1 Letter to Our Shareholders Q4 2025 Dear Shareholders, 2025 was the year SES AI turned a corner. Full year revenue reached $21 million, up from just over $2 million in 2024 — nearly 10-fold growth in the first full year we had any revenue at all. This tremendous growth was due to the final contributions from our services agreements with Honda and Hyundai as we completed our EV development work with them. We also had three and half months of revenue from the acquisition of UZ Energy for energy storage business. While we are pleased to report full year revenues in the range of our previously issued guidance, it’s the milestones we reached and the year-over-year growth we’re expecting from full year contributions in our three revenue-generating business units—energy storage systems (ESS), drones, and advanced materials—and for recognizing potential value in the Molecular Universe (MU) that has us really excited. In the past year alone, we made more progress than in the previous 10+ years combined. This development of the Molecular Universe has sped things up for us. SES continues to be well positioned to solve the issues of battery development and safety requirements. With the Molecular Universe as our own in-house AI4Science company, we have been able to help customers overcome standard timelines in the adoption of new technology. We also have a front seat to see how energy transition needs are requiring more integration of AI software and hardware along with precise battery health monitoring. 1. Energy Storage Systems (ESS) ESS business is our largest near-term revenue driver and represents a market currently larger than EVs and drones. At Battery World 2024, we announced our entry into the ESS market. Through the UZ Energy acquisition, we are now serving customers across the globe—from Australia to Europe to the Middle East—and are now entering the North American market. Four SoX algorithms, integrated into Molecular Universe Predict, enable near zero-drift SoC and comprehensive battery management. UZ Energy is a leader in Commercial & Industrial ESS and has sold almost 1 GWh of hardware to customers ranging from residential to C&I to grid storage. We are now able to collect their large amount of historical ESS LFP-graphite data. For all future UZ products, we plan to incorporate our Predict feature from Molecular Universe into a small box to achieve near zero-drift State of Charge (SoC), degradation, health, safety, and other SoX algorithms and automated non-disruptive

2 Letter to Our Shareholders Q4 2025 recalibration. This integration helps improve UZ’s ability to predict battery health and reduce maintenance cost for customers. Energy storage systems are financial assets, the value to our customers depends on delivering consistent and long-term performance. Historically, UZ supplied only the hardware to customers, mostly LFP and graphite Li-ion cells. Now since we acquired UZ, SES has the opportunity to provide an operating system to the hardware and sell customers a complete package to meet their ESS needs. We are seeing some early traction with UZ sales efforts as they were able to sign a multiyear $20 million contract with a major distributor recently at the InterSolar conference. 2. Drones Drones represent the next business unit of focus. The drone market requires high energy density and high-power density batteries to achieve longer flight time and greater payload. This is where our Li-metal and high silicon carbon Li-ion batteries really shine. The US defense drone market in particular is where we see the most consequential near-term opportunity and where we are devoting most of our attention and investment. It is worth taking a moment to explain why the drone market is a natural fit for deploying our Li-Metal anodes and proprietary electrolyte. 1. High energy density: Drone batteries require roughly double the energy density of conventional Li-ion—at least 400 Wh/kg to be state-of-the-art, with a realistic roadmap to 500 Wh/kg to win the market. Range and payload are critical. 2. High power and C-rate: Batteries must deliver high C-rate and power for maneuvering and acceleration—solved by our technology. 3. Scalable manufacturing: Batteries must be manufacturable at scale—demonstrated through our EV B-sample developments. 4. Material and supply chain requirements: Batteries need abundant, cost-effective materials, and military applications require National Defense Authorization Act (NDAA)–compliant supply chains—we have been NDAA compliant since 2021. Mainstream Li-ion performance benchmarked against SES cell lineup We recently announced that we expect to convert our EV B-sample line in Chungju, South Korea’s facility to manufacture NDAA-compliant cells for drones. This is the same facility that we developed and built the world’s first 100Ah largest Li-Metal cell back in 2021, and this facility has been NDAA-compliant since 2021. To meet the drone demand, we plan to convert our lines from EV pouch 100Ah cells to 10Ah pouch cells. In

3 Letter to Our Shareholders Q4 2025 this line, we are also planning to deploy our AI for Safety and AI for Manufacturing to ensure quality and cost effectiveness. In addition to our Korea facility, we are also exploring even larger NDAA-compliant and more versatile cell form factor manufacturing capacities in Southeast Asia. We will have more to update on our NDAA-compliant manufacturing capacity and locations later this year. 3. Materials Our third revenue generating business unit is materials. Both SES and our Molecular Universe users have also been discovering new electrolyte materials for other applications that we don’t build cells for currently. Last fall, we announced a JV with Hisun to leverage their 150,000-ton annual global capacity to produce these materials at a commercial scale to supply to other battery manufacturers for consumer electronics and ESS. At this time, we are anticipating that the Hisun JV will only produce materials for Molecular Universe discoveries. Through the Molecular Universe, we discovered six breakthroughs that are currently being tested by over 40 customers. These breakthroughs, which will be the basis of the revenue we expect from this business in 2026, include: 1. Better cycle life and storage for EVs 2. Better cycle life and power density for drones 3. Better low-temp cycle life and power density for heavy duty trucking 4. Better cycle life and longer life for consumer electronics 5. Better cycle life and low-temp performance for ESS and EVs 6. Better cycle life and storage for consumer electronics We also have a pipeline of new breakthroughs that are being tested by customers which we expect will provide further potential revenue for this business. 4. Molecular Universe The Molecular Universe is our own AI4Science platform we are now on the third iteration – version 1.5 with version 2.0 soon to be introduced since launching in 2024. While the revenue continues to build momentum and is expected to make a small contribution in 2026, its biggest contribution is the inherent value of this business on its own and the IP that drives competitive advantages in the ESS, drone and materials businesses. Molecular Universe has the potential to become a modern-day encyclopedia, with battery being its Volume I. It provides extremely valuable scientific data and intuition to AI for science models. Over the course of the year, we will continue to explore how we can best demonstrate or unlock MU’s value. In terms of demonstrating that value, reference can be made to our recent investor presentation. In that presentation, it is noted that several AI4Science companies—many of which are either pre-revenue or generate less revenue than the Molecular Universe—have already achieved valuations exceeding $1 billion through private capital raises. These represent the closest comparables to the Molecular Universe, and we are closely tracking how well these transactions have performed.