Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Jun. 30, 2025 |
Dec. 31, 2024 |
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| Common Class A | ||
| Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract] | ||
| Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
| Common stock, shares authorized (in shares) | 2,100,000,000 | 2,100,000,000 |
| Common stock, shares issued (in shares) | 322,168,676 | 317,676,034 |
| Common stock, shares outstanding (in shares) | 322,168,676 | 317,676,034 |
| Common Class B | ||
| Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract] | ||
| Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
| Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
| Common stock, shares issued (in shares) | 43,881,251 | 43,881,251 |
| Common stock, shares outstanding (in shares) | 43,881,251 | 43,881,251 |
Nature of Business |
6 Months Ended |
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Jun. 30, 2025 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Nature of Business | Note 1. Nature of Business Organization SES AI Corporation and its consolidated subsidiaries (together the “Company” or “SES”), is a leading developer and manufacturer of high-performance, AI-enhanced Lithium-Metal (“Li-Metal”) and Lithium-ion (“Li-ion) rechargeable battery technologies for electric vehicles (“EVs”), Urban Air Mobility (“UAM”), drones, robotics, energy storage systems (“ESS”) and other applications. The Company’s mission is to accelerate the world’s energy transition through material discovery and battery management. The Company’s differentiated battery technology has been designed to combine the high energy density of Li-Metal with the cost-effective, large-scale manufacturability of conventional Li-ion batteries which will help to promote the transition from the global dependence on fossil fuel-based automotive vehicles to clean and efficient EVs. The Company’s headquarters are located in Woburn, Massachusetts with research and development facilities located there, in Shanghai, China, and in Chungju, South Korea. Principal operations have commenced, and the Company has derived revenue from its principal business activities starting in October 2024. |
Basis of Presentation and Summary of Significant Accounting Policies |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of Presentation and Summary of Significant Accounting Policies | Note 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting. Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the condensed consolidated financial statements for the interim periods presented. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the full year or any other future interim or annual periods. All intercompany balances and transactions have been eliminated in consolidation. The Company’s fiscal year ends on December 31. The year-end balance sheet data was derived from audited consolidated financial statements. These unaudited interim condensed consolidated financial statements do not include all of the annual disclosures required by U.S. GAAP; accordingly, they should be read in conjunction with the audited consolidated financial statements and accompanying notes as of and for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2025, as amended on April 30, 2025 (the “2024 Annual Report on Form 10-K”). Use of estimates The preparation of these condensed consolidated financial statements in conformity with U.S. GAAP requires management to make use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of commitments and contingencies, and the reported amounts of revenues, if any, and expenses. The Company bases its estimates on available historical experience and on various other factors that the Company believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not apparent from other sources. Changes in estimates are reflected in reported results for the period in which they become known. Actual results may differ from those estimates. Significant estimates and assumptions include those related to the valuation of (i) certain equity awards, including common stock awards prior to the Business Combination, the Sponsor Earn-Out Shares, the Earn-Out Restricted Shares, and performance stock units, (ii) revenue from customers, (iii) deferred tax assets and uncertain income tax positions, (iv) the measurement of operating lease liabilities, and (v) the evaluation of the recoverability of long-lived assets, including intangible assets. On an ongoing basis, the Company evaluates these judgments and estimates for reasonableness. Fair Value Measurements Fair value is defined as an exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, the Company considers the principal or most advantageous market in which it would transact, and it also considers assumptions that market participants would use when pricing the asset or liability. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. GAAP establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is as follows: Level 1 Observable inputs such as quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 Inputs other than the quoted prices in active markets that are observable either directly or indirectly. Level 3 Unobservable inputs in which there are little or no market data and which require the Company to develop its own assumptions. Certain of the Company’s financial instruments, including cash and cash equivalents, accounts payable, accrued expenses and other current liabilities are carried at cost, which approximates their fair value because of their short-term nature. The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:
(1) Fair value was determined using publicly quoted market prices obtained from third-party sources in their respective markets.
