{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b97-ec3fa4dd10f8", "slug": "8efaa4171c26", "title": "Multiple (portfolio update)", "subtitle": "Citron Research · 2024-09", "author": "Citron Research", "date": "2024-09-24 00:00:00", "pageCount": 5, "kind": "research-note", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Multiple (portfolio update)", "document": { "id": "019dd923-622c-750b-8b97-ec3fa4dd10f8", "slug": "8efaa4171c26", "title": "Multiple (portfolio update)", "rawTitle": "Citron Update September 2024 1", "authorId": "52_Citron_Research", "authorName": "Citron Research", "authorDisplay": "Citron Research", "kind": { "slug": "research-note", "label": "Research note" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "2024-09-Citron-Update-September-2024-1.pdf", "sourceUrl": "http://www.citronresearch.com", "sourceDate": "2024-09-24 00:00:00", "presentationDate": "2024-09-24 00:00:00", "ingestedAt": "2026-04-22 20:21:16+00", "status": "ready", "pageCount": 5, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Multiple (portfolio update)", "targetTicker": null, "metadata": { "local_root": "/tmp/legacy-images/8efaa4171c26", "activist_firm": "Citron Research", "origin_corpus": "contrarian", "extraction_seconds": 64.12983012199402 } }, "coverage": { "pageCount": 5, "pagesIndexed": 5, "pagesWithImages": 5, "pagesWithMetadata": 5, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 29, "chartCount": 0, "metricSlides": 0, "toolMatches": 0, "documentToolMatches": 0, "frameworkMatches": 1, "arcMatches": 1, "beatMatches": 3, "loopMatches": 1, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": false, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "AIDA", "slug": "aida", "status": "active", "bestFor": "Marketing presentations, product launches, sales enablement", "canonId": "019dd956-5fb4-77aa-866d-f9bdd47803af", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Interest -> Desire -> Action", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "dcba0846-4bde-48a1-b831-763c896561fe", "evidence": "The document starts with an executive summary and key takeaways, typical of the AIDA arc.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-17 03:20:53.078559+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 1, "arc": { "name": "AIDA", "slug": "aida", "status": "active", "bestFor": "Marketing presentations, product launches, sales enablement", "canonId": "019dd956-5fb4-77aa-866d-f9bdd47803af", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Interest -> Desire -> Action", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 1, "name": "Attention", "beatId": "f9983b55-32a1-47bd-8fcc-fce79a310fad", "matchId": "dcba0846-4bde-48a1-b831-763c896561fe", "beatType": { "name": "Attention", "slug": "aida-attention", "status": "active", "canonId": "019dd9b8-1086-7099-85c1-2f9cae7ea19d", "version": 1, "description": null }, "evidence": "The document begins with an executive summary.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 2, "arc": { "name": "AIDA", "slug": "aida", "status": "active", "bestFor": "Marketing presentations, product launches, sales enablement", "canonId": "019dd956-5fb4-77aa-866d-f9bdd47803af", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Interest -> Desire -> Action", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 2, "name": "Interest", "beatId": "51747851-4c8e-4468-954f-c39e20d01121", "matchId": "dcba0846-4bde-48a1-b831-763c896561fe", "beatType": { "name": "Interest", "slug": "aida-interest", "status": "active", "canonId": "019dd9b8-115b-7640-827f-fd115885a984", "version": 1, "description": null }, "evidence": "The document presents key takeaways, likely to generate interest.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 3, "arc": { "name": "AIDA", "slug": "aida", "status": "active", "bestFor": "Marketing presentations, product launches, sales enablement", "canonId": "019dd956-5fb4-77aa-866d-f9bdd47803af", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Interest -> Desire -> Action", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 3, "name": "Desire", "beatId": "25cf448f-0f00-4081-810d-3a74d3fe02cb", "matchId": "dcba0846-4bde-48a1-b831-763c896561fe", "beatType": { "name": "Desire", "slug": "aida-desire", "status": "active", "canonId": "019dd9b8-11f0-704e-b2bb-fbb6a226467d", "version": 1, "description": null }, "evidence": "The document highlights both positive and negative aspects of companies, potentially creating desire for more information.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 3, "from": 3, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "f60b6221-4de7-47f9-85e0-49b2f1547d74", "evidence": "The document mentions 'The Bad and the Ugly' section.", "position": 0, "objective": "Highlighting the bad and ugly aspects of companies", "confidence": 0.6, "extraction": { "at": "2026-07-17 03:20:53.236739+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [], "frameworks": [ { "matchId": "e848c2b8-d6ae-425a-8113-2610828748e6", "evidence": "Warren Buffett quote used to validate investment philosophy", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:36.249+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "authority-citation" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": null, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "The slide