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 & DefenceWhat is Fuzzy Panda Research and how does it investigate drone companies?
Has Fuzzy Panda Research published reports on Red Cat or AeroVironment?
How credible are Fuzzy Panda Research reports?
Background
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.