FuzzyPanda

NEW: We are Short Fermi $FRMI CEO Toby Neugebauer 'departed' Friday We uncovered accusations of C-level executives involved in Fraud Schemes w/ Toby Bulls are set to be slaughtered by Matador, Fermi’s a field of dirt that's going to run blood red like the movie "The Departed"

@MaryTang166 Cerberus is smart - we think they are playing a different game where they keep make a fortune selling long-dated calls against their position

@FuzzyPandaShort stock price always look forward. You think Cerberus is very stupid to keep invested in this company if it has so many issues?

$EOSE's 10-Q reveals huge revenue & customer issues that CEO Joe clearly doesn't want investors to know 51% of Revenue ($28.9m) came from the UK Which customer is in the UK? Frontier Power UK (connected to Cerberus, Eos's PE owner) But digging deeper gets dirty: - Import-Export Databases reveal 0 shipments by Eos or any of it's subs to the UK...so 51% of Q1-26 Rev is from batteries that were NOT actually shipped to the UK - Meanwhile - Eos's 10-Q shows an unexplained 180% spike in Unbilled Receivables (aka contract assets). The spike almost perfectly matches the amount of revenue booked from Frontier Power UK It looks like $EOSE both did NOT ship batteries to Frontier Power + did NOT bill for them! This is a bombshell on top of the fact that Eos's new major customer was revealed this morning to be "Frontier Power USA," an entity that was only registered last week and which was created by Cerberus & Eos During the hottest AI boom and demand for batteries ever $FLNC reported backlog increasing +100% YoY Meanwhile, $EOSE's backlog is -5% YoY & their only hope now seems to be selling batteries to themselves GFLTA

@trevcare omg, you need to re-read our tweet Frontier Power UK & Frontier Power USA are different (but connected) co's Frontier Power UK - Shady sales in Q1-26 Frontier Power USA - Another Shady addition to the backlog; formed 1 week pre quarterly miss

@FuzzyPandaShort you're pointing out product just hasn't hit the export dock yet, suggesting product 'shipped' in Q1 was bought by an entity created this week? makes sense for Eos to not have storage yards in the UK.

@truthseekerbeg if you think $EOSE batteries are safer then we suggest you stand next to some of them as they are leaking hydrogen bromide gas and take a deep breath in

@FuzzyPandaShort Fuzzy Panda discloses shorts and has a track record. Their reports often highlight real issues but frame them maximally bearishly. EOSE bulls point to execution progress and market tailwinds (zinc batteries as safer/non-lithium alternative).

@somerset877 we don't remember GE deciding to fill their backlog with fake orders? or GE needing to invent their own customers because demand was so low? The only thing similar about $EOSE and $GE is that both companies love accounting shenanigans

$EOSE stopped waiting for MOUs to convert and built their own buyer — Frontier Power USA. Cerberus $100M in. Lloyd's $1.5B insurance wrap (huge). 2 GWh firm order. Same playbook GE used with GECAS and EFS. Proven model, new industry. Smooths out orders too. Look it up!

We got to hand it to Cerberus though👏👏👏 Impressive way to temporarily distract investors from another Large EBITDA and Op Loss Miss for $EOSE Q1 Adj Ebitda of -$68m vs -$47.5m WS est Q1 Op Inc of of -$79.3m v. -$57.5m WS est Demand is so high, that the only people that want to commit to buying $EOSE batteries is Eos?

Eos Energy & Cerberus just sunk to a new low In the highest demand market for AI infrastructure ever, Eos had to invent a new customer, Frontier Power USA, 1 week before they missed EPS 1 major problem-🔋heads are smart enough to see through this BS

@StockVolumeScan Wow, thanks for the update from 6 months ago before Amazon told Fermi to go dig up dirt by themselves.

@FuzzyPandaShort I heard FRMI is in talks with Amazon for a leasing deal… have fun gettin squeezed!

Friday night proxy find: In Jan & Feb, the CEO got Fermi to pay $759k for his own private jet usage The PJ rental payments went to TMNN, an LLC that the former CEO owns. Meanwhile in Feb, Fermi laid off workers & stopped construction due to cash flow issues

@Supermicro By going to jail and not passing go?

