{"id":1008979,"date":"2026-10-09T13:15:04","date_gmt":"2026-10-09T17:15:04","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/fervo-energy-company-frvo-scrutinized-in-new-report-questioning-geothermal-narrative-stock-closes-46-below-ipo-hbss\/"},"modified":"2026-10-09T13:15:04","modified_gmt":"2026-10-09T17:15:04","slug":"fervo-energy-company-frvo-scrutinized-in-new-report-questioning-geothermal-narrative-stock-closes-46-below-ipo-hbss","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/fervo-energy-company-frvo-scrutinized-in-new-report-questioning-geothermal-narrative-stock-closes-46-below-ipo-hbss\/","title":{"rendered":"Fervo Energy Company (FRVO) Scrutinized in New Report Questioning Geothermal Narrative, Stock Closes 46% Below IPO \u2013 HBSS"},"content":{"rendered":"<div class=\"mw_release\">\n<p>SAN FRANCISCO, Oct.  09, 2026  (GLOBE NEWSWIRE) &#8212; Fervo Energy Company (<strong>NASDAQ: FRVO<\/strong>) faces renewed scrutiny amid an October 6, 2026 report published by investigative research firm <em>Morpheus Research<\/em> in which Morpheus concludes \u201cthat Fervo has failed to disclose existential issues\u201d \u2013 namely, thermal decline, excessive water loss, and seismicity-related equipment damage.<\/p>\n<p>The report triggered an intraday decline in the price of Fervo shares before recovering to close at $14.33 that day (about 46% below the price of Fervo\u2019s $27 IPO last May) and follows last August\u2019s surprise revelation that the company expected a temporary shutdown of certain transmission infrastructure it relies on to deliver electricity from its Cape Station project.<\/p>\n<p>\n        <em>Morpheus\u2019 <\/em>report has prompted national shareholders rights firm Hagens Berman to expand its investigation to include the report\u2019s conclusions and, if valid, whether Fervo was sufficiently transparent to investors in its IPO documents.<\/p>\n<p>The firm encourages Fervo investors who suffered substantial losses to <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=i1cdJ1wTYFbq-9tN-oppTv7t27B0UkT-14b_0zPcXN3YsoStoEpsF1LEs9g1yu_MUrJ2Cdi3Y6MTG93-gqjPvpJxkZ26KhzlrHL0TzJi1WeudSggSkE8yUhbePtzrRN48_g1cFXX7zqjpkvtkWja_BE17YrsHy3mJIfJyq5t4oE=\" rel=\"nofollow\" target=\"_blank\">submit your losses now<\/a>. Persons with knowledge who may be able to assist the investigation are invited to contact the firm\u2019s attorneys.<\/p>\n<p>\n        <strong>Visit:<\/strong><br \/>\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=W0lWkb4IPdnyIQbr9fAXqWA-3U5wf6zSgB4-BjwriCZBHk46ocrbQrObMKdHpyWgoTVMXhslCAOJYucD0oZ9Mc7zOo4XKKZdm6ANGfer4WSCh644eBBJaofzla2JgaQs3Nqma3C2h_1A813VP7xlp-aa5ffHAQNNifbclkHItDE=\" rel=\"nofollow\" target=\"_blank\">www.hbsslaw.com\/frvo<\/a><br \/>\n        <br \/>\n        <strong>Contact the Firm Now: <\/strong><br \/>\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=E1hRX4EQUj396pnoxCSdnI7GXqquvyB1FWy4zDEAGC2GcPYNJYixPho4mvHqbQPKQP5D1KsszR9DLWgLMIKiKj3UbGTkvwg9wRDJeny-llg=\" rel=\"nofollow\" target=\"_blank\">FRVO@hbsslaw.com<\/a><br \/>\n        <br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0844-916-0895<\/p>\n<p>\n        <strong>Fervo Energy Company (FRVO) Investigation:<\/strong>\n      <\/p>\n<p>Fervo focuses on developing a next-generation form of geothermal energy called Enhanced Geothermal Systems, or \u201cEGS,\u201d power facilities in the United States. The company has recently touted several Geothermal Framework Agreements (\u201cGFAs\u201d) agreements with several well-known names, such as Google.<\/p>\n<p>The investigation focuses on the propriety of Fervo\u2019s disclosures about Project Red, its proof-of-concept initiative to demonstrate commercial viability of its EGS, its Cape Station GeoCluster commercial project in Utah, and EGS having been \u201cproven at scale.\u201d<\/p>\n<p>\n        <em>Morpheus<\/em> observed that, while Fervo claimed in its IPO documents that \u201cProject Red has not experienced the kind of premature thermal decline that has long plagued traditional geothermal projects[,]\u201d this apparently contrasts with an April 2026 <em>GEOExPro<\/em> report that Project Red\u2019s temperature decline was \u201ca concerning rate of thermal decline if it continues.