NINGI RESEARCH Profile picture
Jan 16, 2023 6 tweets 6 min read Read on X
#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.
Several #executives jumped the ship in 2022 as well. First #CFO Dahn left in February and in October #COO Sickenberger quit. But there is already a new CFO after Dahn’s successor and Mr Yoshida was declared being only an interim CFO. #NorthernData
For years #NorthernData tried to start a cloud business but to date has not generated any #revenue. The revenue is solely from #Bitcoin mining and selling its hardware.
In no press release did the company mention one of the most important facts. That #NorthernData’s own auditor #KPMG issued a going concern warning...

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More from @NingiResearch

Oct 17
We are short Merchants Bancorp, $MBIN, because, our investigation uncovered that MBIN has been aggressively expanding its loan book by lending money to bad actors that have a history of:
fraud,
housing code violations, and
running properties into the ground.

(1/n)ningiresearch.comImage
The most significant expansion has taken place in $MBIN's multifamily and healthcare loan book, growing from $529 million in 2017 to $6.6bn in Mid-2024.

Multiplying its bridge loan portfolio by a factor of eleven in less than seven years.

(2/n) Image
$MBIN claims to be different from other banks facing over-exposure to risky commercial property, at 411%, MBIN actually has one of the highest CRE concentration ratios in the US.

(3/n) Image
Read 10 tweets
May 27
What happened since we published?

Example: Il Makiage's reviews highlighted in Chapter 6

$ODD claimed "thousands of 4 and 5-star reviews on independent platforms."

Yet 37,000 new negative reviews appeared on its website. Within a period of 13 days. How?

A thread 🧵1/xImage
2/x On Friday, we checked Il Makiage's review section again, and more than 37,000 new low-star reviews were posted on the monitored products.

In our opinion, either momentum on Il Makiage's products has took a nosedive or $ODD suppressed tens of thousands of negative reviews. Image
3/x Negative comments grew by 240% in some cases.

More importantly, low-star reviews jumped by 39.3% in under two weeks.

From 94,387 to 131,463 negative reviews.

Data doesn't lie. $ODD Image
Read 6 tweets
May 21
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. Image
Read 21 tweets
Jun 29, 2023
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, $SYM's CTO wanted to skip the video clip showcasing the breakpack solution. We believe so investors don’t see that it’s not as innovative as claimed.
Read 13 tweets
Mar 14, 2023
We are short Arbor Realty Trust ($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 Image
$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. Image
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 Image
Read 9 tweets
Nov 17, 2022
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 Image
$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 ImageImage
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 ImageImage
Read 8 tweets

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