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    Poe Fratt • Alliance Global Partners

    Poe Fratt's questions to AEye Inc (LIDR) leadership

    Poe Fratt's questions to AEye Inc (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 Tsakos Energy Navigation Ltd (TEN) leadership

    Poe Fratt's questions to Tsakos Energy Navigation Ltd (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 Genco Shipping & Trading Ltd (GNK) leadership

    Poe Fratt's questions to Genco Shipping & Trading Ltd (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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