Key Takeaways Rigetti secured an $8.4M order from C-DAC to deliver a 108-qubit quantum system to a Bengaluru data center.The deal follows a 2025 MoU, showing Rigetti can convert research deals into revenue-generating system sales.While not financially transformative, RGTI's order supports a go-to-market model in government markets.Rigetti Computing’s (RGTI) $8.4 million purchase orderto deliver a 108-qubit quantum computer from C-DAC marks a meaningful validation of its system-led scaling strategy, shifting ...

Core Viewpoint - Danaos Corporation has announced a strategic partnership with Glenfarne Group to advance the Alaska LNG project, which includes a significant investment and the provision of LNG carriers for global delivery [1][2]. Group 1: Investment and Partnership - Danaos Corporation will invest $50 million in Glenfarne Alaska Partners LLC as part of the partnership [2]. - The company will also be the preferred tonnage provider for constructing and operating at least six LNG carriers for the Alaska LNG project [2]. Group 2: Project Phases and Development - The Alaska LNG project is being developed in two phases: Phase One involves a 765-mile pipeline to transport natural gas for domestic energy needs, while Phase Two will include an LNG liquefaction terminal to export 20 million tonnes per annum (MTPA) of LNG [3]. - Glenfarne has secured preliminary commercial commitments for 11 MTPA of LNG from buyers in Japan, Korea, Taiwan, and Thailand [4]. Group 3: Company Background - Glenfarne Group is a global developer and operator of energy infrastructure, with a North American LNG portfolio totaling 32.8 MTPA of capacity under development [5]. - Danaos Corporation operates a fleet of 75 container vessels with a total capacity of 477,491 TEUs and has invested in the dry bulk sector with 11 capesize drybulk vessels [6].

Core Thesis - Danaos Corporation (DAC) is viewed positively due to its strong financial performance and resilience, trading at a deeply discounted valuation despite improved fundamentals [1][5]. Financial Performance - DAC's share price increased from around $18 in 2020 to approximately $92, with earnings per share rising from $6.50 to about $26, showcasing a significant turnaround from a loss of $46 per share in 2016 [2]. - The company has a trailing P/E ratio of 4.00, indicating a low valuation compared to its earnings [1]. Balance Sheet Strength - Danaos has reduced total liabilities from $2.4 billion in 2016 to $644 million by the end of 2024, with long-term debt now at only $382 million [3]. - Equity has expanded from $558 million to $3.4 billion during the same period, transitioning the company from a highly leveraged position to a net cash position [3]. Cash Reserves and Shareholder Returns - Cash reserves increased from $70 million in 2017 to $453 million as of December 2024, providing financial flexibility for share buybacks and maintaining a dividend yield of approximately 3.7% [4]. - The company's disciplined capital management and cash-rich profile position it favorably to navigate macroeconomic challenges [4]. Market Sentiment - Despite strong profitability, DAC trades at a low price-to-earnings ratio of roughly 3.5 and only 0.49 times its book value, reflecting market skepticism [3]. - The stock has appreciated about 15.70% since a previous bullish thesis, indicating growing recognition of its value [5]. Hedge Fund Interest - DAC is not among the 30 most popular stocks among hedge funds, with 17 hedge fund portfolios holding DAC at the end of the second quarter, up from 16 in the previous quarter [6].

Core Insights - Danaos (DAC) is identified as one of the largest independent owners of container vessels and drybulk vessels, presenting an asymmetric upside potential despite facing decreasing rates and increasing competition [1] - The company's valuation remains incredibly low even after considering various factors [1] Company Analysis - Danaos operates in a competitive environment with decreasing rates, yet it still shows potential for growth [1] - The financial analysis indicates that the company is undervalued, suggesting possible investment opportunities [1]

Group 1 - Danaos (DAC) is one of the largest independent owners of container vessels and drybulk vessels, presenting an asymmetric upside potential despite decreasing rates and increasing competition [1] - The valuation of Danaos remains incredibly low even when considering all relevant factors [1] Group 2 - The company operates a remote accounting firm that provides financial analysis, business planning, and tax planning services to clients [1]

Core Insights - The article emphasizes the importance of understanding how companies grow over time and the value they deliver to stakeholders as a means to project long-term investment opportunities [1]. Group 1 - The author expresses a strong interest in capital markets and the dynamics of company growth [1].

