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Independent investment research

Forensic research.Accounting
under scrutiny.

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GlassHouse Research investigates public companies where reported earnings diverge from economic reality.

We combine forensic accounting, primary-source research, and industry interviews to expose aggressive accounting, deteriorating fundamentals, and risks investors may overlook.

01 Earnings quality02 Cash conversion03 Accounting judgment
The research library

Follow the evidence.

Explore our published investigations into accounting, earnings quality, and business fundamentals. Each report reflects our views at its publication date.

About GlassHouse

The accounting behind the story.

Forensic accounting and fundamental research focused on the quality of reported earnings.

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GlassHouse Research investigates the gap between a company’s reported performance and its underlying economics.

We are an independent investment research firm focused on forensic accounting and earnings quality. Our work connects financial statements and footnotes with cash-flow analysis, industry research and interviews.

We examine revenue recognition, working capital, acquisitions and management estimates to identify risks that conventional analysis can miss. Our published reports set out the evidence, explain our reasoning and give readers the information to assess our conclusions.

From research to the public record

Selected research outcomes.

Our published concerns, followed by the disclosures that came next. Explore the original reports and the source documents behind each example.

AVNW · Communications technology

Aviat Networks

Report published April 1, 2026

−11.2%Year-over-year revenue change
in the next reported quarter

What we identified

Our report challenged the quality of reported earnings, cash conversion, and acquisition-led growth, highlighting unbilled revenue and supplier financing.

Read the original report ↗

What happened next

  • May 4, 2026 results. Fiscal Q3 revenue fell to $100.0 million from $112.6 million. Non-GAAP diluted EPS fell to $0.06 from $0.88 a year earlier. Q3 release ↗
  • Full-year outlook reduced. Revenue guidance moved from $440–460 million to $428–440 million; adjusted EBITDA guidance moved from $45–55 million to $35–40 million. Prior outlook ↗ · Revised outlook ↗

Aviat attributed the revenue decline to project timing, customer capital-spending schedules, and Middle East-related delays.

EFII · Printing technology

Electronics for Imaging

Report published October 13, 2016

3Material weaknesses in controls
disclosed for year-end 2017

What we identified

Our investigation highlighted inventory, receivables, acquisition accounting, and the gap between adjusted earnings and cash generation.

Read the original report ↗

What happened next

  • Accounting and control review. EFI’s 2017 annual report describes its August 2017 revenue-recognition review and the significant share-price decline following that announcement.
  • Inventory corrections and control weaknesses. The company corrected prior-period inventory accounting at its Italian manufacturing subsidiary and reported three material weaknesses involving revenue-recognition controls, staffing, and inventory reserves.

EFI considered the financial-statement corrections immaterial.

2017 annual report · pp. 110, 166–167 ↗

Selected historical examples, reviewed September 18, 2026. Company disclosures and market reactions are distinct from investment returns. These examples are not a complete record of our research. View the research archive →

In the press

Selected coverage

Reporting on GlassHouse and the companies we investigate.

Investing.com

Astrana Health stock tumbles after short report

Coverage of GlassHouse’s Astrana investigation and its concerns about reserves, acquisition accounting, and related-party arrangements. The article reported a 6% share-price decline on September 17.

Read article ↗

Full articles are hosted by their publishers. Some require a subscription or purchase.

Our approach

Look deeper into the financials.

01 / THE FILINGS

Start with primary sources.

Examine financial statements, footnotes, transaction documents, and management disclosures.

02 / THE ACCOUNTING

Follow earnings into cash.

Study revenue recognition, working capital, reserves, and the assumptions behind reported results.

03 / THE BUSINESS

Test the explanation.

Use industry research and interviews to assess whether the financial story fits operating reality.

More about GlassHouse →