There were no transfers in or out of Level 3 measurements during the three and six months ended June 30, 2025 and 2024. Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-9, Improvements to Income Tax Disclosures, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. We are currently evaluating the impact this ASU will have when adopted and anticipate this ASU will likely result in the required additional disclosures being included in our consolidated financial statements. In November 2024, The FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses, which requires more detailed information about the types of expenses included in certain expense captions presented on the consolidated statements of operations. Additionally, this amendment requires the disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and the disclosure of the total amount of selling expenses. The new standard is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. We are currently evaluating the impact of adoption on our consolidated financial statements. The Company has reviewed all accounting pronouncements issued during the three months ended June 30, 2025 and concluded that they were either not applicable or not expected to have a material impact on the Company’s condensed consolidated financial statements.
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Revenue |
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | Note 3. Revenue We disaggregate our revenue from customers by the type of arrangement, primarily from the sale of battery products and from providing research and development services, as this depicts how the nature, amount, timing, and cash flows are affected by economic factors. The following table summarizes the Company’s disaggregated revenue:
Remaining Performance Obligations We have performance obligations associated with commitments in customer contracts for future services that have not yet been recognized as revenue. As of June 30, 2025, the aggregate amount of the transaction price allocated to the remaining performance obligations related to customer contracts that were unsatisfied or partially unsatisfied, was $3.7 million, which is expected to be recognized as revenue within the next twelve months. This amount does not include contracts to which the customer is not committed. The estimated timing of the recognition of remaining unsatisfied performance obligations is subject to change and is affected by changes to scope, changes in timing of delivery of products and services, or contract modifications. |
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Partnerships |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Partnerships | Note 4. Partnerships In March 2024, the Company extended a joint development agreement (“JDA”) with Hyundai Motor Company (“Hyundai”) to jointly research and develop B-sample Li-Metal battery technology, until December 2025. Under the terms of the JDA, the Company will fund the research and development activities, and the capital expenditures related to the buildout of pilot manufacturing lines. The Company’s B-Sample JDA with Honda Motor Company, Ltd. (“Honda”) has been replaced with a B-sample services agreement in January 2025, with a term through the end of 2025. The Company’s partnership with GM Global Technology Operations LLC (“GM Technology”), an affiliate of GM Ventures LLC (“GM Ventures”), and General Motors Holdings LLC (“GM Holdings”) (collectively, “General Motors” or “GM”) to jointly research and develop the A-Sample Li-Metal batteries concluded in September 2024. The following table summarizes credits to research and development recorded in accordance with the terms of the JDA agreements:
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Cash and Cash Equivalents |
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and Cash Equivalents | Note 5. Cash and Cash Equivalents Cash, cash equivalents, and restricted cash consisted of the following:
Restricted cash includes cash held in checking and money market funds as collateral to secure certain insurance policies and a letter of credit for corporate lease activity. |
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Short-Term Investments |
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Short-Term Investments | Note 6. Short-Term Investments Marketable Securities The following table provides amortized costs, gross unrealized gains and losses, and fair values for the Company’s investments in available-for-sale U.S. treasury securities as of June 30, 2025 and December 31, 2024, which have maturity dates that range from 0 month to 10 months, respectively. Fair value was determined using market prices obtained from third-party sources. Realized gains or losses were insignificant for the three and six months ended June 30, 2025 and 2024.
The Company has $1.3 million and $1.0 million marketable equity securities as of June 30, 2025 and December 31, 2024, respectively, with an initial cost of $0.5 million. Total unrealized gain of $0.8 million and $0.5 million is recorded under miscellaneous (expense) income, net in the consolidated statements of operations and comprehensive loss for the periods ended June 30, 2025 and December 31, 2024, respectively.
