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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: INV Company: Innventure, Inc.

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.

May 28, 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: SHAZ Company: SharonAI Holdings, Inc.

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 in Australia structurally implausible.

Apr 30, 2026 9 min read
Ticker: FRMI Company: Fermi America, Inc.

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 fraudulent transfers remain in place

Apr 20, 2026 8 min read

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