Fuzzy Panda Research
US cybersecurity research firm that published short-sell analysis on drone-sector companies.
Last refreshed: 10 May 2026
Timeline for Fuzzy Panda Research
Mentioned in: Red Cat lands NATO order via NSPA, Kyiv tie-up
Drones: Industry & DefenceMentioned in: Red Cat signs Ukraine's state arms exporter
Drones: Industry & DefenceMentioned in: Red Cat Acquires Swarm Autonomy Startup
Drones: Industry & DefenceBackground
Fuzzy Panda Research is a US-based independent short-sell research firm that publishes critical analyses of publicly traded companies, typically releasing reports shortly before or during short positions. The firm gained attention in the drone-defence sector through research questioning the financial claims and operational assertions of US drone manufacturers.
Fuzzy Panda's work is cited in the drone-industry-defence topic as a source of sceptical counter-analysis against the revenue and contract claims of companies including Red Cat Holdings and AeroVironment. Short-seller reports in defence-tech carry particular weight because they often surface supply-chain or accounting discrepancies that institutional analysts with underwriting relationships are slower to flag.
The firm does not disclose its ownership or principal researchers publicly, a common practice among short-sell research firms. Its reports have prompted official responses from company management teams and, in some cases, SEC inquiries.