\u201d<\/p>\n<p>Next, <em>Morpheus<\/em> concluded that Project Red exhibited an uneconomical water loss rate of ~30%, which is more than 30x higher than the sub-1% loss rate required for its commercial-scale ambitions. If correct, this severely undermines Fervo\u2019s claims that its EGS designs \u201cminimize water usage\u201d and \u201care expected to achieve recapture rates exceeding 99%, resulting in negligible cost and operational impact over the long term.\u201d<\/p>\n<p>Last, noting that increased seismic activity has derailed ESG projects post-capex, <em>Morpheus <\/em>observed a heightened risk of this happening with Cape Station. The report cited data it said supported its conclusion that \u201cFervo\u2019s Cape Station Site Has Experienced At Least ~58 Yellow Level Seismic Events According To Its Published Seismic Catalogue, Which Rapidly Accelerated In Frequency And Intensity As Fervo Fracked Its Deepest Wells Yet In April 2026.\u201d If correct, this may bring into question the sufficiency of Fervo\u2019s IPO disclosures about seismicity risks.<\/p>\n<p>\u201cWe\u2019re focused on the validity of <em>Morpheus\u2019 <\/em>conclusions and, whether Fervo was sufficiently transparent about its ability to deliver on its GFA power backlog,\u201d said <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=TXe4X3rE9DUwLAPwAzMdgl3IWQ0tjfvT36sGr9nnO72V8TQuRjcwCwP5WG1_85QCtb_ZxL5qp2xJsjGQ1iGh_a8uv_WIrWm_GgP9FdHw_owWmpDYmUKzwHwikZEL0NVF\" rel=\"nofollow\" target=\"_blank\"><strong>Reed Kathrein<\/strong><\/a>, the Hagens Berman partner leading the firm\u2019s investigation.<\/p>\n<p>If you invested in Fervo Energy and have substantial losses, or have knowledge that will assist the firm\u2019s investigation, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=i1cdJ1wTYFbq-9tN-oppTv7t27B0UkT-14b_0zPcXN3eKLCITXah2jdFL-e2tb3nzmm1oa953sYCc2C0PXhwdDxnWZWTI5KzDnxwv4K9f8y9jmxZ7knWsIyUC6HrfhfdmME8QCY-WSfBUg_pa9fmZ_kcbYkeTp8ib8QNdXdLgJs=\" rel=\"nofollow\" target=\"_blank\">submit your losses now<\/a> \u00bb<\/p>\n<p>\n        <strong>Whistleblowers: <\/strong>Persons with non-public information regarding Fervo Energy Company should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at <strong>844-916-0895<\/strong> or email <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=E1hRX4EQUj396pnoxCSdnCfWw11sqfUcmrdWEFlMGNuBrgJqP6DCBjFM8DH_IEbpjFX3yjjFVMn_Gdehq9r_ESnfKf1zCPPqktSSRtZ_5jE=\" rel=\"nofollow\" target=\"_blank\">FRVO@hbsslaw.com<\/a>.<\/p>\n<p>\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=9pubnDKZIVyrqlivXad2yyCZOT56oMxbLMxFlztLifYRjMkttERlX4Rg6DbwBNlSZ2z33ih1HpYrfzZ_h8zBZf2sO1P_lhAYQueUA5LVsCc=\" rel=\"nofollow\" target=\"_blank\">About Hagens Berman<\/a><br \/>\n        <br \/>Hagens Berman is a global plaintiffs\u2019 rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman\u2019s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Ln-J-ZW9gcufmWGOnRqvkHNO3u_gKLzBY10MycK_bzGQPx0fGGDZItXHuGOpg1H4h3K8k1JyOynu66FXG1D_PQ==\" rel=\"nofollow\" target=\"_blank\">hbsslaw.com<\/a>. Follow the firm for updates and news at\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=PxT86qgObiLAP12irZYvZOS5rp4ClwaBph3BmomiNu-ke63uk_sn_nGGoA8F_kthaZVXFLbiHDqsDGfQEtHPjX0PSeV-L-MOX2ZaVN9Q2dUGgb1rjm5XCIpRlBCM-5DB\" rel=\"nofollow\" target=\"_blank\">@ClassActionLaw<\/a>.\u00a0<\/p>\n<p>Attorney Advertising. Prior results do not guarantee a similar outcome in any future case.<\/p>\n<p>Contact:\u00a0Hagens Berman, Reed Kathrein, 715 Hearst Avenue, Suite 300, Berkeley, CA 94710, <strong>844-916-0895, <\/strong><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=E1hRX4EQUj396pnoxCSdnC060FyDJCE2Y1nhNDOZMENci4ux1XfsI9LuOAGODCelSp--tdZHISpxprahQ3La2czjuhyhzo6QPzndARmT2lU=\" rel=\"nofollow\" target=\"_blank\">FRVO@hbsslaw.com<\/a><\/p>\n<p>A photo accompanying this announcement is available at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=5YygKPnSjpb2AzGWlhZZJGYS-vmIET5KfEVIuDqTdAhGnmw78vxXtR5nJMtwaIt6PFDlMA7YNGQeBjCA3V-h500-pQHzucHblWvgZPS-EPkmG_WQVXg-nX6LX_SpW67drT0moRp1bEbqlbWUxG1tlJ16KPS-CHww3dNMGXNRnEjJasfk4k7fohSok_Cu6Tbe2Gu4yP8-wvc3vywb6x1Ulc6mD62X0rZfgAcirgwseuJ6ZCdwZ4SEwL4bjKGG2IT_k3G55SdUa5Gn20uJn1Wkyw==\" rel=\"nofollow\" target=\"_blank\">https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/bf32c1c8-5896-4ac5-81ee-838bbb1903e9<\/a><\/p>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTg0MzA4MyM3ODg4MjcyIzIwMTg1MzI=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/NWFjNzYxNDQtYjM1MS00ZTg2LTk2NmYtZjI1NzI5ZWNlODljLTEwMzAxMDUtMjAyNi0xMC0wOS1lbg==\/tiny\/Hagens-Berman-Sobol-Shapiro-LL.