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Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>The WTR Sustainable Index was down by 3.2% W/W versus the S&amp;P 500 Index (down 1.5%), the Russell 2000 Index (down 3.7%), and the Nasdaq Index (down 3.1%).</li><li>Energy Technology (13.7% of the index) was down by 6.5%, while Industrial Climate and Ag Technology (50.6% of the index) was down 2.1%, ClimateTech Mining was up 10.3%, and Advanced Transportation Solutions was down 6.7%.</li><li>Top 10 Performers: AEVA, WAVE, PEV, PTRA, QS, PGTK, EFLVF, NXH, LIS, TMC</li></ul>

The WTR Sustainable Index was down by 3.2% W/W versus the S&amp;P 500 Index (down 1.5%), the Russell 2000 Index (down 3.7%), and the Nasdaq Index (down 3.1%).Energy Technology (13.7% of the index) was down by 6.5%, while Industrial Climate and Ag Technology (50.6% of the index) was down 2.1%, ClimateTech Mining was up 10.3%, and Advanced Transportation Solutions was down 6.7%.Top 10 Performers: AEVA, WAVE, PEV, PTRA, QS, PGTK, EFLVF, NXH, LIS, TMC

Weekly Sustainable Investing Surveyor  - Week Ended January 5, 2024

Equity Bottom-Up

<ul><li>3Q23 revenue of $0.2 million was slightly below expectations, but EPS was slightly better than expected at a loss of $0.05 versus consensus of a loss of $0.06.</li><li>CEO Matt Fisch said, “the lidar market has shifted from a ‘battle for the best technology’ to a ‘battle for the best path to commercialization.’”</li><li>Fisch continues to be bullish and upbeat as AEye’s technology continues to win awards.</li></ul>

3Q23 revenue of $0.2 million was slightly below expectations, but EPS was slightly better than expected at a loss of $0.05 versus consensus of a loss of $0.06.CEO Matt Fisch said, “the lidar market has shifted from a ‘battle for the best technology’ to a ‘battle for the best path to commercialization.’”Fisch continues to be bullish and upbeat as AEye’s technology continues to win awards.

AEye, Inc. - 3Q23 Earnings Show Expenses Now in Line with Automotive-First Strategy

<div><div><div><ul><li>Ocean Power Technologies, Inc. (OPT) offers products and consulting services for ocean data collection and reporting, maritime power, offshore communications, and Maritime Domain Awareness (MDA).</li><li>Its PowerBuoy system generates clean electricity independent of the grid in offshore sites. OPT offers Wave Adaptive Modular Vessel (WAM-V) technology, which enables roaming capabilities for uncrewed maritime systems in waters.</li><li>The company also provides subsea battery systems, strategic consulting services, software, controls, sensors, and marine installation services.</li></ul></div></div></div>

Ocean Power Technologies, Inc. (OPT) offers products and consulting services for ocean data collection and reporting, maritime power, offshore communications, and Maritime Domain Awareness (MDA).Its PowerBuoy system generates clean electricity independent of the grid in offshore sites. OPT offers Wave Adaptive Modular Vessel (WAM-V) technology, which enables roaming capabilities for uncrewed maritime systems in waters.The company also provides subsea battery systems, strategic consulting services, software, controls, sensors, and marine installation services.

Weekly Sustainable Investing Surveyor Week Ended August 4, 2023

<ul><li>1Q23 revenue came in at the midpoint of guidance at $0.6 million.</li><li>CEO Matt Fisch has been making changes and said that after “a comprehensive review of AEye’s business, it was clear that we needed to intensify our focus on automotive and our path to commercialization with Continental, while aligning our resources with this streamlined business model.”</li><li>The company’s automotive-first strategy, capital-light model, and strategic partnership with Continental should position it well in the upcoming LiDAR market. </li></ul>

1Q23 revenue came in at the midpoint of guidance at $0.6 million.CEO Matt Fisch has been making changes and said that after “a comprehensive review of AEye’s business, it was clear that we needed to intensify our focus on automotive and our path to commercialization with Continental, while aligning our resources with this streamlined business model.”The company’s automotive-first strategy, capital-light model, and strategic partnership with Continental should position it well in the upcoming LiDAR market. 

AEYE, INC - Automotive-First, Capital-Light, and Partnership with Continental Position AEye Well

<ul><li>Last night, AEye filed an 8-K announcing that it will restructure and reduce its workforce by approximately one-third, effective April 3, 2023.</li><li>This reduction in force (RIF) is part of the company’s revised strategic plan that it will announce on its May earnings call.</li><li>The company expects the new plan will include other significant operating expense reductions.</li></ul>

Last night, AEye filed an 8-K announcing that it will restructure and reduce its workforce by approximately one-third, effective April 3, 2023.This reduction in force (RIF) is part of the company’s revised strategic plan that it will announce on its May earnings call.The company expects the new plan will include other significant operating expense reductions.

Reducing Workforce by One-Third Part of New Strategic Plan to Refocus the Company

United States

AEye, Inc. manufactures defense equipment. The Company designs mission-critical targeting systems for fighter jets that searched for, identified, and tracked incoming threats. AEye serves customers worldwide.

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AEye (LIDR US)

Weekly Sustainable Investing Surveyor - Week Ended January 5, 2024

The WTR Sustainable Index was down by 3.2% W/W versus the S&P 500 Index (down 1.5%), the Russell 2000 Index (down 3.7%), and the Nasdaq Index (down...

Water Tower Research

AEye, Inc. - 3Q23 Earnings Show Expenses Now in Line with Automotive-First Strategy

3Q23 revenue of $0.2 million was slightly below expectations, but EPS was slightly better than expected at a loss of $0.05 versus consensus of a...

Water Tower Research

Weekly Sustainable Investing Surveyor Week Ended August 4, 2023

Ocean Power Technologies, Inc. (OPT) offers products and consulting services for ocean data collection and reporting, maritime power, offshore...

Water Tower Research

AEYE, INC - Automotive-First, Capital-Light, and Partnership with Continental Position AEye Well

The company’s automotive-first strategy, capital-light model, and strategic partnership with Continental should position it well in the upcoming...

Water Tower Research

Reducing Workforce by One-Third Part of New Strategic Plan to Refocus the Company

Last night, AEye filed an 8-K announcing that it will restructure and reduce its workforce by approximately one-third, effective April 3, 2023.

Water Tower Research

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