#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

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
Jul 12, 2022
Our comment on the #Sinch call 1/n
As soon as the second last analyst nailed it right on the head, #Sinch dodged, and stopped answering. They will discuss this hot topic only in private? 2/n
Why not let the public be part of the answer? It's obvious that they misstated their financials, and they don't want to state it. Executives, who can't answer a simple question, raise further doubts. 3/n
Read 4 tweets
Jul 11, 2022
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…
Read 12 tweets

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