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Accrued Expenses and Other Current Liabilities |
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| Accrued Expenses and Other Current Liabilities | Note 7. Accrued Expenses and Other Current Liabilities The components of accrued expenses and other current liabilities consisted of the following:
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Government Grant |
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Jun. 30, 2025 | |
| Government Assistance [Abstract] | |
| Government Grant | Note 8. Government Grant In December 2022, the Company was awarded a grant (the “Grant”) from certain Korean government agencies. The incentives received under the Grant, which is in the form of cash, can be used for facilities related expenses and the purchase of property and equipment. The Company is required to adhere to the following conditions attached to the incentives, which include purchase of a government grant guarantee insurance policy, required minimum investments into specified spending categories and the creation of a minimum amount of permanent full-time jobs in a certain geographical location over the next five years, with the option to extend to 10 years by remaining in a certain geographical location. If determined that we were ineligible to receive the Grant, we could be required to repay the Grant in entirety with interest. The Company has yet to fulfill the required minimum investment and minimum employment conditions hence interest payable was recorded. Compliance with these conditions will continue to be monitored over the remaining grant period. As of June 30, 2025 and December 31, 2024, the Company has received, but not yet earned, cash grants of 12.0 billion Korean won. These balances are equivalent to $8.9 million and $8.1 million, after translation, respectively, as of June 30, 2025 and December 31, 2024, which is disclosed as unearned government grant in the condensed consolidated balance sheets. |
Sponsor Earn-Out Liabilities |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sponsor Earn-Out Liabilities | Note 9. Sponsor Earn-Out Liabilities The Sponsor Earn-Out shares in Tranche 2 through Tranche 5 have been measured at their estimated fair value using a Monte Carlo simulation valuation model. Inherent in the valuation model are assumptions related to expected stock price volatility, risk-free interest rate, expected term, and dividend yield. The key inputs used in the Monte Carlo simulation model at their respective measurement dates were as follows:
The stock price is based on the closing price of the Company’s Class A common stock as of the valuation date and simulated through the end of the earn-out period following Geometric Brownian Motion. The Company estimates the volatility of its common stock by using a weighted average of historical volatilities of SES’s shares and warrants and select peer companies’ common stock that matches the expected term of the awards (range of the weighted average of volatility was 87.9% - 101.6% and 87.3% - 122.5% as of June 30, 2025 and December 31, 2024, respectively). The expected term is derived from a probability weighted model, considering a number of inputs, including the probability of a change in control. The risk-free interest rate is based on the yield curve for zero-coupon U.S. Treasury notes with maturities corresponding to the expected term of the awards. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero. The following table provides a reconciliation of the beginning and ending balances for the Sponsor Earn-Out liabilities:
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Commitments and Contingencies |
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Jun. 30, 2025 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Note 10. Commitments and Contingencies Commitments Under the terms of one of the JDAs entered into in 2021 and amended in March 2024, the Company is committed to undertake certain research and development activities for the benefit of both itself and its OEM Partner which involve expenditures related to engineering efforts and purchases of related equipment. The Company has a remaining commitment to spend up to $9.9 million under this JDA as of June 30, 2025. In December 2021, the Company amended the lease agreement for an office space in Woburn, Massachusetts. The amendment includes an obligation for the Company to pay monthly relinquishment charges (equal to the total rental obligation for the duration of the lease term) only if the new tenant does not pay the monthly rental amount and the lessor has provided a notice to collect the relinquishment charges from the Company. As of June 30, 2025, the Company assessed the probability of any liability to be incurred for relinquishment charges as remote. Legal Contingencies From time-to-time, the Company may be subject to claims arising in the ordinary course of business or become involved in litigation or other legal proceedings. While the outcome of such claims or other proceedings cannot be predicted with certainty, the Company’s management expects that any such liabilities, to the extent not provided for by insurance or otherwise, would not have a material effect on the Company’s financial condition, results of operations or cash flows. Indemnifications The Company enters into indemnification provisions under agreements with other companies in the ordinary course of business, including, but not limited to, partnerships, landlords, vendors, and contractors. Pursuant to these arrangements, the Company agrees to indemnify, defend, and hold harmless the indemnified party for certain losses suffered or incurred by the indemnified party as a result of the Company’s activities. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification provisions. In addition, the Company indemnifies its officers, directors, and certain key employees against claims made with respect to matters that arise while they are serving in their respective capacities as such, subject to certain limitations set forth under applicable law, and applicable indemnification agreements. The Company maintains insurance, including commercial general liability insurance, product liability insurance, and directors and officers insurance to offset certain potential liabilities under these indemnification provisions. To date, there have been no claims under these indemnification provisions. |
Stock-Based Compensation |
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| Stock-Based Compensation | Note 11. Stock-Based Compensation The Company’s stock-based compensation included in its condensed consolidated statements of operations and comprehensive loss, net of forfeitures, was as follows:
The following table summarizes stock-based compensation expense by award type, net of forfeitures:
PSUs are measured at their estimated fair value using a Monte Carlo simulation valuation model with the effect of the market condition reflected in the grant date fair value of the award. The fair value of RSUs is estimated based on the closing price of the Company’s Class A common stock at the date of grant.
