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Report Archive, Page 3
12 of 155 reportsHunterbrook: CSG Paid ~€18M to Unwind a Stake Sale That Generated €410K, With the Counterparty Linked to the Intermediary Behind Nearly a Fifth of Its Entire Backlog
The Singapore shell at the center of the €18M buyback anomaly shares a name with Republikorp — the intermediary Hunterbrook identifies as the conduit for CSG's $2.8B in "Southeast Asia" deals, which appear to point to...
Hunterbrook: A 580-Pound EtO Leak at Virginia's Top Medical Sterilizer Likely Exposed 260,000 Residents — 71% of Them Black — While the Facility Sought an Exemption Claiming It Lacked Compliance Technology It Already Had
SSV was the highest-emitting medical sterilizer in the U.S. and fifth-largest EtO emitter overall in 2024, yet received a presidential exemption citing unavailable technology — while Virginia DEQ says it was already e...
Dalrymple Finance: RXO's EBITDA Has Collapsed to One-Fifth of Its 2022 IPO Target, Leverage Is Accelerating, and Amazon Just Entered Its Market
TTM EBITDA is projected at $96.7M against a $500M 2027 target, debt/EBITDA has risen from 2.9x to a projected 4.4x in two quarters, and intra-quarter revolver draws tripled from $261M to $566M — while the stock trades...
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
Hunterbrook: Europe's Biggest Defense IPO Omitted a NATO Factory Suspension, a €1.4B Minority Buyout Demand, and Evidence That 80% of Ammunition Revenue Comes From Sourcing, Not Manufacturing
CSG raised €3.8B at a €25B valuation selling a modern ammunition manufacturer story — but subsidiary filings suggest only ~€524M of its €2.5B in 2024 ammo revenue can be explained by its own factories, with the rest s...
Hunterbrook: Datadog's Mystery Eight-Figure AI Customer Is Almost Certainly Anthropic, and the Evidence Is in Claude's Own Source Code
A live Claude.ai inspection found Datadog's RUM SDK running at 100% sample rate, Claude Code contains a hard-coded Datadog client token with a feature-flag-controlled rollout, and an accidental sourcemap leak confirme...
Two Natural Capital: Covalent Drugs Cracked RAS After 40 Years of Failure — Here Is the Metric Investors Are Missing When Evaluating Them
Binding affinity alone is the wrong number for covalent drugs — kinact and kinact/KI are what matter, and a company that emphasizes Ki over those metrics may be showing you a misleading picture of its compound's quality.
Bleecker Street Research: SharonAI's $1.25B Anchor Contract Is With a Company That Earned $5.8M Last Year, While Its CEO Misrepresented NVIDIA as a Shareholder in a Filed 10-K
ESDS Software Solutions, whose total assets of $69.5M are less than the $140M in letters of credit the contract requires, has built its business around keeping Indian data on Indian soil — making a deal to deploy GPUs...
Grizzly Research: Partners Group's Evergreen Funds Contain Valuations That Can't Be Reconciled With Underlying Financials, Registry Records, or the Firm's Own Exit Multiples
A $322M Hong Kong position with a share count nearly triple the local registry, a Russian asset marked up 12% after presidential seizure, and a software company valued at 27.7x while Partners Group's own comparable sa...
Hamilton Lane's 37% Earnings Growth Is an Accounting Illusion — Under the Old Definition, It Declined 16%
Hunterbrook alleges more than 100% of Hamilton Lane's FRE growth came from definitional changes, not business improvement — while day-one secondary markups and fees on unrealized gains flatter returns as retail inflow...
Spruce Point, Known for Short Selling, Issues a Rare Strong Buy on Zoom: 40% to 100%+ Upside, $1.2B Hidden Anthropic Stake, and a Bear Thesis It Says Has No Evidence
Spruce Point argues Zoom trades at 4.1x revenue and 16.1x free cash flow despite 77% gross margins and 40% FCF margins, while AI displacement fears and Teams competition have created a mispricing the firm calls one of...
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...