We just read the work by Umibozu Research and it's pretty, pretty, pretty, pretty good It is definitely worth following the SeaMonk if you don't already

$TE financials will get punished by today's 232 solar tariff's...the stock market doesn't know it yet! Below is the math of how TE's solar cell costs are set to actually skyrocket by 50% Fact: T1 imports solar cells from Trina Solar (the receipts prove it!) New Fact: TE will have to pay a 15% tariff on customs value + a top up to minimum imported prices of $0.22/watt since they import solar cells The Math: T1's actual invoices reveal that TE pays Trina Solar an avg of $1.51 per solar cell aka $0.162/watt - New 15% tariff =$0.162 * 15% = $0.024/w - New floor price for solar cell imports = $0.220/w - COGS for solar cells go up to $0.244/w The Financial Damage: - TE's solar cell input cogs are +50%! - Total BOM costs are +38% - Q1-2026 TE only reported gross margins of +16%. Gross margins go from +16% to -11%! ---GM's of NEGATIVE 11%! Whoops there goes all of TE's margin down a tariff drain-hole. T1's shaky financials will be even more devastated! It also kills any ability for T1 to earn free cash flow which would fund building G2 (the solar cell plant) It Gets Worse: - Trina Solar was labeled a Chinese Military Co by US's Dept of War - so TE actually doesn't qualify for US 45x tax credits of $0.07 (see our reports) - Excluding the non-cash Tax Credits (which you should because TE booked them without qualifying for them) then TE's GM's would have been -34% ---GM's of NEGATIVE 34%! Hemlock Poly: But doesn't TE buy polysilicon from Hemlock in the USA? Read the announcement - TE is still punished because when TE send Hemlock's US Polysilicon abroad to make solar cells. It gets sent to Trina solar who makes it into solar cells and then re-imports it back into the USA. 232 is clear that all solar cells from abroad are tariffed. Why Bulls Are Wrong: - Bulls are excited right now since TE is trying to build a solar cell factory (G2) in the US. TE claims the factory will be up and running next year. It's already been delayed, they don't even have the cash required to build it, and TE's financial future just got way worse. - Mgmt told investors they weren't buying solar cells from Trina Solar. T1's own invoices exposed they were lying. So anyone that believes mgmt's claims when G2 will be up and running deserves the FEOC'ing that is coming to their portfolio. Yesterday - TE's financials were FEOC'ed Today - 232 just pounded TE's financials even harder Disclosure - Short $TE

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.

FYI one of the 🐼team members who has a severe allergy to vacations is pushing to release part 3 - "cooking the books" of our $TE whistleblower series tomorrow Should we let him do it?

Part 1 of the whistleblower series on T1 Energy - Invoices Reveal the Truth A whistleblower came forward & told us $TE’s mgmt team has been misleading investors & they had the documents to prove it. We are short $TE

The Andrew Left guilty verdict is a painful reminder that as short sellers we are all 2nd class citizens But we still think there's a stark difference among short-sellers. There are the ones that believe their own work & stay short the shit-cos for the long-haul. A short story about the founding of Fuzzy Panda Research: We actually engaged with activists like Left early in our short-selling career (~10-15 years ago). It both felt icky and was incredibly frustrating. We kept asking ourselves the same questions: - Why give away months/years of our work to some random guy? - Especially if they will cover their position day 1 & won't be around to fight the long fight? Even worse they would often mess up the short thesis because they hadn't done the work and didn't understand the details. One of the worst/weirdest interactions we had was back in the Summer of 2017 when we attempted to help Andrew Left on a short idea. We'd spent months working all summer long sending Andrew lots of details on an auto company that we believed used predatory financing to steal from consumers. It was disgusting how the company would use usurious fees to entrap poor people in a cycle of poverty. This company somehow had even repo'ed a car when there was still a baby in the back seat. But at the end of summer 2017, Left called me: "It's time. I'm finally publishing on what we've been working. It's happening this week!"~Left (I thought, thank god, finally! But then the next words immediately shocked me): "We are finally going to expose Ubiquiti" ~Left "Wtf!?" ~Me "What?! i thought you'd be excited?" ~Left "Andrew! I'm not working on Ubiquiti with you." ~Me "uh, umm. Well......I'm doing Ubiquiti this week, we will do the other one next week." ~Left (Note-Ubiquiti Inc is tech co that makes wireless enterprise communication products...it's not at all related to predatory auto financing. Also for some plainly obvious reasons I decided to stop speaking to Andrew about investment ideas right after that) Crappy interactions like that ultimately led me to ask one of my advisors from business school, the late Jack McDonald, his thoughts. At the time we were talking about a different fraud that was going through a painful short squeeze (a Chinese bank that had a fake HQ in NYC & was pretending to be an American Co. It had even tricked the FTSE-Russell into adding them into the Russell 2000) Professor McDonald was an investing legend. He was close friends with all my own investing heros: Andreas Halvorsen (from Viking), Jim Coulter, the SPO founders, and even Charlie Munger & Warren Buffett. But more importantly Jack was not only a great investor but he was a great human. All advise from Jack was gold and the advise he gave that day about this Chinese fraud changed the course of my career... "Don't be afraid to use your own voice. You have freedom of speech too. The information you found is amazing. Everyone has to know about it. ~Jack Then Jack gave me a wink & a smile and said "Let's expose these guys" So that is how Fuzzy Panda Research was born Why a Fuzzy Panda? Because it is a completely ridiculous name. For anyone to believe a Fuzzy Panda the research must be damn good. It is also hilarious when a management team puts out a press release saying that "an evil fuzzy panda is out to get them." Plus early on it was a solid bonus that the anonymity was like a warm security blanket, it protected our identities just in case this whole fuzzy panda thing didn't work out and we all needed to get real jobs at a hedge funds later. So how do we think the Andrew Left verdict affects activist short-sellers? - For some (that like to smash & grab or flip out of a position day one) it's a complete game changer - For others, like us, probably nothing But we are a different breed short-seller. The degenerate short-seller! The one that truly believes their our own work & will fight through short squeezes. (Tag your favorite degenerate short-seller below)