serves as a retrospective performance review of specific short-selling research reports.", "function": "summarize", "imagePath": "https://imgproxy.kitesheet.com/bbtMgAQnUSK4MZ5k0GhEKm0g9o2GJrD7SY6GylaecUA/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84ZWZhYTQxNzFjMjYvcDAwMS5wbmc", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 81, "componentCount": 9, "textChars": 2372, "nDataPoints": 2, "notes": "The slide serves as a retrospective performance review of specific short-selling research reports.", "elementsJson": [ "paragraph", "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:38.242+00", "seconds": 5.098, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-ec3fa4dd10f8/1", "deck": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8", "deckAnchor": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Although Citron Research walked away from long-form short reporting, we could not pass up the opportunity to report on Agilon Health (NYSE:AGL) because the valuation disconnect was beyond compelling.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:22:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac3-70f9-854d-7eb18333cec4", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.764, "x": 0.118, "y": 0.318 }, "kind": "paragraph", "text": "Following the national phenomenon leading to the rise of a certain video game retailer, Citron Research decided to step away from long-form activist short selling. In retrospect, the timing was not ideal. During the subsequent two years, SPAC-mania offered great short opportunities as incidents of fraud reached unprecedented levels. We give kudos to the many activists who kept order in the market by reporting on SPAC’s.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:38.242+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2519823d-7662-455b-9588-e80715235862", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.743 }, "kind": "paragraph", "text": "Citron has published only a few other long form short reports in the past three years. Two of the standouts have been ETSY (NASDAQ:ETSY), down 60% since publication, and Apellis (NASDAQ:APLS), down 30% since publication.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:38.242+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "89cee056-5a64-4aa4-a02d-31c38d8fe505", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.618 }, "kind": "paragraph", "text": "Citron Research published several exposés on that business model, warning investors when the stock was trading at $25 that the value was wrong. We set a price target of $5. AGL ultimately fell to our target price. Despite high expectations and cheerleading from the analyst community, the company has never established profitability.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:38.242+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc3a28f5-9136-4a5d-96eb-cc178c87398d", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.764, "x": 0.118, "y": 0.463 }, "kind": "paragraph", "text": "Although Citron Research walked away from long-form short reporting, we could not pass up the opportunity to report on Agilon Health (NYSE:AGL) because the valuation disconnect was beyond compelling. Agilon was the only company since 2021 that Citron Research wrote long form reports on multiple times. Agilon was perceived by many as a high-potential disruptor in the managed healthcare industry. It went public through an IPO in April 202, underwritten by major investment banks including JP Morgan and Goldman Sachs. Its business model focused on helping physicians and health systems deliver value-based care, focusing on seniors enrolled in Medicare Advantage plans.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:38.242+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c395679e-d294-4347-98c7-b273c746e386", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.764, "x": 0.118, "y": 0.213 }, "kind": "paragraph", "text": "The past few years have been “interesting”, to say the least, for Citron Research. While we have maintained a quiet profile, we continued to publish a few short reports that played out as anticipated, while also issuing some long predictions that, admittedly, did not perform as expected. In this update, Citron Research would like to provide an overview of its Good, Bad, and Ugly reports last year, as well as name its current portfolio favorites.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:38.242+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea396f4a-bde3-4f17-9e6b-2bc880f2d8f1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.315, "x": 0.118, "y": 0.703 }, "kind": "title", "text": "More Good: ETSY and Apelis", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:38.242+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c256ec8b-1faf-41b5-b5e3-7a01fe551d95", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.258, "x": 0.118, "y": 0.423 }, "kind": "title", "text": "The Good: Agilon Health", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:38.242+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cbede98d-c516-4e03-a3dc-b680d8088245", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.415, "x": 0.118, "y": 0.128 }, "kind": "title", "text": "Citron Update September 