Mgmt habitually overstates liquidity. Only $500m of cash on hand can be used for debt service. Liquidity will drain further and Carvana will be staring at over $250m in interest payments in the 4Q, its seasonally slowest period (7/9)

$CVNA’s competitive differentiation is gone. Multiple, formidable competitors offer substantially similar services. At the same time, $CVNA has been forced to charge more fees, offer fewer cars, and acquire more brick-and-mortar assets to help generate profits (6/9)

Fact is, whether you’re a local dealer or a scaled online platform, flipping used cars is a tough, low margin biz which requires discipline even the best of times. Compared with peers, $CVNA is less diversified & more cyclical: badly positioned to survive a severe downturn (5/9)

Distorted 1Q23 results and last wk’s 2Q pre-announce “beat” on abnormally high loan sales are not indicative of normalized profits and should be viewed for what they are: a last-ditch stock pump to pull off of a dilutive equity raise (4/9)

With $6b of high cost bonds, negligible “adj” EBITDA, significant capex, shrinking revenue (down -25% y/y) and dwindling liquidity, $CVNA is destined for a debt restructuring (3/9)

$CVNA has never produced profitable growth. Even during the pandemic when demand soared, interest rates were low and used car prices were mooning, $CVNA couldn’t generate consistent profits – now none of those conditions exist (2/9)

We are short $CVNA. Report avail at Carvana is insolvent, its equity is worthless. Nothing more than a poorly run auto retailer, the company will never generate sustainable positive cash flow until its debt is equitized (1/9)

We’re publishing on another zero this morning

Joined @MorganLBrennan on @CNBCOvertime to discuss our letter to Deloitte on $AI:

In the letter, we address: · The highly conspicuous growth in unbilled receivables to levels we’ve never before seen in software companies · Opaque, confusing and highly concerning disclosures and financials related to the company’s related party and very large customer, Baker…

$AI: We sent a letter to auditor Deloitte, the audit committee & SEC documenting serious accounting issues: Deloitte prepares audit opinion next month for FY 4/30. $AI’s fictional accounting has no place in the public markets

Excited to release this morning the first ever short activism report issued on a Saturday. Plus, it's written entirely by ChatGPT

$ASTS -25% today as re🅰️lity sets in. Cost increases, concerning design changes, delays to Block 1 launch, and incoming dilution. Shares -50% since our report #Spacemob

With the economy teetering, don’t short bank stocks and participate in bear raids against the American financial system. Target Canada instead and its stupid junior mining pump & dumps 8/8

Altogether, $UEC’s nameplate uranium resources massively overstate the uranium $UEC can hope to actually extract from its deposits. But then again, we don’t think $UEC ever intends to mine and sell uranium – rather, it exists to sell shares 7/8

Only a fraction of its US-based ISR projects will be economically viable or physically retrievable in the coming decade, while its Canadian projects are troubled by lack of scale, overstated/uneconomic resources, uninterested operating partners, and/or decade+ lead times

Since 2005, UEC has sold $450m+ of stock while its share count is up 10x. Sales have been de minimus during that time, besides the sale of uranium last year that it bought to keep in storage. CEO comp is an absurdly high % of OpEx 4/8

When CEO Adnani first took over $UEC, he also ran a stock pumping marketing agency. $UEC today still pays sketchy sites for stock promotion, like this garbage featuring Steven Bannon & Adnani, explaining how to buy $UEC to fight the deep state:

We go through each asset in our report & explain why these assets will, assuming uranium prices spike, still remain uneconomic, too small, low quality and/or unlikely to be developed. Altogether, $UEC’s assets are fundamentally worth a small fraction of the current market cap 2/

We're short $UEC. Report at A classic junior mining promotion from our hometown, $UEC acquires uneconomic uranium assets to trick retail investors into thinking it’s a legit miner. But it’s just a long-running scam that issues shares, enriches insiders 1/

That's unfair, David. Not only will we not cause a bank run, but we'll release a report this morning on a worthless mining stock promotion with ample borrow, so our readers can short a scam to fund & hedge their long bank stock purchases. We're doing our part, are u doing yours?