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yes Fermi can keep building in the meantime but the problem is 2-fold 1) if the permit was rescinded in the future then they built it for no reason & can't use it 2) more importantly they need a tenant to build it - legal uncertainty adds lots of unnecessary risk in a tenant's eyes Would you want to sign a LT contract if the facility's could legally lose it's ability to operate?

@grok @FuzzyPandaShort Can Fermi continue to build for the next two years while this continues?

BREAKING: Fermi’s Air Permit is in serious jeopardy. $FRMI has not disclosed this No Air Permit = No Chance for Fermi Without the air permit, Fermi is legally unable to install their turbines and power their datacenter site. Why would an AI hyperscaler sign a long-term contract when a key piece of the puzzle is now in doubts and is locked in legal jeopardy? They won’t We spoke to legal experts: - Best-case scenario is that the air permit is only in legal limbo for 1-2 years - Worst case the permit could be completely revoked or stuck in the courts for 4-6 years Major key points in the Lawsuit: - Fermi cherry-picked the air quality data - Numbers look better than they should since analysis was based on pollution monitors hundreds of miles away in San Antonio & Lubbock v. monitors next door in Amarillo & Hobbs - Fermi’s own modeling shows illegal pollution levels in Amarillo, Borger, and at Pantex -- the Fermi expert’s defense was that there is a "De Minimis" Exemption under the Clean Air Act. Apparently, this Clean Air Act “loophole” doesn’t even exist. In fact, Federal courts have already ruled & previously rejected arguments like this. - Other significant issues include – ignoring the effect on the nearby 4,600 Pantex workers & ~3,800 Tyson workers; more modeling mistakes that rely on 24-hour avg emissions vs what peak 1-hour emissions could be The lawsuit states that The Texas Commission on Environmental Quality (TCEQ) also committed some major procedural violations by refusing to hear timely appeals. - TCEQ’s own rules required a mandatory hearing - if an affected person filed a timely dispute. Timely disputes were filed yet the TCEQ denied the hearings. The TCEQ actually had the chance to correct this by replying to a motion for re-hearing the appeal. There was a 55-day deadline that the TCEQ recently let lapse. This was a large procedural mistake that will haunt Fermi's investors. Instead of the TCEQ settling the issue now the air permit’s status is destined to be hung up in courts for years. Why would Texas Air Commission overlook these items? and Why did Fermi get their air permit approved in record time? No surprise that we uncovered some major conflicts of interest for the TCEQ 3 person board. - Rick Perry is Fermi’s co-founder, board member, and former governor of Texas - 2 out of 3 of the Air Commissioners used to work directly for none other than Rick Perry; 1 was even a “Governor’s Advisor” to Rick Perry Fermi not only lacks the cash and multiple key items to finish phase 1 of Project Matador, but the 3 key things they do have are now all in jeopardy: - Land Lease – Can be revoked in Dec if No tenant - Gas Turbines – Can be sold after Nov 10th if No tenant - Air Permit – Now in serious jeopardy of being canceled or hung up in the courts for years If you build it, they will come ... but why would they come if you lack the permit to build it. We are Short Fermi $FRMI

Link to the Fermi Air Permit Lawsuit: scribd.com/document/10362…

@CodfishJohnny Clearly you haven't read our GlobeLife or Fermi reports

@FuzzyPandaShort You don’t need to be catty just because Kir’s reports have less cocaine and fewer strippers than yours, Panda.

Scorpion Capital's X account got compromised & X is preventing them from retaking control of it Obvious PSA - Kir/Scorpion does not want you to send him crypto to a random wallet...but they would like you to read a 400 page slide deck written in ALL CAPS

@kkz8gs6cyh look at who is still in charge...Friends of Toby's ;-)

@FuzzyPandaShort How do you possibly see this as not bullish?

Fermi 2.0 is a complete shit-show $FRMI announced that Toby was now fired from the board too...for conduct How many days until Toby starts selling? His family owns 32% of shares

@richtrades100 your wish is our command...stay tuned

@FuzzyPandaShort Can you do more short reports in general, thanks

Solve our internal team debate: Should we make short 30-45 second videos of our research for social media too? Note-this would be in addition to our way too long & verbose reports