2024", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:38.242+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d78c5110-4108-4d41-9300-b82aa6e6f18d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 1, "arc": { "name": "AIDA", "slug": "aida", "status": "active", "bestFor": "Marketing presentations, product launches, sales enablement", "canonId": "019dd956-5fb4-77aa-866d-f9bdd47803af", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Interest -> Desire -> Action", "description": null, "familyLabel": null }, "from": 1, "name": "Attention", "beatId": "f9983b55-32a1-47bd-8fcc-fce79a310fad", "matchId": "dcba0846-4bde-48a1-b831-763c896561fe", "beatType": { "name": "Attention", "slug": "aida-attention", "status": "active", "canonId": "019dd9b8-1086-7099-85c1-2f9cae7ea19d", "version": 1, "description": null }, "evidence": "The document begins with an executive summary.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/FcG5ut1V-ZOuv2oRx_0pDS1fVZuG0ZT0WctIEa03mjI/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84ZWZhYTQxNzFjMjYvcDAwMS5wbmc", "imagePathAlt": "https://imgproxy.kitesheet.com/NsUVfKe_tccVhz5K_izFUtqaKgSAaFDISh861nQrZmk/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84ZWZhYTQxNzFjMjYvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/UEuu08x3K6U5caPOwhO5pebX_-cwG0MbrlPNLX8wnro/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84ZWZhYTQxNzFjMjYvcDAwMS5qcGc" }, { "page": 2, "type": "resolution", "title": "The slide acts as a summary of investment thesis updates for three specific companies.", "function": "summarize", "rawType": "key_takeaways", "block": null, "metadata": { "slideType": "key_takeaways", "slideTypeCanon": { "name": "Key takeaways", "slug": "key_takeaways", "status": "active", "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "dense", "densityScore": 61, "componentCount": 8, "textChars": 1090, "nDataPoints": 6, "notes": "The slide acts as a summary of investment thesis updates for three specific companies.", "elementsJson": [ "headline_text", "paragraph", "bullet_list" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:39.979+00", "seconds": 6.768, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-ec3fa4dd10f8/2", "deck": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8", "deckAnchor": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8#slide-2", "deckJson": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Citron Research is now cautious about the current valuation and warns investors of the risks, including:", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:22:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac3-70f9-854d-bddb06d7b4fd", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.118, "y": 0.81 }, "kind": "list", "text": "Increased costs of satellite construction, leading to dilution; Unclear terms of revenue-sharing agreements; Unproven business model; New competition from Starlink.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:39.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7fc526c8-a78f-479b-b3d0-eb75a3a608b6", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.76, "x": 0.118, "y": 0.15 }, "kind": "paragraph", "text": "For the longside, the stock we have tweeted and commented about the most over the past few years has been Geo Group (NYSE:GEO), although we have not issued a full-length report. Geo's stock is up from $8 since our initial commentary, and we still like it.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:39.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c0349e7-b3da-44bc-ae41-5d8545312cc6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.118, "y": 0.33 }, "kind": "paragraph", "text": "Alibaba, the Chinese e-commerce and technology giant, remains another macro play for Citron Research. We have held long positions in BABA on and off for years, but became particularly bullish about the company in May of 2024.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:39.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5fe7cf5f-c631-4121-b087-8376fdd0a2e0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.118, "y": 0.54 }, "kind": "paragraph", "text": "In 2021, during SPAC mania, Citron recommended AST Space Mobile (NASDAQ:ASTS). At the time, the company had a market cap of $1 billion with shares trading around $20. Citron predicted share prices to rise to $50.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:39.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "98cc9a29-b369-42a3-87f0-5a999a0ae21d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.118, "y": 0.125 }, "kind": "title", "text": "Even More Good: GEO Group", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:39.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20c09d04-2403-44c9-bf18-244184f2bafe", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.118, "y": 0.3 }, "kind": "title", "text": "Even Better Good: Alibaba Group (NYSE:BABA)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:39.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38464536-ed9a-4726-b44d-4eed44839d1d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.118, "y": 0.51 }, "kind": "title", "text": "The Most Unexpected Good of the Past 3 Years: AST Space Mobile", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:39.