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Poe Fratt

Research Analyst at Alliance Global Partners

Poe Fratt is a Managing Director, Equity Research and Senior Transportation Analyst at Alliance Global Partners, specializing in transportation including logistics, marine shipping, and surface transportation. He covers specific companies such as Great Lakes Dredge & Dock, EuroDry Ltd, and KNOT Offshore Partners, with a documented stock price target met ratio of approximately 63% and average upside of over 66%, with standout recommendations like a 10% five-day return for KNOT Offshore. Fratt’s career spans over 30 years, including senior roles at Noble Capital Markets, D.A. Davidson (where he focused on midstream energy and MLPs), and nearly a decade as Senior Oilfield Services Analyst at A.G. Edwards, achieving top stock picker recognition by the Wall Street Journal in 2005 and 2006. He holds a history degree from Stanford University, an MBA from Cornell, and maintains professional securities credentials; he has covered both the buy-side and sell-side across energy and industrials.

Poe Fratt's questions to TSAKOS ENERGY NAVIGATION (TEN) leadership

Poe Fratt's questions to TSAKOS ENERGY NAVIGATION (TEN) leadership • Q2 2025

Question

Poe Fratt from Alliance Global Partners inquired about Tsakos Energy Navigation's strategic decision to order new VLCC builds versus acquiring existing assets, seeking clarification on the rationale behind this approach and the status of the VLCC options and future charter arrangements. He also asked for an update on the upcoming dividend, potential company restructuring or spin-off plans, and the outlook for operating expenses (OpEx) and general & administrative (G&A) costs for the second half of the year.

Answer

Nikolas P. Tsakos, Founder and CEO, explained that the strong second-hand market made new builds more attractive, allowing them to build environmentally friendly, high-quality sister vessels in Korean yards, which helps maintain lower operating expenses. He confirmed exercising one VLCC option with an additional option secured, noting the hot VLCC market and plans to renew charters for existing VLs before deciding on new build charters. Regarding dividends, Mr. Tsakos indicated a healthy market outlook for a strong dividend. He clarified that the company is not restructuring but is exploring ideas, possibly a separate vehicle for specialized vessels, to enhance shareholder value, though nothing is imminent. For OpEx and G&A, Mr. Tsakos stated a focus on maintaining tight cost control despite inflation, aiming to keep operating expenses competitive.

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Poe Fratt's questions to TSAKOS ENERGY NAVIGATION (TEN) leadership • Q2 2025

Question

Poe Fratt, an analyst with Alliance Global Partners, inquired about Tsakos Energy Navigation's strategic decision-making regarding new build VLCC orders versus second-hand acquisitions, seeking clarification on the exercise of vessel options and the timeline for securing tanker charters for these new vessels. He also asked for a preview of the upcoming second-half dividend, an update on the company's exploration of potential restructuring or alternative corporate structures, and the expected direction of operating expenses (OpEx) and general and administrative (G&A) costs for the latter half of the year.

Answer

Nikolas P. Tsakos (Founder and CEO, Tsakos Energy) explained that the company opted for new builds due to the high prices in the second-hand market, leveraging their expertise with first-class Korean yards to build environmentally friendly, regulation-compliant sister vessels, which helps maintain lower operating expenses. He confirmed that the initial VLCC option was exercised, with an additional option secured, and noted strong market appetite for existing VLCCs, while charter decisions for new orders are still early. Regarding the dividend, Mr. Tsakos anticipated a healthy payout. He clarified that the company is not restructuring its debt but is exploring ideas with investment bankers to enhance shareholder value, potentially by creating a separate vehicle for specialized vessels in the next eight quarters, with Tsakos Energy Navigation as the major shareholder. For OpEx and G&A, Mr. Tsakos emphasized hands-on management and efforts to cap inflation issues, expecting to maintain competitive expense levels.

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Poe Fratt's questions to TSAKOS ENERGY NAVIGATION (TEN) leadership • Q1 2025

Question

The analyst inquired about upcoming newbuild payments for the second quarter, the state of the sale and purchase (S&P) market for VLCCs, the company's strategy for selling older vessels, the outlook for the second-half dividend, and potential corporate actions to address the significant discount of the stock price to its net asset value (NAV).

