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Jun 11 19 tweets 6 min read
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.
Mar 21 18 tweets 7 min read
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.
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Feb 15 11 tweets 4 min read
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. Image
Jan 26 4 tweets 1 min read
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.
Jan 17 11 tweets 5 min read
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.

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Oct 19, 2023 11 tweets 4 min read
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.
Oct 10, 2023 6 tweets 3 min read
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.


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Sep 28, 2023 14 tweets 4 min read
1) We are short GigaCloud Technology Inc $GCT. Our full report is now available at our website, culperresearch.com 2) $GCT provides solutions for e-commerce furniture sellers, including sourcing, warehousing, and last-mile delivery. In a cutthroat industry, $GCT claims to have grown to over $607M in GMV and $155M in LTM services revenues. As they say, if it's too good to be true...
Aug 8, 2023 6 tweets 3 min read
1) UPDATE: SoundHound AI $SOUN reports Q2 2023 results after the close today. We believe the Company's recent disclosures imply a horrific print, with cash burn worsening materially to $34.8M in Q2, up on both a QoQ and YoY basis. We remain short. Image 2) Consider $SOUN's July prospectus disclosed that share count increased from 177.2M on May 9 to 194.1M on June 30 (+16.8M shs). $SOUN also disclosed that from April 1 to June 15, the Company sold 14.0M shs raising $41.9M. This leaves another 2.9M shares between June 16 and June 30.
Jul 27, 2023 13 tweets 5 min read
We are short SoundHound AI, Inc. $SOUN. Our full report is now available on our website, culperresearch.com 2) $SOUN is a flailing AI wannabe trading at 22x revenues that has misled investors regarding both its claims to possess revolutionary AI technology and a massive backlog of $336M in contracts averaging 6.5 years in length. We think both $SOUN's tech and its backlog are bogus.
May 16, 2023 6 tweets 3 min read
1) Last night, Rumble $RUM reported Q1 2023 results which reaffirm our thesis. We've posted an update on our website culperresearch.com 2) We previously opined that $RUM was massively overstating MAUs: $RUM claimed 80M, we estimated 38M to 48M. Almost magically, after being called out, $RUM now says users fell a massive 40% QoQ from 80M to just 48M. Image
Apr 27, 2023 13 tweets 5 min read
1) We are short Rumble Inc. ($RUM). Our full report is now available on our website. culperresearch.com 2) With little revenue generation ability, $RUM's promotion is premised on its claim to have grown to 80M MAUs. But based on numerous sources of independent website traffic and app data, we think this 80M number is a mirage, and $RUM overstates its user base by 66% to 108%.
Jan 24, 2023 9 tweets 4 min read
We are short Xometry, Inc. ($XMTR). Our full report is now available on our website culperresearch.com 2) $XMTR is a 2021 IPO which claims to generate recurring revenues, 6.1x LTV to CAC ratios, and operating leverage on a $2T TAM. We think these claims are all bogus; XMTR is an unviable business which has unraveled while management has sold millions in stock.
Nov 15, 2022 10 tweets 2 min read
1) We are short Treace Medical Concepts Inc $TMCI. Our full report is now available at culperresearch.com 2) $TMCI claims to be a cutting-edge medtech company. We think Treace's core innovation is rebranding a decades old procedure (Lapidus fusion, as "Lapiplasty"), then implementing a dubious DTC marketing program, while surgeons employ problematic billing practices.
Jul 8, 2022 7 tweets 2 min read
1) We are short Veru Inc $VERU, and have published a new, updated report on our website culperresearch.com 2) On July 6, $VERU published additional data from its Phase III Study of sabizabulin in hospitalized COVID-19 patients. This was interpreted as bullish by investors and ever-obsequious sell-side analysts, yet we think otherwise...
Jun 14, 2022 9 tweets 2 min read
We are short Piedmont Lithium $PLL. Our full report is now available at culperresearch.com 2) $PLL touts its "centerpiece" Carolina mine as "the best lithium asset on the planet"; we find this laughable given the mine's astronomical 11.6x strip ratio, measly 1.08% grade, and 11-year life. An expert we spoke with called $PLL's lowest-cost claims "bullshit."
May 2, 2022 11 tweets 4 min read
1) We are short Veru, Inc $VERU, a female condom maker run by a team of alleged frauds and failures who now tout a COVID-19 drug. We find glaring anomolies in the Company's Phase III trial, and think an EUA is a non-starter. Our report is now available at culperresearch.com 2) In April, $VERU announced Phase III results (without full data) of sabizabulin (VERU-111) in hospitalized COVID-19 patients. At just 150 patients, the trial is a fraction of the size of other trials which have underpinned successful COVID-19 drug EUAs.
Mar 3, 2022 15 tweets 5 min read
1) We are short Core Scientific $CORZ. Full report now available at our website. culperresearch.com 2) $CORZ was formed by the July 2021 merger of "Legacy Core" and Blockcap, Core's largest hosting customer. Core bought Blockcap for $1.46 billion, yet Blockcap was valued at ~5% of this just 7 months earlier. We estimate Blockcap insiders earned ~20x.
Oct 14, 2021 8 tweets 4 min read
1) We're short DatChat $DATS. Full report available culperresearch.com. $DATS is run by CEO Darin Myman, who previously ran two other public companies - BigString (BSCG) and Wally World Media (WLYW) - into the ground. Myman has now recruited the same crew to $DATS. 2) Despite going public in August, $DATS app launched over 6 years ago and has garnered an embarassing 22,572 users. So embarassing, $DATS only disclosed it after the SEC forced them to. We found DatChat's "users" overrun with bots, scammers, and solicitation of prostitution.
Aug 9, 2021 4 tweets 1 min read
1) This morning, Aterian $ATER reported results which confirmed our original view that the Company has turned to a string of garbage acquisitions to mask the failure of its ill-conceived core business. 2) $ATER continues to parade a growth story, claiming "20% proforma growth" in 14 brands vs. 2019. Yet since 2019 $ATER has made multiple acquisitions which we est. should have contributed $47M in quarterly revs. Thus, we think real "organic growth" was a horrific -36%.
Jun 18, 2021 5 tweets 3 min read
1) We remain short CleanSpark $CLSK and have posted an update on our website. We think the Company's reported financials in its crypto segment don't add up, and we encourage management to answer the questions posed in our update. culperresearch.com 2) In Q1 2021, $CLSK Digital Currency Mining segment reported costs of just $611,863 (91% margins). However, we obtained ATL Data Centers' power bills, which on their own total $693,145 in Q1 2021.