SES AI Corporation (NYSE:SES) saw its shares decline 5% on Tuesday after short-seller Wolfpack Research published a sharply critical report raising questions about the company’s strategy, partnerships, and recent acquisitions.
In its report, “SES’s Dying Biz Pivoting into Another AI Pipedream,” Wolfpack alleges that SES AI has been promoting “phantom deals” and touting an AI initiative known as “Molecular Universe,” which the short-seller claims appears to be “a Chat GPT wrapper.” Wolfpack argues these announcements may be an attempt to divert attention from the possibility that SES could lose key customers Honda and Hyundai at the end of 2025.
Wolfpack, which stated it is short SES AI stock, also scrutinized the firm’s purchase of UZ Energy, a Chinese Energy Storage System company. The report asserts that the deal involves a “related entity whose registered agent was allegedly part of a $1 billion Ponzi scheme.”
The report further questions the credibility of a memorandum of understanding SES signed in January 2025 with Texas-based energy retailer AISPEX. That agreement had projected up to $45 million in revenue. Citing a former SES employee, Wolfpack claims: “the announcement [of the deal] was a complete surprise and then it was like nobody ever talked about it…they did nothing to fulfill it.”
Wolfpack additionally cast doubt on SES’s recently announced AI joint venture with Hisun New Energy Materials, noting that the facility shown on Hisun’s website appears not to have begun construction despite claims that production would commence in July 2025.
SES AI, which focuses on developing lithium-metal batteries for electric vehicles and related applications, has not yet issued a public response to the short-seller’s allegations.