FuzzyPandaPA

Seems like people are starting to notice our work & track record. Soon they will realize that our first $GL report is just the tip of the iceberg. We have a lot more hard-work to do. Still short $GL btw.

@spacanpanman yes Toby is a huge fan of the 🅰️🅰️ movement - your strategies are well aligned

@FuzzyPandaPA Should I buy some?

Shorting more $FRMI here Stock has run up based on a fake rumor started by 3rd tier bank in an email The rumor stems from OpenAI's plans to invest more in OHIO...not Texas. So OpenAI evaluated Fermi, and then picked Ohio instead. This is clearly Bad for $FRMI

@WessexCapital @spacanpanman

@spacanpanman @FuzzyPandaPA Yes I’m long $FRMI

@TradeSeeker9000 Yes we have read all of them---Have you?

@FuzzyPandaPA Uhhh… did you read the latest 14A? That’s where the run is coming from. Good luck with your short…

@SRVAVAvino @99_loss_capital false - enron had a better plan

@99_loss_capital ENRON

$EOSE I've honestly lost track of this company. Half the year is gone. We keep getting FPUSA deals, financing. Meanwhile, to my knowledge, no sizeable site has come online. Instead, we keep hearing, "We're learning from every cycle." It just doesn't make sense to me anymore.

@ilscorcho @bert_gilfoyle poor el scorchito - it already did Bloom we have entered the timing of when $EOSE's Bloom turns to Bust

@bert_gilfoyle When will EOSE Bloom ($BE)?

$EOSE In the Prospectus Supplement, Hudson Bay is formally identified as a participant in the JV: Eos "plans to enter into a certain JV Agreement... among Eos, CCM Frontier JV Holdco, LLC, HBC MSF Capital Solutions Blocker II, LLC and Frontier" Total FPUSA equity is increase to $375M - Cerberus: $100M - Eos: $150M - Hudson Bay: $50M - PLUS $75M direct offering by Eos to Hudson Bay --------------- Σ = $375M This is expected to support more than $1.5B of project capital. So, closer to 4x leverage with debt than the 5x previously mentioned. 16 GWh total pipeline 2.7 GWh "high probability opportunities" 1.2 GWh ready to go Eos said that this arrangement can "enhance the Company's ability to participate in the long-term value generated by project deployments." But nobody in the investment community has to my knowledge quantified with modeling how this will impact things. And whether participation will itself justify lower ASP's going forward.

Whether you are long or short T1 Energy (TE), we think everyone can agree that US taxpayer money should NOT be going to China at all. Today we reveal internal documents from T1 Energy which prove that T1 has been funneling US Solar Tax Credits to a Chinese Co, Trina Solar. T1 has been caught red-handed, and a whistleblower provided us the receipts to prove it. T1 has been busted sending tens of millions of US Tax payer dollars to a company that the US Dept of War has recently labeled a “Chinese Military Company" See for yourself how many tens of millions of US tax payers hard earned dollars that T1 has funneled to their Chinese business partner quarterly. T1's internal financials even reveal that they are planning to keep paying out US Tax Credits to China in FY 2026 if they receive the payouts. We also uncovered that T1 Energy’s has been misleading investors about where they are licensing their IP from. They claim to be paying for IP from a new Singaporean IP partner, Evervolt. BUT internal documents show no sign at all of Evervolt. However, the books and records do show T1 Energy still accruing IP payments to Chinese partner, Trina Solar. These payments completely invalidate the FEOC lies that T1’s management has been spinning. We are short T1 Energy and think that funneling US tax dollars to China is unpatriotic and appalling.

Key Red Flags (🇨🇳🇨🇳🇨🇳) Regarding CFO Sale: (From Panda AI) 1. 46.3% withholding rate — Calio elected to surrender nearly half the vesting shares for taxes. That's the supplemental maximum rate, not the minimum. CFOs who are bullish on their stock elect minimum withholding and keep more shares. Electing max means he wanted to minimize additional TE exposure. 2. Not a 10b5-1 plan — the filing explicitly marks aff10b5One as "0." This is a scheduled RSU vest, but the high withholding election was discretionary. 3. $8.50 price — These RSUs were granted when the stock was trading significantly higher. The CFO is the same person whose internal controls KPMG just flagged as materially weak on revenue and inventory processes. 4. Timing — This disposition comes after the company disclosed material weakness in ICFR, $134.4M in bill-and-hold revenue, and while an undisclosed 417K sqft warehouse sits off the books. The CFO — who signs the financial certifications — is reducing his position. Do you routinely ignore the facts sitting in front of you?

@FuzzyPandaShort Grok reply: The recent transactions by T1 Energy (NYSE: TE) CEO Daniel Barcelo and CFO Joseph Evan Calio appear to be mostly routine tax withholdings tied to equity compensation vesting, not open-market sales signaling lack of confidence.