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Income Taxes |
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Jun. 30, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Note 12. Income Taxes The Company’s effective tax rate for the three and six months ended June 30, 2025 was (3.4)% and (2.1)%, respectively, compared with (0.4)% and (0.80)% for the three and six months ended June 30, 2024. The difference between the provision for income taxes and the income tax determined by applying the statutory federal income tax rate of 21% principally results from income taxes on earnings from its foreign tax jurisdictions offset by losses generated in the U.S. where no benefit was recorded because the Company had fully reserved its deferred tax assets as of June 30, 2025 and December 31, 2024 and the recording of uncertain tax positions and interest expense. |
Net Loss Per Share |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Loss Per Share | Note 13. Net Loss Per Share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted net loss per share is computed by dividing net loss, as adjusted for changes in fair value recognized in earnings from equity contracts classified as liabilities, by the weighted average number of common shares outstanding and, when dilutive, common share equivalents from outstanding stock options and restricted stock units (using the treasury-stock method). The weighted-average number of common shares used in the computation of basic and diluted net loss per share were as follows:
The number of common stock equivalents excluded from the computation of diluted net loss per share because either the effect would have been anti-dilutive, or the performance criteria related to such shares and awards had not been met, were as follows:
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Segment and Geographic Information |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment and Geographic Information | 14. Segment and Geographic Information Operating Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined that it operates in one operating and reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. The CODM uses operating income (loss) as the measure of financial performance and for resource allocation decisions. Significant Expenses The Company concluded it operates as one operating and reportable segment based on the information regularly reviewed by the CODM for decision making, resource allocation, and evaluating financial performance. The information included is categorized into different significant expense lines such as compensation and benefits, lab and equipment, professional services, general and administrative, facility, and sales and marketing. The Company reported the following significant expenses to the CODM:
Geographic Information For the three and six months ended June 30 2025, revenue outside of the United States, based on customer billing address in the Asia Pacific region, was 100% of total revenue. |
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Related-Party Transactions |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Related Party Transactions [Abstract] | |
| Related-Party Transactions | Note 15. Related-Party Transactions Pursuant to the director nomination agreement, dated as of July 12, 2021, with the Company (the “Director Nomination Agreement”), General Motors Company and its affiliates (“GM”) were considered related parties due to their board representation and the board member’s employment position at GM, which remained in effect as long as GM continues to hold more than 5% of the fully diluted outstanding equity securities of SES as per the agreement. On October 29, 2024, GM and the Company mutually agreed to terminate the Director Nomination Agreement and GM terminated its board representation. Hence, GM is no longer considered a related party during 2025. See “Note 4 – Partnerships” for more details about our prior partnership with GM.
