Wolfpack Research

Wolfpack Research is a short-biased activist research and due-diligence firm founded by Dan David. For personal/political views follow @Dan_David44

[Wolfpack Research @WolfpackReports]

Datasection’s latest report indicates its deal with “one of the world’s largest cloud service providers” was canceled retroactively to April 1st, 2026. Why did this contract fall apart? If everything about this deal was perfectly legitimate, then why did it fall apart? Who was this unnamed customer? Was it Tencent as our investigation indicated, and as Barrons reported from their own sources? Will Datasection finally admit that their major customer was Tencent, a Chinese military company that was blacklisted by the DoW according to the NY Times?

[Wolfpack Research @WolfpackReports]

YESTERDAY $FTK put out an 8-K insinuating that our report was misleading because we said the PREPA deal was cancelled and they said "As of the date of this report, PREPA has not delivered a formal notice of termination of the PREPA Contract to the Company." Yet TODAY they put out an 8-K saying PREPA "delivered formal notice of termination." How embarassing.

[Rafael Lenín López @LeninPR]

ESTO SE COMPLICA. [DOCUMENTOS]

Junta de Control Fiscal acaba de notificarle esta noche al Gobierno que ha recibido una carta “perturbadora” de parte de ERock, en la controversia por el contrato de generación temporera de energía.

La carta de ERock alega un esquema de falsificación de firmas, falsas representaciones y hasta intentos de extorsión por parte de Power Expectations, que le habían informado al Gobierno ante la firma de un acuerdo.

[Wolfpack Research @WolfpackReports]

@A7fTd0jPROr4sCa It feels like a Tuesday or any other day of the week.

[Wolfpack Research @WolfpackReports]

Datasection’s latest report indicates its deal with “one of the world’s largest cloud service providers” was canceled retroactively to April 1st, 2026. Why did this contract fall apart? If everything about this deal was perfectly legitimate, then why did it fall apart? Who was this unnamed customer? Was it Tencent as our investigation indicated, and as Barrons reported from their own sources? Will Datasection finally admit that their major customer was Tencent, a Chinese military company that was blacklisted by the DoW according to the NY Times?

[Wolfpack Research @WolfpackReports]

4/ Datasection also disclosed that three datacenter projects in Japan, Australia, and Thailand had all been delayed. Why? What are you doing with the 41bn Yen in GPUs you just purchased? Do you know these are not meant to sit around and collect dust? You know they depreciate quickly? How have these delays not affected the company’s guidance? Do they have anything to offer investors apart from a lawsuit filed against Wolfpack? We welcome this lawsuit considering that all the questions we have asked and many more should be answered.

[Wolfpack Research @WolfpackReports]

3/ More importantly, the company’s expected guidance for this contract for FY 2027 was ~80bn Yen, or ~14X what they received in the breakup. Datasection has not changed its guidance, explaining that its prospective pipeline will backfill the lost revenues. Who else is interested in backfilling this pipeline? The DoW originally put Tencent on a list of “Chinese military companies” in January 2025 and updated its list of Chinese military companies recently to include a total of 188 companies. Should investors look at this list to identify potential customers in Datasection’s pipeline? If not, why not? Is it really in the best interests of Japan for Datasection to sell AI-computing power to Chinese-based companies? Is that what investors are paying for?
https://t.co/dLFZ5o79xH

[Wolfpack Research @WolfpackReports]

2/ As part of this break-up, they recorded a 5.6bn Yen deal-formation/referral fee, which was ~88% of revenues for the period. This payment came from NowNaw Japan, a tiny related party. Did they pay cash? Where did they get this money? Who was the ultimate source of this referral fee? Was it always a part of your business plan to collect referral fees? What was being referred? Why is it now cancelled?

