TLDR: Rezolve AI (NASDAQ: RZLV) is facing serious accusations of overstating its revenue and artificial intelligence capabilities, following a report by Fuzzy Panda Research. The report claims the company had zero AI-related revenue in 2024, instead relying on soccer ticket sales, and used ‘ChatGPT wrappers’ instead of proprietary AI. This has led to a 15% drop in share price and a potential securities class-action lawsuit, though Rezolve AI has vehemently denied the allegations.
Rezolve AI Plc (NASDAQ: RZLV) has come under intense scrutiny after a report published by Fuzzy Panda Research on September 29, 2025, accused the company of significantly overstating its revenue growth and grossly misrepresenting its artificial intelligence capabilities. The allegations have sent shockwaves through the market, causing Rezolve AI’s shares to plummet by as much as 15% in intraday trading on September 29.
According to the Fuzzy Panda report, former employees of Rezolve AI claim that despite the company touting itself as an AI powerhouse when it went public via a SPAC merger in late 2024, it actually generated “$0 revenue from AI.” The report further alleges that Rezolve AI’s total revenue for 2024 was less than $190,000, derived entirely from soccer ticket sales rather than any AI-related projects. This directly contradicts the company’s public image and investor presentations.
Adding to the gravity of the accusations, Fuzzy Panda Research stated that Rezolve AI’s claims of developing a “proprietary LLM” (Large Language Model) are “bogus.” Instead, the report suggests the company was merely utilizing “ChatGPT wrappers,” a practice that some venture capitalists deem indicative of “worthless & non-defensible” companies with thin margins. The report also implicated Rezolve AI in “faking ARR growth by acquiring failing AI start-ups with declining revenue,” specifically mentioning an undisclosed acquisition of ViSenze, described as a “failing” Singapore AI company.
In the wake of these revelations, the award-winning law firm Gibbs Mura has announced an investigation into a potential Rezolve AI Securities Class Action Lawsuit. The firm is examining whether Rezolve AI violated federal securities laws by providing false or misleading statements to investors, urging affected investors to contact them.
Rezolve AI, however, has swiftly moved to counter the allegations. On September 29, 2025, the company issued a statement rejecting Fuzzy Panda’s report as “misleading” and characterizing it as a “self-serving attempt to drive misinformation and profit from short positions.” This rebuttal sets the stage for a potential legal battle and heightened scrutiny from investors and regulators.
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This controversy emerges just weeks after Rezolve AI, on September 17, 2025, had issued a press release emphasizing its strategic approach to avoid common pitfalls in the AI scaling race, projecting its Annual Recurring Revenue (ARR) to exceed $100 million by the end of 2025. The current accusations directly challenge the foundation of these optimistic projections and the company’s core technological claims.
