Terms of Service

Last updated: November 2026.

These terms govern your use of research.aardvarklabs.co (the "Site"), operated by Aardvark Labs Capital Research ("Aardvark Labs", "we", "us"). By creating an account, buying a subscription, or using the Site, you agree to these terms.

Accounts

You must provide accurate information and keep your credentials secure. You are responsible for activity under your account. You must be at least 16 years old to register. We may suspend or terminate accounts that violate these terms. If we terminate an account for a violation, we do not refund any unused part of its subscription.

Research and models are for information only

All content on the Site — including research reports, ratings, and financial models — is published for general informational purposes. It is not investment advice, an offer, or a solicitation to buy or sell any security, and it is not personalized to your circumstances. Ratings and estimates reflect our opinions as of the date of publication and may change without notice. You are solely responsible for your own investment decisions and should consult a qualified professional. Past performance does not guarantee future results.

Free downloads and a paid subscription do not change this. A subscription only removes the monthly download limit on the same published models that every reader can download. It does not create an advisory relationship, and we do not give subscribers personalized advice.

Independence

Aardvark Labs is an independent publication. We do not trade the securities we cover, do not accept compensation from the companies we cover, and do not provide personalized investment advice.

Model downloads, subscriptions and payment

Research reports on the Site are free to read. Downloading the financial models requires a free account. Each account can download a limited number of models each month at no charge. A paid subscription removes that limit.

  • Free allowance. Each account can download up to three different models in each calendar month at no charge. Months follow Coordinated Universal Time (UTC), so the allowance resets at 00:00 UTC on the first day of each month. Downloading the same model again in the same month does not use more of the allowance. Unused allowance does not carry over to the next month. We may change the allowance by updating these terms.
  • Subscription. While your subscription is active, you can download any model we publish, with no monthly limit. The list of covered companies changes over time, and we may add, update, or withdraw models.
  • Billing. Subscriptions are billed in advance for each billing period. The price and billing period are shown at checkout. Our payment processor, Stripe, handles your payment. We do not receive or store your full card number.
  • Automatic renewal. Your subscription renews automatically at the end of each billing period, and we charge your payment method on file, until you cancel.
  • Cancellation. You can cancel at any time from your account page, or by emailing support@aardvarklabs.co. Cancellation stops future renewals. You keep unlimited downloads until the end of the billing period you have already paid for. After that, your account returns to the free allowance.
  • Refunds. Payments are non-refundable. We do not give refunds or credits for partial billing periods or for periods in which you did not use the subscription, except where the law requires a refund.
  • Where we sell. We do not currently sell subscriptions to buyers located in the European Union or the United Kingdom. The free allowance is available everywhere.
  • Taxes. Prices shown on the Site do not include taxes. Where the law requires it, we add sales tax, VAT, GST, or similar taxes at checkout, based on your location.
  • Price changes. We may change subscription prices. We will tell you before a new price applies to your subscription. The new price starts at your next billing period after the notice. If you do not want to pay it, you can cancel before then.
  • Failed payments. If a payment fails, your account returns to the free allowance until the payment succeeds.

Use of the models

Financial models are provided for your own personal, non-commercial reference. You may not redistribute, resell, republish, or share your account access to circumvent registration, the free allowance, or payment. We grant you a limited, revocable, non-transferable license to download and use the models for these purposes.

Acceptable use

You agree not to misuse the Site. Misuse includes:

  • attempting to bypass the download gate, the free allowance, or payment
  • opening more than one account to get more free downloads
  • accessing other users' data
  • scraping at scale
  • disrupting the service
  • using the Site unlawfully

Intellectual property

All content and models are the property of Aardvark Labs and are protected by applicable law, except for third-party data and marks referenced within them.

Disclaimers and limitation of liability

The Site and all content are provided "as is", without warranties of any kind. To the fullest extent permitted by law, Aardvark Labs is not liable for any indirect, incidental, or consequential damages, or any losses arising from your use of, or reliance on, the Site, its research, or its models.

Changes

We may update these terms from time to time; continued use of the Site after changes constitutes acceptance. Material changes will be reflected by the "last updated" date above.

Contact

Questions about these terms: support@aardvarklabs.co.