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b3d22a3-3500-4ddd-871f-9f1d2beb3a50", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 2, "arc": { "name": "AIDA", "slug": "aida", "status": "active", "bestFor": "Marketing presentations, product launches, sales enablement", "canonId": "019dd956-5fb4-77aa-866d-f9bdd47803af", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Interest -> Desire -> Action", "description": null, "familyLabel": null }, "from": 2, "name": "Interest", "beatId": "51747851-4c8e-4468-954f-c39e20d01121", "matchId": "dcba0846-4bde-48a1-b831-763c896561fe", "beatType": { "name": "Interest", "slug": "aida-interest", "status": "active", "canonId": "019dd9b8-115b-7640-827f-fd115885a984", "version": 1, "description": null }, "evidence": "The document presents key takeaways, likely to generate interest.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 3, "type": "setup", "title": "The slide serves as a post-mortem analysis of investment failures, incorporating a Warren Buffett quote to reinforce the thesis.", "function": "summarize", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "balanced", "densityScore": 35, "componentCount": 7, "textChars": 559, "nDataPoints": 0, "notes": "The slide serves as a post-mortem analysis of investment failures, incorporating a Warren Buffett quote to reinforce the thesis.", "elementsJson": [ "paragraph", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:36.249+00", "seconds": 2.977, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-ec3fa4dd10f8/3", "deck": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8", "deckAnchor": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8#slide-3", "deckJson": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "And there is no price worth paying for a shitty company regardless of how cheap it looks.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:22:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac3-70f9-854d-e7d32210234c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.118, "y": 0.16 }, "kind": "paragraph", "text": "Citron Research learned a painful lesson from its Edgio (OTCMKTS:EGIOQ) recommendation. We believed in the management's optimistic narrative, but acknowledge we were wrong.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:36.249+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d22f8dba-b335-48f0-ae21-21425e17ff33", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.118, "y": 0.815 }, "kind": "paragraph", "text": "Cautious Investing to All.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:36.249+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd097bb6-8048-4f11-9819-b2ee54a913b5", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.66, "x": 0.17, "y": 0.435 }, "kind": "quote", "text": "It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:36.249+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "879ae82f-d384-4e7e-a2fe-488b984f3bea", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price. — Warren Buffet", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:22:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac3-70f9-854d-ea97c92d758e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.118, "y": 0.615 }, "kind": "title", "text": "Final Thoughts", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:36.249+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09df19d9-6d1f-4bbd-aeb5-4c1ec4a36ad8", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.42, "x": 0.118, "y": 0.125 }, "kind": "title", "text": "The Bad and the Ugly: Edgio and Blue Apron", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:36.249+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e7ac3ebd-b5dd-461d-b91a-d20d6229cd13", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e848c2b8-d6ae-425a-8113-2610828748e6", "evidence": "Warren Buffett quote used to validate investment philosophy", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:36.249+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "authority-citation" } ], "arcBeats": [ { "to": 3, "arc": { "name": "AIDA", "slug": "aida", "status": "active", "bestFor": "Marketing presentations, product launches, sales enablement", "canonId": "019dd956-5fb4-77aa-866d-f9bdd47803af", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Interest -> Desire -> Action", "description": null, "familyLabel": null }, "from": 3, "name": "Desire", "beatId": "25cf448f-0f00-4081-810d-3a74d3fe02cb", "matchId": "dcba0846-4bde-48a1-b831-763c896561fe", "beatType": { "name": "Desire", "slug": "aida-desire", "status": "active", "canonId": "019dd9b8-11f0-704e-b2bb-fbb6a226467d", "version": 1, "description": null }, "evidence": "The document highlights both positive and negative aspects of companies, potentially creating desire for more information.