@MorpheusRes Morpheus Research
Morpheus Research posts on X about $gxi, accounting, $abl, data the most. They currently have [------] followers and [---] posts still getting attention that total [---] engagements in the last [--] hours.
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Social Influence
Social category influence finance 46.15% cryptocurrencies 19.23% technology brands 8.65% stocks 7.69% exchanges 4.81% countries 3.85% fashion brands 2.88% travel destinations 0.96% celebrities 0.96% automotive brands 0.96%
Social topic influence $gxi 16.35%, accounting 13.46%, $abl 13.46%, data 10.58%, $cnl #3, business 8.65%, xai 7.69%, to the 7.69%, acquisition 5.77%, in the 5.77%
Top assets mentioned Airbloc (ABL) Sei (SEI) Backblaze, Inc. (BLZE) Sanofi (SNY) ZJK Industrial Co., Ltd. (ZJK) Tesla, Inc. (TSLA)
Top Social Posts
Top posts by engagements in the last [--] hours
"$CNL appears to be conducting much of the exploration activity for its flagship Apollo asset on untitled land which is strictly prohibited in Colombia. We believe this seemingly brazen disregard for Colombian law risks jeopardizing the future of its key mining target. (13/x)"
X Link 2025-08-06T14:36Z 15.9K followers, [----] engagements
"After extensive research we believe the evidence justifies a short position in shares of Collective Mining Ltd. (TSX and NYSE American: CNL). Morpheus Research holds short positions in $CNL. Full report and disclaimer available here. http://morpheus-research.com/collective/ http://morpheus-research.com/collective/"
X Link 2025-08-06T14:36Z 15.9K followers, [----] engagements
"NEW REPORT: $BC.MI $BCUCY From Moscow To TJ Maxx How Brunello Cucinelli Continues To Lie About Its Russian Business While Aggressive Discounting Damages Its Exclusive Positioning (1/x) http://morpheus-research.com/cucinelli http://morpheus-research.com/cucinelli"
X Link 2025-09-25T10:15Z 15.9K followers, 54K engagements
"Overall despite extolling the virtues of a more ethical capitalism Cucinelli has continued to lie about its Russian operations while its products face aggressive discounting likely harming its exclusive brand positioning and its premium valuation multiple. (42/x)"
X Link 2025-09-25T10:22Z 15.9K followers, [----] engagements
"After extensive research we believe the evidence justifies a short position in shares of Brunello Cucinelli (BIT: BC US OTC: BCUCY). Morpheus Research holds short positions in $BC.MI. Full report and disclaimer available here. https://www.morpheus-research.com/cucinelli/ https://www.morpheus-research.com/cucinelli/"
X Link 2025-09-25T10:22Z 15.9K followers, [----] engagements
"NEW REPORT: Gerresheimer AG Gerresheimer AG A Conflicted Acquisition Flailing Divestiture & Accounting Games Coming To Roost As Key Weight-Loss Driver At Risk $GXI (1/x) http://morpheus-research.com/gerresheimer http://GXI.DE http://morpheus-research.com/gerresheimer http://GXI.DE"
X Link 2025-12-09T09:39Z 15.9K followers, 11.8K engagements
"The same consultant told us: I know that just from talking with the CEOs of both those Solaris competitors both of them have just said hey look we hate that projectWe do not want to touch it with a ten-meter pole and we're not going to do any work for that project. (21/x)"
X Link 2025-03-17T17:03Z 15.9K followers, [----] engagements
"The xAI turbines face intense opposition from environmental groups & Memphis citizens driving other providers away from the project entirely per an industry consultant who told us: So far no ones shut them down yet but if like you know one kid starts coughing (22/x)"
X Link 2025-03-17T17:03Z 15.9K followers, [----] engagements
"In Feb-25 a representative from the Southern Environmental Law Center told local media that the turbines were installed without any oversight or notice to the impacted communities & that they release harmful pollution like formaldehyde. (23/x)"
X Link 2025-03-17T17:03Z 15.9K followers, [----] engagements
"A petition related to the data center/turbines has 6500+ signatures & counting. It states xAI and Musk have violated Title V of the Clean Air Act with his gas turbines that have spread formaldehyde and other pollutants into the Memphis air. (24/x) http://Change.org http://Change.org"
X Link 2025-03-17T17:03Z 15.9K followers, [----] engagements
