Investigative Investment Research, Bleecker Street Capital

Bleecker Street Research

Investigative Investment Research

Bleecker Street Capital

Bleecker Street Capital is a short-biased investment firm.

Equity Bottom-Up

Lyft, Inc. provides online ridesharing services. The Company offers ride booking, payment processing, and car transportation services. Lyft serves customers in the United States.

<ul><li data-rte-preserve-empty="true">Lyft faces an estimated $1.3 to $2.7 billion of exposure from consolidated rideshare sexual-assault litigation against only $533 million of combined legal and tax accruals, of which little, if any, appears to be set aside for such claims.</li><li data-rte-preserve-empty="true">In fact, no specific sexual assault-related accrual appears on Lyft's balance sheet, which has only $1.7 billion of unrestricted cash and investments.</li><li data-rte-preserve-empty="true">Lyft filed both its FY2025 10-K and its Q1 2026 10-Q without once disclosing that sexual assault cases against it had been consolidated into Multi-District Litigation No. 3171.</li></ul>

Lyft faces an estimated $1.3 to $2.7 billion of exposure from consolidated rideshare sexual-assault litigation against only $533 million of combined legal and tax accruals, of which little, if any, appears to be set aside for such claims.In fact, no specific sexual assault-related accrual appears on Lyft's balance sheet, which has only $1.7 billion of unrestricted cash and investments.Lyft filed both its FY2025 10-K and its Q1 2026 10-Q without once disclosing that sexual assault cases against it had been consolidated into Multi-District Litigation No. 3171.

Lyft : Massive Liabilities, Limited Capacity to Pay Them, and a Deteriorating Business Outlook

SharonAI Holdings Inc. operates as a holding company. The Company, through its subsidiaries, provides GPU-as-service solution designed for high-performance computing and artificial intelligence projects. SharonAI Holdings serves clients in the United States and Australia.

<ul><li>SharonAI's forward revenue story rests on a $1.25 billion contract with an Indian counterparty that earned $5.8 million last fiscal year.</li><li>On April 1, 2026, SharonAI announced a five-year, $1.25 billion agreement with ESDS Software Solutions Limited.</li><li>The contract requires ESDS to make annual payments averaging $250 million and post $140 million in letters of credit. </li></ul>

SharonAI's forward revenue story rests on a $1.25 billion contract with an Indian counterparty that earned $5.8 million last fiscal year.On April 1, 2026, SharonAI announced a five-year, $1.25 billion agreement with ESDS Software Solutions Limited.The contract requires ESDS to make annual payments averaging $250 million and post $140 million in letters of credit. 

SharonAI (SHAZ): The CEO Mawson Accused of Self-Dealing Now Runs a Neocloud

Perdoceo Education Corporation provides educational services. The Company offers a variety of bachelor's, associate, and non-degree programs, with a core curricula of information technologies, visual communication and design technologies, business studies, and culinary arts. Perdoceo Education operates in the United States.

<ul><li>Perdoceo Education Corporation (PRDO) is a ~$2B market cap, for-profit education company that has seen unprecedented enrollment and retention growth across its online academic institutions, which has driven its stock price up ~200% over the last two years. </li><li>In Q1 24, the pace of enrollments suddenly began to accelerate, with enrollment growth at Colorado Technical University (CTU), PRDO’s largest school, peaking at 28% year-over-year.</li><li>This growth far surpassed the normalized levels management were forecasting just one quarter prior, and well outstripped the ~3% average pre-COVID enrollment growth at CTU.</li></ul>

Perdoceo Education Corporation (PRDO) is a ~$2B market cap, for-profit education company that has seen unprecedented enrollment and retention growth across its online academic institutions, which has driven its stock price up ~200% over the last two years. In Q1 24, the pace of enrollments suddenly began to accelerate, with enrollment growth at Colorado Technical University (CTU), PRDO’s largest school, peaking at 28% year-over-year.This growth far surpassed the normalized levels management were forecasting just one quarter prior, and well outstripped the ~3% average pre-COVID enrollment growth at CTU.

Perdoceo Education Corp (PRDO): Going Ghost

Rocket Lab USA, Inc. operates as a space systems company. The Company manufactures spacecraft and satellite components, as well as satellite launch and on-orbit management services. Rocket Lab USA serves customers in the United States.

<ul><li>Rocket Lab (RKLB) is a rocket development and space systems company that has seen shares rise 485% over the last year to a $11.2 billion valuation, propelled by investor and analyst excitement over the upcoming launch of Neutron, a medium-lift rocket that RKLB hopes will compete with SpaceX’s Falcon 9. </li><li>We believe that RKLB has materially misled investors about the likelihood that its Neutron rocket will launch in mid-2025, a timeline the company has repeatedly claimed in media interviews and on earnings calls. In fact, rocket experts we spoke to put the timeline of a rocket launch from mid-2026 to mid-2027, a one to two year delay.</li><li>Many aspects of RKLB’s Neutron program remain far behind where they need to be: from engine development, to engine and structure production, to launch pad construction, to rocket transport to the launch site, per documents we reviewed and 23 interviews with industry experts, including former Rocket Lab engineers and executives. </li></ul>

Rocket Lab (RKLB) is a rocket development and space systems company that has seen shares rise 485% over the last year to a $11.2 billion valuation, propelled by investor and analyst excitement over the upcoming launch of Neutron, a medium-lift rocket that RKLB hopes will compete with SpaceX’s Falcon 9. We believe that RKLB has materially misled investors about the likelihood that its Neutron rocket will launch in mid-2025, a timeline the company has repeatedly claimed in media interviews and on earnings calls. In fact, rocket experts we spoke to put the timeline of a rocket launch from mid-2026 to mid-2027, a one to two year delay.Many aspects of RKLB’s Neutron program remain far behind where they need to be: from engine development, to engine and structure production, to launch pad construction, to rocket transport to the launch site, per documents we reviewed and 23 interviews with industry experts, including former Rocket Lab engineers and executives. 

Rocket Lab (RKLB):We Think It’s Going To Be A Long, Long Tim

Lithium Americas Corp. operates as a mining company. The Company mines, produces, and supplies lithium. Lithium Americas conducts its business operations in Argentina and Canada.

<ul><li>LAC is a pre-revenue junior miner with aspirations to turn its lithium clay deposit at the Thacker Pass mine in Nevada into the world’s sixth-largest lithium producer by 2028, eventually rising to 25% of global supply. </li><li>LAC’s Thacker Pass mine is grossly uneconomic. Using the company’s own inputs, Thacker Pass has an NPV of zero at current lithium prices, which remain far above long-term averages.</li><li>The Thacker Pass mine is a clay deposit mine. There does not appear to be a single operational lithium clay mine globally. Experts agree that extracting lithium from clay does not work using reasonable output price assumptions.</li></ul>

LAC is a pre-revenue junior miner with aspirations to turn its lithium clay deposit at the Thacker Pass mine in Nevada into the world’s sixth-largest lithium producer by 2028, eventually rising to 25% of global supply. LAC’s Thacker Pass mine is grossly uneconomic. Using the company’s own inputs, Thacker Pass has an NPV of zero at current lithium prices, which remain far above long-term averages.The Thacker Pass mine is a clay deposit mine. There does not appear to be a single operational lithium clay mine globally. Experts agree that extracting lithium from clay does not work using reasonable output price assumptions.

Lithium Americas (LAC ): From Dust To Dust