SES AI Corporation announced its third quarter 2024 financial results for the period ended September 30, 2024. The company reported a net loss of $30.186 million for the quarter, an increase from a net loss of $13.473 million in the third quarter of 2023.
Research and development (R&D) expenses significantly increased to $24.438 million in Q3 2024, up from $8.472 million in the prior year's quarter. This increase reflects the company's continued investment in its AI initiatives and battery technology development.
General and administrative expenses saw a decrease, falling to $9.779 million in Q3 2024 from $10.885 million in Q3 2023. The company did not report revenue for the third quarter of 2024, indicating it remained in a pre-revenue phase for its principal business activities during this period.
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