611.45K | 2.69M | -1.42M | -50.57K | 375.12K | -422K | -353.73K | 3.35M | 2.13M | 373K | -6.77K | 3.9K | -5.04K |
| Change in Inventory | -1.75M | -1.42M | 270.65K | 46.88K | 58K | 93K | 215.1K | -99.1K | 121K | 58.6K | -306K | 183K | -120K | -383K | -3.35M | -2.13M | 0 | 0 | 0 | 0 |
| Change in Payables | 400K | 865.71K | 207.1K | 82.54K | -108K | 282K | -81.28K | -23.72K | -249K | -683.13K | -1.71M | 2.35M | -15K | -3.21M | -3.08M | -3.13M | 5.45M | 670K | 591K | 544K |
| Cash from Investing | 39.13M | 5.1M | 39.48M | -34.86M | -49.84M | 74.04M | 33.61M | -52.7M | 53.24M | 45.05M | 11.47M | 19.3M | -43.09M | -285.36M | -604K | -7.38M | -2.66M | 144.99M | -926K | -152.77M |
| Capital Expenditures | -330K | -743.35K | -426K | -835.35K | -916K | -281.95K | -1.52M | -3.65M | -6.76M | -3.47M | -4.49M | -1.81M | -5.97M | -4.01M | -604K | -7.38M | -2.66M | -5.01M | -926K | -2.77M |
| CapEx % of Revenue | 4.92% | 16.29% | 5.98% | 23.68% | 15.81% | 13.82% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | -3.82M | 795K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -15.96K | -21.11K | 37.12K | -2.35M | 0 | 0 | 0 | 125.16M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 1.86M | -618.05K | 0 | 782K | -1.22M | 8.43M | 0 | 0 | 242.98K | 15.96K | 21.11K | -37.12K | 2.35M | 0 | 117 | -117 | -275.97M | 0 | -150K |
| Cash from Financing | -2.01M | 74.57K | -1.67M | -359.29K | 8K | 632K | 250.6K | 110K | 18K | 3.12M | 80K | 64K | 13K | 6.73M | 218K | 38K | 282.94M | -2.58M | -556K | 187.9M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 440.12K | 0 |
| Equity Issued (Net) | -2.01M | 84.45K | -1.67M | 5.24K | 8K | 630.21K | 255.59K | 109.4K | 18K | 365.12K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -2.05M | 20.1K | -1.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -9.89K | 0 | -364.52K | 0 | 1.79K | -4.99K | 600 | 0 | 2.75M | 80K | 64K | 13K | 6.73M | 218K | 38K | 282.94M | -2.58M | -996.12K | 187.9M |
| Net Change in Cash | 17.36M | -5.73M | 23.5M | -44.3M | -72.75M | 61.98M | 11.34M | -74.79M | 43.94M | 35.73M | -1.55M | 3.49M | -58.67M | -287.22M | -10M | -21.47M | 265.58M | 130.4M | -4.17M | 23.38M |
| Free Cash Flow | -20.13M | -10.58M | -14.73M | -12.27M | -23.75M | -12.53M | -24.24M | -25.59M | -15.74M | -15.94M | -17.52M | -17.29M | -21.37M | -12.7M | -10.26M | -20.72M | -17.47M | -17.2M | -3.59M | -14.78M |
| FCF Margin % | -299.96% | -231.94% | -206.9% | -347.88% | -409.96% | -613.97% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 15.24% | 15.52% | 39.25% | 52.06% | -50.91% | 21.41% | -38.34% | -48.07% | 26.35% | -25.46% | -70.86% | 16.59% | -22.28% | 26.15% | -185.76% | -40.25% | -413.34% | -514.29% | - | - |
| FCF per Share | -0.06 | -0.03 | -0.04 | -0.04 | -0.07 | -0.04 | -0.08 | -0.08 | -0.05 | -0.05 | -0.06 | -0.05 | -0.07 | -0.04 | -0.03 | -0.07 | -0.08 | -0.05 | -0.01 | -0.04 |
| FCF Conversion (FCF/Net Income) | 1.64x | 0.58x | 0.68x | 0.50x | 1.84x | 0.36x | 0.75x | 1.11x | 0.58x | 1.16x | 0.97x | 1.19x | 0.95x | 1.01x | 0.40x | -1.48x | 0.55x | 0.93x | 0.25x | 1.81x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | -260K | 57K | 200K | 3K | 0 | 11K | 111K | 47K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |