SES AI Corp (SES) 2025 Q2 法說會逐字稿

Good afternoon. Thank you for attending today's SES AI second-quarter 2025 earnings release and call. My name is Jaylene, I'll be your moderator for today. (Operator Instructions)

午安!感謝您參加今天的 SES AI 2025 年第二季財報發表會及電話會議。我叫 Jaylene，今天將擔任主持人。 （操作員指示）

I would now like to turn the conference over to our host, Kyle Pilkington. Please proceed.

現在，我想將會議交給主持人凱爾·皮爾金頓。請繼續。

Hello, everyone, and welcome to our conference call covering our second-quarter 2025 results. Joining me today are Qichao Hu, Founder and Chief Executive Officer; and Jing Nealis, Chief Financial Officer.

大家好，歡迎參加我們2025年第二季業績電話會議。今天與我一起參加會議的有：創辦人兼執行長胡啟超；以及財務長Jing Nealis。

We issued our shareholder letter just after 4:00 PM this afternoon, which provides a business update as well as our financial results. You'll find a press release with a link to our shareholder letter and today's conference call webcast in the Investor Relations section of our website at ses.ai.

我們於今天下午4點剛過發布了致股東的信函，其中介紹了公司業務更新和財務表現。您可以在我們網站ses.ai的「投資者關係」版塊找到一份新聞稿，其中包含我們致股東的信函和今天電話會議網絡直播的連結。

Before we get started, this is a reminder that the discussion today may contain forward-looking information or forward-looking statements within the meaning of applicable securities legislation. These statements are based on our predictions and expectations as of today. Such statements involve certain risks, assumptions, and uncertainties, which may cause our actual or future results and performance to be materially different from those expressed or implied in these statements. The risks and uncertainties that could cause our results to differ materially from our current expectations include, but are not limited to, those detailed in the latest earnings release and in our SEC filings. This afternoon, we will review our business as well as the results for the quarter.

在開始之前，我們在此提醒您，今天的討論可能包含適用證券法所定義的前瞻性資訊或前瞻性聲明。這些陳述是基於我們今天的預測和預期。此類陳述涉及某些風險、假設和不確定性，可能導致我們的實際或未來結果和績效與這些陳述中明示或暗示的結果和績效有重大差異。可能導致我們的業績與目前預期有重大差異的風險和不確定性包括但不限於最新財報和我們提交給美國證券交易委員會 (SEC) 的文件中詳述的風險和不確定性。今天下午，我們將回顧本季的業務和業績。

With that, I'll pass it over to Qichao.

這樣，我就把這個任務交給啟超了。

Thanks, Kyle, and thanks, everyone, for joining today. We had another strong quarter with significant progress achieved on key product revenue development and profitability milestones. And recently, in third quarter, we continued that momentum to grow our profitability and revenue through an acquisition agreement that leverages our strength in Molecular Universe battery materials discovery and safety monitoring capabilities with an established player in the energy storage space.

謝謝凱爾，也謝謝大家今天的到來。我們又一個季度表現強勁，在關鍵產品收入成長和獲利里程碑方面取得了顯著進展。最近，在第三季度，我們延續了這一勢頭，透過與一家儲能領域的知名企業達成收購協議，充分利用我們在分子宇宙電池材料研發和安全監控方面的優勢，從而提升了盈利能力和收入。

In the first quarter, since the public release of Molecular Universe, I'm pleased to see that we now have more than 30 companies that have begun trial testing the enterprise level and many more in the pipeline. Our mission is to accelerate the world's energy transition through material discovery and battery management. We are excited to see Molecular Universe helping human scientists to be more creative and develop new products much faster.

自從「分子宇宙」公開發布以來的第一季度，我很高興地看到，目前已有30多家公司開始進行企業級測試，還有更多公司正在籌備中。我們的使命是透過材料發現和電池管理來加速世界能源轉型。我們很高興看到「分子宇宙」能夠幫助人類科學家發揮創造力，並更快地開發新產品。

Since our launch of All-in on AI a year ago, we have been progressing through four stages. The first is chatbot. We achieved this milestone with the original launch of Molecular Universe 0. Molecular Universe is a powerful LLM, specifically trained on the world's most comprehensive battery domain expertise, combined with the world's largest and most accurate battery relevant molecule property databases, computed through our recent advancement in GPU-accelerated large-scale computation chemistry algorithm.

