We are short $Sinch, a swedish telecommunications company. In our opinion, the company misstated its financial statements by billions, read the full report: ningiresearch.com/2022/07/11/res…
As a tech company #Sinch expensed ZERO R&D costs in 2021. All while #Twilio expensed 28% of revenue in the same time, #Sinch self proclaims being profitable for years while growing its business, read the full report: ningiresearch.com/2022/07/11/res…
At first glance, we found material misstatements of net profit and EBIT within #Sinch financial statements. Profit is misstated by SEK 34m and EBIT by SEK 22m, read the full report: ningiresearch.com/2022/07/11/res…
On page 106 of its 2021 report #Sinch used three different synonyms and reported three different figures for the same line item. Unbilled accounts receivable, accrued income and accrued revenue are all the same, so what’s true? Read the full report: ningiresearch.com/2022/07/11/res…
$SINCH.ST booked accrued revenue as accounts receivables to conceal the accrued revenue‘s significant growth in the last years. #Sinch also misstated several line items by #billions, read the full report: ningiresearch.com/2022/07/11/res…
Reconciliation of line items based on #Sinch financials was not possible. There is SEK 7m #missing where it should not be. In our opinion because Sinch booked accrued revenue as accounts receivable, read the full report: ningiresearch.com/2022/07/11/res…
Simple reconciliation of #Sinch balance sheet based on its financials wasn’t possible either. Because $SINCH concealed its growing accrued #revenue there is a significant #mismatch between accounts receivables and other current receivables, read report: ningiresearch.com/2022/07/11/res…
One of #Sinch Australian subsidiary was dissolved in 2016 and got a new obscure name. But it was consolidated since then every year any way and $SINCH.ST used it as an umbrella for other subsidiaries, read the full report: ningiresearch.com/2022/07/11/res…
Another #Sinch Australian subsidiary does not exist based on the information provided by the company. Without a valid ACN or ABN, a company cannot do any business in #Australia. ACN and ABN have to stated on every invoice, read the full report: ningiresearch.com/2022/07/11/res…
In our opinion, 70% of all receivables are from less credit-worthy customers or do not exist. $Sinch changed its approach for customer #credit risk management. An important paragraph was cut from 2020 on, read the full report: ningiresearch.com/2022/07/11/res…
We think, that revenue, #EBITDA, EBIT and #EPS are significantly overstated. Revenue by 18% at worst, EBITDA and EBIT is negative in any case. A grim picture emerges for #Sinch, read the full report: ningiresearch.com/2022/07/11/res…
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We are short ODDITY TECH, $ODD, is hyped as an AI-powered online-only company selling cosmetics. In a 3-month investigation, we uncovered that it misled investors about every critical aspect of its business, Some highlights below. Find the detailed report: ningiresearch.com/?p=650
$ODD's competitive strengths were described as a: “differentiated online-only strategy powered by AI-optimized product personalization.”
We discovered that ODDITY Tech's true business is the exact opposite: simple one-size-fits-all quizzes and brick-and-mortar stores.
#ODDITY's product-matching AI is akin to “a normal questionnaire,” which a former executive “wouldn’t necessarily call AI.” In an interview, $ODD's current Chief Product Officer described the product quizzes as “simple questions with four possible answers,” with no mention of AI.
We are short $WMT and $SYM. $WMTcontracted $SYM to retrofit its supply chain. It's a cornerstone of $WMT's omnichannel strategy. But $SYM outsourced its duties to third-party contractors. We see significant downside for both stocks, read our report: https://t.co/rRHneloDsvningiresearch.com
$WMT relies on Symbotic’s automation systems to achieve its strategic goals. But all products are still in prototype status, $SYM’s management acknowledged that. $SYM products lack innovation, while competitors introduced similar solutions decades ago.
$SYM self-claimed innovative breakpack system is a #farce. The system is heavily reliant on manual labor. On its Investor day, $SYM's CTO wanted to skip the video clip showcasing the breakpack solution. We believe so investors don’t see that it’s not as innovative as claimed.
We are short Arbor Realty Trust ($ABR), a Mortgage REIT focused on real estate bridge financing. We believe $ABR hid debt off-balance, faked revenue and hundreds of millions of dollars are missing. We think the stock is downside up to 67%, read our report: ningiresearch.com
$ABR owns a toxic and worthless portfolio of mobile homes called Lexford/Empirian, loaded with $582m of debt. Arbor secretly invested millions into wholly-owned Lexford but shareholders only received 4.1% of total profits. More than $159m is missing.
By hiding Lexford Arbor Realty Trust saved itself from technical insolvency in the past. Till 2017 $ABR’s book value was negative. Viewed in isolation, consolidating #Lexford leads to a 24% lower BVPS, read our report: ningiresearch.com
#NorthernData published several press releases since the BOY, but omitted most of the relevant information.
The company missed its already lowered guidance, is sued by $RIOT for $114m and auditors issued a going concern warning
$NB2 guided 100k ASIC miners for 2022, 200m to 250m revenue and adj EBITDA (excl. trading losses) of up to 75m. They missed all of them. Only the mined BTC were slightly above the lower end of the guidance
Partners cut ties with #NorthernData which leads to a revenue decline of at least $25m. On top, $RIOT is suing Northern Data for $114m, the #Bafin and public prosecutors are investigating the company.
We are short $PVBC, a small #bank with massive crypto loan exposure. The loans are already #defaulting and share price is #rapidly declining. We think it’s a zero. Read our report: bit.ly/3OisAKH
$PVBC expanded its #crypto lending business to $138m within 18 months and yesterday impaired more than half of it. A 200yr old #bank went tits-up in a matter of months. Read our report: bit.ly/3OisAKH
The $PVBC crypto lending business was led by Paul #Mansfield, who we think, is an immediate family member of the bank’s CEO David Mansfield. Read our report: bit.ly/3OisAKH