In recent transactions reported to the Securities and Exchange Commission, SK Inc., a significant shareholder in SES AI Corp (NASDAQ:NYSE:SES), sold a total of 204,461 shares of Class A Common Stock. The sales occurred on November 5 and 6, with prices ranging from $0.42 to $0.43 per share, amounting to a total of $87,873. Following these transactions, SK Inc. holds 35,296,623 shares, which include 3,829,028 Earn-Out Shares.
In other recent news, SES AI Corp reported significant advancements in lithium metal battery technology and AI solutions. The company announced the successful completion of key safety tests for its 100 mPOWER lithium metal B-sample cells and the establishment of supply agreements, including one with SoftBank (TYO:9984), anticipated to generate substantial revenue. The company's financial standing remains solid, ending the third quarter with $274 million in liquidity, ensuring a robust balance sheet through 2028. Operating expenses for the quarter were reported at $34.2 million.
In other developments, SES AI Corp reported the immediate departure of Brian Krzanich from its Board of Directors following his appointment as CEO of Cerence Inc (NASDAQ:CRNC). The company's management and remaining board members are tasked with ensuring a smooth transition and continued oversight. A successor has not yet been announced.
These recent developments reflect SES AI Corp's ongoing focus on expanding its customer base across various sectors, including automotive and electronics, and integrating AI into manufacturing and safety operations. The company plans to introduce a new electrolyte every six months to further its material discovery capability.
InvestingPro Insights
The recent insider sales by SK Inc. come at a time when SES AI Corp (NASDAQ:SES) is facing significant market challenges. According to InvestingPro data, the company's stock has experienced a dramatic decline, with a 1-year price total return of -80.33% as of the most recent data. This downward trend is further emphasized by the stock trading at just 14.9% of its 52-week high.
InvestingPro Tips highlight that SES is currently trading at a low Price / Book multiple of 0.45, which could indicate that the stock is undervalued relative to its assets. However, this should be considered alongside the fact that the company is not profitable over the last twelve months and analysts do not anticipate profitability this year.
The company's financial health presents a mixed picture. While SES holds more cash than debt on its balance sheet, it is also quickly burning through cash. This is reflected in the negative EBITDA of -$90.53 million for the last twelve months as of Q3 2024.
For investors seeking a more comprehensive analysis, InvestingPro offers 20 additional tips for SES, providing a deeper understanding of the company's financial position and market performance. These insights could be particularly valuable given the stock's recent volatility and the challenges facing the company.
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