#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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We are short Marex Group $MRX. Our research concludes it's a financial house of cards built on a multi-year scheme of accounting manipulation, intercompany transactions, and fake profits. This thread breaks down our findings.
The scheme starts with an opaque fund structure in Luxembourg. In 2020, we believe $MRX bailed out a failing volatility fund (VPF) to conceal a ~$27M loss. This crucial decision was never approved by the board's acquisition committee—a major governance failure.
After the bailout, $MRX created a new, off-balance-sheet vehicle: the "Marex Fund." It holds at least ~$930M in derivatives, with Marex as the sole counterparty. Strikingly, group auditor Deloitte resigned from this specific entity, a material event Marex never disclosed.
$COCO's supply chain, touted as a competitive advantage, is a mess. Inventory shortages have upset retailers, with Walmart downgrading shelf placement & reducing SKUs, leading to double-digit sales declines.
$COCO's private-label story is cracking. Investors expect small customer losses in 2025, but we found Costco, representing ~25% of net sales, is terminating their partnership due to supply chain failures.
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.
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)
$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.
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.