"In February [----] Solaris announced its largest contract - a deal to lease a minimum of 700MW of turbines to a 2nd xAI data center. The contract details have not been released but we believe this is for xAIs Whitehaven site also in the Memphis area based on local reporting. (25/x)"
X Link 2025-03-17T17:03Z 15.9K followers, [----] engagements
"Despite Solariss claim that the deal is final & a long-term partnership xAI appears to be walking back plans to use turbines at the new site. Less than [--] weeks ago an xAI site leader told reporters that the use of turbines at the new site is still to be determined. (26/x)"
X Link 2025-03-17T17:05Z 15.9K followers, [----] engagements
"$SEIs data center contracts face competition from the power grid. MLGW the local grid operator is scaling capacity to meet demand questioning the need for long-term mobile turbines. MLGW has called claims of its supposed inability to power data centers categorically false (27/x)"
X Link 2025-03-17T17:05Z 15.9K followers, [----] engagements
"Despite operating in a fiercely competitive & commoditized industry $SEI has projected over 70% EBITDA margins for its Power Solutions segment (MER) over the next [--] years per its proxy statement. (28/x)"
X Link 2025-03-17T17:05Z 15.9K followers, [----] engagements
"Solariss gas turbines are subject to major overhauls every [--] years often costing up to 50% of the cost of a new unit per industry experts. Despite $SEIs claims to be building a reserve factor it has failed to disclose the existence & amount of such reserves in its financial reports. (30/x)"
X Link 2025-03-17T17:05Z 15.9K followers, [----] engagements
"As businesses start to fade and the specter of continued underperformance haunts top executives public companies often desperately latch on to the hope of selling a turnaround which is often sold as providing exposure to a megatrend such as AI. (33/x)"
X Link 2025-03-17T17:06Z 15.9K followers, [----] engagements
"In $SEIs case this meant diluting shareholders and doubling leverage to acquire a felon-owned commoditized business at a wildly inflated valuation and binding its fate to one large data center customer facing mounting opposition to its use of turbines. (34/x)"
X Link 2025-03-17T17:06Z 15.9K followers, [----] engagements
"After extensive research we believe the evidence justifies a short position in shares of Solaris Energy Infrastructure Inc. (NYSE: SEI). Certain principals of Morpheus Research hold short positions in SEI and Morpheus Research may profit from short positions held by others. Please see our report for our full disclaimer. $SEI http://www.morpheus-research.com http://www.morpheus-research.com"
X Link 2025-03-17T17:07Z 15.9K followers, [----] engagements
"NEW REPORT: $BLZE Backblaze: A Loss-Making Data Storage Business Mired in Lawsuits Sham Accounting and Brazen Insider Dumping (1/x) http://www.morpheus-research.com/backblaze/ http://www.morpheus-research.com/backblaze/"
X Link 2025-04-24T14:06Z 15.9K followers, 16.5K engagements
"Backblaze (NASDAQ:BLZE) is a $250m provider of low-cost cloud storage and backup solutions that is led by CEO Gleb Budman who co-founded the company in California in [----]. (2/x)"
X Link 2025-04-24T14:06Z 15.9K followers, [----] engagements
"4 months into the plan $BLZE CTO Brian Wilson wrote in an internal email if BLZE goes straight down to zero each day I sold was beyond totally justified and I wont regret it shortly before resigning amidst continued share sales per one suit. (7/x)"
X Link 2025-04-24T14:06Z 15.9K followers, [----] engagements
"NEW REPORT: $MFH Mercurity Fintech: This Blatant Scam Run By Repeat Bad Actors Has Skyrocketed 400% On A Ridiculous AI & Fintech Facade (1/x) http://www.morpheus-research.com/mercurity/ http://www.morpheus-research.com/mercurity/"
X Link 2025-05-08T17:35Z 15.9K followers, 16.8K engagements
"These vague but ambitious plans may seem dubious for $MFH an 11-person company with $1m in revenue and $4.5m in losses last year but we find them wholly unreliable given that $MFH execs and key backers have ties to pump & dumps crypto scams and a billion-dollar Ponzi. (5/x)"
X Link 2025-05-08T17:35Z 15.9K followers, [---] engagements