Answer

The company detailed the newbuild payment schedule, noting a ~$17M payment in Q2 and a ~$67M payment in Q3, with financing arranged. They are focused on ordering new VLCCs from top-tier yards rather than buying secondhand. They plan to sell about six older vessels by year-end, generating significant cash. The second-half dividend is expected to be at least similar to the first half's. To address the valuation gap, they highlighted their unique industrial model and mentioned a potential future spin-off of the LNG/shuttle tanker fleet, while dismissing a share buyback.

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Poe Fratt's questions to TSAKOS ENERGY NAVIGATION (TEN) leadership • Q1 2025

Question

Poe Fratt of Alliance Global Partners inquired about second-quarter new build costs, the bid-ask spread in the S&P market for VLCCs, the company's strategy for selling older assets, the outlook for the second-half dividend, and potential corporate actions to close the stock's valuation gap to its Net Asset Value (NAV).

Answer

Co-CFO Harry Kosmatos detailed upcoming newbuilding payments for Q2 and Q3 2025. Founder and CEO Nikos Takos explained that TEN prefers building new VLCCs against client contracts and is looking to expand in the segment, noting favorable newbuilding prices. Mr. Takos also confirmed plans to sell about six older vessels by year-end, which would generate significant cash. Regarding the dividend, he suggested it would be at least similar to the first half's. On valuation, Mr. Takos and Chairman Takis Arapoglou argued that NAV is an inappropriate metric for TEN's industrial model, which has $3.7 billion in contracted revenue. They suggested EBITDA multiples are more suitable and mentioned a potential spin-off of the LNG and shuttle tanker fleet to better highlight its value.

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Poe Fratt's questions to TSAKOS ENERGY NAVIGATION (TEN) leadership • Q1 2025

Question

Poe Fratt of Alliance Global Partners inquired about TEN's capital commitments for newbuilds in Q2, the state of the sale and purchase market for VLCCs, the company's strategy for selling older vessels, the outlook for the second-half dividend, and potential corporate actions to address the significant discount of the stock price to its net asset value (NAV).

Answer

Co-CFO Harry Kosmatos detailed the newbuild payment schedule, clarifying a significant shuttle tanker installment falls in Q3. Founder and CEO Nikos Tsakos explained their focus on building new high-quality vessels against contracts rather than speculating in the S&P market. He also confirmed plans to sell several older ships by year-end to generate cash flow and stated the company hopes to at least maintain the dividend level for the second half. Regarding the stock's valuation, Mr. Tsakos and Chairman Takis Arapoglou argued that NAV is an inappropriate metric for their industrial model, suggesting a potential spin-off of the LNG/shuttle tanker fleet could better highlight its value, and emphasized their preference for dividends over share buybacks.

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Poe Fratt's questions to Euroholdings (EHLD) leadership

Poe Fratt's questions to Euroholdings (EHLD) leadership • Q2 2025

Question

Inquired about the competitive landscape for acquiring modern MR tankers, the company's long-term fleet size target, and the re-chartering prospects for the vessel GM Express, including timing, expected rate, and duration of the next contract.

Answer

The company sees the product carrier market as less crowded than dry bulk or container markets, with manageable competition. They are actively inspecting vessels with the goal of substantial and rapid growth, supported by their major shareholder. They expect to secure a new time charter for the GM Express by the next quarterly meeting at a rate higher than the current one, for a term likely between 12 and 24 months.

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Poe Fratt's questions to EuroDry (EDRY) leadership

Poe Fratt's questions to EuroDry (EDRY) leadership • Q2 2025

Question

Asked for details on the newbuild payment schedule for 2026 and 2027, and inquired about the financing requirements for these pre-delivery payments, specifically if a time charter would be necessary.

Answer

Management outlined the payment schedule, with one payment in late 2025, one in 2026, and the remainder in 2027. They clarified that a time charter is not required to secure pre-delivery financing, as banks are willing to finance each installment at approximately 60% loan-to-value.

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Poe Fratt's questions to EuroDry (EDRY) leadership • Q4 2024

Question

Asked for details on the newbuild payment schedule, the rationale for not installing scrubbers, the current state of the S&P market for potential acquisitions, the timeliness of the NAV calculation, and Q1 bookings to date.

Answer

The company provided a breakdown of newbuild payments for 2026 and 2027, explaining the next payment is in 2026. They decided against scrubbers based on a cost-benefit analysis for smaller vessels. They stated they would need asset prices to drop another 15% before buying. The NAV calculation is current as of year-end, and Q1 TCE rates are below $10k/day but improving.