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Subsequent Events |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Note 16. Subsequent Events Acquisition of Shenzhen UZ Energy Co., Ltd. (“UZ Energy”) On July 25, 2025, our wholly-owned subsidiary, SES AI International I Pte Ltd, entered into an agreement with UZ Energy and its shareholders to acquire 100% of the share capital of UZ Energy, a China-based battery energy storage system manufacturer. The total estimated purchase consideration for the acquisition of UZ Energy is approximately RMB 183,460,000 ($25,480,556), subject to adjustment based on a number of performance factors. Approximately RMB 90,000,000 ($12,500,000) of the consideration will be in the form of a subscription for new shares of UZ Energy, while the balance of consideration will be paid to UZ Energy’s existing shareholders for the acquisition of their shares. The transaction is expected to close in the third quarter of 2025 and is subject to customary closing conditions. Enactment of the “One Big Beautiful Bill Act” (OBBBA) On July 4, 2025, tax legislation known as the One Big Beautiful Bill Act ("OBBBA") was enacted in the United States. Key corporate tax provisions include the restoration of 100% bonus depreciation, immediate expensing for domestic research and experimental expenditures, changes to Section 163(j) interest limitations, updates to Global Intangible Low-Taxed Income (“GILTI”) and Foreign-Derived Intangible Income (“FDII”) rules, amendments to energy credits, and expanded Section 162(m) aggregation requirements. In accordance with ASC 740, the effects of the new tax law will be recognized in the period of enactment. The Company is currently evaluating the impact of the OBBBA, and an estimate of the financial effect is not yet available. Due to the timing of enactment, the Company plans to recognize any such impact on the Company's Form 10-Q filed for the period ending September 30, 2025. |
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jun. 30, 2025 |
Mar. 31, 2025 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
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| Pay vs Performance Disclosure | ||||||
| Net Income (Loss) | $ (22,651) | $ (12,432) | $ (19,897) | $ (15,557) | $ (35,083) | $ (35,454) |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting. Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the condensed consolidated financial statements for the interim periods presented. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the full year or any other future interim or annual periods. All intercompany balances and transactions have been eliminated in consolidation. The Company’s fiscal year ends on December 31. The year-end balance sheet data was derived from audited consolidated financial statements. These unaudited interim condensed consolidated financial statements do not include all of the annual disclosures required by U.S. GAAP; accordingly, they should be read in conjunction with the audited consolidated financial statements and accompanying notes as of and for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2025, as amended on April 30, 2025 (the “2024 Annual Report on Form 10-K”). |
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| Use of estimates | Use of estimates The preparation of these condensed consolidated financial statements in conformity with U.S. GAAP requires management to make use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of commitments and contingencies, and the reported amounts of revenues, if any, and expenses. The Company bases its estimates on available historical experience and on various other factors that the Company believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not apparent from other sources. Changes in estimates are reflected in reported results for the period in which they become known. Actual results may differ from those estimates. Significant estimates and assumptions include those related to the valuation of (i) certain equity awards, including common stock awards prior to the Business Combination, the Sponsor Earn-Out Shares, the Earn-Out Restricted Shares, and performance stock units, (ii) revenue from customers, (iii) deferred tax assets and uncertain income tax positions, (iv) the measurement of operating lease liabilities, and (v) the evaluation of the recoverability of long-lived assets, including intangible assets. On an ongoing basis, the Company evaluates these judgments and estimates for reasonableness. |
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| Fair Value Measurements | Fair Value Measurements Fair value is defined as an exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, the Company considers the principal or most advantageous market in which it would transact, and it also considers assumptions that market participants would use when pricing the asset or liability. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. GAAP establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is as follows: Level 1 Observable inputs such as quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 Inputs other than the quoted prices in active markets that are observable either directly or indirectly. Level 3 Unobservable inputs in which there are little or no market data and which require the Company to develop its own assumptions. Certain of the Company’s financial instruments, including cash and cash equivalents, accounts payable, accrued expenses and other current liabilities are carried at cost, which approximates their fair value because of their short-term nature. The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:
(1) Fair value was determined using publicly quoted market prices obtained from third-party sources in their respective markets.
