From Investor Optimism Over $45 Million Deals to a 36.8% Stock Collapse: How Sentiment Around SES AI Shifted as Phantom Partnerships and Circular Revenue Allegations Unraveled
Meet Samuel – Your Personal Investing Prophet
- Start a conversation with TipRanks’ trusted, data-backed investment intelligence
- Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds
NEW YORK, May 13, 2026 — The battery technology sector drew significant investor enthusiasm throughout 2025, with companies promising AI-enhanced energy solutions attracting capital from retail and institutional buyers alike. SES AI Corporation (NYSE: SES) rode this wave, announcing a series of high-profile partnerships and acquisitions that fueled bullish sentiment and drove purchasing activity. But the optimism proved fragile. When questions about the legitimacy of those deals surfaced, and 2026 revenue guidance missed analyst expectations by nearly $20 million, SES shares collapsed 36.8%, leaving purchasers with $0.63 per share in losses.
A securities class action has been filed on behalf of investors who purchased SES securities between January 29, 2025 and March 4, 2026. Find out if you qualify to recover your per-share losses. You may also contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.
Shares fell from $1.71 to $1.08 following the March 4, 2026 after-hours earnings call, a loss of $0.63 per share or 36.8%. The last day to move for lead plaintiff is June 26, 2026.
The Early Optimism
Investor enthusiasm for SES AI built steadily through 2025. In January, the Company announced a memorandum of understanding with AISPEX targeting up to $45 million in battery energy storage revenue. By February, management was touting a purchase order with Data Blanket for drone applications at 63% gross margins. The September acquisition of UZ Energy for $25.5 million positioned SES AI as a player in the $300 billion global ESS market, and the October announcement of a joint venture with Hisun to commercialize materials from the Molecular Universe platform reinforced perceptions of accelerating growth.
● The AISPEX MOU projected up to 100 MWh in deployments, with a $13 million first phase at a Texas crypto mining site
● Data Blanket’s purchase order was described as carrying 63% gross margins, validating what management called a “strong value proposition”
● UZ Energy’s acquisition was framed as providing an “existing customer base in Australia, Europe and Asia”
● The Hisun joint venture was announced as a path to “recurring revenue” through commercial electrolyte supply
● Through three quarters of 2025, the Company reported $16.4 million in booked revenue and guided $20 million to $25 million for the full year
The Growing Concerns
Sentiment began fracturing on December 9, 2025, when Wolfpack Research published a detailed short report alleging SES AI had announced “phantom deals” with entities lacking meaningful operations. The report described visiting AISPEX’s Texas headquarters and finding a “ramshackle building” with signage for a different company. Wolfpack’s investigation of the Hisun joint venture revealed that its purported U.S. manufacturing site was undeveloped land described as “swampland” and that its corporate address was a residential home. A former employee quoted in the report called the Molecular Universe platform “kind of a toy” and described transactions where SES would purchase equipment from suppliers who would then buy Molecular Universe licenses, creating what the report characterized as circular revenue.
The Breaking Point
The final blow to investor confidence came on March 4, 2026. During the Q4 2025 earnings call, the Company disclosed that logistics constraints had delayed shipments, pushing $1.5 million in revenue into 2026. More damaging, SES AI projected 2026 revenue of just $30 million to $35 million, far below the $51.67 million analysts had expected. Benzinga reported that the guidance gap “rais[ed] concerns about the pace of commercialization” across the Company’s core business lines.
Sentiment Arc and Investor Harm
The lawsuit contends that investor confidence during the Class Period was built on representations about partnerships and growth prospects that lacked a reasonable basis. Remaining performance obligations dropped 92% in the final quarter, the action claims, signaling that major customers had lost interest in working with SES AI even as management continued promoting new deals. Purchasers who acquired shares based on the Company’s optimistic disclosures saw the stock lose more than a third of its value in a single session.
“Investor confidence depends on receiving truthful information from the companies they invest in. The contrast between the enthusiasm SES AI cultivated and the reality that emerged raises fundamental questions about what shareholders were told during the Class Period,” stated Joseph E. Levi, Esq.
Join the SES recovery action or contact Joseph E. Levi, Esq. at (212) 363-7500.
ABOUT LEVI & KORSINSKY, LLP — Over the past 20 years, Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders. The firm has extensive expertise in complex securities litigation and a team of over 70 employees. For seven consecutive years, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report.
Frequently Asked Questions About the SES Lawsuit
Q: When did SES AI Corporation allegedly mislead investors? A: The class period runs from January 29, 2025 to March 4, 2026. During this time, the lawsuit alleges the Company made materially false or misleading statements about its business partnerships, revenue legitimacy, and growth prospects. When corrective information emerged, the stock declined sharply.
Q: How much did SES stock drop? A: Shares fell approximately 36.8%, a decline of $0.63 per share, after the Company disclosed logistics constraints and issued 2026 revenue guidance of $30 million to $35 million versus the $51.67 million analysts expected.
Q: What do SES investors need to do right now? A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at jlevi@levikorsinsky.com or (212) 363-7500. No immediate action is required to remain eligible as a class member.
Q: What if I already sold my SES shares — can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the class period and sold at a loss may still participate.
Q: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. You submit a claim form to receive your portion of any recovery.
Q: What does it cost me to participate? A: Nothing. Securities class actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.
Q: What if I missed the lead plaintiff deadline? A: The deadline applies only to investors seeking lead plaintiff appointment. Class members who miss it can still participate in any settlement or recovery.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
Tel: (212) 363-7500
Fax: (212) 363-7171