"$ZJK claims to have an alliance with NVIDIA but Nvidias partner network does not name $ZJK and a recent analyst report called the alliance a lie after Nvidias IR dept reportedly said it was not aware of any partnership with ZJK. (19/x)"
X Link 2025-05-08T17:36Z 15.9K followers, [----] engagements
"$KIDZ has the hallmarks of another microcap scam: minimal revenues splashy crypto-themed PRs that have no relevancy to its core biz and a deal to sell $400m in shares to a 6-day old entity that unbeknownst to investors is controlled by a related party. (26/x)"
X Link 2025-05-08T17:37Z 15.9K followers, [----] engagements
"$MFH strikes us as an obvious scam. Its a virtually zero-revenue business whose execs and key investors have ties to Ponzis crypto investment schemes and stock market pump and dumps like $SGLY which saw its shares decline by 98% after being exposed as a total fraud. (27/x)"
X Link 2025-05-08T17:37Z 15.9K followers, [----] engagements
"After extensive research we believe the evidence justifies a short position in shares of Mercurity Fintech (NASDAQ: MFH). Morpheus Research holds short positions in $MFH. Please see our report for our full disclaimer. $MFH"
X Link 2025-05-08T17:37Z 15.9K followers, [----] engagements
"$SEI UPDATE: In March we reported that Solaris Energy Infrastructure $SEI a deteriorating oilfield services business had bet the house on its acquisition of Mobile Energy Rentals (MER) a portable power provider run by a convicted felon & environmental criminal. (1/x) NEW: $SEI Solaris Energy Infrastructure: How A Crumbling Texas Oilfield Services Company Gambled It All On A Convicted Felon And The World's Richest Man https://t.co/8PpZWipoku (1/x) NEW: $SEI Solaris Energy Infrastructure: How A Crumbling Texas Oilfield Services Company Gambled It All On A Convicted Felon And The World's Richest"
X Link 2025-05-09T16:55Z 15.9K followers, 39K engagements
"Despite Solaris claim that the new power solutions biz had a diversified revenue stream 96% of its revenue came from Elon Musks xAI which planned to use the $SEI turbines to power its Memphis data centers Colossus & a 2nd facility at its nearby Tulane Rd site. (2/x)"
X Link 2025-05-09T16:55Z 15.9K followers, [----] engagements
"2 days ago local and industry publications reported that xAI would be removing [--] gas turbines from its Colossus data center while keeping only [--] turbines on site for back-up power representing an estimated 250MW of power. (4/x)"
X Link 2025-05-09T16:55Z 15.9K followers, 11.7K engagements
"Notably even these remaining turbines are at risk since they continue to operate without a permit and face competition from xAIs sizable investments in Tesla battery packs for back-up power. (5/x)"
X Link 2025-05-09T16:55Z 15.9K followers, [----] engagements
"Yesterday xAI confirmed the removal to the Memphis Chamber of Commerce and said that ZERO TURBINES would be installed at its second data center site on Tulane road. (6/x)"
X Link 2025-05-09T16:55Z 15.9K followers, [----] engagements
"With seemingly impeccable timing on May 5th MER co-founder and current President of $SEI Power Solutions John Johnson sold $38.1 million worth of $SEI stock (23% of his holdings) just days before these announcements. (7/x)"
X Link 2025-05-09T16:55Z 15.9K followers, [----] engagements
"The xAI deal appears to be falling apart & $SEI must still contend with the $300m long term debt it took on to finance the new division mounting receivables (up 78% since the MER deal closed) & a dwindling cash position. $SEI has announced no new major customers. We are short"
X Link 2025-05-09T16:55Z 15.9K followers, [----] engagements
"NEW REPORT: $ABL Abacus Global Management: This $740 Million SPAC Is Yet Another Life Settlements Accounting Scheme Manufacturing Fake Revenue By Systematically Underestimating When People Will Die (1/x) http://www.morpheus-research.com/abacus/ http://www.morpheus-research.com/abacus/"
X Link 2025-06-04T14:57Z 15.9K followers, 41.1K engagements
"Abacus Global Management Inc. (NASDAQ: ABL) is an alternative asset manager that claims to be at the heart of the life settlement industry. $ABL was founded in [----] by Todd Sean McNealy Matthew Ganovksy & Kevin Scott Kirby who remain co-presidents today. (2/x)"
X Link 2025-06-04T14:57Z 15.9K followers, [----] engagements
