We Think SES AI (NYSE:SES) Needs To Drive Business Growth Carefully
We Think SES AI (NYSE:SES) Needs To Drive Business Growth Carefully
There's no doubt that money can be made by owning shares of unprofitable businesses. For example, although software-as-a-service business Salesforce.com lost money for years while it grew recurring revenue, if you held shares since 2005, you'd have done very well indeed. Nonetheless, only a fool would ignore the risk that a loss making company burns through its cash too quickly.
毫無疑問,擁有虧損企業的股票可以獲利。例如,雖然軟件即服務業務Salesforce.com在增長持續性收入時多年虧損,但如果您從2005年開始持有股票,您會非常成功。然而,僅有愚蠢之人才會忽視虧損企業燒光現金的風險。
So should SES AI (NYSE:SES) shareholders be worried about its cash burn? In this report, we will consider the company's annual negative free cash flow, henceforth referring to it as the 'cash burn'. Let's start with an examination of the business' cash, relative to its cash burn.
那麼SES AI (紐交所: SES)的股東是否應該擔心其現金燃燒? 在本報告中,我們將考慮公司年度的負自由現金流,簡稱爲"現金燃燒"。 讓我們從審視業務的現金開始,相對於其現金燃燒。
How Long Is SES AI's Cash Runway?
SES AI的現金運營時間有多長?
A company's cash runway is the amount of time it would take to burn through its cash reserves at its current cash burn rate. In September 2024, SES AI had US$274m in cash, and was debt-free. In the last year, its cash burn was US$82m. So it had a cash runway of about 3.3 years from September 2024. There's no doubt that this is a reassuringly long runway. You can see how its cash balance has changed over time in the image below.
公司的現金運營時間是指以當前現金燃燒速度消耗完其現金儲備所需的時間。2024年9月,SES AI持有27400萬美元現金,無債務。在過去一年中,其現金燃燒爲8200萬美元。因此,從2024年9月起,它的現金運營時間約爲3.3年。毫無疑問,這是一個令人放心的長期前景。您可以在下面的圖片中看到其現金餘額隨時間的變化。
How Is SES AI's Cash Burn Changing Over Time?
SES AI的現金燃燒如何隨時間變化?
SES AI didn't record any revenue over the last year, indicating that it's an early stage company still developing its business. So while we can't look to sales to understand growth, we can look at how the cash burn is changing to understand how expenditure is trending over time. Over the last year its cash burn actually increased by 19%, which suggests that management are increasing investment in future growth, but not too quickly. However, the company's true cash runway will therefore be shorter than suggested above, if spending continues to increase. While the past is always worth studying, it is the future that matters most of all. So you might want to take a peek at how much the company is expected to grow in the next few years.
SES AI在過去一年沒有錄得任何營業收入,表明它是一家仍在發展業務的初創公司。因此,儘管我們無法通過銷售數據了解增長情況,但我們可以查看現金燃燒的變化來了解支出隨時間的趨勢。過去一年,其現金燃燒實際上增加了19%,這表明管理層正在增加對未來增長的投資,但增速不會太快。然而,如果支出持續增加,公司真正的現金運營時間將會比上述時間短。過去的經驗總是值得研究的,但最重要的是未來。因此,您可能希望了解公司未來幾年的預期增長。
Can SES AI Raise More Cash Easily?
SES人工智能可以輕鬆籌集更多資金嗎?
While SES AI does have a solid cash runway, its cash burn trajectory may have some shareholders thinking ahead to when the company may need to raise more cash. Issuing new shares, or taking on debt, are the most common ways for a listed company to raise more money for its business. Many companies end up issuing new shares to fund future growth. By comparing a company's annual cash burn to its total market capitalisation, we can estimate roughly how many shares it would have to issue in order to run the company for another year (at the same burn rate).
雖然SES人工智能確實有堅實的現金儲備,但其現金燃燒軌跡可能讓一些股東提前考慮公司何時可能需要籌集更多資金。發行新股或負債是上市公司籌集更多資金的最常見方式,許多公司最終會發行新股來資助未來的增長。通過將公司的年度現金燃燒與其總市值進行比較,我們可以大致估計公司需要發行多少股票才能維持公司運營一年(以相同的燃燒速率)。
SES AI's cash burn of US$82m is about 63% of its US$130m market capitalisation. Given how large that cash burn is, relative to the market value of the entire company, we'd consider it to be a high risk stock, with the real possibility of extreme dilution.
SES人工智能的現金燃燒爲8200萬美元,約佔其13000萬美元的市值的63%。考慮到現金燃燒量相對於整個公司市值的巨大規模,我們認爲它是高風險股票,存在極端稀釋的真實可能性。
Is SES AI's Cash Burn A Worry?
SES人工智能的現金燃燒是一個令人擔憂的問題嗎?
Even though its cash burn relative to its market cap makes us a little nervous, we are compelled to mention that we thought SES AI's cash runway was relatively promising. While we're the kind of investors who are always a bit concerned about the risks involved with cash burning companies, the metrics we have discussed in this article leave us relatively comfortable about SES AI's situation. On another note, we conducted an in-depth investigation of the company, and identified 5 warning signs for SES AI (2 are significant!) that you should be aware of before investing here.
儘管相對於其市值的現金燃燒使我們有些緊張,但我們不得不提到,我們認爲SES人工智能的現金儲備相對而言是令人看好的。雖然我們作爲投資者總是關注與現金燃燒公司有關的風險,但我們在本文討論的指標方面對SES人工智能的情況相對感到滿意。另外,我們對該公司進行了深入調查,並確定了SES人工智能存在5個警示信號(其中2個很重要!)在您在此投資之前應該了解。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies with significant insider holdings, and this list of stocks growth stocks (according to analyst forecasts)
當然,您也可以通過在其他地方尋找找到出色的投資機會。因此,請查看具有重要內部股權的公司的免費列表,以及此分析師預測的股票成長列表。
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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。
譯文內容由第三人軟體翻譯。