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Ticker: ASTS Ticker: RDW

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.

Jun 12, 2026 9 min read
Ticker: ASTC Company: Astrotech Corporation

$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.

Jun 2, 2026 8 min read
Ticker: MTC Company: MMTec, Inc.

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 business development.

May 18, 2026 6 min read
Ticker: AKAN Company: Akanda Corp.

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

May 4, 2026 7 min read
Ticker: CAR Company: Avis Budget Group, Inc.

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 generated $2.71B in cumulative losses over two years

Apr 23, 2026 8 min read
Ticker: SIDU Company: Sidus Space, Inc.

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

Apr 6, 2026 7 min read
Ticker: WATT Company: Energous Corporation

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 scheme to defraud clients

Apr 2, 2026 6 min read
Ticker: WATT Company: Energous Corporation

$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

Mar 24, 2026 6 min read
Author: Fugazi Research Ticker: RIME

$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 losses, toxic convertible debt structure, going concern risk

Feb 23, 2026 5 min read
Author: Fugazi Research Ticker: OPTX

$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 Optics Holdings bearish research report.

Feb 11, 2026 6 min read
Author: Fugazi Research Ticker: SIDU

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, government contracts symbolic only, $500M shelf registration risk

Jan 26, 2026 11 min read

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