"Our 3-month investigation including interviews with [--] industry experts & former $ABL employees uncovered that Abacus too good to be true returns are driven by a scheme to systematically overvalue its assets reminiscent of past life settlements blowups. (4/x)"
X Link 2025-06-04T14:57Z 15.9K followers, [----] engagements
"Life settlements involve the sale of a life insurance policy to investors for a lump sum. The investor takes over premium payments & collects on the policy when the insured passes away aiming to profit if the death benefit exceeds their total investment. (5/x)"
X Link 2025-06-04T14:57Z 15.9K followers, [----] engagements
"How long an insured individual is going to live is the single most important factor when valuing a life settlement policy. Typically life settlement investors rely on life expectancy reports or LE reports from 3rd party vendors to estimate life expectancy. (6/x)"
X Link 2025-06-04T14:57Z 15.9K followers, [----] engagements
"Accounting schemes are common enough in the industry that a former $ABL employee told us about the curse of the life settlements industry: (8/x)"
X Link 2025-06-04T14:57Z 15.9K followers, [----] engagements
"Average returns in life settlements hover around 12% per multiple experts and trade publications. An industry veteran told us that 20% returns are virtually unheard of and that he would call BS on any fund claiming to generate such returns. (9/x)"
X Link 2025-06-04T14:57Z 15.9K followers, [---] engagements
"Days before completing its SPAC deal $ABL adopted a valuation methodology that allows it to revalue all newly acquired policies periodically & book increases in value as unrealized gains generating non-cash revenue. Unrealized gains surged to 61% of revenue in Q1 [--]. (11/x)"
X Link 2025-06-04T14:57Z 15.9K followers, [----] engagements
"$ABL has an intimate relationship with an AI powered life expectancy data provider called Lapetus Solutions founded in [----]. Abacus CEO Jackson was previously a director of Lapetus & co-authored a book with its co-founder. Abacus has a $1 million investment in Lapetus. (13/x)"
X Link 2025-06-04T14:57Z 15.9K followers, [----] engagements
"$ABL is also setting up a fund called the ABL Longevity Growth & Income Fund. Further corroborating the reliance on Lapetus the fund states Lapetus will be its primary life expectancy provider for valuation purposes per its registration document. (16/x)"
X Link 2025-06-04T14:57Z 15.9K followers, [----] engagements
"In [----] & [----] Abacus largest competitor Coventry put out a series of press releases evidencing Lapetus allegedly flawed underwriting. Analyzing [----] LEs from Lapetus they showed that Lapetus estimates were on average [--] months shorter than the next shortest provider. (17x)"
X Link 2025-06-04T14:57Z 15.9K followers, [---] engagements
"The study was peer reviewed by Professor Daniel Dani Bauer a highly respected academic in the life settlements industry. An industry expert told us: (18/x)"
X Link 2025-06-04T14:57Z 15.9K followers, [---] engagements
"At a December [----] industry conference Coventrys chairman stated that the use of Lapetus LEs could lead to major overstatements of a portfolios fair value. (19/x)"
X Link 2025-06-04T14:57Z 15.9K followers, [---] engagements
"A/E ratios measure the accuracy of mortality predictions (100% being most accurate). The Bauer study calculated an A/E ratio of 31% for Lapetus. Coventry said $ABL investors could face serious consequences due to Abacus reliance on Lapetus. An industry expert opined: (21/x)"
X Link 2025-06-04T14:57Z 15.9K followers, [----] engagements
"Former Abacus employees confirmed to us that Lapetus LEs are generally significantly shorter than other LE providers even by [--] [--] [--] [--] years and an industry expert warned us to run a million miles away from anyone telling us to consider using Lapetus. (22/x)"
X Link 2025-06-04T14:57Z 15.9K followers, [---] engagements
"Abacus reliance on Lapetus for valuations presents a material risk to the $446m in policies on its books as of Q1 [----]. If Coventry/Bauers estimates are correct we believe that Abacus portfolio could be overvalued by at least 35%. An industry expert corroborated this risk: (23/x)"
X Link 2025-06-04T14:57Z 15.9K followers, [---] engagements
