SES stock currently trades near $0.9975, and the bear's view focuses on its limited revenue base, with Q4 2024 revenue expected at just $1.5M-$2M, reflecting slow commercialization progress. Despite securing $10M in contracts, revenue recognition is spread thinly into mid-2025, limiting near-term growth. Additionally, its reliance on AI-driven battery innovation faces execution risks, making the stock vulnerable to further downside.