There were no transfers in or out of Level 3 measurements during the three and six months ended June 30, 2025 and 2024. |
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| Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-9, Improvements to Income Tax Disclosures, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. We are currently evaluating the impact this ASU will have when adopted and anticipate this ASU will likely result in the required additional disclosures being included in our consolidated financial statements. In November 2024, The FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses, which requires more detailed information about the types of expenses included in certain expense captions presented on the consolidated statements of operations. Additionally, this amendment requires the disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and the disclosure of the total amount of selling expenses. The new standard is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. We are currently evaluating the impact of adoption on our consolidated financial statements. The Company has reviewed all accounting pronouncements issued during the three months ended June 30, 2025 and concluded that they were either not applicable or not expected to have a material impact on the Company’s condensed consolidated financial statements. |
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Basis of Presentation and Summary of Significant Accounting Policies (Tables) |
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of financial assets and liabilities measured at fair value on a recurring basis |
(1) Fair value was determined using publicly quoted market prices obtained from third-party sources in their respective markets. |
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Revenue (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of company's disaggregated revenue |
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Partnerships (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of expenses incurred that were recorded as a credit to research and development expense in the consolidated statement of operations and comprehensive loss |
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Cash and Cash Equivalents (Tables) |
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of cash, cash equivalents, and restricted cash |
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Short-Term Investments (Tables) |
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of amortized costs, gross unrealized gains and losses, and fair values of investments |
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Accrued Expenses and Other Current Liabilities (Tables) |
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of accrued expenses and other current liabilities |
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Sponsor Earn-Out Liabilities (Tables) |
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
| Schedule of key inputs into the Monte Carlo simulation model for the Sponsor Earn-Out liability |
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| Schedule of the reconciliation of the Sponsor Earn-Out liability |
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Stock-Based Compensation (Tables) |
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of stock-based compensation included in its condensed consolidated statements of operations and comprehensive income (loss) |
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| Schedule of share-based compensation expense by award type |
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Net Loss Per Share (Tables) |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of computation of basic and diluted net loss per share |
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| Schedule of potentially anti-dilutive securities |
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Segment and Geographic Information (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of significant expenses to the CODM |
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Basis of Presentation and Summary of Significant Accounting Policies - Fair Value - Transfers (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
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| Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net [Abstract] | ||||
| Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, transfers, net | $ 0 | $ 0 | $ 0 | $ 0 |
Basis of Presentation and Summary of Significant Accounting Policies - Recently Issued Accounting Pronouncements (Details) |
Jun. 30, 2025 |
|---|---|
| Accounting Standards Update 2023-09 | |
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
| Change in Accounting Principle, Accounting Standards Update, Adopted | false |
Revenue (Details) $ in Thousands |
3 Months Ended | 6 Months Ended |
|---|---|---|
|
Jun. 30, 2025
USD ($)
|
Jun. 30, 2025
USD ($)
|
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| Revenue from customers: | ||
| Total revenue from customers | $ 3,527 | $ 9,320 |
