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>The WTR Sustainable Index underperformed the broader market, falling 4.9% W/W versus the S&amp;P 500 Index (down 2.7%), the Russell 2000 Index (down 2.9%), and the Nasdaq Composite Index (down 3.3%).</li><li>Advanced Transportation Solutions (70.2% of the index) drove the underperformance, falling 6.0% , while Energy Technology (8.3% of index) was down 5.4% and Industrial Climate and Ag Technology was down 1.9%.</li><li>Top 10 Performers: NNOMF, LMRMF, VMC.V, APPH, FIX, AROC, LOOP, KTOS, CUBXF, TPIC</li></ul>

The WTR Sustainable Index underperformed the broader market, falling 4.9% W/W versus the S&amp;P 500 Index (down 2.7%), the Russell 2000 Index (down 2.9%), and the Nasdaq Composite Index (down 3.3%).Advanced Transportation Solutions (70.2% of the index) drove the underperformance, falling 6.0% , while Energy Technology (8.3% of index) was down 5.4% and Industrial Climate and Ag Technology was down 1.9%.Top 10 Performers: NNOMF, LMRMF, VMC.V, APPH, FIX, AROC, LOOP, KTOS, CUBXF, TPIC

Weekly Sustainable Investing Surveyor: Week Ended February 24, 2023

Equity Bottom-Up

<ul><li>Revenue rose 527.3% Y/Y to $7.8 million from $1.2 million in 1Q22. The increase in revenue was due to increased order volume and the ramp-up in production to meet demand. </li><li>Revenue was predominantly from the sale of batteries for Material Handling Electric Vehicles (MHEVs), which accounted for $7.4 million or ~96% of revenue for 1Q23 compared with $1.1 million or ~89% for 1Q22.</li><li>The sale of engineering services, research grants, and other sources of revenue accounted for the remaining $0.4 million or 4% in 1Q23 compared with $0.1 million or 11% in 1Q22.</li></ul>

Revenue rose 527.3% Y/Y to $7.8 million from $1.2 million in 1Q22. The increase in revenue was due to increased order volume and the ramp-up in production to meet demand. Revenue was predominantly from the sale of batteries for Material Handling Electric Vehicles (MHEVs), which accounted for $7.4 million or ~96% of revenue for 1Q23 compared with $1.1 million or ~89% for 1Q22.The sale of engineering services, research grants, and other sources of revenue accounted for the remaining $0.4 million or 4% in 1Q23 compared with $0.1 million or 11% in 1Q22.

1Q23 Results: Revenue Rises Fivefold to $7.8 Million...

Weekly Sustainable Investing Surveyor: Week Ended January 13, 2023

Weekly Sustainable Investing Surveyor: Week Ended January 6, 2023

An Update on Recent Events with Dr. Raj DasGupta

Canada

Electrovaya Inc. designs, develops and manufactures proprietary Lithium-ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation and other specialized applications. The Company is technology focused with production facilities in Canada with customers around the globe.

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Electrovaya (ELVA CN)

Weekly Sustainable Investing Surveyor: Week Ended February 24, 2023

The WTR Sustainable Index underperformed the broader market, falling 4.9% W/W versus the S&P 500 Index (down 2.7%), the Russell 2000 Index...

Water Tower Research

1Q23 Results: Revenue Rises Fivefold to $7.8 Million...

Revenue rose 527.3% Y/Y to $7.8 million from $1.2 million in 1Q22. The increase in revenue was due to increased order volume and the ramp-up in...

Water Tower Research

Weekly Sustainable Investing Surveyor: Week Ended January 13, 2023

SUMMARY Previous Research Electrovaya, Inc. (EFL) An Update on Recent Events with Dr. Raj DasGupta Soluna Holdings, Inc. (SLNH) Project Dorothy...

Water Tower Research

Weekly Sustainable Investing Surveyor: Week Ended January 6, 2023

SUMMARY Last Week’s Research Electrovaya, Inc. (EFLVF, EFL) An Update on Recent Events with Dr. Raj DasGupta Previous Research Soluna Holdings,...

Water Tower Research

An Update on Recent Events with Dr. Raj DasGupta

KEY POINTS Electrovaya aims to complete the uplisting of its stock on the NASDAQ in early 2023. In the latest capital raising, this was one...

Water Tower Research

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