自從一年前推出 All-in on AI 以來，我們已經經歷了四個階段。首先是聊天機器人。我們透過 Molecular Universe 0 的首次發布實現了這一里程碑。 Molecular Universe 是一個強大的法學碩士 (LLM)，專門基於世界上最全面的電池領域專業知識進行訓練，並結合了世界上最大、最準確的電池相關分子屬性資料庫，這些資料庫是透過我們最近在 GPU 加速大規模計算化學演算法方面取得的進展而計算得出的。

The second is AI agent. We achieved this milestone with last month's introduction of Deep Space in Molecular Universe 0.5, an agentic capability that can conduct senior scientist level battery research. This phase can reduce product development time from years to just tens of minutes. The ROI on this capability for battery development teams is tremendous. The third is physical AI.

第二個是人工智慧代理。我們上個月推出了「分子宇宙0.5版深空」（Deep Space in Molecular Universe 0.5），實現了這個里程碑。這項代理功能可以進行高級科學家級別的電池研究。這一階段可以將產品開發時間從數年縮短到數十分鐘。這項功能對電池開發團隊的投資報酬率非常高。第三個是物理人工智慧。

This is where we are right now. Physical AI is the integration of molecular universe with physical systems, including drones, humanoid robotics, EV, UAM, and the largest of all, energy storage systems or ESS. We are on track with EV B-sample development with our EV OEM customers and growing revenue from our AI-enhanced lithium-ion and lithium metal cells for drones and UAM.

這就是我們目前的處境。物理人工智慧是分子宇宙與物理系統的整合，包括無人機、人形機器人、電動車、城市空中交通 (UAM)，以及其中規模最大的儲能係統 (ESS)。我們正與電動車原始設備製造商 (OEM) 客戶合作進行電動車 B 樣機開發，並透過用於無人機和城市空中交通的人工智慧增強型鋰離子和鋰金屬電池不斷增長收入。

And our recent agreement to acquire UZ Energy launches us into ESS physical AI by providing the opportunity to integrate UZ's ESS hardware with Molecular Universe material discovery platform, LFP and sodium-ion for ESS and precise battery health monitoring system. The fourth is revenue machine. The world's energy transition ultimately needs real physical products with software and hardware integrated.

我們最近達成的收購UZ Energy的協議，將使我們進軍儲能係統（ESS）實體人工智慧領域，這將使我們能夠將UZ Energy的ESS硬體與Molecular Universe材料發現平台、用於儲能係統的LFP和鈉離子電池以及精確的電池健康監測系統相結合。第四個目標是創造收益。世界能源轉型最終需要軟硬體整合的實體產品。

We expect exciting revenue growth to come from five areas of focus. These include: A, software and service. This will come from our Molecular Universe tool platform, subscriptions and development projects from cell and materials makers.

我們預計令人振奮的收入成長將來自五個重點領域。這些領域包括：A、軟體和服務。這將來自我們的「分子宇宙」工具平台、訂閱服務以及來自細胞和材料製造商的開發項目。

B, materials. We are producing and selling novel electrolytes and other battery materials discovered through Molecular Universe.

B、材料。我們生產和銷售透過分子宇宙發現的新型電解質和其他電池材料。

C, sales. We are producing and selling AI-enhanced lithium metal and high-silicon lithium-ion cells using electrolytes discovered through Molecular Universe for drones, UAM and humanoid robotics.

C，銷售。我們正在生產和銷售人工智慧增強鋰金屬和高矽鋰離子電池，這些電池採用透過「分子宇宙」計畫發現的電解質，用於無人機、城市空中交通（UAM）和人形機器人。

And D, EV development service. This is the original project that deployed the Molecular Universe with B-sample development with leading EV OEMs for lithium metal cells.