[Wolfpack Research @WolfpackReports]

Please read our full report available on our website, as well as our full disclaimer, presented below:

https://t.co/CQQXZiKicd

[Wolfpack Research @WolfpackReports]

On August 7th, mere days after $FTK announced its $400m deal, a federal regulator sent a letter alleging Enchanted Rock, LLC, allegedly one of the original signatories to the deal, did not authorize the signature. The federal regulator only approved this deal because of Enchanted Rock’s involvement, but they reportedly were never involved in the deal. Reportedly, the person signing on behalf of Enchanted Rock was “Jhoby Weaks.” Media sources have tied this signature to Jobadiah “Joby” Sinclare Weeks, who reportedly is under house and awaiting sentencing after pleading guilty to charges stemming from an alleged $770m fraud and tax evasion case.

https://t.co/zyAN3GpyYj

[Wolfpack Research @WolfpackReports]

Why hasn’t $FTK said anything about this yet? Shouldn’t investors know that the deal they showcased during earnings has been canceled and has been reportedly referred for criminal investigation? $FTK may be the victim, but investors the company has neglected to inform about this matter are also being victimized. This news has been all over Spanish-speaking news in Puerto Rico, but the cancelation of the deal has not even appeared on Bloomberg yet, and that, in our view, is on $FTK.

https://t.co/kDHygUxNst

[Wolfpack Research @WolfpackReports]

We are short $FTK because their $400m deal with PREPA and Power Expectations has been canceled. Our analysis shows 57% of $FTK’s near-term backlog will be wiped out due to an alleged unauthorized signature that has been referred for criminal investigation. This unfolding scandal, where a ~$6 billion contract was awarded to a company that reportedly only had $17 million in revenues the prior year and whose CEO is reportedly a convicted felon, has also been tied by media sources to a man who reportedly pled guilty to charges relating to an alleged $700m+ fraud and tax evasion scheme. We are shocked $FTK has not told investors yet that they were sucked into what has become an embarrassing fiasco.

https://t.co/0QDUSMDtlI

[Wolfpack Research @WolfpackReports]

@ROLCapital, how's it going on $YSS

[R.O.L. Capital @ROLCapital]

@WolfpackReports You are going to get unbelievably blow out of the water.

[Wolfpack Research @WolfpackReports]

amazing headline $RILY

[Pelican Way Research @Pelicanwayre]

6/x: $ALOY has touted relationships with other dubious companies, including announcing a non-binding MOU with $METC, a company which was published on by @wolfpackreports and which was accused of having a hoax mine; the shares of $METC are down ~70% since the report.

[Pelican Way Research @Pelicanwayre]

1/x: We are short $ALOY (REalloys Inc) because we believe that the company is built on science that hasn't worked in decades, and a study for which REalloys did not obtain permission to use. We are also skeptical of the cast of characters involved in $ALOY, which includes a sanctioned promoter and a character described as a “mob boss” by a reporter. For the full short thesis, including our very important disclaimer about our financial interests and how they work, please visit the Pelican Way Research website, which is linked in our bio.

[Pelican Way Research @Pelicanwayre]

1/8: We are short $HYLN (Hyliion Holdings) because we believe that the ~$133mm LOI with VFG Holdings, which had sent the stock up ~150%+, is misrepresented and that VFG is seemingly unable to support an order of that size. For the full short thesis, including our very important disclaimer about our financial interests and how they work, please visit the Pelican Way Research website, which is linked in our bio.

[Wolfpack Research @WolfpackReports]

There you have it, SDA looks like it will be eliminated, future uncertain for $YSS who relied on the SDA for over 90% of revenues. https://t.co/tx4pH7Rhn9

[MuddyWatersResearch @muddywatersre]

Quinn: The World’s Most Feared Law Firm Bill @quinnemanuel

[Wolfpack Research @WolfpackReports]

This video is for entertainment purposes only, please read our report and full disclaimer at https://t.co/xd3G8w7csv

[Wolfpack Research @WolfpackReports]

Here is our video on $XMAX, which we believe is a Malaysian Hustle