We covered our $EOSE short, down 51% since our call. This follows our 2021 short (down 90%). To be clear, we'll short $EOSE again in the future. But now that Cerberus controls EOSE, we believe they have ample room to manipulate the news flow in order to facilitate their exit. 1/x The fundamental problems remain the same. Just a few days ago, another specialist told us that EOS’ round trip efficiency was much lower than what the company claimed.

We are short Gevo Inc ($GEVO). The change in the US administration is the obvious threat but problems run deeper, in particular the competitiveness of technology. A lot of room to fall further. In its last days, the Biden-driven Department of Energy has granted conditional approval for a $1.46b loan to Gevo, aimed at building a plant to produce alcohol-to-jet (“ATJ”) aviation fuel.
energy.gov/lpo/articles/l…

New report -- and probably the last one given the liquidity crisis – on Lilium ($LILM): Should Taxpayers Save Lilium from Bankruptcy? No, it’s a fraud.
iceberg-research.com/2024/10/24/sho… Management has warned the company is facing insolvency. A few minutes ago, it was announced that two German subsidiaries are filing for insolvency. We estimate the parent will run out of cash in January even after drawing entirely on their $100m ATM.

EOSE stock is up over 200% since the start of 2024. Much of this run was due to a $315m structured loan from PE firm Cerberus and massive inflow of call options. The stock is trading precariously and is primed for a brutal reversal. Our report:
(1/x)iceberg-research.com/2024/10/17/eos… Cerberus is not your friend. The PE firm loaded hospital chain Steward with debt, pocketing $800m in profits. Patient care plummeted, death rates spiked, and Steward filed for bankruptcy. Now, Steward is facing a fraud investigation.
markey.senate.gov/stewardreport

Iceberg Research is short gold explorer New Found Gold (NYSE: $NFGC, TSX: $NFG): a company that comes with lies, misrepresentations, and a professional stock promoter.
iceberg-research.com/2024/09/19/new… Vancouver-based NFGC's core focus is the Queensway property on the Island of Newfoundland. Queensway is portrayed as having high-grade gold mineralization. But the deposit lacks continuity, with gold presence and grades varying widely—a problem seen in many failed gold projects.

We are short NuScale ($SMR).
NuScale Power ($SMR): A Fake Customer and a Major Contract in Peril Cast Doubt on NuScale’s viability
iceberg-research.com/2023/10/19/nus… The developer of small modular nuclear reactors recently disclosed a huge contract with blockchain datacenter provider Standard Power. The deal aims for a projected capacity of 1,848 MWe that we estimate is worth ~$37bn.

We re-initiate our $EOSE short. We published in Jan 2021 and covered after the stock dropped 90%. EOS stock price is now up 400% from its 2022 lows. But have its fundamentals improved? Old issues are still there and new ones have emerged. The first issue was the low round-trip efficiency of its battery - defined as the % of electricity that can be stored and converted back without loss. A low RTE is a big deal for renewable energy producers: part of their revenue evaporates at every cycle.

We are short $BBAI via put options. The consulting firm’s stock soared 260% on 12 Jan after announcing that subsidiary NuWave won a 10-year $900m IDIQ contract from the US Air Force. The Bloomberg headline got the bulls excited. This bubble will pop. (1/10) The PR was misleading as the IDIQ contract is a competitive award. BigBear will have to compete with 93 other companies for future orders. The contract ends in 2032. Sales in the future are in no way guaranteed. (2/10)
defense.gov/News/Contracts…

We are short Quantum Computing ($QUBT), a zero. The company is trying to ride the quantum computing hype. CEO Liscouski, a former homicide detective, started QUBT after buying a beverage company out of receivership.
Our report here: 1/8
iceberg-research.com/2022/10/05/qua… Sales for the main product - software Qatalyst were just ~$100k over the last 4 years. Most likely from OTC-listed Quad-M, announced as the '1st consulting customer'. But QUBT never mentioned that CEO Liscouski is also a Quad-M director. 2/8

quantumcomputinginc.com/press-releases…

A minor fine for a major fraud. Reminds me of that day when I explained to a MAS representative that I was followed, threatened and legally harassed and the answer was: "That's your problem". 1/6
theedgesingapore.com/news/company-n… Singapore's "regulators" (MAS and SGX) are co-responsible in this fraud, in particular by allowing Noble to raise more money when it was known the books were rotten, and by trying to undermine Iceberg's credibility. No way these people would send Noble's managers to a judge 2/6

We are short Rockley Photonics $RKLY. We believe the company is experiencing technological roadblocks and will soon face a cash crunch and heavy dilution. 1/13 Rockley is a UK-based startup that is developing biosensors for integration with smartwatches and medical devices. 2/13

$EQOS has just reported its annual results, and they are a disaster. Average exchange fee was 0.01% resulting in only $203k exchange income in one year. Losses explode to $126m. 1/4 Trading volumes post reporting date have been highly suspicious. But even assuming they are true, with this fee %, Eqonex would record revenue of $3.9m in FY2022. Not enough to cover costs. Eqonex’s former bankers pay themselves very, very well. 2/4

Nemaura Medical ($NMRD), a stock promotion with an islamist twist. A thread. UK-based Nemaura makes a needle-free continuous glucose monitor (CGM) called sugarBEAT for diabetes patients. Nasdaq-listed with a market cap of ~$310m.