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>SAN FRANCISCO, Oct. 09, 2026 (GLOBE NEWSWIRE) &#8212; Fervo Energy Company (NASDAQ: FRVO) faces renewed scrutiny amid an October 6, 2026 report published by investigative research firm Morpheus Research in which Morpheus concludes \u201cthat Fervo has failed to disclose existential issues\u201d \u2013 namely, thermal decline, excessive water loss, and seismicity-related equipment damage. The report triggered an intraday decline in the price of Fervo shares before recovering to close at $14.33 that day (about 46% below the price of Fervo\u2019s $27 IPO last May) and follows last August\u2019s surprise revelation that the company expected a temporary shutdown of certain transmission infrastructure it relies on to deliver electricity from its Cape Station project. Morpheus\u2019 report has prompted national shareholders rights firm Hagens &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/fervo-energy-company-frvo-scrutinized-in-new-report-questioning-geothermal-narrative-stock-closes-46-below-ipo-hbss\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Fervo Energy Company (FRVO) Scrutinized in New Report Questioning Geothermal Narrative, Stock Closes 46% Below IPO \u2013 HBSS&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-1008979","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fervo Energy Company (FRVO) Scrutinized in New Report Questioning Geothermal Narrative, Stock Closes 46% Below IPO \u2013 HBSS - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/fervo-energy-company-frvo-scrutinized-in-new-report-questioning-geothermal-narrative-stock-closes-46-below-ipo-hbss\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fervo Energy Company (FRVO) Scrutinized in New Report Questioning Geothermal Narrative, Stock Closes 46% Below IPO \u2013 HBSS - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"SAN FRANCISCO, Oct. 09, 2026 (GLOBE NEWSWIRE) &#8212; Fervo Energy Company (NASDAQ: FRVO) faces renewed scrutiny amid an October 6, 2026 report published by investigative research firm Morpheus Research in which Morpheus concludes \u201cthat Fervo has failed to disclose existential issues\u201d \u2013 namely, thermal decline, excessive water loss, and seismicity-related equipment damage. The report triggered an intraday decline in the price of Fervo shares before recovering to close at $14.33 that day (about 46% below the price of Fervo\u2019s $27 IPO last May) and follows last August\u2019s surprise revelation that the company expected a temporary shutdown of certain transmission infrastructure it relies on to deliver electricity from its Cape Station project. Morpheus\u2019 report has prompted national shareholders rights firm Hagens &hellip; Continue reading &quot;Fervo Energy Company (FRVO) Scrutinized in New Report Questioning Geothermal Narrative, Stock Closes 46% Below IPO \u2013 HBSS&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/fervo-energy-company-frvo-scrutinized-in-new-report-questioning-geothermal-narrative-stock-closes-46-below-ipo-hbss\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-09T17:15:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTg0MzA4MyM3ODg4MjcyIzIwMTg1MzI=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/fervo-energy-company-frvo-scrutinized-in-new-report-questioning-geothermal-narrative-stock-closes-46-below-ipo-hbss\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/fervo-energy-company-frvo-scrutinized-in-new-report-questioning-geothermal-narrative-stock-closes-46-below-ipo-hbss\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Fervo Energy Company (FRVO) Scrutinized in New Report Questioning Geothermal Narrative, Stock Closes 46% Below IPO \u2013 