Summary by Futu AI
SES AI announced significant developments in Q3 2024, including the successful passing of GB38031-2020 global EV safety tests for its 100Ah Li-Metal cells. The company has expanded its revenue pipeline through UAM cell supply agreements, notably with SoftBank, and is launching AI-accelerated battery material discovery services. The company has reduced its FY2024 cash usage guidance to $80-95M from $100-120M.On October 29, the company and GM Ventures mutually terminated their Director Nomination Agreement, eliminating GM Ventures' right to nominate board members. Subsequently, Anirvan Coomer, previously nominated by GM Ventures, resigned from the Board effective immediately.The company maintains a strong financial position with liquidity extending into 2028. SES AI's "All-in on AI strategy" continues to drive progress, with first revenue from AI-accelerated battery material discovery expected in Q4 2024. The company has completed Site Acceptance Tests for UAM production lines and secured multiple supply agreements.
