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Fugazi Research
11 of 11 reportsLOST IN SPACE: A NARRATIVE LAUNCHED ON HYPE (ASTS, RDW, SPCE, SIDU, MNTS, RKTO) - Fugazi Research
Space stocks trade at 79x sales as dilution, losses, and the SpaceX IPO threaten a sector-wide re-rating.
$ASTC: Five Pivots, $262M Lost, and an Unaccountable CEO - Fugazi Research
ASTC’s lunar pivot, low cash runway, and dilution overhang raise fresh financing and governance concerns.
Fugazi Research: MMTec Trades at 605x Revenue With a $495M Market Cap, Zero Analyst Coverage, Zero Institutional Ownership, and a FINRA-Censured Broker-Dealer as Its Only Business
MTC's entire $807K in annual revenue comes from a 3-person broker-dealer fined $450K by FINRA for failing to detect wash trades and spoofing — while a 1,000% spike in November 2025 had no accompanying news, filing, or...
Fugazi Research: Akanda Surged 2,000% on Marijuana Reclassification News Despite Having No Cannabis Revenue Since February 2025 and Now Installing Fiber in Mexico
AKAN's only cannabis subsidiary was shut down in March 2025, its 2025 revenue was $258K against $4.8M in expenses, and a convertible note overhang representing 12x the visible share count sits waiting to convert and sell
Fugazi Research: Avis Budget Group's 40% Crash Was a Short Squeeze Unwind, Not a Fundamental Event — What Remains Is $25.3B in Debt, Negative Equity, and 0.56x Interest Coverage
SRS Investment Management held more shares than Avis's entire non-affiliate float, installed its own CEO, CFO, and Chairman, and used the company's own buybacks to consolidate control for free — while the business gen...
Sidus Space Lost $8.72 for Every Dollar Earned in 2025 — and Its CEO's Private Firm Was Its Biggest Customer
Fugazi Research says SIDU's FY2025 10-K reveals a $29.5M net loss on $3.4M revenue, a written-off satellite, ineffective internal controls, and CEO Carol Craig's private firm at 86% of receivables
Fugazi Research: Energous Tripled Its Share Count in 83 Days While a Promoter With a 2017 SEC Fraud Bar Was Pushing the Stock to Retail Investors
Fugazi documents a 150% float expansion in 83 days via ATM offerings averaging $9.67 per share, timed to high-volume trading days coinciding with paid PR and promotion by a commentator barred by the SEC in 2017 for a ...
$WATT: A Decade of Promises, A Business Funded by Dilution
Fugazi Research says Energous (WATT) is funded by dilution, with serial equity raises, heavy losses, and looming dilution overhang
$RIME: Where Slumdog Trucking Becomes AI Hype and Runs Over Investors
RIME Algorhythm Holdings short report: karaoke rebrand to AI logistics, death spiral financing by Streeterville Capital, unverified Indian trucking SemiCab subsidiary, 100% shareholder dilution, catastrophic $13.1M lo...
$OPTX: Zooming in on a Capone Style De-SPAC Where the Boss Cashes in and Takes All
OPTX stock analysis reveals CEO Al Kapoor's alleged de-SPAC scheme concentrating 80% control with 21M dilutive earnout shares, negative cash flow, $600K cash, fraud allegations, and Nasdaq non-compliance. Syntec Optic...
The Black Hole at $SIDU: Where Massive Amounts of Capital Get Sucked Into the Void
SIDU Space short thesis: related-party revenue dominance (47-50%), massive shareholder dilution (64M+ shares), $2M monthly cash burn, negative unit economics, CEO conflicts of interest, no profitability path, governme...