NEW: We are short Ether $ETH, and ETH-linked securities, incl. $BMNR.
We think ETH tokenomics are impaired following the December 2025 Fusaka upgrade. Vitalik knows it and is selling, while $ETH's most ardent bull, Tom Lee, is throwing good money after bad.
$ETH is going lower. 2) Tom Lee's $BMNR defends $ETH by claiming "ETH is not in a death spiral because utility is going up." Lee cites post-Fusaka spikes in $ETH active address and transaction counts as evidence of supposed "strengthening fundamentals" and institutional adoption. Lee is clueless.

We are again short Archer Aviation $ACHR. We have not commented publicly on Archer for some time, but we believe the Company continues to mislead investors, and may also now have Reg FD problems… We have 3 simple questions for CEO Goldstein.

https://twitter.com/CulperResearch/status/1924814920085868780

2) On $ACHR's November 6, 2025 conf. call, CTO Muniz said "our first TIA campaign with the FAA…could happen as soon as the end of this year." CEO Goldstein said "we're now nearing completion of the piloted CTOL flight regime" and that piloted VTOL testing would be next.

1) We are short Praxis Precision Medicines $PRAX: Mined the Gap - How PRAX Twisted Dropouts into a Phase 3 “Win” with Make-Believe Data and Half-Baked Analysis. Our full report is now available at our website, culperresearch.com 2) One month ago, $PRAX touted "positive" Phase 3 results for ulixacaltamide ("ulixa") in essential tremor. Shares rallied 185%. We think $PRAX gamed the readout via a last-minute unapproved endpoint change, imputation of make-believe data, and half-baked tipping point analysis.

NEW: We are short DoorDash $DASH, the largest food delivery group in the U.S. We believe DoorDash has engaged in a covert multi-year scheme to "backdoor" unauthorized workers, both at unprecedented scale and unique to $DASH. Full report and disclaimers at culperresearch.com 2) In late 2021, $DASH was subject to an IRS review that forced the Company to either de-platform Dashers with stolen SSNs or, per formers, be threatened with being "shut down." $DASH instead removed SSN requirements altogether, and "backdoored" the Dashers using ITINs.

NEW: We are short Tecnoglass $TGLS - recently leaked intelligence memos name $TGLS CEO and COO Jose and Christian Daes as participants in Sinaloa cartel schemes in Colombia; $TGLS board also ensnared; massive fallout risk ignored. Full report now at culperresearch.com 2) $TGLS is a NYSE-listed manufacturer and installer of glass products for residential and commercial buildings. The Company manufactures primarily out of Barranquilla, Colombia, and sells primarily into the U.S. (95% of revenues), with Florida driving 85% of the business.

1) We are short AppLovin $APP - Ties to CCP Intelligence, Human Trafficking, Money Laundering; Undisclosed Stock Pledges; Secret Chinese e-Commerce Deals - all as the Company bids for TikTok. Our full report is now available at culperresearch.com 2) Since our initial February 2025 report, $APP has announced its desire to merge with TikTok ex-China. It cites "national security" and "data security" and CEO Foroughi claims the Company has no material Chinese investors and no Chinese ecom operations. Wrong on both counts.

NEW: We are short Archer Aviation $ACHR - and we're extending a $1 million wager to @jimmyfallon, who has earned millions to promote $ACHR. Jimmy - if you truly believe in Archer, prove it. Our offer, and our full report now available at culperresearch.com
@jimmyfallon 2) We believe $ACHR has systematically lied about Midnight's progress in the LTM, to conceal underlying aircraft stability issues and its sham transition flight. Archer’s claim to near-term commercialization is not only premature, but reckless. Don't just take our word for it...

1) We are short Gorilla Technology Inc $GRRR - the most ridiculous fraud we’ve written about: fake products, fabricated deals, fraudulent partners, fictitious offices, and phony financials. We think $GRRR should be halted and delisted. Full report now at culperresearch.com 2) $GRRR claims to be a “leading edge AI company." It was incorporated in 2001 in the Cayman's infamous Ugland House - what Obama called “the biggest tax scam in the world.” Its global HQ is a temporary office above a London hair salon.

1) We are short AppLovin $APP, an AdTech platform for mobile games. Having peaked at $173 billion in market cap, we believe AppLovin could go down as the single largest stock promotion unraveling since at least the GFC. Our full report is now available on our website, culperresearch.com 2) $APP shares are up ~25x in the past 2 years on $APP's promotion of supposed breakthrough AI tech, "AXON 2.0." $APP describes AXON 2.0 as a "black box" and investors seem content with this. We believe it's a smokescreen, and $APP's true secret sauce is far more nefarious.

NEW: We are short Applied Optoelectronics $AAOI, a manufacturer of optical transceivers and components for data centers and cable television. Our full report is now available on our website. culperresearch.com 2) We think $AAOI misrepresents the status of supposedly ongoing 800G qualifications, overstates its production abilities, and has already squandered chances with multiple potential customers. $AAOI's calls to $500M+ in 800G revenues and current "ramping" are total fantasy.