Part 3 of $TE Whistleblower Series: T1's "books are cooked" We uncovered: -A Secret 420k sqft warehouse where T1 stashes solar panels it claims to have sold -Consultants connected to Enron that manually adjust T1 journal entries w/out documentation -Missing 45x Tax Credits

@michaeld19992 It hasn’t been disclosed. So the company says it’s a secret.

@FuzzyPandaPA Who says it’s secret?

We are excited to hear the bulls explain why $TE owns a secret 420k sq foot warehouse Whistleblower told us that apparently what's hiding inside is a ton of solar panels which have been booked as revenue but have NOT shipped to customers Channel Stuffing 101?

@EU_Debt_Clock Would be a lot better of a point if $EOSE hadn’t been accidentally setting their batteries on fire recently….whoops! wpxi.com/news/local/fir…

$eose #NYSERDA important matter being discussed and addressed. The growing community pushback over fire risks highlighted by local officials signals an implicit future tailwind for Eos Energy's non-flammable technology. Yet, the hurdle has to be taken of course. "Adirondack officials are navigating growing community opposition to utility-scale battery projects, which are increasingly stalling due to fire and environmental safety concerns." Eos Energy Enterprises (#EOSE) is highly relevant here, as its proprietary zinc-based technology offers a safer, non-flammable alternative to the lithium-ion systems fueling this local rejection. By eliminating the thermal runaway risks that have triggered moratoriums, companies like Eos provides a potential path forward for energy storage in sensitive regions where safety fears have halted development. adirondackexplorer.org/environment/en…

@bert_gilfoyle @AppelBotomJeans @FuzzyPandaShort Pretty sure you are incorrect

@AppelBotomJeans @FuzzyPandaPA @FuzzyPandaShort Their warrants are locked up and can't be delivered.

$EOSE I'm not sure what Cerberus's exit plan or end game is. Many have speculated. My personal experience with private equity companies is that they typically aspire to a 25% or so annualized IRR and flip the companies they acquire within 5 years. That triples their money in that time. A fine return for their investors. But none of what Cerberus has been doing and are doing now makes any sense if they planned on settling on doing that kind of thing. They could have got a 3x return in less than 1 year without extending the lockup. They saw it more important to raise funds at high share prices. Then extend the lockup a second time. Project AMAZE falling behind schedule, and the continued dilution without significant new orders, has been disheartening. With 800m fully diluted shares, it's becoming increasingly difficult to justify share prices greater than what we've already seen, even assuming rapid buildout of lines per Project AMAZE and using wildly optimistic COGS and multiples. I feel like an absolute idiot for only taking profits on half of my shares at $18+. So, why is Cerberus carrying on like this, instead of taking a base hit or triple and moving on? Why haven't they tapped out with a 5-10x return in less than 2 years? Why are they supporting the new software hub in North Pittsburgh, and the new manufacturing facility, the many people on the Eos Board, and the deep investment of time and money in FPUSA if they planned on flipping this for a decent return in 5 years like a typical private equity investment? None of this makes any sense unless the company is planning on production lines far exceeding 4 lines in Pittsburgh. I look back to previous earning calls, and it's noteworthy that one of John Mahaz's main efforts has been not only developing plans to produce new lines within 90 days, but to produce new buildings that house new lines within 90 days. Do they actually have a plan to convert that massive pipeline and see a 100x unicorn return? That's swinging for the bleachers. Or are they delusional? Bad at math? I've honestly lost track at this point. My spreadsheets can't make sense of any of this. Based on the price action lately, Wall Street apparently isn't believing it now. I don't even fully believe the theory I'm describing here myself. I've become more fatalistic than optimistic at this point. How it ultimately plays out will be an an interesting and oft cited case study in investing history. Let the referees count the strokes at the end of the round.

@bert_gilfoyle @TopherGotWifi @FuzzyPandaShort Which part is wrong…is it named Bertie? Btw, where are the photos of the rose garden!!!

@TopherGotWifi @FuzzyPandaPA @FuzzyPandaShort It's incorrect AI slop.

