NINGI Research

We are short The Vita Coco Company (NASDAQ: COCO), because, Vita Coco’s boilerplate rebuttal to our findings fails to address material risks buried in SEC filings and supply chain realities.

We are short the Vita Coco Company (NASDAQ: COCO), because, in our opinion, Vita Coco is nothing more than a one-trick pony grazing in a niche TAM. The stock is hyped as a unique growth story in the ‘Better for you’ beverage segment, but in 2024 sales just grew 4.5% YoY (vs. category at 15.4%)…

We are short Merchants Bancorp (NASDAQ: MBIN), because our investigation into this lender uncovered that MBIN has been aggressively expanding its assets base by making bridge loans to mortgage fraudsters, state-barred real estate investors, and negligent landlords. Now, the results of this amoral approach are coming home to roost. Reckless expansion and commercial real estate…

We are short ODDITY Tech Limited (NASDAQ: ODD), because, our three-month on-the-ground investigation, supported by dozens of interviews and thousands of documents, revealed that Israeli company ODDITY Tech completely misled investors about every critical aspect of its business, concealing a large brick-and-mortar business and sales generated by dishonest marketing tactics. What The Bulls Believe The…

Svenska Cellulosa’s CEO Ulf Larsson’s first reaction to our report was to call it “non-serious high school work.” However, it took Svenska Cellulosa (SFB: SCA.B) almost two weeks to publish a “clarification” to our report. The company’s rebuttal is just six pages long and 75 percent – four and a half pages of the six…

Svenska Cellulosa published its interim report for the fourth quarter of 2023, and what caught everyone’s eye was that despite alleged billions in profits, cash on hand has fallen. However, SCA’s reported net debt ratio only increased by 0.2 times as the company maintained its absurd and opaque method of calculating net debt. Fortunately for…

We are short Svenska Cellulosa AB SCA (Ticker: SCAB.SS, SCAb.ST), because, in our opinion, the company’s financial statements are materially misstated and SCA didn’t consolidate at least SEK 3.6 billion (!) of debt from commercial paper and credit facilities. Since it is neither included in the balance sheet nor the cash flow statement, where did…

Yesterday after market close, SMA Solar reacted to our report and stated that our findings were not valid and misleading. We would like to respond word for word to SMA’s answer, but it is easier to show that SMA Solar’s statements are misleading and inaccurate. In our response we will debunk SMA Solar’s allegation and…

We are short SMA Solar Technology AG (XETRA: S92) because, in our opinion, the company has been doctoring its financial statements for the past five years. SMA unjust capitalized EUR 146 million in expenses which ultimately boosted SMA’s profitability by the same amount. Furthermore, SMA Solar misstated its financials by ignoring basic IFRS standards, inventing…

We are short AerSale Corporation (Nasdaq: ASLE) because, in our opinion, the company has been misleading shareholders since going public. AerSale boasted about its AerAware product and the “near-term” product launch but has failed to deliver on this promise. The stock is detached from fundamentals, hinging upon a near-term FAA approval for AerAware and a…