Spruce Point Capital

Activist Inv Manager founded by Ben Axler, Specializing in Forensic Short-Selling. Invest @ Your Own Risk, click on the link below to read our disclaimer

[Spruce Point Capital @sprucepointcap]

I am pleased to announce that Spruce Point Capital Management was ranked #2 in @diligentHQ 2025 Short Seller Watchlist in its recently released report

[Spruce Point Capital @sprucepointcap]

Too many bad conference calls to report on but this $IRTC one was particularly bad... How does this trade at a premium multiple to med-tech peers? This reinforces our belief the recent acquisition made was entirely defensive, expensive, and a band aid over an injured growth story.

[Spruce Point Capital @sprucepointcap]

@StockSoftEng @novaminerals Thank you for pointing this out and clarifying.

[Spruce Point Capital @sprucepointcap]

While it was a nice vote of confidence - which we applaud - by a few directors to buy very small token amount of $NVA stock on the open market recently, the real story seems to come to light with a new 10-K/A filing. The LARGEST insider and Director of Finance appears to have sold a substantial position. Just since the end of Sept '26, down from 2.26M to 0.43M and well below the 4.3M shares he owned in Sept '25. The timing is quite interesting after the 'exciting' news that Nova got some permits for its pilot plant... Hmmm. Also, we'd love to see the new CFO Mrs Thorburn also give a vote of confidence by owning stock; currently she owns ZERO.

[Spruce Point Capital @sprucepointcap]

@xJT10x @MatthewManzi22 @nrossett @BLSHigh You should read this carefully on $IPX

https://t.co/vE87nmyVc2

[Spruce Point Capital @sprucepointcap]

@xJT10x @MatthewManzi22 @nrossett @BLSHigh You should read this carefully on $IPX

https://t.co/vE87nmynmu

[Spruce Point Capital @sprucepointcap]

@NathanColeMa $IPX https://t.co/T6e9mrRSgG

[Spruce Point Capital @sprucepointcap]

Did anyone catch what appears to be massive (~70%+) restatement of titanium powder production at $IPX #IperionX the Company claiming to revolutionize the titanium industry?

The inventory is building up and there are still ZERO commercial sales and accumulated losses. They just said June qtr production was 1.4 tons, but fact checking this against a previously shown monthly production chart would indicate significantly higher Q2/June production over 4 tons.

If the production is wrong, then there's a high likelihood the financial results are wrong too. Of course, recall, $IPX already conducted one restatement that shareholders revolted on, is another revolt looming?

#Titanium #metals #financialreporting #forensics

[Spruce Point Capital @sprucepointcap]

@Mining_Hub_ $IPX

https://t.co/T6e9mrSq6e

[Spruce Point Capital @sprucepointcap]

Did anyone catch what appears to be massive (~70%+) restatement of titanium powder production at $IPX #IperionX the Company claiming to revolutionize the titanium industry?

The inventory is building up and there are still ZERO commercial sales and accumulated losses. They just said June qtr production was 1.4 tons, but fact checking this against a previously shown monthly production chart would indicate significantly higher Q2/June production over 4 tons.

If the production is wrong, then there's a high likelihood the financial results are wrong too. Of course, recall, $IPX already conducted one restatement that shareholders revolted on, is another revolt looming?

#Titanium #metals #financialreporting #forensics

[Spruce Point Capital @sprucepointcap]

cc: @DeptofWar you are funding IperionX for some programs. We think the American taxpayer should demand the @USGAO do a full audit of IPX and the programs given the company's past financial restatement and powder reporting discrepancies.

[Spruce Point Capital @sprucepointcap]

Did anyone catch what appears to be massive (~70%+) restatement of titanium powder production at $IPX #IperionX the Company claiming to revolutionize the titanium industry?

The inventory is building up and there are still ZERO commercial sales and accumulated losses. They just said June qtr production was 1.4 tons, but fact checking this against a previously shown monthly production chart would indicate significantly higher Q2/June production over 4 tons.

If the production is wrong, then there's a high likelihood the financial results are wrong too. Of course, recall, $IPX already conducted one restatement that shareholders revolted on, is another revolt looming?

#Titanium #metals #financialreporting #forensics

[Spruce Point Capital @sprucepointcap]

Level what. We are now well over 1 yr post $BG and its highly promoted Viterra acquisition. Still struggling to understand what the synergies were. They just posted a horrible Q3 cash flow number and this comes after the Chief Legal and Chief Accounting Officers decided to leave. Something seems broken here. Anyone have any thoughts? #agriculture #wheat #Bunge #agribusiness #cashburn

[Spruce Point Capital @sprucepointcap]

$BG #Bunge results look horrible and they appear to be in a serious financial hole. Lowers outlook in Soybean Processing and Refining and Topical Oils and Specialty Ingredients (two of highest margin segments), Boosts Interest Expense assumption (because its borrowing heavily with no cash flow). Just look at the huge CFO swing YoY From +$854m to -$1.2bn! They have not generated a single $ all year and are having to tap the credit facility (to pay the dividend and stock repos) and leverage keeps rising with intensifying cash burn. But they are claiming to maintain $9.50 of "adjusted" EPS guidance despite all of this...right!

[Spruce Point Capital @sprucepointcap]

@Vince_Stanzione < G.O.A.T. Oat

[Spruce Point Capital @sprucepointcap]

Well, I guess after talking up its applications in consumer electronics, $IPX can mark this titanium sales opportunity at zero? $AAPL Apple announces partnership with Perryman Co to supply titanium products which use 80% recycled content

https://t.co/niztz895pI

[Spruce Point Capital @sprucepointcap]

@sceptic_cap What's the misunderstanding. Are you backward looking or forward looking?

[Spruce Point Capital @sprucepointcap]

Seems like more evidence of margin compression at $MSCI, with operating income missing again at $502.1m vs. $508.4m est. Margins compressed in 3 of 4 segments, heavily in their key analytics business by 450bps, worse than expected. Free cash flow down 9% YoY.

[Spruce Point Capital @sprucepointcap]

Private assets segment growth of 6% is pretty weak considering what they said about that big Burgiss acquisition they spent $700m on back in 2023 $MSCI

"And I think we mentioned that Burgiss for 2023 had mid- to high teens run rate growth despite some of those pressures. And we continue to be quite encouraged about the opportunity and the outlook within the Private Capital Solutions offering."

[Spruce Point Capital @sprucepointcap]

I'm a little troubled by what I see at $NVA #NovaMinerals, which is running out of money and pinned its hopes on a great #antimony story. I don't understand why, if they have great grade and viably economic antimony, did they disclose they purchased ore for metallurgical and process studies? Thoughts anyone?

[Spruce Point Capital @sprucepointcap]

A little troubled to see Patty Spiller removed as Chief Marketing Officer at $TEM #TempusAI recently from the Company's website, an important person no doubt in the growth story.

[Spruce Point Capital @sprucepointcap]

Chief Legal Officer of $BG #Bunge now leaving, following the Chief Accounting Officer departure last month. I thought there was so much upside to the Viterra transaction, why leave now? #bearish

https://t.co/XoyAkC1lzw