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Side-by-side financial comparison of SES AI Corp (SES) and X3 Holdings Co., Ltd. (XTKG). Click either name above to swap in a different company.
X3 Holdings Co., Ltd. is the larger business by last-quarter revenue ($5.0M vs $4.6M, roughly 1.1× SES AI Corp). X3 Holdings Co., Ltd. produced more free cash flow last quarter ($-1.7M vs $-11.1M).
SES S.A. is a Luxembourgish communications satellite operator supplying video and data connectivity worldwide to broadcasters, content and internet service providers, mobile and fixed network operators, governments and institutions.
SES vs XTKG — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.6M | $5.0M |
| Net Profit | $-17.0M | — |
| Gross Margin | 11.3% | — |
| Operating Margin | -387.7% | — |
| Net Margin | -373.5% | — |
| Revenue YoY | — | — |
| Net Profit YoY | 50.7% | — |
| EPS (diluted) | $-0.05 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $4.6M | — | ||
| Q3 25 | $7.1M | — | ||
| Q2 25 | $3.5M | $5.0M | ||
| Q1 25 | $5.8M | — | ||
| Q2 24 | — | $6.6M |
| Q4 25 | $-17.0M | — | ||
| Q3 25 | $-20.9M | — | ||
| Q2 25 | $-22.7M | — | ||
| Q1 25 | $-12.4M | — | ||
| Q2 24 | — | $-57.6M |
| Q4 25 | 11.3% | — | ||
| Q3 25 | 51.1% | — | ||
| Q2 25 | 73.7% | — | ||
| Q1 25 | 78.7% | — | ||
| Q2 24 | — | 28.0% |
| Q4 25 | -387.7% | — | ||
| Q3 25 | -262.0% | — | ||
| Q2 25 | -652.3% | — | ||
| Q1 25 | -401.7% | — | ||
| Q2 24 | — | -219.1% |
| Q4 25 | -373.5% | — | ||
| Q3 25 | -293.9% | — | ||
| Q2 25 | -642.2% | — | ||
| Q1 25 | -214.6% | — | ||
| Q2 24 | — | -874.1% |
| Q4 25 | $-0.05 | — | ||
| Q3 25 | $-0.06 | — | ||
| Q2 25 | $-0.07 | — | ||
| Q1 25 | $-0.04 | — | ||
| Q2 24 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $29.5M | $2.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $214.8M | $42.6M |
| Total Assets | $272.6M | $71.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.5M | — | ||
| Q3 25 | $35.3M | — | ||
| Q2 25 | $11.8M | $2.6M | ||
| Q1 25 | $56.1M | — | ||
| Q2 24 | — | $1.5M |
| Q4 25 | $214.8M | — | ||
| Q3 25 | $228.2M | — | ||
| Q2 25 | $249.2M | $42.6M | ||
| Q1 25 | $269.9M | — | ||
| Q2 24 | — | $125.5M |
| Q4 25 | $272.6M | — | ||
| Q3 25 | $288.8M | — | ||
| Q2 25 | $290.5M | $71.7M | ||
| Q1 25 | $306.0M | — | ||
| Q2 24 | — | $171.3M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-10.4M | $-1.1M |
| Free Cash FlowOCF − Capex | $-11.1M | $-1.7M |
| FCF MarginFCF / Revenue | -243.7% | -34.1% |
| Capex IntensityCapex / Revenue | 15.6% | 12.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-61.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-10.4M | — | ||
| Q3 25 | $-14.3M | — | ||
| Q2 25 | $-10.8M | $-1.1M | ||
| Q1 25 | $-22.8M | — | ||
| Q2 24 | — | $-7.0M |
| Q4 25 | $-11.1M | — | ||
| Q3 25 | $-14.7M | — | ||
| Q2 25 | $-11.6M | $-1.7M | ||
| Q1 25 | $-23.7M | — | ||
| Q2 24 | — | $-7.0M |
| Q4 25 | -243.7% | — | ||
| Q3 25 | -206.9% | — | ||
| Q2 25 | -329.6% | -34.1% | ||
| Q1 25 | -410.0% | — | ||
| Q2 24 | — | -106.9% |
| Q4 25 | 15.6% | — | ||
| Q3 25 | 6.0% | — | ||
| Q2 25 | 22.8% | 12.1% | ||
| Q1 25 | 15.8% | — | ||
| Q2 24 | — | 0.3% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SES
Segment breakdown not available.
XTKG
| Consulting and technical support services | $2.4M | 48% |
| Other | $1.5M | 30% |
| Application development services | $884.5K | 18% |
| Subscription services | $215.4K | 4% |
