Fugazi Research

SWVL: From Hype to the Slumdog Bus: A “1-Star” Third World Transit Assessment

A foreign rideshare company built on hype with a 98% negative customer rating

Sep 11 • Fugazi Research

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August 2026

ZSTK: Fake Cannabis Utopia to Worthless Meme Coin Buffoonery

How Flora Growth Became ZeroStack, Lost 87% of Its Treasury, and Went Looking for a Second One Anyway

Aug 31 • Fugazi Research

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XHLD: A Shady Underwriter’s Pump & Dump on the Brink of T-12 Halting

A tiny event production business, failing financials, Nasdaq equity deficiencies, aggressive equity issuance, paid market awareness, and a remarkable…

Aug 24 • Fugazi Research

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AEVA: Ridiculous Valuation for a Bleeding Startup Masquerading as AI

Aeva has spent nearly a decade announcing lidar partnerships, hemorrhaging capital, and selling stock; the latest hyperscaler optics narrative does not…

Aug 21 • Fugazi Research

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DFNS: Running Back the Same Ruthless Scheme

The making of a fake defense roll-up by a highly connected Israeli financier

Aug 3 • Fugazi Research

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July 2026

SDOT: The Monkey Branching Playbook- Raise Money, Change the Story, Sell Nothing, Repeat

$132.2 million in revenue became $0.0 million in a single year, increasing debt and leading to loan defaults; management responded by selling its last…

Jul 6

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June 2026

RDW: Selling Space Fantasies. Printing Shares.

Redwire is selling investors exciting space fantasies, but its filings tell a different story: Redwire’s business spans defense drones, space…

Jun 29 • Fugazi Research

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$CAST: A Streaming Illusion Hiding a Financial Nightmare

How a Self-serving CEO turned the company into his personal cash cow

Jun 22

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LOST IN SPACE: A NARRATIVE LAUNCHED ON HYPE (ASTS, RDW, SPCE, SIDU, MNTS, RKTO)

Asteroid mines, microgravity strawberry crops, low-orbit data centers, lunar real estate, and a bunch of wishes all floating in the universe of…

Jun 12

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$ASTC: Five Pivots, $262M Lost, and an Unaccountable CEO

From SPACEHAB heritage COVID breath tests, to moonshot buzzwords: backed by thin revenue, a handful of customers, and dependence on capital markets.

Jun 2

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May 2026

$MTC: From Delisting Risk to a Half-Billion-Dollar Fantasy

A Chinese Microcap Waiting for the Rug Pull

May 18

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$CUE: Reverse Splits, PIPE Dilution, and the Illusion of Recovery

One-time revenue. Permanent dilution.

May 11

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