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Report Archive, Page 6
12 of 188 reportsFugazi 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...
Muddy Waters: Sportradar’s “FBI of Gambling” CEO Offered to Introduce Undercover Investigators to China’s Largest Illegal Gambling Operator at a Trade Show
Undercover footage from ICE 2026 shows Sportradar sales staff discussing product offerings for Vietnam, Thailand, Indonesia, and China without objection — markets where online gambling is banned — as Muddy Waters esti...
Bristlemoon Capital on Montana Aerospace: Strong Contracts and 11.5% Revenue Growth, but Pricing Power Remains the Unresolved Question
Montana holds single-source contracts across 100,000+ SKUs on every major commercial aircraft platform with shipset content rising from €350k toward €500k per aircraft — but Bristlemoon stopped short of a buy, saying ...
Fuzzy Panda: Fermi America’s AI Data Center Campus Is Mostly Dirt, Its Leadership Faces Fraud Allegations From a Prior Bankruptcy, and $2.4B in Insider Stock Is Waiting to Be Sold
Project Matador showed trenching and rebar in late 2025 drone footage with no buildings or turbine pads, while the CEO who took a $44M jet after IPO has since departed and executives accused of phantom billing and fra...