D、電動車開發服務。這是與領先的電動車原始設備製造商合作，為鋰金屬電池部署分子宇宙B樣品開發的原始項目。

E, and last but certainly not least, ESS. We will be producing and selling ESS hardware and software solutions that deploy safe and long cycle life materials and precise health monitoring from Molecular Universe. This is where we expect to not only grow UZ Energy's core business, but also leverage that integration with Molecular Universe.

最後，同樣重要的，是儲能係統 (ESS)。我們將生產和銷售 ESS 硬體和軟體解決方案，這些解決方案將採用 Molecular Universe 的安全長循環壽命材料和精確的健康監測技術。我們期望這不僅能促進 UZ Energy 核心業務的成長，還能充分利用與 Molecular Universe 的整合。

To implement this platform strategy, we already have the world's best material discovery team. We have been busy recruiting more top talent and looking for inorganic acquisition opportunities such as the one with UZ Energy that accelerates and extends this strategy.

為了實施這項平台策略，我們已經擁有全球頂尖的材料研發團隊。我們一直在積極招募更多頂尖人才，並尋找類似UZ Energy這樣的外部收購機會，以加速並擴展這項策略。

The reason that so many people are excited about our molecular universe platform and want to join us is that they see SES AI uniquely has all the ingredients required to build the best AI platform for energy transition. Some large battery companies don't dedicate enough resources to train AI models, such as cleaning and organizing data, developing large-scale computation algorithms and purchasing computing power and other large pure AI companies simply don't have access to high-quality battery data.

這麼多人對我們的分子宇宙平台感到興奮並渴望加入我們，是因為他們認為SES AI獨一無二，擁有建構最佳能源轉型AI平台所需的所有要素。一些大型電池公司沒有投入足夠的資源來訓練AI模型，例如清理和組織資料、開發大規模計算演算法以及購買算力，而其他大型純AI公司根本無法獲得高品質的電池資料。

People that join SES AI will have unparalleled access to high-quality battery data that are not available anywhere else, ranging from single molecule to formulations, to cell levels, both through actual experiments and high accuracy simulation. And they will be able to sell products that are not just safer and demonstrate better performance than their competition, but improve much faster. We will share more updates on all of this in the coming months.

加入 SES AI 的開發者將獲得前所未有的優質電池數據，這些數據涵蓋從單分子到配方，再到電池單元層面，並透過實際實驗和高精度模擬進行分析。他們將能夠銷售比競爭對手更安全、性能更好的產品，並且改進速度更快。我們將在未來幾個月分享更多相關資訊。

Now, here's Jing Nealis for financial updates.

現在，請 Jing Nealis 為您帶來財務更新。

Thank you. I will discuss our financial performance for the second quarter of 2025 and provide some context on how we are deploying our capital to support SES' long-term growth and the platform strategy Qichao mentioned earlier.

謝謝。我將討論我們2025年第二季度的財務業績，並提供一些背景信息，說明我們如何部署資本以支持SES的長期增長以及劉啟超之前提到的平台戰略。

Revenue for the second quarter was $3.5 million with a 74% gross margin. Our Q2 revenue was primarily driven by contracts with our automotive OEM customers to develop AI-enhanced lithium metal and lithium-ion battery materials for EV applications. As noted in our pre-announcement, we affirmed our full year 2025 revenue guidance of $15 million to $25 million.

第二季營收為350萬美元，毛利率為74%。我們第二季的收入主要來自與汽車OEM客戶簽訂的合同，這些合約旨在開發用於電動車應用的AI增強型鋰金屬和鋰離子電池材料。正如我們在預公告中所述，我們確認了2025年全年收入預期為1500萬美元至2500萬美元。

We utilized $10.8 million in cash for operations in the second quarter, which was a 51% decrease from Q2 2024 and a 53% decrease from Q1 2025. We have been emphasizing our operational discipline for the past few quarters and the significant reduction in cash usage in operations is a result of executing our plan to deploy capital effectively while growing our top line.