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 3, "from": 3, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "f60b6221-4de7-47f9-85e0-49b2f1547d74", "evidence": "The document mentions 'The Bad and the Ugly' section.", "position": 0, "objective": "Highlighting the bad and ugly aspects of companies", "confidence": 0.6, "extraction": { "at": "2026-07-17 03:20:53.236739+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 4, "type": "setup", "function": "front_matter", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 4, "componentCount": 2, "textChars": 87, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:36.027+00", "seconds": 2.691, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-ec3fa4dd10f8/4", "deck": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8", "deckAnchor": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8#slide-4", "deckJson": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8.json" }, "components": [ { "bbox": { "h": 0.8, "w": 0.76, "x": 0.12, "y": 0.12 }, "kind": "disclaimer", "text": "These reports have been prepared by Citron Research... [full legal text]", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:36.027+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b15f41a-1018-4ae0-a1ce-163b92a58138", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.25, "x": 0.12, "y": 0.04 }, "kind": "image", "text": "Citron Research", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:36.027+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d48bf142-19ce-4670-8c42-d7f333f75119", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 5, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 3, "textChars": 2863, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:41.363+00", "seconds": 7.712, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-ec3fa4dd10f8/5", "deck": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8", "deckAnchor": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8.json" }, "components": [ { "bbox": { "h": 0.195, "w": 0.75, "x": 0.125, "y": 0.085 }, "kind": "disclaimer", "text": "reliable, and who are not insiders or connected persons of the Covered Issuers or who may otherwise owe a fiduciary duty, duty of confidentiality or any other duty to the Covered Issuer (directly or indirectly). However, such information is presented \"as is,\" without warranty of any kind, whether express or implied. With respect to their respective research reports, Citron Research makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. Further, any research report contains a very large measure of analysis and opinion. All expressions of opinion are subject to change without notice, and Citron does not undertake to update or supplement any reports or any of the information, analysis and opinion contained in them.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:41.363+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "892e07fc-484b-475f-b009-a4629d6b5a38", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.75, "x": 0.125, "y": 0.425 }, "kind": "disclaimer", "text": "You agree that the information in any Citron research report is copyrighted, and you therefore agree not to distribute this information in any manner without the express prior written consent of the applicable Citron Entity. If you have obtained Citron research reports in any manner other than as provided by Citron, you may not read such research without agreeing to these Terms of Use. You further agree that any dispute between you and Citron and their affiliates arising from or related to this report or viewing the material presented herein shall be governed by the laws of the State of California, without regard to any conflict of law provisions. The failure of Citron Research to exercise or enforce any right or provision of these Terms of Use shall not constitute a waiver of this right or provision. You agree that each Citron Related Person is a third-party beneficiary to these Terms of Use. If any provision of these Terms of Use is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties' intentions as reflected in the provision and rule that the other provisions of these Terms of Use remain in full force and effect, in particular as to this governing law and jurisdiction provision. You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to Citron report or related material must be filed within one (1) year after", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:41.363+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a7417022-4b7c-45e0-8be8-113af4c86011", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.75, "x": 0.125, "y": 0.295 }, "kind": "disclaimer", "text": "In no event shall Citron Research or any Citron Related Persons be liable for any claims, losses, costs or damages of any kind, including direct, indirect, punitive, exemplary, incidental, special or, consequential damages, arising out of or in any way connected with any information presented in any Citron report. This limitation of liability applies regardless of any negligence or gross negligence of Citron Research or any Citron Related Persons. You accept all risks in relying on the information presented in any report.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:41.363+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec50b89e-48d1-4a3c-ab03-e3672db16a22", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 1, "label": "Attention", "description": "The document begins with an executive summary." }, { "from": 2, "to": 2, "label": "Interest", "description": "The document presents key takeaways, likely to generate interest." }, { "from": 3, "to": 3, "label": "Desire", "description": "The document highlights both positive and negative aspects of companies, potentially creating desire for more information." } ], "loops": [ { "from": 3, "to": 3, "label": "Cost Of Inaction", "description": "Highlighting the bad and ugly aspects of companies" } ] }