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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>Cloudastructure signed an MSA with a national retail REIT, marking its first large-scale push into open-air retail. </li><li>The agreement begins with three California shopping centers (Santa Ana, Santa Fe Springs, and Escondido) spanning Orange County, Los Angeles County, and San Diego County. </li><li>The properties represent a new commercial property type for CSAI, characterized by expansive outdoor footprints, high vehicle traffic, and extended operating hours.</li></ul>

Cloudastructure signed an MSA with a national retail REIT, marking its first large-scale push into open-air retail. The agreement begins with three California shopping centers (Santa Ana, Santa Fe Springs, and Escondido) spanning Orange County, Los Angeles County, and San Diego County. The properties represent a new commercial property type for CSAI, characterized by expansive outdoor footprints, high vehicle traffic, and extended operating hours.

CSAI: Plants a Flag in Open-Air Retail; Broadening the Enterprise Beachhead Beyond Multifamily

<ul><li>Strong revenue growth is being driven by new logo wins, a broadening vertical mix, and accelerating expansion within existing accounts. </li><li>4Q revenue grew 306% Y/Y, and in 1Q alone, Cloudastructure secured eight major new logos.</li><li>The company is adding new verticals. O’Brien highlighted truck parking, construction, and commercial retail as recent additions alongside the company’s established multifamily base. </li></ul>

Strong revenue growth is being driven by new logo wins, a broadening vertical mix, and accelerating expansion within existing accounts. 4Q revenue grew 306% Y/Y, and in 1Q alone, Cloudastructure secured eight major new logos.The company is adding new verticals. O’Brien highlighted truck parking, construction, and commercial retail as recent additions alongside the company’s established multifamily base. 

CSAI: New Logos, New Verticals, Accelerating Expansion

<ul><li>Cloudastructure delivered a strong 4Q, capping off a year of 271% revenue growth, driven by accelerating enterprise adoption. </li><li>Full-year revenue grew 272% to $5.1MM versus $1.4MM in 2024, with 4Q contributing $1.8MM (+306%, +23% Q/Q).</li><li>Installation and deployment activity ramped meaningfully in 4Q as customers pushed to finalize contracts before year-end, with CFO Greg Smitherman noting that installation revenue was “up pretty significantly” and represents a leading indicator for future recurring revenue. </li></ul>

Cloudastructure delivered a strong 4Q, capping off a year of 271% revenue growth, driven by accelerating enterprise adoption. Full-year revenue grew 272% to $5.1MM versus $1.4MM in 2024, with 4Q contributing $1.8MM (+306%, +23% Q/Q).Installation and deployment activity ramped meaningfully in 4Q as customers pushed to finalize contracts before year-end, with CFO Greg Smitherman noting that installation revenue was “up pretty significantly” and represents a leading indicator for future recurring revenue. 

CSAI: Ends Breakout Year with Enterprise Momentum Intact

<div><ul><li>Growth drivers include land-and-expand in multifamily and new verticals. </li><li>McCormick attributed ~270% Y/Y revenue growth in 2025 (and ~306% in 4Q) to a land-and-expand dynamic within multifamily housing, where the company has proven its platform’s effectiveness and entry into transportation/logistics and construction.</li><li>Competitive differentiation focuses on AI models trained in real customer footage and human-in-the-loop remote guarding. </li></ul></div>

Growth drivers include land-and-expand in multifamily and new verticals. McCormick attributed ~270% Y/Y revenue growth in 2025 (and ~306% in 4Q) to a land-and-expand dynamic within multifamily housing, where the company has proven its platform’s effectiveness and entry into transportation/logistics and construction.Competitive differentiation focuses on AI models trained in real customer footage and human-in-the-loop remote guarding. 

CSAI: From Multifamily Beachhead to Multi-Vertical AI Security Platform

<ul><li>Cloudastructure, Inc. (NASDAQ: CSAI) provides an end-to-end, cloud-native, artificial intelligence (AI)-driven video surveillance platform with remote guarding capability, which is sold on a recurring per-camera subscription basis. </li><li>By combining real-time video analytics with live “talk-down” intervention and dispatch workflows, the company is designed to prevent incidents (not just record them) and reports &gt;98% deterrence of potential security events. </li><li>Cloudastructure’s AI enables a remote guard to monitor 50-70 camera feeds versus ~10 for traditional setups, improving response times and eliminating gaps from fatigue or shift changes.</li></ul>

Cloudastructure, Inc. (NASDAQ: CSAI) provides an end-to-end, cloud-native, artificial intelligence (AI)-driven video surveillance platform with remote guarding capability, which is sold on a recurring per-camera subscription basis. By combining real-time video analytics with live “talk-down” intervention and dispatch workflows, the company is designed to prevent incidents (not just record them) and reports &gt;98% deterrence of potential security events. Cloudastructure’s AI enables a remote guard to monitor 50-70 camera feeds versus ~10 for traditional setups, improving response times and eliminating gaps from fatigue or shift changes.

CSAI: AI on Patrol; Next-Generation Video Surveillance

United States

Cloudastructure, Inc. operates as a software company. The Company develops cloud-native video surveillance platform with AI and computer vision analytics for better and more cost-effective enterprise security. Cloudastructure serves customers in the United States.

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Cloudastructure (CSAI US)

CSAI: Plants a Flag in Open-Air Retail; Broadening the Enterprise Beachhead Beyond Multifamily

The properties represent a new commercial property type for CSAI, characterized by expansive outdoor footprints, high vehicle traffic, and extended...

Water Tower Research

CSAI: New Logos, New Verticals, Accelerating Expansion

Strong revenue growth is being driven by new logo wins, a broadening vertical mix, and accelerating expansion within existing accounts.

Water Tower Research

CSAI: Ends Breakout Year with Enterprise Momentum Intact

Cloudastructure delivered a strong 4Q, capping off a year of 271% revenue growth, driven by accelerating enterprise adoption.

Water Tower Research

CSAI: From Multifamily Beachhead to Multi-Vertical AI Security Platform

McCormick attributed ~270% Y/Y revenue growth in 2025 (and ~306% in 4Q) to a land-and-expand dynamic within multifamily housing, where the company...

Water Tower Research

CSAI: AI on Patrol; Next-Generation Video Surveillance

Cloudastructure, Inc. (NASDAQ: CSAI) provides an end-to-end, cloud-native, artificial intelligence (AI)-driven video surveillance...

Water Tower Research

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