我們在第二季使用了 1,080 萬美元的營運現金，比 2024 年第二季減少了 51%，比 2025 年第一季減少了 53%。過去幾個季度，我們一直在強調我們的營運紀律，營運現金使用量的大幅減少是我們執行有效配置資本同時增加營收的計畫的結果。

We concluded the quarter with a strong liquidity position of $229 million with no debt. We also announced an agreement to acquire UZ Energy. I'm very excited about this strategic move to provide us the foothold in the fast-growing global ESS market and propel us forward as we expedite the implementation of intelligent energy storage solutions to address the escalating power needs of the AI era.

本季結束時，我們的流動性狀況強勁，達到2.29億美元，且沒有負債。我們也宣布了一項收購UZ Energy的協議。我對這項策略舉措感到非常興奮，它將使我們在快速成長的全球儲能市場中站穩腳跟，並推動我們加快智慧儲能解決方案的實施，以滿足人工智慧時代日益增長的電力需求。

We have a tremendous opportunity to grow the UZ Energy business from approximately $10 million to $15 million in projected revenue for the full year 2025 to exponentially larger growth in the coming years, together with the market share gains in the $300 billion global ESS market. We'll continue to allocate our capital to focus on our AI platform enhancements and growth to support our global commercial readiness through 2025 and beyond through organic growth and acquisitions.

我們擁有龐大的發展機遇，能夠將UZ Energy業務的預計收入從2025年全年約1000萬美元提升至1500萬美元，並在未來幾年實現指數級增長，同時在3000億美元的全球儲能係統（ESS）市場中擴大市場份額。我們將繼續投入資金，專注於AI平台的增強和發展，透過有機成長和收購，為2025年及以後的全球商業化做好準備。

We have also allocated capital to share repurchases. While we didn't complete any repurchases during the second quarter, in the third quarter, we have repurchased and canceled 871,754 shares for a total investment of $1.1 million or roughly $1.27 per share. In summary, we remain financially disciplined with substantial liquidity and no debt, positioning us for scalable and long-term growth. We appreciate your continued support and confidence in SES AI.

我們也撥付了資金用於股票回購。雖然第二季度我們未完成任何回購，但在第三季度，我們回購並註銷了871,754股股票，總投資額為110萬美元，約合每股1.27美元。總而言之，我們保持了嚴謹的財務紀律，擁有充足的流動性，且沒有負債，這為我們實現可擴展的長期成長奠定了基礎。感謝您一直以來對SES AI的支持與信任。

Thank you. Now I will turn the call back to the operator.

謝謝。現在我將把電話轉回給接線生。

(Operator Instructions) Winnie Dong, Deutsche Bank.

（操作員指示）德意志銀行的 Winnie Dong。

I was wondering if you can tell us a bit more about UZ Energy, the genesis of that purchase and then how you plan to leverage that business on a go-forward basis? And then secondly, I think you mentioned that you are on the lookout for more M&A opportunities. I was wondering if you can elaborate a bit more on that. What kind of other companies you're looking for? What does the pipeline look like right now?

我想知道您能否向我們詳細介紹UZ Energy，包括此次收購的緣由，以及您計劃如何在未來利用該業務？其次，我記得您提到過，您正在尋找更多的併購機會。請能否更詳細地闡述一下。您還在尋找哪些類型的公司？目前有哪些併購計畫？

Yes, Winnie, on UZ, they were actually one of the earliest companies in ESS. 10 years ago, they used to take LFP cells for EV applications and then supply them for ESS applications. And so the rationale for UZ is really -- so for ESS, we talked about entering ESS end of last year.

是的，Winnie，關於UZ，他們實際上是最早涉足儲能領域的公司之一。 10年前，他們曾將LFP電池用於電動車應用，然後將其供應給儲能係統。所以UZ的真正意義在於－至於儲能係統，我們在去年年底就談到了進軍儲能係統。

And then this is a really exciting market for us in addition to EV. And then they have good hardware capability, and they take cells and then integrate them into these ESS containers.

除了電動車之外，這對我們來說是一個非常令人興奮的市場。他們擁有良好的硬體能力，能夠將電池整合到這些儲能係統容器中。

And then ESS actually is now the number one use for Molecular Universe, the LFP and the sodium chemistries. So now that by integrating with UZ, now we have material development for [LFP], sodium from Molecular Universe, and we have the hardware integration.

