Stonegate Updates Coverage on SES AI Corp. (NYSE: SES) 2Q26

DALLAS, TX -- AUGUST 12, 2026

DALLAS, TX -- August 12, 2026 -- SES AI Corp. (NYSE: SES): Stonegate Capital Partners Updates Coverage on SES AI Corp. (NYSE: SES). SES’ 2Q26 update improves the commercialization setup despite lower sequential revenue, as the quarter provided clearer evidence that the company’s broader commercial strategy is beginning to take hold. The headline miss was modest, but the underlying read-through was better: all four product lines contributed, Sol-Ark certification expands UZ Energy’s U.S. ESS opportunity, and the NDAA drone pipeline suggests capacity - not just qualification - could become a constraint as customers convert to orders. FY26 guidance was unchanged, leaving a sizable 2H ramp to execute, but the path is becoming clearer over coming quarters across ESS, drones, materials, and Molecular Universe.

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• Commercialization is broadening across the portfolio. All four product lines generated revenue, while Sol-Ark certification materially expands UZ Energy’s U.S. ESS opportunity and supports a larger contribution beginning later in 2026 and into 2027.
• Drone demand is emerging as the strongest near-term growth driver. SES is scaling NDAA-compliant capacity to 1M cells annually, while ~five large prospects alone represent ~1.5M potential annual cells versus only ~700K–800K of deliverable capacity.
• FY26 guidance remains achievable but requires a meaningful 2H ramp. SES reaffirmed $30M–$35M of revenue and ~15% gross margin, implying $18.2M–$23.2M in 2H26, supported by ESS growth and increasing drone/materials contributions.

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About Stonegate

Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.

Stonegate Capital Partners
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