Revealing financial manipulation and accounting frauds. Suing us is bad for your health. Ask those who tried. Tips? info(at)https://nitter.cf/t.co/E8pWp5G2Ov
Joined December 2014
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We are short Deep Fission ($FISN), a Nasdaq-listed small modular reactor (SMR) startup planning to bury a 5–15 MWe reactor one mile deep in a 40–60-inch borehole. Its SMR is not cost-competitive, already facing delays, and will likely never be commercialized. (1/10)
iceberg-research.com/2026/09…
$FISN has been crashing past 2 days after announcing a $300mn shelf registration (market cap is $100mn). No surprise given their cash burn. It's a zero.
The only SMRs that 'may' have a chance are the biggest ones that should not be called small in the first place. The rest don't make any sense and are zeros. Nuclear will always be based on economies of scale. $SMR $FISN
ft.com/content/da1af660-c1d0…
$FISN invents a new financial concept: the binding agreement with no purchase obligation. The "buyer" is the same sleepy low-resources industrial park we mentioned in our report.
If you follow energy, we recommend Robert Bryce’s Substack. It's always thought-provoking, whether or not you are a fan of renewables.
A big shakeout is looming in the SMR sector. Deep Fission (FISN) went public in June. It’s now in the crosshairs of the short-seller Iceberg Research. Plus, a quick take on the TVA’s SMR permit. My latest: robertbryce.substack.com/p/d…
$FISN. The classic rebuttal: “A short seller, whose name shall never be spoken, published a highly misleading report. We looked at it for two days, and we can’t tell you a single argument that’s wrong in it. But I’ll tell you this: we’re very angry.”
Translation for the market: Iceberg is right. The stock will go down.
businesswire.com/news/home/2…
Your regular reminder that reporting fraud to Singapore is a magnificent waste of time. I did it twice (re: OW Bunker and Noble) and was attacked by officials both times. Whistleblowers are the problem: they make noise. If you think of Singapore as the squeaky clean country it wants to be seen as, just compile the impressive list of major frauds that took place there and how Singapore dealt with whistleblowers.
One of Radiant World’s lenders reported suspected fraud to Singapore police in May, months before the company’s troubles erupted publicly
@cangsizhi @andreatanjourno
bloomberg.com/news/articles/…
We expect FISN to follow the fate of the founders’ prior venture, Deep Isolation, a deep-borehole nuclear waste company that has not sold its project after a decade. 10/10
Link to the report if missed in the first tweet iceberg-research.com/2026/09…
We covered $GEVO, down a modest 6.5%. We shorted after the DOE granted conditional approval for a $1.5bn loan to Gevo. The alcohol-to-jet (ATJ) technology chosen to produce aviation fuel made no sense, and GEVO management has a long history of overpromising and underdelivering. This was validated earlier this year when GEVO withdrew its DOE application after it was determined the project was not commercially viable. GEVO has been trying to find private financing, with little progress.
GEVO is now an ethanol business. This industry is essentially a vast subsidy scheme, and with farmers' votes courted ahead of the midterms, that’s unlikely to change. To mitigate this political risk, we prefer to cover.
We are short Gevo Inc ($GEVO). The change in the US administration is the obvious threat but problems run deeper, in particular the competitiveness of technology. A lot of room to fall further.