"An employee at acompeting provider of life expectancy data told us Lapetus is jokingly referred to as laugh-at-us in the industry due to how unreliable its data is. (25/x)"
X Link 2025-06-04T14:57Z 15.9K followers, [----] engagements
"In Q1 [----] CEO Jackson boasted of a record quarter. Jackson failed to mention that during the quarter $ABL lowered its discount rate from 20% to 18% generating $28.4 million in unrealized gains. Without this paper gain Abacus EBITDA would have been negative. (27/x)"
X Link 2025-06-04T14:59Z 15.9K followers, [----] engagements
"In Dec [--] $ABL closed the acquisition of Carlisle a $2B asset manager focused on life settlements led by an old friend of the $ABL founders CEO Jose Garcia. $ABL paid 36x earnings or nearly 3x the avg. of peers despite Carlisles declining profits & litigation risk. (28/x)"
X Link 2025-06-04T14:59Z 15.9K followers, [----] engagements
"Garcia began his career in life settlements at a company called Vespers where he was fired in [--] due to allegations of abuse of cocaine or a similar drug while at work & spending at least $200k on personal expenses including exotic dancers & prostitutes per a lawsuit. (29/x)"
X Link 2025-06-04T14:59Z 15.9K followers, [----] engagements
"Carlisles flagship fund is its Long Term Growth Fund which invests in life settlement assets & reported on average 20% returns for nearly a decade until [----] when investor redemptions were suddenly gated. The fund is down 44% from its peak. (31/x)"
X Link 2025-06-04T15:00Z 15.9K followers, [----] engagements
"An industry expert explained what they believed were the reasons for the decline: (32/x)"
X Link 2025-06-04T15:00Z 15.9K followers, [---] engagements
"Compounding the problems of Abacus valuations it appears that Carlisle is also using Lapetus to value its policies and has offered big blocks of policies to the market. A fund manager told us: (34/x)"
X Link 2025-06-04T15:01Z 15.9K followers, [----] engagements
"Abacus co-founders have a litany of red flags in their pasts that include destroying records involvement in bid rigging schemes selling fraudulently procured life insurance policies and endorsing notorious fund blowups. (35/x)"
X Link 2025-06-04T15:01Z 15.9K followers, [---] engagements
"In the late 1990s Abacus co-founders Ganovsky & Kirby worked for Medical Escrow Society a life settlements broker that was charged by Floridas regulatorin [----] for failing to disclose fraud that occurred during the time that both Abacus co-founders were at the firm. (36/x)"
X Link 2025-06-04T15:01Z 15.9K followers, [---] engagements
"In [----] Kirby Ganovsky and McNealy dissolved Advanced Settlements and established Abacus Settlements in Florida out of the same office even using the same phone number which Abacus still uses to this day. (38/x)"
X Link 2025-06-04T15:02Z 15.9K followers, [---] engagements
"$ABL has been aggressively promoting its stock through paid campaigns ahead of an estimated [----] million share (52.4% equity) lockup expiry from insiders and other holders. These lockups expire in [--] weeks. (40/x)"
X Link 2025-06-04T15:03Z 15.9K followers, [----] engagements
"In conclusion we think Abacus seemingly impressive EBITDA profitability is the product of aggressive financial engineering while actual Q1 [--] operating cashflow was negative $61.6m leaving $ABL with little ability to service its $356m of high-interest debt. (41/x)"
X Link 2025-06-04T15:03Z 15.9K followers, [----] engagements
"Historically many life settlements companies have touted high returns low risk and a virtually unlimited TAM. Too often these too good to be true stories are secretly propped up by financial engineering and inevitably collapse. We believe $ABL is no different. (44/x)"
X Link 2025-06-04T15:04Z 15.9K followers, [----] engagements
"Abacus response to our report failed to refute any of our allegations. It contained numerous misrepresentations including a meaningless independent valuation and directly contradicted their previous statements to the SEC. We reveal new evidence $ABL engaged in undisclosed related party dealings and Carlisle engaged in artificial round tripping transactions. We remain short. http://www.morpheus-research.com/abacus-response/ http://www.morpheus-research.com/abacus-response/"
X Link 2025-06-12T12:00Z 15.9K followers, 24.4K engagements
