As an admirer of EXRO’s technology, I am reluctant to include the original Mariner report here, as it was clearly crafted to harm EXRO’s reputation and manipulated various data points to present a negative narrative. That said, EXRO’s management has, at times, been equally guilty of presenting an overly optimistic view, so it may be fair to consider the opposing perspective.
Regardless, the report represents a significant moment in EXRO’s history and deserves inclusion in any resource aimed at supporting due diligence. Revisiting the report now may offer investors a fresh perspective compared to when it was first released. While the authors appeared to engage in ‘short and distort’ tactics to push their narrative, many of the concerns raised have proven to be surprisingly accurate.