Financial Data and Key Metrics Changes - The company reported adjusted EPS for Q3 2025 of $6.75 per share, compared to $6.5 per share in Q3 2024, indicating a slight increase in profitability [9] - Adjusted net income decreased by $2.7 million to $124.1 million in Q3 2025 from $126.8 million in Q3 2024, primarily due to increased operating costs and lower dividend income [10] - Adjusted EBITDA increased by 1.5% to $181.6 million in Q3 2025 from $178.9 million in Q3 2024 [13] Business Line Data and Key Metrics Changes - Vessel operating expenses increased by $2.4 million to $52.3 million in Q3 2025, attributed to a higher average number of vessels in the fleet [11] - Daily operating costs slightly increased to $6,927 per vessel per day in Q3 2025 from $6,860 in Q3 2024 [11] - The container segment experienced a $4.3 million decrease in revenues due to lower contracted charter rates [10] Market Data and Key Metrics Changes - The charter market remains robust with an all-time low idle fleet, and demand for mid-size and larger vessels continues unabated [4][5] - The company has secured new charters for vessels extending as far out as early 2028, indicating strong future demand [5] Company Strategy and Development Direction - The company is selectively extending its new building program at below-market prices and has secured multi-year employment for new orders, enhancing its contracted revenue backlog [5] - The company is also investing in the dry bulk cape-sized market segment, expecting outsized returns due to supply constraints [8] Management's Comments on Operating Environment and Future Outlook - The management noted that the war in Ukraine and Middle East tensions continue to impact operations, but trade has resumed unhindered between the U.S. and China [4] - The management expressed optimism about the demand for mid-sized ships and the overall market dynamics, although predicting the strength of 2026 remains challenging [22][23] Other Important Information - The company completed a $500 million unsecured seven-year bond offering with a 6.85% coupon, enhancing its financial flexibility [6] - The quarterly dividend was increased to $0.90 per share, reflecting a commitment to returning value to shareholders [8][14] Q&A Session Summary Question: Insights on container shipping chartering activity and future demand - Management noted that despite lower trade and tariffs, demand for charters remains high due to global production capacity and market dynamics outside traditional Western areas [20][22] Question: Update on Cape-sized vessel investment and future plans - The company aims to grow its investment in the dry bulk market selectively, focusing on high-quality second-hand vessels rather than new builds [25] Question: Share repurchase program activity - Management confirmed that the share buyback program continues, albeit at a smaller pace, as they believe the stock is undervalued [26][27]

Financial Data and Key Metrics Changes - The company reported adjusted EPS for Q3 2025 of $6.75 per share, compared to $6.5 per share in Q3 2024, reflecting a slight increase [9] - Adjusted net income decreased by $2.7 million to $124.1 million in Q3 2025 from $126.8 million in Q3 2024, primarily due to increased operating costs and decreased dividend income [10] - Adjusted EBITDA increased by 1.5% to $181.6 million in Q3 2025 from $178.9 million in Q3 2024 [13] Business Line Data and Key Metrics Changes - Vessel operating expenses increased by $2.4 million to $52.3 million in Q3 2025, attributed to a higher average number of vessels in the fleet [11] - Daily operating costs slightly increased to $6,927 per vessel per day in Q3 2025 from $6,860 in Q3 2024 [11] - The container segment experienced a $4.3 million decrease in revenues due to lower contracted charter rates [10] Market Data and Key Metrics Changes - The charter market remains robust with an all-time low idle fleet, and demand for mid-size and larger vessels continues unabated [4][5] - The company has secured new charters for vessels extending as far out as early 2028, indicating strong future demand [5] Company Strategy and Development Direction - The company is selectively extending its new building program at below-market prices and has secured multi-year employment for new orders [5] - The company plans to opportunistically invest in the dry bulk Capesize market segment, expecting outsized returns due to supply constraints [8] - A quarterly dividend increase to $0.90 per share was announced, consistent with the policy of yearly increases [8][14] Management's Comments on Operating Environment and Future Outlook - The management noted that the war in Ukraine continues with no end in sight, impacting global trade dynamics [4] - The de-escalation of trade tensions between the U.S. and China has allowed trade to resume, contributing to high container traffic [4] - Management expressed uncertainty about the strength of the market in 2026, indicating that the situation remains fluid [22][23] Other Important Information - The company completed a $500 million unsecured seven-year bond offering with a 6.85% coupon, enhancing its financial flexibility [6][7] - As of September 30, 2025, the company reported cash of $596 million and total liquidity of $971 million [15] Q&A Session Summary Question: Insights on container shipping chartering activity and demand - Management noted that despite lower trade and tariffs, demand for charters remains high due to global production capacity and market dynamism outside traditional Western areas [20][22] Question: Update on Capesize vessel investment and future plans - The company aims to grow its investment in the dry bulk market selectively, focusing on high-quality second-hand vessels rather than new builds [25] Question: Share repurchase program activity - Management confirmed that the share buyback program continues, albeit at a smaller pace, as they believe the stock is undervalued [26][27] Question: Update on investment in Star Bulk and interest in other segments - Management expressed satisfaction with the investment in Star Bulk and indicated no current plans to expand into other segments like Panamaxes or Supramaxes [31]

