It appears battery startup SES’ investors are quite happy with its first earnings report. The company went public in February via a SPAC merger, and to no one’s surprise, reported a loss.
And its investors don’t seem to mind. Its shares, while still trading below its SPAC merger price, were up 16.7% at $6.15 at the time of writing, outpacing broader markets gains earlier in the day.
The company posted an operating loss of $19.2 million in the first quarter quarter. General and administrative costs accounted for much of that, at $15.1 million, while R&D ate up another $4.