SES AI Corp

Analysis for Ticker: SES

SES AI Corp builds high-performance lithium-metal batteries for drones, robots, and data centers in Massachusetts. The business is an elaborate illusion where the founders own only 12% of the company but control 57,6% of the voting power. They have built a machine that has already burned through enough capital to create an accumulated deficit of 384$ million. It is like a lemonade stand where the children in charge keep selling all the lemons and cups to pay themselves, leaving the people who actually bought into the stand with nothing but a growing pile of debt and empty promises. The math is a disaster because the company spends two times as much money as it makes, and the only way it survives is by printing more paper to sell to unsuspecting outsiders.