| Revenue remaining performance obligation | $ 3,700 | $ 3,700 |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01 | ||
| Revenue from customers: | ||
| Expected period of revenue recognition | 12 months | 12 months |
| Service revenue | ||
| Revenue from customers: | ||
| Total revenue from customers | $ 3,527 | $ 9,311 |
| Product revenue | ||
| Revenue from customers: | ||
| Total revenue from customers | $ 9 |
Partnerships (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2024 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Research and development (related party) | $ 1,217 | |
| Research and development (non-related party) | $ 577 | 2,885 |
| Total reimbursements to research and development | $ 577 | $ 4,102 |
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Dec. 31, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|---|---|
| Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract] | ||||
| Cash | $ 5,310 | $ 7,908 | ||
| Money market funds | 6,447 | 120,888 | ||
| Total cash and cash equivalents | 11,757 | 128,796 | ||
| Restricted cash included in other assets | $ 651 | $ 599 | ||
| Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position | Other assets, non-current | Other assets, non-current | ||
| Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows | $ 12,408 | $ 129,395 | $ 56,069 | $ 86,966 |
Short-Term Investments - General Information (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
|---|---|---|
Jun. 30, 2025 |
Dec. 31, 2024 |
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| Debt Securities, Available-for-Sale [Abstract] | ||
| Equity securities with an initial cost | $ 0.5 | |
| Equity securities unrealized gain (loss) | $ 0.8 | $ 0.5 |
| Minimum | ||
| Debt Securities, Available-for-Sale [Abstract] | ||
| Debt securities, available-for-sale, term | 0 months | 0 months |
| Maximum | ||
| Debt Securities, Available-for-Sale [Abstract] | ||
| Debt securities, available-for-sale, term | 10 months | 10 months |
Short-Term Investments - Tabular Disclosure (Details) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
| Debt securities, available-for-sale, current | $ 217,123 | $ 133,748 |
| Amortized cost | 215,772 | 132,615 |
| Gross unrealized gains | 133 | 167 |
| Gross unrealized losses | (40) | |
| Fair value | 215,865 | 132,782 |
| US Treasury Securities | ||
| Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
| Amortized cost, current | 215,772 | 132,615 |
| Gross unrealized gains, current | 133 | 167 |
| Gross unrealized losses, current | (40) | |
| Debt securities, available-for-sale, current | $ 215,865 | $ 132,782 |
Short-Term Investments - Equity Securities (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
|---|---|---|
Jun. 30, 2025 |
Dec. 31, 2024 |
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| Equity Securities, FV-NI [Abstract] | ||
| Equity securities | $ 1.3 | $ 1.0 |
| Debt Securities, Trading, and Equity Securities, FV-NI, Cost [Abstract] | ||
| Equity securities with an initial cost | 0.5 | |
| Equity Securities, FV-NI, Unrealized Gain (Loss) [Abstract] | ||
| Equity securities unrealized gain (loss) | $ 0.8 | $ 0.5 |
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Payables and Accruals [Abstract] | ||
| Vendor project charges | $ 5,956 | $ 7,500 |
| Employee compensation and related costs | 4,048 | 6,646 |
| Income taxes payable | 1,049 | 313 |
| Professional and consulting services | 871 | 1,480 |
| Deferred income | 862 | |
| Software services | 837 | |
| Construction in process | 339 | 1,408 |
| Other | 826 | 982 |
| Accrued expenses and other current liabilities | $ 14,788 | $ 18,329 |
Government Grant (Details) $ in Millions, ₩ in Billions |
1 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2022 |
Jun. 30, 2025
KRW (₩)
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Jun. 30, 2025
USD ($)
|
Dec. 31, 2024
KRW (₩)
|
Dec. 31, 2024
USD ($)
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| Government Grant | |||||
| Government assistance, transaction duration | 5 years | ||||
| Unearned government grant, excluding accrued interest | ₩ 12.0 | $ 8.9 | ₩ 12.0 | $ 8.1 | |
| Maximum | |||||
| Government Grant | |||||
| Government assistance, transaction duration | 10 years | ||||
Sponsor Earn-Out Liabilities - Reconciliation (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
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| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Beginning Balance | $ 9,472 | $ 4,166 |
| Change in fair value | (6,436) | (2,286) |
| Ending Balance | $ 3,036 | $ 1,880 |
| Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income | (Loss) Gain on change in fair value of Sponsor Earn-Out liabilities | (Loss) Gain on change in fair value of Sponsor Earn-Out liabilities |
Commitments and Contingencies (Details) $ in Millions |
Jun. 30, 2025
USD ($)
|
|---|---|
| Commitments and Contingencies Disclosure [Abstract] | |
| The Company has a remaining commitment to spend | $ 9.9 |