1) We are short LendingTree $TREE, a highly levered internet lead gen company that we believe has failed to properly disclose two existential risks to its business. Our full report is now available on our website. culperresearch.com 2) First, LendingTree $TREE is sitting on a time bomb of class action litigation carrying a minimum of $157 million up to $472 million in damages - 82% of TREE's equity value. $TREE unsuccessfully fought this suit for the past 5 years while never disclosing it to investors.

1) We are short Zeta Global Holdings Corp $ZETA. Our full report is now available on our website, culperresearch.com 2) We are short $ZETA for two distinct but related reasons, each of which undermine the integrity of $ZETA's data and reported financials. First, revenue round tripping, and second, $ZETA's predatory "consent farms" that we believe generate most of Zeta's growth and Adj. EBITDA.

1) We are short $KSPI, the operator of the largest payment network and second largest bank in Kazakhstan. Our full report is now available on our website. Kaspi.kz
culperresearch.com 2) Kaspi IPO'd in the US in January 2024, telling investors and regulators that it has "no exposure to Russia or Russian businesses." However, we believe Russia has in fact been a material contributor to $KSPI's performance since Russia's February 2022 invasion of Ukraine.

NEW: We are short Iris Energy $IREN. Our full report is now available on our website, culperresearch.com 2) $IREN was founded in 2018 but now in 2024 promotes itself as an HPC data center play, claiming that "from Day 1, we've built out our facilities" as "multi-decade high-performance data centers." This is a contrived, nonsense pivot reminiscent of COVID-19 era biotech scams.

1) We are short Axsome Therapeutics $AXSM. Our full report is now available on our website. culperresearch.com 2) We believe $AXSM's launch of its flagship depression drug, Auvelity, has been aided by undisclosed consignment deals with dodgy mail-order pharmacies that subvert prior authorizations ("PA"), inflating script counts and reported revenues.

1) We are short The Bancorp, Inc. $TBBK. $TBBK holds $2B in multifamily bridge loans ("REBLs") and claims the book holds "no substantial risk of losses." We think otherwise. Our full report is now available on our website, culperresearch.com 2) $TBBK has been a sleepy business for a decade plus. But in Q3 2021, $TBBK began originating floating rate REBLs for its own balance sheet. Exposure is now $2.0B, 2.5x $TBBK's equity. Bulls love the decision as $TBBK's multiple has also inflated to 2.5x book value.

1) We are short ACADIA Pharmaceuticals $ACAD. Our full report is now available at culperresearch.com 2) TLDR: Daybue is a total flop. $ACAD misrepresents safety and retention. We think new scripts peaked Aug 2023, revenues will be a fraction of sell-side's $800M+, and knock-on effects are disastrous as $ACAD burns gobs of cash. 3 key insiders have all left in the past 3 months.

1) On Monday, Rumble $RUM announced a "partnership" with Barstool Sports, yet still has not issued a Form 8-K, even now, 4+ business days later. This seems to us like an obvious disclosure issue, especially concerning in light of $RUM's reported ongoing SEC investigation. 2) $RUM's PR appears to claim that a) Barstool will provide content, b) $RUM will give up advertising revenues, and c) Barstool will "get access" to Rumble Cloud (note the passive voice). However, $RUM tellingly omits any financial details - we think they're likely horrendous.

1) We are short Jin Medical International Ltd $ZJYL, a China Hustle-style charade. Jin sells wheelchairs and parts in China. In 2022, its revenues fell 8% to just $19M. $ZJYL trades at ~45x revenues. At reasonable "peer" levels of 1-6x sales, $ZJYL shares fall 90% or more. 2) $ZJYL went public in March 2023, underwritten by China-focused chop shop, Prime Number Capital. Prime Number is headquartered in a Long Beach home and has already been sued by investors at least twice for alleged roles in other China frauds. Their track record is horrific.

1) We are short XPEL, Inc. $XPEL. Our full report is now available on our website, culperresearch.com 2) We're short $XPEL for two reasons. First, we believe $XPEL has understated its reliance on Tesla by 5-6x. Second, $XPEL faces an undisclosed, existential threat in its long-time supplier entrotech, which is rendering XPEL useless by going direct to OEMs with paint giant PPG.

1) GigaCloud’s $GCT response to our report totally misses the mark. 2) $GCT first claims that its warehouses and trucks are operated not by its own employees, but third parties. This is a lame deflection from our on-ground observations: whether the trucks are owned by GigaCloud or by third parties is not our primary concern: our concern is that we saw so few trucks and such little warehouse activity in the first place. As our initial report stated: “GigaCloud might claim that it outsources its last-mile deliveries using third-party companies as well. However, in this case, we still would have expected to see hundreds of delivery trucks coming and going from the Company’s facilities.” The sparse and haphazard activity we saw at GCT’s warehouses simply fails to square with its claims of a best-in-class e-commerce logistics operation.