ESS 現在其實是 Molecular Universe、LFP 和鈉化學的首要應用。透過與 UZ 的整合，我們現在有了 Molecular Universe 的 LFP 和鈉化學材料開發，並且實現了硬體整合。

And then we also get data. So one thing that makes Molecular Universe much more powerful than any other tools out there in the industry is access to high-quality real-world battery data that no other AI model in this field has. So now you have the new materials chemistry and then the hardware integration from UZ and then now the actual data.

然後我們還能獲得數據。 Molecular Universe 之所以比業界其他工具更強大，是因為它可以獲得高品質的真實電池數據，而這是該領域其他 AI 模型所不具備的。所以，現在我們有了新的材料化學，然後是來自 UZ 的硬體集成，最後是實際數據。

And then we can also add our Avatar, Molecular Universe on top of that to really ensure safety. So that integration really makes sense to us.

然後，我們還可以在此基礎上添加我們的「化身」——分子宇宙，以真正確保安全。所以這種整合對我們來說非常有意義。

And then just on the second question on other opportunities, other M&A opportunities?

那麼第二個問題是關於其他機會、其他併購機會嗎？

Yes. I think we're open to new opportunities and -- because Molecular Universe really empowers so many areas, not just at the material side, the material discovery side, but also material production and then also different applications, drones, ESS. So we're looking at a few other opportunities.

是的。我認為我們對新機會持開放態度——因為分子宇宙確實賦能瞭如此多的領域，不僅在材料方面，在材料發現方面，還包括材料生產，以及不同的應用，例如無人機、儲能係統（ESS）。所以我們正在尋找其他一些機會。

Derek Soderberg, Cantor Fitzgerald.

德里克索德伯格、康托費茲傑拉。

Qichao and Jing, good to see you guys and to hear from you. Just I wanted to get an update on the UAM and drone opportunity. It feels like that opportunity is sort of the nearest for you guys to potentially get your lithium metal technology out there. What sort of needs to happen on the supply chain to ensure that, that ramp happens smoothly and is sort of the plan still to ramp the UAM or drone opportunities sort of next year? Is that still the time line? And then I've got a follow-up.

齊超和靜，很高興見到你們並收到你們的消息。我只是想了解一下城市空中交通（UAM）和無人機機會的最新情況。感覺這個機會是你們最有可能將鋰金屬技術推向市場的機會。為了確保產量平穩成長，供應鏈需要採取哪些措施？明年是否仍計劃增加城市空中交通（UAM）或無人機機會？時間表還是那樣嗎？然後我還有一個後續問題。

Yeah. Actually, our revenue from drones and UAM has increased this year. And then a lot of the customers, especially in the US want to move away from their current supply chain. And then we are in the process of updating and also certifying our Korea line so that it will be compliant to that request.

是的。實際上，我們今年在無人機和城市空中交通（UAM）方面的收入有所增長。很多客戶，尤其是美國客戶，希望擺脫現有的供應鏈。我們正在更新和認證韓國生產線，以符合此要求。

But yes, that revenue is increasing.

但確實，收入正在增加。

And what kind of capacity -- revenue capacity do you think you guys have sort of for the drones and UAMs at this point?

您認為目前你們在無人機和 UAM 方面擁有什麼樣的產能——收入能力？

We -- so in terms of capacity, we are now working -- so our current Korea line and also contract manufacturing partners, we can get to pretty high capacity. And then that capacity is much higher than the current orders we have.

就產能而言，我們目前正在努力——我們目前的韓國生產線以及合約製造合作夥伴，能夠達到相當高的產能。而且，這個產能遠高於我們目前的訂單量。

Got it. So it doesn't sound like that's a huge issue there. Got it. And then just as my follow-up on the software piece, 30 companies trial testing. I know it's only been a few months now.

明白了。所以聽起來這不是什麼大問題。明白了。然後，就像我之前關於軟體部分的後續報導一樣，有30家公司進行了試用測試。我知道這才幾個月而已。

But what do you think it's going to take to get one of those companies to sort of move to a joint development tier? Is it just a matter of time testing the platform? Is it sort of identifying a certain amount of cost savings with the R&D process? What do you think it's going to take to get one of those companies to a joint development here?

