Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Appian Corporation reported second quarter fiscal 2026 results featuring continued revenue growth driven by its cloud subscription business and expanding AI capabilities.</li><li>Cloud subscriptions revenue grew 23% year-over-year to $131.7 million, contributing to a total revenue increase of 19% to $203.3 million.</li><li>The company also achieved adjusted EBITDA of $16.2 million, surpassing its guidance range and nearly doubling year-over-year, while net income rose to $9.2 million from breakeven a year prior.</li></ul>

Appian Corporation reported second quarter fiscal 2026 results featuring continued revenue growth driven by its cloud subscription business and expanding AI capabilities.Cloud subscriptions revenue grew 23% year-over-year to $131.7 million, contributing to a total revenue increase of 19% to $203.3 million.The company also achieved adjusted EBITDA of $16.2 million, surpassing its guidance range and nearly doubling year-over-year, while net income rose to $9.2 million from breakeven a year prior.

Appian’s AI Tipping Point — 85% Of New Customers Are Already Buying In!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>Appian is a key player in the rapidly growing low-code and process automation market, uniquely positioned to handle complex, mission-critical workflows for large enterprises.</li>
  <li>The company has demonstrated a significant financial inflection point, shifting from substantial losses to profitability and positive free cash flow in recent quarters, driven by strong growth in high-margin cloud subscription revenues.</li>
  <li>While facing intense competition from technology giants, Appian's focused strategy on unifying AI, process mining, workflow, and automation in a single platform provides a durable, albeit narrow, competitive advantage in its target markets.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Appian is a key player in the rapidly growing low-code and process automation market, uniquely positioned to handle complex, mission-critical workflows for large enterprises.
  The company has demonstrated a significant financial inflection point, shifting from substantial losses to profitability and positive free cash flow in recent quarters, driven by strong growth in high-margin cloud subscription revenues.
  While facing intense competition from technology giants, Appian's focused strategy on unifying AI, process mining, workflow, and automation in a single platform provides a durable, albeit narrow, competitive advantage in its target markets.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Research from Water Tower Research, Water Tower Research

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.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Software rebounded in August, outperforming Semiconductors. </li><li>The WTR AI Index rose 7.3% M/M, ahead of the S&amp;P 500 (up 2.6%), the Russell 2000 (up 0.9%), and the Nasdaq (up 4.2%).</li><li> Software (24% of the index) gained 11.0% while Semiconductors (18% of the index) slipped 1.2%, reversing the Semis-led pattern that has dominated most of 2026. </li></ul>

Software rebounded in August, outperforming Semiconductors. The WTR AI Index rose 7.3% M/M, ahead of the S&amp;P 500 (up 2.6%), the Russell 2000 (up 0.9%), and the Nasdaq (up 4.2%). Software (24% of the index) gained 11.0% while Semiconductors (18% of the index) slipped 1.2%, reversing the Semis-led pattern that has dominated most of 2026. 

AI Flow Index : Sailing a Sea of Companies in AI - 8 September 2026

<ul><li>Appian Corporation's financial results for the fourth quarter and full year of 2025 highlight both positive growth indicators and some underlying challenges.</li><li>Beginning with the positives, Appian reported robust revenue growth across different sectors: cloud subscriptions revenue increased by 18% in Q4, totalling $117 million, while overall revenue grew by 22% to $202.9 million.</li><li>The company also demonstrated a notable adjusted EBITDA of $19.7 million for the quarter, further reflecting an increase in operational efficiency, particularly significant given that just two years prior, the company faced an adjusted EBITDA margin of negative 8%.</li></ul>

Appian Corporation's financial results for the fourth quarter and full year of 2025 highlight both positive growth indicators and some underlying challenges.Beginning with the positives, Appian reported robust revenue growth across different sectors: cloud subscriptions revenue increased by 18% in Q4, totalling $117 million, while overall revenue grew by 22% to $202.9 million.The company also demonstrated a notable adjusted EBITDA of $19.7 million for the quarter, further reflecting an increase in operational efficiency, particularly significant given that just two years prior, the company faced an adjusted EBITDA margin of negative 8%.

Appian Corporation Is Becoming a Go-To Partner for Government Modernization—Why the Federal Beachhead Matters!

<ul><li>Appian Corporation reported its third-quarter 2025 financial results, demonstrating solid revenue growth across segments along with improved operational efficiency.</li><li>The company's cloud subscriptions revenue saw a 21% year-over-year increase to $113.6 million, while total subscriptions revenue grew by 20% to $147.2 million.</li><li>Overall, Appian achieved a total revenue of $187 million, marking a 21% increase compared to the previous year.</li></ul>

Appian Corporation reported its third-quarter 2025 financial results, demonstrating solid revenue growth across segments along with improved operational efficiency.The company's cloud subscriptions revenue saw a 21% year-over-year increase to $113.6 million, while total subscriptions revenue grew by 20% to $147.2 million.Overall, Appian achieved a total revenue of $187 million, marking a 21% increase compared to the previous year.

Appian: Scaling Growth with Efficiency—International Momentum

United States

Appian Corporation develops enterprise software solutions. The Company offers business process and cash management software. Appian serves customers worldwide.

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Appian Corp (APPN US)

Appian’s AI Tipping Point — 85% Of New Customers Are Already Buying In!

Appian Corporation reported second quarter fiscal 2026 results featuring continued revenue growth driven by its cloud subscription business and...

Baptista Research

Primer: Appian Corp (APPN US) - Aug 2026

Appian is a key player in the rapidly growing low-code and process automation market, uniquely positioned to handle complex, mission-critical...

αSK Primers

AI Flow Index : Sailing a Sea of Companies in AI - 8 September 2026

The move mirrors better-than-expected 2Q results across the software group and some easing of near-term fears about AI disruption to application...

Water Tower Research

Appian Corporation Is Becoming a Go-To Partner for Government Modernization—Why the Federal Beachhead Matters!

Appian Corporation's financial results for the fourth quarter and full year of 2025 highlight both positive growth indicators and some underlying...

Baptista Research

Appian: Scaling Growth with Efficiency—International Momentum

Appian Corporation reported its third-quarter 2025 financial results, demonstrating solid revenue growth across segments along with improved...

Baptista Research

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