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Poe Fratt's questions to AEye (LIDR) leadership

Poe Fratt's questions to AEye (LIDR) leadership • Q2 2025

Question

Poe Fratt asked for details on the NVIDIA DRIVE AGX integration, the strategy behind the new Optus platform, and more color on the customer pipeline. In a follow-up, he inquired about the breakdown of the company's $126 million in total potential liquidity and sought clarification on whether the new engagement with a top-five global OEM was separate from the recently announced $30 million contract.

Answer

CEO Matt Fisch explained that the NVIDIA partnership provides a critical performance benchmark, access to NVIDIA's sales and marketing channels, and a path for Apollo's integration into the Hyperion platform. He positioned Optus as a full-stack solution to accelerate non-automotive revenue by opening the platform to third-party developers. CFO Conor Tierney detailed the pipeline's strength, with over 100 engaged customers and 30 in advanced negotiations, attributing the traction to Apollo's performance and versatility. Regarding the follow-up, Tierney deferred the liquidity breakdown to the 10-Q filing but confirmed the cash balance had more than tripled since quarter-end. Fisch confirmed the top-five OEM engagement is a separate opportunity from the $30 million transportation contract.

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Poe Fratt's questions to AEye (LIDR) leadership • Q2 2025

Question

Poe Fratt of Alliance Global Partners inquired about the specifics of the NVIDIA DRIVE AGX integration, the strategic role of the new Optus platform, and details on the customer pipeline growth. He later followed up to clarify the components of the company's liquidity and to confirm if the new top-five OEM engagement was separate from the recently announced $30 million contract.

Answer

CEO and Chairman Matt Fisch explained that the NVIDIA certification validates Apollo's performance, provides access to NVIDIA's sales channels, and paves the way for integration into the Hyperion platform. He positioned Optus as a full-stack solution to accelerate non-automotive revenue by leveraging an open platform and a global developer network. CFO Conor Tierney detailed the pipeline's strength, with over 100 engagements and 30 in advanced negotiations across diverse industries. Fisch confirmed the new top-five OEM engagement is a separate opportunity. Tierney deferred the specific liquidity breakdown to the upcoming SEC filing but noted the recent capital raise will accelerate customer deployments.

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Poe Fratt's questions to REE Automotive (REE) leadership

Poe Fratt's questions to REE Automotive (REE) leadership • Q4 2024

Question

The analyst inquired about the status and timeline of the MOU conversion, the first-quarter cash balance and cash burn rate, and the impact of the production pause on the order book and the path to revenue. He also asked about the details of the planned corporate restructuring.

Answer

The company confirmed the MOU timeline is on track, with payments already being received. The Q1 cash balance was $61 million, and the monthly cash burn is expected to be reduced from $5-6 million to $3-4 million by year-end. While vehicle delivery revenue is delayed due to the production pause, customer interest in the company's software-defined vehicle technology remains strong, and the company will focus on generating software revenue in the interim. Details on the restructuring will be announced later.

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Poe Fratt's questions to GENCO SHIPPING & TRADING (GNK) leadership

Poe Fratt's questions to GENCO SHIPPING & TRADING (GNK) leadership • Q1 2025

Question

Poe Fratt of Alliance Global Partners requested details on the potential impact of U.S. trade decisions regarding port fees, referencing a specific deadweight tonnage exemption. He also asked for an update on the market conditions for selling Genco's older, smaller vessels.

Answer

CEO John Wobensmith stated that Genco anticipates 'no impact' from the new U.S. port fees. He explained the minor bulk fleet is exempt due to being under 80,000 deadweight tons, and the Capesize vessels are exempt because they arrive in the U.S. in ballast (empty), which is a separate exemption. Regarding vessel sales, Wobensmith described the market for older ships as 'fairly good' and 'pretty liquid,' noting that recent clarity from the USTR has improved market activity.

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Poe Fratt's questions to EUROSEAS (ESEA) leadership

Poe Fratt's questions to EUROSEAS (ESEA) leadership • Q4 2024

Question

The analyst inquired about the reason for higher G&A expenses in Q4, the reporting methodology for the spin-off in Q1, a discrepancy in the presentation's time charter chart, and the payment schedule for newbuilds.

