RZLV Bears Hold Ground With Three Days to the Print

Rezolve AI arrives at Wednesday's earnings with the same contradiction that has defined the past two weeks — short sellers adding aggressively, options traders buying calls — but with the positions now locked in and the clock nearly expired.

The short-side story has not changed direction since the last note, only intensified. Short interest closed July 23 at 12.7% of free float, representing 38.2 million shares — a full recovery of the mid-July unwind and a 21.5% increase on the week. The ORTEX short score has climbed every session this week to 75.9, ranking the stock in the third percentile of the universe for short-side pressure. Borrow availability tightened further to 22.8%, meaning roughly one share remains available for every four already lent out, down from 25.4% a week ago. Cost to borrow edged up to 15.9% APR — elevated, but a fraction of the 200%-plus readings from late June. The borrow market is tight enough to constrain new short entry, but not tight enough to force a mechanical squeeze.

Options positioning diverges sharply from that bearish read. The put/call ratio has fallen to 0.24, near the 52-week low and roughly 1.7 standard deviations below its 20-day average. That signals call buyers are dominating the options flow — investors paying for upside exposure into the print rather than hedging against downside. The PCR has been sliding steadily since mid-July, when it was running near 0.29-0.30. The gap between the short book and the options flow is the defining tension into Wednesday.

The bull case rests on Rezolve's growth trajectory. Revenue reportedly grew more than 1,000% year-on-year, and bulls project further acceleration through direct sales and AI partnership deals. The bear case is structural: the company generates deeply negative free cash flow, carries a negative EV/EBITDA, and dilution risk remains a recurring concern. Institutional ownership is concentrated — the top three disclosed holders account for roughly 28% of shares — which limits the natural float and amplifies any post-earnings move in either direction. Insider buying from the CEO and a director earlier this year totalled over $3.5 million, providing some signal of internal conviction, though at prices well above the current $2.24 close.

Recent earnings reactions have been mixed but tend to produce meaningful moves: the June 2026 print generated a 3.2% one-day gain and nearly 10% over five sessions, while the April 8 event saw an 11.8% single-day drop. The July 30 print will test whether bears who rebuilt 10.8 million shares in just over a week were right to fade the growth story — or whether call buyers collected the premium.