"NEW REPORT: $CNL Collective Mining Ltd: How To Build A Billion Dollar Company By Illegally Drilling On Untitled Land (1/x) http://morpheus-research.com/collective/ http://morpheus-research.com/collective/"
X Link 2025-08-06T14:36Z 15.9K followers, 57.5K engagements
"Collective Mining (TSX: CNL NYSE: $CNL) is a C$1.1 billion Canadian mining company focused on developing mineral deposits in Colombia. The company has one material exploration project called the Guayabales project per a March [--] filing. (2/x)"
X Link 2025-08-06T14:36Z 15.9K followers, [----] engagements
"In June [--] $CNL announced a significant new discovery of gold within the Guayabales project called the Apollo Target. The discovery has driven a 285% rally in CNLs share price and Apollo now represents 93% of Collectives net asset value per broker estimates. (3/x)"
X Link 2025-08-06T14:36Z 15.9K followers, [----] engagements
"Per the $CNL April [--] technical report the flagship Apollo Target straddles [--] validly granted mining titles but $CNL does not clearly disclose that there is a key piece of land between the titles that is unpermitted per mining authority Agencia Nacional de Mineria (ANM). (4/x) https://twitter.com/i/web/status/1953102878580654505 https://twitter.com/i/web/status/1953102878580654505"
X Link 2025-08-06T14:36Z 15.9K followers, [---] engagements
"By combining data from the $CNL technical reports & presentations with the ANMs title database and superimposing the data onto satellite imagery we were able to see that the bulk of exploration activity for the flagship Apollo target is occurring on untitled land. (5/x)"
X Link 2025-08-06T14:36Z 15.9K followers, [----] engagements
"We also spoke with the CEO of a Colombian mining consultancy firm who told us that operating on untitled land is akin to a homeland security issue in the eyes of the Colombian government. (9/x)"
X Link 2025-08-06T14:36Z 15.9K followers, [---] engagements
"$CNL Chairman Sussman previously founded & led Colossus Minerals from [--] - [--]. Per local media Colossus deposited $11.7m into the personal account of a local mining official. In [----] Brazil cancelled Colossus mining license & the co filed for creditor protection. (12/x)"
X Link 2025-08-06T14:36Z 15.9K followers, [---] engagements
"Collective's response attempts to justify drilling on untitled land misinterprets Colombian law and contradicts numerous experts including current & former ANM officials. Its President's past at Eco Oro has parallels to issues at $CNL today. We Remain Short. Full Response - http://www.morpheus-research.com/collective-response/ http://www.morpheus-research.com/collective-response/"
X Link 2025-08-12T16:48Z 15.9K followers, 17K engagements
"We also reveal the scale of Cucinellis aggressive discounting strategy seemingly intended to manage bloated inventory that dwarfs direct peers with items ending up in stores like TJ Maxx risking dilution to the brands exclusive positioning. (5/x)"
X Link 2025-09-25T10:15Z 15.9K followers, [----] engagements
"Even ignoring our findings Cucinelli trades at 46x next years earnings a higher multiple than any luxury peer despite slowing revenue growth average operating margins and rising competition from peers like Khaite and The Row each reporting triple-digit growth. (6/x)"
X Link 2025-09-25T10:15Z 15.9K followers, [----] engagements
"Gerresheimer AG is an [---] million Germany-based international packaging company focused on pharma and cosmetics industries. It operates via [--] main divisions: plastic & devices & primary packaging glass. (2/x) http://GXI.DE http://GXI.DE"
X Link 2025-12-09T09:39Z 15.9K followers, [---] engagements
"After peaking in Sept [--] $GXI shares have plummeted 80% due to downward guidance the failed sale of the company a BaFin accounting investigation mounting debt and the delayed divestiture of the molded glass division. (3/x)"
X Link 2025-12-09T09:39Z 15.9K followers, [---] engagements
"Now trading at a steep discount to peers $GXI has attracted activist investors betting on a turnaround driven by a successful sale of the molded glass biz to reduce debt & growth in sales from exposure to new weight loss drugs like Novo Nordisks CagriSema. (4/x)"
X Link 2025-12-09T09:39Z 15.9K followers, [---] engagements
