SES AI Corporation $SES
Wolfpack Research • Published December 9, 2025 • Dying Biz Pivoting into Another AI Pipedream
CORE INVESTMENT THESIS
SES AI is a dying lithium-metal battery company masking its failures with phantom deals, an AI product that former employees call "kind of a toy," and an acquisition tied to a billion-dollar Ponzi scheme.
With Honda and Hyundai partnerships expiring at year-end (74% of revenue), remaining performance obligations down 92%, and key executives quietly disappearing, Wolfpack believes SES is throwing everything at the wall to distract investors from its collapsing core business.
COMPANY OVERVIEW
KEY FINANCIAL METRICS
Dropped from $3.7M to $0.3M in one quarter — OEMs have lost interest
$12.2M of $16.4M YTD — Deals expire end of 2025
vs. 76% pre-acquisition — Drastically worse quality revenue
"Up to" — But site visit found another company's building
Revenue Source Breakdown (YTD 2025)
Honda and Hyundai partnerships expire end of 2025
Gross Margin Collapse
(H1 2025)
ESS Segment
PHANTOM DEALS & RED FLAGS
FORMER EMPLOYEE TESTIMONY
"Yeah, that came completely out of the blue. Really. Yeah, I remember. Yeah, it surprised everybody.... [T]he announcement was a complete surprise and then it was like nobody ever talked about it after the announcement... they did nothing to fulfill it."
— Former Employee on AISPEX MOU"I would not [buy the Molecular Universe].... There is a huge bottleneck when you actually try to synthesize and test those compounds.... Most of the promising computational suggestions die at the synthesis stage."
— Former Employee on Molecular Universe"I don't know if there is a word for this businesswise, but in exchange for [SES] buying a bunch of equipment from a company, that company would then turn around and purchase a license to Molecular Universe. So SES would count that as revenue, but really they're just buying something from another company and getting a rebate in return."
— Former Employee on Potential Circular Transactions"Honda was not so happy with the way things were going."
— Former Employee on OEM RelationshipsKEY PLAYERS
OEM Partnership Status
Wolfpack Research's Verdict
According to Wolfpack Research, SES AI Corporation ($SES) is a dying lithium-metal battery company desperately pivoting to distract investors from its collapsing core business. With GM gone, Honda and Hyundai partnerships expiring at year-end (74% of revenue), remaining performance obligations down 92%, and an "AI" product that former employees call "kind of a toy," SES has resorted to announcing phantom deals (AISPEX, Hisun, Data Blanket) that appear to have no substance.
The UZ Energy acquisition adds low-margin revenue to mask the OEM exodus, but its related entity's connection to an alleged participant in a $1 billion Ponzi scheme raises serious questions. Key executives have quietly disappeared from the company website without disclosure.
Wolfpack believes Street estimates of $58M in 2026 revenue are unrealistic given the imminent loss of Honda and Hyundai. The company's pivot to "AI" and questionable partnerships appears to be smoke and mirrors.
Dashboard based on Wolfpack Research report dated December 9, 2025. This is a summary for informational purposes only. Wolfpack Research has disclosed a short position in SES. Read the full report and disclaimers at wolfpackresearch.com.