Financial Data and Key Metrics Changes - Adjusted EPS for Q3 2025 was $6.75 per share, compared to $6.50 per share in Q3 2024, reflecting a slight increase [9] - Adjusted net income decreased by $2.7 million to $124.1 million in Q3 2025 from $126.8 million in Q3 2024, primarily due to increased operating costs and decreased dividend income [10] - Adjusted EBITDA increased by 1.5% to $181.6 million in Q3 2025 from $178.9 million in Q3 2024 [13] Business Line Data and Key Metrics Changes - Vessel operating expenses increased by $2.4 million to $52.3 million in Q3 2025, attributed to a higher average number of vessels in the fleet [11] - Daily operating cost slightly increased to $6,927 per vessel per day in Q3 2025 from $6,860 in Q3 2024 [11] - Revenues from the container segment decreased by $4.3 million due to lower contracted charter rates [10] Market Data and Key Metrics Changes - Demand for mid-size and larger vessels remains strong, with new charters secured as far out as 2028 [5] - The charter market is robust, with the idle fleet at an all-time low [4] - Contracted charter backlog improved to $4.1 billion, with a 4.3-year average charter duration [13] Company Strategy and Development Direction - The company is selectively extending its new building program at below-market prices and has secured multi-year employment for new orders [5] - The company is also investing in the dry bulk cape-sized market segment, expecting outsized returns due to supply constraints [7] - A quarterly dividend increase to $0.90 per share was announced, consistent with the policy of yearly increases [7] Management's Comments on Operating Environment and Future Outlook - The ongoing war in Ukraine and the situation in the Middle East continue to impact operations, but trade tensions between the U.S. and China have eased, allowing trade to resume [4] - The company anticipates that conventional fuels will remain prevalent in the medium term despite long-term decarbonization goals [5] - Management expressed uncertainty about the strength of the market in 2026, noting that the opening of the canal will be a crucial factor [23] Other Important Information - The company completed a $500 million unsecured bond offering with a 6.85% coupon, enhancing its financial flexibility [6] - As of September 30, 2025, cash stood at $596 million, with total liquidity at $971 million [14] Q&A Session Questions and Answers Question: What is driving the strong demand for charters despite lower trade and tariffs? - Management noted that while tariffs have not changed overall production capacity, goods have been redirected, leading to increased demand for mid-sized ships outside traditional markets [22] Question: What triggered the investment in the Cape-sized vessel? - The company aims to grow its investment in the dry bulk market, which currently represents less than 5% of overall assets, and is focusing on selectively expanding in the second-hand market [25] Question: What is the outlook for the share repurchase program? - Management confirmed that the share buyback program continues, albeit at a smaller pace, as they believe the stock is undervalued [27]

Business Overview - The company has a charter backlog of $4.1 billion through 2038[7] - Cash and cash equivalents were $596 million as of September 30, 2025[8] - Net Debt / LTM 3Q 2025 Adjusted EBITDA was 0.23x as of September 30, 2025[7] - Available liquidity was $971 million as of September 30, 2025[8] Financial Performance (Q3 2025) - Operating revenues were $260.73 million, including $239.102 million from container vessels and $21.628 million from dry bulk vessels[9] - Adjusted EBITDA was $181.62 million[9] - Time Charter Equivalent for container vessels was $35,663/day and for dry bulk vessels was $19,910/day[9] Financial Performance (9 Months Ended September 30, 2025) - Operating revenues were $776.191 million, including $714.738 million from container vessels and $61.453 million from dry bulk vessels[11] - Adjusted EBITDA was $529.334 million[11] - Fleet utilization for container vessels was 97.9% and for dry bulk vessels was 97.4%[11] Fleet and Charter Coverage - The company has secured multi-year chartering agreements for 21 out of 23 newbuilding vessels[7] - Operating days contract coverage is 100% for 2025, 95% for 2026, and 71% for 2027[7] - The current order-book is about 33.4% of existing TEU capacity with deliveries through 2028[7]