Answer

The company explained that higher Q4 G&A is due to normal year-end bonuses. For Q1, earnings from the spun-off vessels will be included until the distribution date, with adjusted figures also provided. The chart discrepancy was a web display error. Newbuild payments are zero in 2025, $12 million in 2026, and the remainder in 2027.

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Poe Fratt's questions to GOEV leadership

Poe Fratt's questions to GOEV leadership • Q3 2024

Question

The analyst sought clarification on the terms of the company's working capital line of credit and asked for more details on the progress made in securing non-dilutive capital from government loan programs.

Answer

The executive clarified that the credit facility is a 12-month term, not 90 days, explaining that earlier bridge loans were converted into this line of credit. Regarding government funding, he confirmed they have received their first 'letter of encouragement' for a loan program, which is a significant positive development, but the timing of any actual funding is uncertain. The potential funding is described as meaningful for their phased approach.

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Poe Fratt's questions to Koil Energy Solutions (KLNG) leadership

Poe Fratt's questions to Koil Energy Solutions (KLNG) leadership • Q2 2024

Question

The analyst asked about the significant use of cash for working capital in Q2, the outlook for working capital in the second half, and whether the Q2 SG&A level is a sustainable run rate.

Answer

The finance executive explained that the Q2 working capital build was due to increased receivables from higher project activity and is expected to become a source of cash in the second half. He also indicated that the Q2 SG&A level is a reasonable run rate for the remainder of the year, given the sustained high project activity.

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Poe Fratt's questions to VEV leadership

Poe Fratt's questions to VEV leadership • Q1 2024

Question

Inquired about the timing of the VMC 1200's U.S. launch, the status of previously invoiced trucks, the company's pro forma cash position after recent financing, the renewal status of a working capital line, and the composition of the order backlog.

Answer

The company stated the U.S. launch of the VMC 1200 is on track for the second half of the year. About 20-something trucks from a previous batch are still invoiced and awaiting delivery. Recent financing was already included in the Q1 cash balance, so there is no pro forma increase. The working capital line has a two-month extension while a longer one is negotiated. The company declined to provide a detailed backlog split for competitive reasons but indicated the bus order number is still around 100.

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Poe Fratt's questions to VEV leadership • Q4 2023

Question

Inquired about the truck production run rate, the status of the U.S. dealer network, the reason for 71 invoiced trucks not being recognized as revenue, the decline in the reported backlog, and the status of debt refinancing.

Answer

The company can produce more than the 115 trucks made in Q1 but is focused on selling current inventory. They are just beginning to prospect for U.S. dealers. The 71 trucks were not recognized because dealers were finalizing financing and awaiting incentive programs. The backlog decline was attributed to deliveries and currency fluctuations, not cancellations, with the actual figure being closer to $150M than the stated $125M+. Debt refinancing discussions are currently in progress.

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Poe Fratt's questions to VEV leadership • Q3 2023

Question

Inquired about truck inventory and work-in-progress at the Ferndale facility, the timeline for converting these units to revenue, and the reason for the sequential decline in Q3 truck deliveries. Also asked about the company's recent refinancing, future capital needs, and the status of the Optimal litigation.

Answer

Management stated there are approximately 400 trucks in various stages of production at Ferndale, expected to be completed by Q1 2024, with a target of 100 deliveries in Q4. The Q3 delivery dip was attributed to timing issues with signing new dealers. A recent refinancing pushed debt maturity into the following year, and no further financing is currently anticipated. The Optimal litigation is in discovery and expected to go to arbitration in Q2 2024.

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Poe Fratt's questions to Cyngn (CYN) leadership

Poe Fratt's questions to Cyngn (CYN) leadership • Q1 2023

Question

Poe Fratt from Alliance Global Partners asked for performance metrics on the latest EAS 9.0 update, the sources of significant new customer interest, and whether the Q1 operating expense level represents a reasonable run rate for the year.

Answer

Chairman and CEO Lior Tal noted that EAS 9.0 focused more on customer-facing features than efficiency metrics. VP of Business Development Ben Landen attributed new interest to increased commercial readiness rather than a change in lead generation tactics. CFO Don Alvarez confirmed the current cash burn trajectory would be fairly consistent, with a potential slight increase due to the full-quarter impact of recent hires.

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