但是，您認為要讓這些公司中的一家轉向共同開發需要哪些條件？測試平台只是時間問題嗎？是透過研發流程來確定一定程度的成本節約嗎？您認為要讓這些公司中的一家轉向共同開發需要哪些條件？

Yeah. This is a really interesting area, and then it's so new, because the use of AI is just not that widely used in the battery industry as it is in other industries. So I think we are really close to a few large ones. And I think the key is really seeing that this is not just a platform, but actually it can deliver a solution that's much better than the best human scientists can.

是的。這是一個非常有趣的領域，而且它非常新穎，因為人工智慧在電池行業的應用不像在其他行業那麼廣泛。所以我認為我們離一些大型企業已經很近了。我認為關鍵在於真正看到它不僅僅是一個平台，它實際上能夠提供比最優秀的人類科學家更好的解決方案。

So right now, some of the largest battery companies are giving challenge to Molecular Universe and see if it can solve problems that the smartest human scientists cannot.

因此現在，一些最大的電池公司正在向分子宇宙發起挑戰，看看它是否能解決最聰明的人類科學家無法解決的問題。

And once we can demonstrate that, then I think that's game over, and then it will be the start of a wide adoption of Molecular Universe. It needs to solve a problem that's harder, and it cannot be solved by the best human scientists.

一旦我們能證明這一點，我想一切都結束了，這將開啟分子宇宙的廣泛應用。它需要解決一個更難的問題，而這個問題即使是最優秀的人類科學家也無法解決。

John Roy, Water Tower Research.

約翰·羅伊（John Roy），水塔研究公司。

Great. I wanted to continue on the Molecular Universe. What is the overall general feedback from the enterprises that are currently using it? Are they wanting a lot more features? What are they doing with it mostly?

太好了。我想繼續聊聊分子宇宙。目前使用它的企業整體回饋怎麼樣？他們想要更多功能嗎？他們主要用它做什麼？

Yeah. So in terms of a tool platform, it's already more accurate and more powerful than any other tools out there. And then a lot of the companies instead of asking for more features, they want more accurate results. And then -- and one test they're doing is actually giving a really hard test that human scientists cannot solve.

是的。所以就工具平台而言，它已經比市面上任何其他工具都更準確、更強大了。而且很多公司不要求更多功能，而是想要更準確的結果。他們正在進行的一項測試實際上是一個人類科學家無法解決的非常困難的測試。

So if you use Molecular Universe as a scientific curiosity chatbot, then it already outperforms anything else out there. But then if it's -- so now the task is can it solve a problem that human scientists cannot solve, like a problem that's intrigued the human scientists and then -- for a long time and then the team has not been able to solve. So that's what we're trying to do next.

所以，如果你把「分子宇宙」當作一個滿足科學好奇心的聊天機器人，那麼它的表現已經超越了市面上其他任何機器人。但如果它……那麼現在的任務是，它能否解決人類科學家無法解決的問題，例如一個讓人類科學家著迷，但團隊長期以來一直無法解決的問題。這就是我們接下來要嘗試做的。

Great. And do you have any expectations when the next release might be coming and what some of those features might be? I mean, are you putting in costs? Sorry, I haven't gotten into the tool that much and manufacturability issues into the system yet.

太好了。您對下一個版本什麼時候發布以及會有哪些功能有什麼預期嗎？我的意思是，您會考慮成本嗎？抱歉，我還沒有深入研究這個工具以及系統的可製造性問題。

Yeah. So we expect the next version to be sometime in September, October time frame, and then that will include more accurate cell level data. So then the prediction will be even more accurate.

是的。我們預計下一個版本將在九月或十月左右發布，屆時將包含更精確的細胞層級數據。這樣預測就會更準確。

Thank you.

謝謝。

There are no more questions registered in queue. I'd like to pass the conference back over to our hosting team for closing remarks.

佇列中已登記問題已全部解決。我想將會議交還給主持人團隊，請他們發表閉幕致詞。

That will conclude today's conference call. Thank you for your participation, and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與，祝您今天愉快。