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>Semiconductors reclaimed the lead in September.</li><li>The WTR AI Index rose 3.0% M/M, above the S&amp;P 500 (down 0.5%) and the Russell 2000 (down 5.4%) and in line with the Nasdaq (up 3.2%).</li><li>Semiconductors (20% of the index) jumped 14.5% and accounted for most of the index’s gain, while Software (23%) slipped 1.0%, Internet and Data Services (8%) rose 2.9%, Other Tech (23%) rose 2.6%, and Other Industries (26%) fell 0.9%.</li></ul>

Semiconductors reclaimed the lead in September.The WTR AI Index rose 3.0% M/M, above the S&amp;P 500 (down 0.5%) and the Russell 2000 (down 5.4%) and in line with the Nasdaq (up 3.2%).Semiconductors (20% of the index) jumped 14.5% and accounted for most of the index’s gain, while Software (23%) slipped 1.0%, Internet and Data Services (8%) rose 2.9%, Other Tech (23%) rose 2.6%, and Other Industries (26%) fell 0.9%.

AI Flow Index : Sailing a Sea of Companies in AI - 5 October 2026

Your Partner for Growth, Hybridan

Hybridan

Your Partner for Growth

Our passion is raising growth capital for exciting, fast growth companies that want to take their business to the next level. We raise capital for companies both listed and unlisted in the most efficient manner possible and pride ourselves as being one of the few consistently profitable broking firms in the City. This has been achieved through a highly disciplined approach when seeking to create both corporate and institutional relationships.

Equity Bottom-Up

<ul>
<li>Agronomics 5.85p £60m (ANIC.L) The Isle of Man-based Investment firm announced an additional investment of AU$3m in its portfolio company, All G Co Holdings Pty Limited, an Australian biotech specialising in precision fermentation of human and bovine milk proteins, notably lactoferrin.</li>
<li>This technology enables the production of lactoferrin without the use of animals, supporting advancements in nutrition, sustainability, and health.</li>
<li>All G's lactoferrin is cost-effective and environmentally sustainable, suitable for applications in infant and clinical nutrition, functional foods, skincare, and animal nutrition. </li>
</ul>


Agronomics 5.85p £60m (ANIC.L) The Isle of Man-based Investment firm announced an additional investment of AU$3m in its portfolio company, All G Co Holdings Pty Limited, an Australian biotech specialising in precision fermentation of human and bovine milk proteins, notably lactoferrin.
This technology enables the production of lactoferrin without the use of animals, supporting advancements in nutrition, sustainability, and health.
All G's lactoferrin is cost-effective and environmentally sustainable, suitable for applications in infant and clinical nutrition, functional foods, skincare, and animal nutrition. 


Hybridan Small Cap Feast: 15 January 2026

<ul>
<li>8th December: Greengage &amp; Co Group has announced its intention to IPO onto AQSE.</li>
<li>The Company bridges traditional finance and digital assets through a relationship-led fintech platform designed for institutional and professional clients.</li>
<li>It provides business-to-business (B2B) introductions to electronicmoney (e-money) accounts and providers of credit for SMEs, fiduciaries, and family offices, enabling seamless movement between fiat and digital currencies. </li>
</ul>


8th December: Greengage &amp; Co Group has announced its intention to IPO onto AQSE.
The Company bridges traditional finance and digital assets through a relationship-led fintech platform designed for institutional and professional clients.
It provides business-to-business (B2B) introductions to electronicmoney (e-money) accounts and providers of credit for SMEs, fiduciaries, and family offices, enabling seamless movement between fiat and digital currencies. 


Hybridan Small Cap Feast: 9 December 2025

Cross Asset Strategy

<ul>
<li>The mineral exploration, development and production Company with gold project interests in Africa and Europe, reports the settlement of all outstanding loan balances with RiverFort Global Opportunities.</li>
<li>Following the settlement of outstanding loan balance of $782,575.08 through the issuing of 40,435,311 ordinary shares in accordance with the loan terms and pricing under the Facility Agreement</li>
<li>Ariana will, however, retain access to the remaining undrawn $3m of the original $5m under the Facility Agreement, should it require additional loan financing during the next 3 years as it continues to advance the Dokwe Gold Project in Zimbabwe.</li>
</ul>


The mineral exploration, development and production Company with gold project interests in Africa and Europe, reports the settlement of all outstanding loan balances with RiverFort Global Opportunities.
Following the settlement of outstanding loan balance of $782,575.08 through the issuing of 40,435,311 ordinary shares in accordance with the loan terms and pricing under the Facility Agreement
Ariana will, however, retain access to the remaining undrawn $3m of the original $5m under the Facility Agreement, should it require additional loan financing during the next 3 years as it continues to advance the Dokwe Gold Project in Zimbabwe.


Hybridan Small Cap Feast: 4 February 2026

<ul>
<li>The critical minerals exploration and development Company announced that field operations have commenced under its recently established strategic joint venture with Lithosquare, marking the transition from partnership formation to active exploration across the Company's priority projects in Morocco and Botswana.</li>
<li>The programmes combine advanced exploration technologies, including hyperspectral satellite imagery, artificial intelligence-driven target generation, geophysics, geochemistry and drilling to prioritise the Company's highest-potential projects while building a pipeline of future drilling opportunities.</li>
<li>The programmes have been established and optimised based on Lithosquare's Geology AI.</li>
</ul>


The critical minerals exploration and development Company announced that field operations have commenced under its recently established strategic joint venture with Lithosquare, marking the transition from partnership formation to active exploration across the Company's priority projects in Morocco and Botswana.
The programmes combine advanced exploration technologies, including hyperspectral satellite imagery, artificial intelligence-driven target generation, geophysics, geochemistry and drilling to prioritise the Company's highest-potential projects while building a pipeline of future drilling opportunities.
The programmes have been established and optimised based on Lithosquare's Geology AI.


Time Out Digital Limited - Hybridan Small Cap Feast: 1 July 2026

United States

Aterian, Inc. provides consumer product platform. The Company offers home and kitchen appliances, health and wellness, beauty, and consumer electronics. Aterian serves customers worldwide.

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Aterian (ATER US)

AI Flow Index : Sailing a Sea of Companies in AI - 5 October 2026

The WTR AI Index rose 3.0% M/M, above the S&P 500 (down 0.5%) and the Russell 2000 (down 5.4%) and in line with the Nasdaq (up 3.2%).

Water Tower Research

Hybridan Small Cap Feast: 15 January 2026

All G's lactoferrin is cost-effective and environmentally sustainable, suitable for applications in infant and clinical nutrition, functional...

Hybridan

Hybridan Small Cap Feast: 9 December 2025

The Company bridges traditional finance and digital assets through a relationship-led fintech platform designed for institutional and professional...

Hybridan

Hybridan Small Cap Feast: 4 February 2026

The mineral exploration, development and production Company with gold project interests in Africa and Europe, reports the settlement of all...

Hybridan

Time Out Digital Limited - Hybridan Small Cap Feast: 1 July 2026

The critical minerals exploration and development Company announced that field operations have commenced under its recently established strategic...

Hybridan

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