Stock-Based Compensation - Stock-based Compensation Expense - Statement of Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Stock-Based Compensation | ||||
| Total stock-based compensation | $ 2,695 | $ 4,802 | $ 6,668 | $ 9,586 |
| Research and development | ||||
| Stock-Based Compensation | ||||
| Total stock-based compensation | 691 | 1,616 | 1,841 | 3,067 |
| General and administrative | ||||
| Stock-Based Compensation | ||||
| Total stock-based compensation | 1,911 | $ 3,186 | 4,573 | $ 6,519 |
| Cost of revenue | ||||
| Stock-Based Compensation | ||||
| Total stock-based compensation | $ 93 | $ 254 | ||
Stock-Based Compensation - Stock-based Compensation Expense - Award Type (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Stock-Based Compensation | ||||
| Total stock-based compensation | $ 2,695 | $ 4,802 | $ 6,668 | $ 9,586 |
| Restricted Stock Units ("RSUs") | ||||
| Stock-Based Compensation | ||||
| Total stock-based compensation | 1,956 | 3,604 | 4,771 | 6,689 |
| Performance Stock Units ("PSUs") | ||||
| Stock-Based Compensation | ||||
| Total stock-based compensation | 256 | 700 | 913 | 1,632 |
| Restricted Stock Awards ("RSAs") | ||||
| Stock-Based Compensation | ||||
| Total stock-based compensation | 474 | 487 | 952 | 978 |
| Employee Stock Option | ||||
| Stock-Based Compensation | ||||
| Total stock-based compensation | $ 9 | $ 11 | $ 32 | $ 287 |
Income Taxes (Details) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
| Effective tax rate (as a percent) | (3.40%) | (0.40%) | (2.10%) | (0.80%) |
| Statutory federal income tax rate (as a percent) | 21.00% | 21.00% | 21.00% | 21.00% |
Net Loss Per Share - Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ||||
| Net loss attributable to common stockholders - basic | $ (22,651) | $ (19,897) | $ (35,083) | $ (35,454) |
| Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||
| Weighted average shares of common stock outstanding - basic (in shares) | 331,731,923 | 320,833,854 | 330,539,801 | 319,812,287 |
| Weighted average shares of common stock outstanding - diluted (in shares) | 331,731,923 | 320,833,854 | 330,539,801 | 319,812,287 |
| Earnings Per Share, Diluted [Abstract] | ||||
| Net loss per share attributable to common stockholders - basic (in dollars per share) | $ (0.07) | $ (0.06) | $ (0.11) | $ (0.11) |
| Net loss per share attributable to common stockholders - diluted (in dollars per share) | $ (0.07) | $ (0.06) | $ (0.11) | $ (0.11) |
Segment and Geographic Information - Segment Information (Details) - segment |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||||
| Number of operating segments | 1 | 1 | 1 | 1 |
| Number of reportable segments | 1 | 1 | 1 | 1 |
| Segment Reporting, CODM, Individual Title and Position or Group Name | srt:ChiefExecutiveOfficerMember | srt:ChiefExecutiveOfficerMember | srt:ChiefExecutiveOfficerMember | srt:ChiefExecutiveOfficerMember |
Segment and Geographic Information - Significant Expenses (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Segment Reporting Information, Profit (Loss) [Abstract] | ||||
| Stock compensation | $ 6,686 | $ 9,586 | ||
| General and administrative | $ 6,520 | $ 9,570 | 13,840 | 19,076 |
| Total operating expenses | 25,607 | 24,627 | 53,437 | 45,898 |
| Single Reportable Segment | ||||
| Segment Reporting Information, Profit (Loss) [Abstract] | ||||
| Compensation and benefits | 7,930 | 9,844 | 14,299 | 16,957 |
| Lab and equipment | 3,074 | 1,757 | 8,883 | 3,087 |
| General and administrative | 4,091 | 2,718 | 7,993 | 7,548 |
| Professional fees | 6,080 | 2,233 | 12,165 | 4,252 |
| Facility | 1,444 | 2,998 | 2,991 | 4,026 |
| Marketing and sales | 191 | 275 | 378 | 442 |
| Total operating expenses | 25,607 | 24,627 | 53,437 | 45,898 |
| Operating Segments | Single Reportable Segment | ||||
| Segment Reporting Information, Profit (Loss) [Abstract] | ||||
| Stock compensation | $ 2,797 | $ 4,802 | $ 6,728 | $ 9,586 |
Segment and Geographic Information - Geographic Information (Details) |
3 Months Ended | 6 Months Ended |
|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2025 |
|
| Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | Asia Pacific | ||
| Segment Reporting Information [Line Items] | ||
| Concentration risk percentage | 100.00% | 100.00% |
Subsequent Events (Details) - Subsequent Event - UZ Energy Co., Ltd. ¥ in Thousands |
2 Months Ended | ||
|---|---|---|---|
Jul. 25, 2025 |
Sep. 30, 2025
CNY (¥)
|
Sep. 30, 2025
USD ($)
|
|
| Business Combination, Description [Abstract] | |||
| Business combination, name of acquiree | UZ Energy Co., Ltd. | ||
| Business combination, date of acquisition agreement | Jul. 25, 2025 | ||
| Forecast | |||
| Business Combination, Description [Abstract] | |||
| Business combination, voting equity interest acquired, percentage (as a percent) | 100.00% | 100.00% | |
| Business Combination, Consideration Transferred [Abstract] | |||
| Business combination, consideration transferred | ¥ 183,460 | $ 25,480,556 | |
| Business combination, consideration transferred, equity interest | ¥ 90,000 | $ 12,500,000 | |