HBSS\",\"datePublished\":\"2026-10-09T17:15:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/fervo-energy-company-frvo-scrutinized-in-new-report-questioning-geothermal-narrative-stock-closes-46-below-ipo-hbss\\\/\"},\"wordCount\":749,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/fervo-energy-company-frvo-scrutinized-in-new-report-questioning-geothermal-narrative-stock-closes-46-below-ipo-hbss\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=OTg0MzA4MyM3ODg4MjcyIzIwMTg1MzI=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/fervo-energy-company-frvo-scrutinized-in-new-report-questioning-geothermal-narrative-stock-closes-46-below-ipo-hbss\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/fervo-energy-company-frvo-scrutinized-in-new-report-questioning-geothermal-narrative-stock-closes-46-below-ipo-hbss\\\/\",\"name\":\"Fervo Energy Company (FRVO) Scrutinized in New Report Questioning Geothermal Narrative, Stock Closes 46% Below IPO \u2013 HBSS - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/fervo-energy-company-frvo-scrutinized-in-new-report-questioning-geothermal-narrative-stock-closes-46-below-ipo-hbss\/","og_locale":"en_US","og_type":"article","og_title":"Fervo Energy Company (FRVO) Scrutinized in New Report Questioning Geothermal Narrative, Stock Closes 46% Below IPO \u2013 HBSS - Market Newsdesk","og_description":"SAN FRANCISCO, Oct. 09, 2026 (GLOBE NEWSWIRE) &#8212; Fervo Energy Company (NASDAQ: FRVO) faces renewed scrutiny amid an October 6, 2026 report published by investigative research firm Morpheus Research in which Morpheus concludes \u201cthat Fervo has failed to disclose existential issues\u201d \u2013 namely, thermal decline, excessive water loss, and seismicity-related equipment damage. The report triggered an intraday decline in the price of Fervo shares before recovering to close at $14.33 that day (about 46% below the price of Fervo\u2019s $27 IPO last May) and follows last August\u2019s surprise revelation that the company expected a temporary shutdown of certain transmission infrastructure it relies on to deliver electricity from its Cape Station project. Morpheus\u2019 report has prompted national shareholders rights firm Hagens &hellip; Continue reading \"Fervo Energy Company (FRVO) Scrutinized in New Report Questioning Geothermal Narrative, Stock Closes 46% Below IPO \u2013 HBSS\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/fervo-energy-company-frvo-scrutinized-in-new-report-questioning-geothermal-narrative-stock-closes-46-below-ipo-hbss\/","og_site_name":"Market Newsdesk","article_published_time":"2026-10-09T17:15:04+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTg0MzA4MyM3ODg4MjcyIzIwMTg1MzI=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/fervo-energy-company-frvo-scrutinized-in-new-report-questioning-geothermal-narrative-stock-closes-46-below-ipo-hbss\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/fervo-energy-company-frvo-scrutinized-in-new-report-questioning-geothermal-narrative-stock-closes-46-below-ipo-hbss\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Fervo Energy Company (FRVO) Scrutinized in New Report Questioning Geothermal Narrative, Stock Closes 46% Below IPO \u2013 HBSS","datePublished":"2026-10-09T17:15:04+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/fervo-energy-company-frvo-scrutinized-in-new-report-questioning-geothermal-narrative-stock-closes-46-below-ipo-hbss\/"},"wordCount":749,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/fervo-energy-company-frvo-scrutinized-in-new-report-questioning-geothermal-narrative-stock-closes-46-below-ipo-hbss\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTg0MzA4MyM3ODg4MjcyIzIwMTg1MzI=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/fervo-energy-company-frvo-scrutinized-in-new-report-questioning-geothermal-narrative-stock-closes-46-below-ipo-hbss\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/fervo-energy-company-frvo-scrutinized-in-new-report-questioning-geothermal-narrative-stock-closes-46-below-ipo-hbss\/","name":"Fervo Energy Company (FRVO) Scrutinized in New Report Questioning Geothermal Narrative, Stock Closes 46% Below IPO \u2013 HBSS - 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