SES AI Corp Q2 2024 10-Q Filing

TL;DR

**SES AI Corp Q2 10-Q: Capital structure and retained earnings updated as of 06/30/24.**

AI Summary

SES AI Corp filed its 10-Q for the period ending June 30, 2024. The company, formerly Ivanhoe Capital Acquisition Corp., reported financial details for the second quarter. Key financial statement line items such as Retained Earnings, Additional Paid-In Capital, and Accumulated Other Comprehensive Income were disclosed for both June 30, 2024, and March 31, 2024.

Why It Matters

This filing provides investors with the latest financial snapshot of SES AI Corp, detailing their capital structure and retained earnings as of mid-2024.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the company's financial health and future prospects are subject to the inherent risks of the technology sector.

Key Numbers

• 2024-06-30 — Reporting Period End (Financial data as of this date)
• 2024-03-31 — Prior Period End (Financial data as of this date)

Key Players & Entities

• SES AI Corp (company) — Filer
• Ivanhoe Capital Acquisition Corp. (company) — Former company name
• 20240630 (date) — Reporting period end date
• 20240730 (date) — Filing date
• 0001819142-24-000033 (other) — Accession Number

FAQ

Key Financial Figures

• $11.50 — A common stock at an exercise price of $11.50 per share SES WS The New York Stock

Filing Documents

• ses-20240630x10q.htm (10-Q) — 1348KB
• ses-20240630xex31d1.htm (EX-31.1) — 13KB
• ses-20240630xex31d2.htm (EX-31.2) — 13KB
• ses-20240630xex32d1.htm (EX-32.1) — 11KB
• ses-20240630xex32d2.htm (EX-32.2) — 12KB
• 0001819142-24-000033.txt ( ) — 6278KB
• ses-20240630.xsd (EX-101.SCH) — 46KB
• ses-20240630_cal.xml (EX-101.CAL) — 52KB
• ses-20240630_def.xml (EX-101.DEF) — 166KB
• ses-20240630_lab.xml (EX-101.LAB) — 377KB
• ses-20240630_pre.xml (EX-101.PRE) — 275KB
• ses-20240630x10q_htm.xml (XML) — 1161KB

Financial Statements

Financial Statements 5 Condensed Consolidated Balance Sheets (Unaudited) 5 Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) 6 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) 7 Condensed Consolidated Statements of Cash Flows (Unaudited) 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 23 Part II . Other Information Item 1.

Legal Proceedings

Legal Proceedings 25 Item 1A.

Risk Factors

Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3. Defaults Upon Senior Securities 25 Item 4. Mine Safety Disclosures 25 Item 5. Other Information 25 Item 6. Exhibits 26

Signatures

Signatures 27 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains statements that SES AI Corporation ( together the "Company" or "SES" ) believes are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements relating to expectations for future financial performance, business strategies or expectations for our business. These statements are based on the beliefs and assumptions of the management of the Company. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot provide assurance that it will achieve or realize these plans, intentions or expectations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Quarterly Report, words such as "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "seek," "should," "strive," "target," "will," "would" 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. Should one or more of a number of known and unknown risks and uncertainties materialize, or should any of our assumptions prove incorrect, the Company's actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include, but are not limited to the risks below, which also serves as a su

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements SES AI Corporation Condensed Consolidated Balance Sheet s (Unaudited) (in thousands, except share and per share amounts) June 30, 2024 December 31, 2023 Assets Current Assets Cash and cash equivalents $ 54,816 $ 85,671 Short-term investments 239,939 246,775 Receivable from related party 590 3,911 Inventories 519 558 Prepaid expenses and other assets 14,275 11,712 Total current assets 310,139 348,627 Property and equipment, net 41,236 37,959 Intangible assets, net 1,281 1,345 Right-of-use assets, net 11,123 13,099 Deferred tax assets 1,057 1,057 Other assets, non-current 3,535 4,723 Total assets $ 368,371 $ 406,810 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 2,363 $ 4,830 Operating lease liabilities 2,474 2,404 Accrued expenses and other liabilities 9,121 13,121 Total current liabilities 13,958 20,355 Sponsor Earn-Out liabilities 1,880 4,166 Operating lease liabilities, non-current 9,348 11,316 Unearned government grant 9,023 9,270 Other liabilities, non-current 2,589 2,753 Total liabilities 36,798 47,860 Commitments and contingencies (Note 9) Stockholders' Equity Preferred stock, $ 0.0001 par value; 20,000,000 shares authorized, none issued and outstanding as of June 30, 2024 and December 31, 2023, respectively — — Common stock: Class A shares, $ 0.0001 par value, 2,100,000,000 shares authorized; 312,025,684 and 310,266,922 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively; Class B shares, $ 0.0001 par value, 200,000,000 shares authorized; 43,881,251 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 35 35 Additional paid-in capital 568,199 559,214 Accumulated deficit ( 234,140 ) ( 198,686 ) Accumulated other comprehensive loss ( 2,521 ) ( 1,613 ) Total stockholders' equity 331,573

View Full Filing

View this 10-Q filing on SEC EDGAR