Here ya go - courtesy of our FPR AI Agent. Feel free to DM us a thank you for doing the work for you :-) (Note we didn't bother to check all of FPR Agent's work here, but that's what I remember last time we went through all the docs by hand) FPR Agent: EOSE / Cerberus — 8 Hedging Permission Clauses (SPA + Warrant Agreement) 1. SPA Section 3.2(v)(i) — No Agreement to Refrain from Trading: "none of the Purchaser have been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or short, securities of the Company, or "derivative" securities based on securities issued by the Company or to hold the Securities for any specific term" → Cerberus never agreed to stop trading EOSE in any direction. 2. SPA Section 3.2(v)(ii) — Market Impact Acknowledgment: "past or future open market or other transactions by any Purchaser, specifically including, without limitation, Short Sales or "derivative" transactions made before or after the closing of the transactions contemplated hereunder... may negatively impact the market price of the Company's publicly-traded securities" → EOSE acknowledged that Cerberus trading (including short sales and derivatives) could tank the stock. 3. SPA Section 3.2(v)(iii) — Arm's Length Derivative Counterparties: "the Purchaser shall not be deemed to have any affiliation with or control over any arm's length counterparty in any "derivative" transaction" → If Cerberus writes covered calls through a dealer, that dealer isn't deemed affiliated with Cerberus. This insulates derivative counterparties from any regulatory ownership attribution. 4. SPA Section 3.2(v) — Explicit Hedging Permission (the key one): "the Purchaser may engage in hedging activities... such hedging activities do not constitute a breach of any of the Transaction Documents" 5. SPA Section 3.2(c) — No Minimum Holding Period: "such Purchaser does not agree to hold any of the Securities for any minimum period of time and reserves the right... at all times to sell or otherwise dispose of all or any part of such Securities" 6. SPA Legend + Section 4.1(b) — Pledging Permission: "THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES" + Separate paragraph: "a Purchaser may from time to time pledge, and/or grant a security interest in, some or all of the legended Securities... Such a pledge would not be subject to approval or consent of the Company and no legal opinion... shall be required" → Cerberus can pledge warrants/shares as collateral with a prime broker — enabling margin-based derivative strategies. 7. Warrant Section 4.5 — Free Transferability: "Holder may transfer all or part of this Warrant or the Shares issuable upon exercise... to any transferee" 8. Warrant Section 3.3(b)(i) — Anti-Dilution Carve-Out: "For the avoidance of doubt, this subsection (i) shall not apply to the Holder or its affiliates" → If Cerberus's own transactions trigger anti-dilution provisions for other holders, Cerberus is carved out — they can trade freely without worrying about technical complications to their own warrant. Bottom line: This SPA was drafted by Cerberus's lawyers to give them maximum flexibility. The hedging language isn't an afterthought — it's a comprehensive 8-clause framework ensuring Cerberus can sell calls, buy puts, short stock, pledge shares, and transfer warrants without any Company consent or breach risk. EOSE signed off on all of it.

@James338246 @FuzzyPandaShort It would probably be worth reading the 1st part of our whistleblower series where we literally provide you a copious amount of details on our short position. 🤨 🤦 🤫

@FuzzyPandaShort Show your short position. Then I’ll believe you’re credible.

Votes were too close to call...the Cali mail-in ballots hadn't arrived yet So we sent lil' 🐼to bed to get some sleep & do a history lesson Clue for $TE Next Week: 🅰️ 🅰️ R N T D H E U R R S E N Kind of forgot how much fun it is to not give a FEOC what people think of our research...GFLTA

@xakura808 @FuzzyPandaShort @SECGov Agreed

@FuzzyPandaShort @SECGov check this boi

@mi20483980476 @FuzzyPandaShort We literally started this series off providing the actual receipts 🤣

@FuzzyPandaShort Oh hell nah bro if you can’t provide receipts then we can’t believe you

@chaegicheol @FuzzyPandaShort No, we don't buy worthless shit-co's...

@FuzzyPandaPA @FuzzyPandaShort "You're just doing this to entry long at a discount, aren't you? I know the game. Honestly, that's just how the world works."

$TE look at the 10Q proves T1 already recognized the issue and is actively correcting it.@FuzzyPandaShort whistleblower is highly likely a disgruntled ex-Trina employee.If you track T1's LinkedIn, Trina-affiliated staff are being phased out and replaced by fresh talent. cleaning

@chaegicheol @FuzzyPandaShort Which one are we?

@FuzzyPandaShort "I’m Korean myself, and looking at T1's LinkedIn, it’s nothing but Westerners. Contrary to @FuzzyPandaShort claims, I couldn't spot a single Chinese face lol."

@ACEdge @xEBITDA Land yacht filled with broken dream

@xEBITDA probably retired on a boat somewhere...

Has anyone done a health check on crazy panda? $eose

@thaisoul23 @xEBITDA @JoeMastrangelo8 I wish we first shorted in Oct…but alas research is what we are good at, trading and timing…not so much

@xEBITDA Being that they shorted it in Oct of 25 and it's down 50% since then...while the cult of Pizza Boy @JoeMastrangelo8 continues to suck his dick religiously... I'd say he's sitting on the beach somewhere laughing his ass of at the lemmings who keep buying into his bullshit....