Cut through the noise.
Trade on the signal.
A weekly synthesis of institutional-grade financial reports and market mechanics.
No spam. Unsubscribe anytime.
Dilution
11 of 11 reports$SDOT: The Monkey Branching Playbook- Raise Money, Change the Story, Sell Nothing, Repeat – Fugazi Research
Fugazi Research says SDOT is a cash-starved shell after selling Sadot Latam for $1,000 and piling on dilution.
Quantum Cyber Stock Is In Trouble With Questionable Businesses and A 500M Fully Diluted Share Count – White Diamond Research
White Diamond Research says QUCY hides a 500M-share dilution overhang behind drone, quantum, and SpaceX hype.
RDW: Selling Space Fantasies. Printing Shares. – Fugazi Research
Fugazi Research says Redwire tripled its share count, relied on ATM issuance, and faces losses, dilution, and control weaknesses.
$CAST: A Streaming Illusion Hiding a Financial Nightmare – Fugazi Research
Fugazi Research says FreeCast's $400M rally clashes with $119K cash, going-concern risk, insider financing, and dilution.
LOST 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.
Innventure: The Latest Iteration Of A Decades-Long Grift Propped Up By A Fake 300MW Data Center Deal – Morpheus Research
Morpheus Research questions Innventure’s DarkNX deal, citing shell-company red flags, partner denials, and heavy dilution.
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
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...
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...