"Our investigation inc. interviews w/ [--] former employees & experts uncovers risks to key growth driver CagriSema a misguided acquisition of Bormioli a flailing attempt to divest the molded glass biz accounting tricks propping up worsening financials & impairment risks. (5/x)"
X Link 2025-12-09T09:39Z 15.9K followers, [---] engagements
"Analysts believe that Gerresheimers contract to supply a specialty dual-chamber syringe for Novos CagriSema once hailed as a more potent successor to blockbuster drug Wegovy could drive a sizable part of its weight loss (GLP-1) sales & up to 250m in [----] revenue. (6/x)"
X Link 2025-12-09T09:39Z 15.9K followers, [---] engagements
"In December [----] Novo reported disappointing trial data for CagriSema. In February [----] Novo Nordisk delayed filing for the drug regulatory approval due to supply chain readiness. (7/x)"
X Link 2025-12-09T09:39Z 15.9K followers, [---] engagements
"We spoke to current & former Novo Nordisk employees who explained that there are quality issues related to the fitment of the primary packaging specifically the dual-chamber syringe related to $GXI that could result in further delays & push out much-needed revenue for $GXI. (8/x)"
X Link 2025-12-09T09:39Z 15.9K followers, [---] engagements
"With dual-chamber CagriSema already behind schedule & at risk of further delays a new wave of next-generation weight loss drugs (GLP-1s) including single-chamber formulations of CagriSema are rapidly being developed that utilize commoditized single-chamber syringes. (10/x)"
X Link 2025-12-09T09:39Z 15.9K followers, [---] engagements
"For example in Dec [--] Novo launched a trial for a single-chamber formulation of CagriSema. It has also publicly reported excellent results for a new GLP-1 called Amycretin which has no weight loss plateau while only requiring a single-chamber syringe. (11/x)"
X Link 2025-12-09T09:39Z 15.9K followers, [---] engagements
"Adding to $GXI risk is the launch of oral pill-based GLP-1s. Former $GXI CEO said he did not see pills disrupting or cannibalizing the demand for injectables. Novo employees however said they see orals taking 40% - 60% share over the next 3-5 years. (13/x)"
X Link 2025-12-09T09:39Z 15.9K followers, [---] engagements
"Meanwhile Eli Lilly has already manufactured billions of pills in anticipation of imminent approval while key $GXI customer Novo Nordisk announced [--] weeks ago that it is going all in on pills per Reuters. (14/x)"
X Link 2025-12-09T09:39Z 15.9K followers, [---] engagements
"$GXI has combined Bormiolis molded glass biz with its legacy molded glass division to form a powerhouse that it hopes to divest to de-lever and reduce more than [--] billion in debt. (24/x)"
X Link 2025-12-09T09:39Z 15.9K followers, [---] engagements
"However we believe negative growth significant deferred CapEx & operational issues will severely limit Gerresheimers ability to divest the molded glass biz at sufficiently favorable terms per our interviews with former $GXI employees who described a declining business. (25/x)"
X Link 2025-12-09T09:39Z 15.9K followers, [---] engagements
"The $GXI molded glass biz includes distressed assets like its Chicago factory which a competitor described as a dog and which former $GXI employees told us hasnt operated profitably since [----] requiring direct oversight from customers like Pfizer to operate. (26/x)"
X Link 2025-12-09T09:40Z 15.9K followers, [---] engagements
"We have identified several accounting practices that we believe are aggressive and potentially inflate key metrics like Adjusted EBITDA operating income and cashflow. We do not believe the market is fully aware of these issues. (27/x)"
X Link 2025-12-09T09:40Z 15.9K followers, [---] engagements
"Aggressive Accounting #1: $GXI is capitalizing more & more development costs which it says it usually amortizes over [--] to [--] years. Charges show it is stretching these costs as far out as [--] years. This practice boosted [----] operating income by an estimated 7%. (28/x)"
X Link 2025-12-09T09:41Z 15.9K followers, [---] engagements
"Aggressive Accounting #2: In [----] $GXI extended the useful life of technologies in its Advanced Technologies division from [--] to [--] years further boosting near-term earnings by stretching out the recognition of these costs. GXI didnt detail the impact of this change. (29/x)"
