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$SHAZ Analysis - The Underwriter Bought at Six (Part 1)
A short report said SharonAI was built on phantom contracts. We pulled the customer's prospectus, the bankruptcy docket and the underwriter's Form D.
Sep 15
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Shawarma Capital
4
What We Are Waiting For
The nearest Merlin catalysts, an honest estimate of timing on each, and why the tape has felt quiet
Sep 12
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Shawarma Capital
14
1
$BRUN The Ramp Nobody Has Financed
Boost Run needs to nearly triple its run-rate in five months, buy hardware it has not funded, and rely on counterparties it will not name. Part 2 reads…
Sep 4
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Shawarma Capital
4
August 2026
$BRUN: The Ninety Percent Illusion
The gap between Boost Run's 94.5 percent reported margin and its real economics, and why the de-SPAC discount already closed.
Aug 31
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Shawarma Capital
8
2
1
The Voice on the Frequency - My Flight Demo
I flew with Merlin Pilot at Quonset. The airplane did everything. Field notes from inside the hangar, the cabin, and the headset.
Aug 28
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Shawarma Capital
21
5
August Portfolio Update: The Book Is One Name Now
Tuesday morning I sold every position I owned and put the entire book into one stock. Nine exits, six of them green, and the reasoning behind a decision…
Aug 21
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Shawarma Capital
6
10
$MRLN: What Management Actually Said
An hour with Matt George. The C-130J program is two pilots down to one, not unmanned, and five other things that change how I model Merlin Labs.
Aug 21
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Shawarma Capital
11
2
1
$AMPG: The Filing Says The Margin Improved Because The 5G Business Shrank
I sold AmpliTech at a 19.6 percent loss. The 10-Q says gross margin improved because the 5G ORAN sales did not recur, which inverts the thesis I…
Aug 21
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Shawarma Capital
6
2
1
$MRLN Part 13: 6 Weeks of News
The 10-Q landed this morning and settled the dilution question I have been arguing about since June. The answer is that the anti-dilution trigger went…
Aug 14
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Shawarma Capital
11
1
Blue Moon Metals, Part 4: The Price Floor Never Came
Part 3 underwrote a Section 232 price floor that never arrived. Norway finished permitting, Springer is finally being drilled, and there are 8 percent…
Aug 7
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Shawarma Capital
11
1
$AMROF, Part 1. It Moved to Delaware, Filed for an IPO, and Has 2.28 Quarters of Cash
Amaero makes the refractory powder that becomes rocket nozzles and submarine piping. FY2026 revenue went from A$3.8m to A$18.1m. Its own filing says…
Aug 6
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Shawarma Capital
6
1
July 2026
$AXTI, Part 1. The Crystal Under the Laser, a 165 Percent Quarter, and the Permit Office in Beijing That Actually Sets the Revenue
AXT grows the indium phosphide crystal behind every optical module in an AI data center. Revenue went $26.9M to $47.6M. But the revenue line is gated by…
Jul 31
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Shawarma Capital
5
1
1
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