X Link 2025-12-09T09:41Z 15.9K followers, [---] engagements
"Aggressive Accounting #3: After not doing so for [--] years $GXI suddenly started capitalizing borrowing costs in [--] stretching these costs out up to [--] years & avoiding material negative impacts to net income. In [----] these capitalized costs equated to 8% of net income. (30/x)"
X Link 2025-12-09T09:41Z 15.9K followers, [---] engagements
"Aggressive Accounting #4: Despite record levels of overdue receivables Gerresheimers provisions for bad debts are at a 15-year low boosting operating income by an estimated 2.5% in [----] relative to historical provisions. (31/x)"
X Link 2025-12-09T09:42Z 15.9K followers, [---] engagements
"Aggressive Accounting #5: GXI increasingly relies on the removal of one-off expenses in its adjusted EBITDA calculation with these expenses skyrocketing to 12.8% of EBITDA in 9M [--] including $16.6m of opaque restructuring costs unrelated to the acquisitions. (32/x)"
X Link 2025-12-09T09:42Z 15.9K followers, [---] engagements
"Aggressive Accounting #6: In Sept [--] German regulator BaFin disclosed an investigation into Gerresheimers bill-and-hold practices which mgmt has claimed amounted to 28m in [----] with 3m potentially being booked inappropriately in just the last quarter of [----]. (33/x)"
X Link 2025-12-09T09:42Z 15.9K followers, [---] engagements
"A former Gerresheimer employee told us the company circulated templates that could be used to ensure bill-and-hold agreements were technically compliant with IFRS-15 even when those requirements were not actually met. (35/x)"
X Link 2025-12-09T09:43Z 15.9K followers, [---] engagements
"$GXI says it is laser-focused on cash mgmt but has already pulled nearly every cashflow lever including receivables factoring reverse factoring of payables and taking advances from customers which have propped up an already deteriorating cash flow situation. (36/x)"
X Link 2025-12-09T09:43Z 15.9K followers, [---] engagements
"In [----] $GXI acquired a medical pump business called Sensile Medical which served as the genesis of the Advanced Technologies division which Gerresheimer said would be an innovation umbrella. (41/x)"
X Link 2025-12-09T09:45Z 15.9K followers, [---] engagements
"In [----] less than [--] months into the acquisition Sensile lost two key development contracts with Sanofi and scPharmaceuticals leading to $GXI to take a partial impairment to the value of Sensile. Former $GXI execs described Sensile as a mess with no realistic chance to survive. (42/x)"
X Link 2025-12-09T09:45Z 15.9K followers, [---] engagements
"While $GXI previously took a 116.7m impairment on Sensile in [----] given recent performance and outlook for the business the current 196m of reported net book value of technologies within the division looks susceptible to further impairments. (44/x)"
X Link 2025-12-09T09:45Z 15.9K followers, [---] engagements
"In [----] $GXI announced a 100m investment in a new North Macedonia plant but former employees told us the Macedonian syringe business lost its biggest customer in volumes which one former employee indicated may have been Sanofi. (45/x)"
X Link 2025-12-09T09:46Z 15.9K followers, [---] engagements
"All told Gerresheimers key growth driver CagriSema faces a litany of risks while its supposedly synergistic acquisition of Bormioli appears to be flailing. Meanwhile its debt remains unaddressed as former executives say buyers for molded glass are not exactly lining up. (46/x)"
X Link 2025-12-09T09:46Z 15.9K followers, [---] engagements
"While management downplays the BaFin investigation our interviews indicate the issue could be more prevalent while years of other aggressive accounting practices seem to be propping up an already bleak financial picture. We see no easy way out. (47/x)"
X Link 2025-12-09T09:46Z 15.9K followers, [----] engagements
"After extensive research we believe the evidence justifies a short position in shares of Gerresheimer AG Morpheus Research holds short positions in $GXI.DE. Full report and disclaimer available here. http://morpheus-research.com/gerresheimer http://GXI.DE http://morpheus-research.com/gerresheimer http://GXI.DE"
X Link 2025-12-09T09:46Z 15.9K followers, [----] engagements
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