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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.

Equity Research Firm

Equity Bottom-Up

<h2>KEY POINTS</h2>
<ul>
<li>Water Tower Research hosted Greg Miller, Chief Operating Officer of EVmo, Inc. on March 10, 2022. The event included a discussion of the company’s fleet operations and plans for growth, new vehicles, and the depth of the management team’s expertise in operating fleets. The&nbsp;event is available on demand&nbsp;and is open to all investors.</li>
<li>The automotive supply chain is still tight but improving. EVmo has ~385 vehicles committed for delivery in mid-April and is working on another ~400 for the end of 2Q. Greg Miller noted that auto manufactures had been prioritizing dealerships over fleet sales, but now are shifting back towards fleet sales.</li>
<li>EVmo’s recent capital raise supports growth. EVmo raised $13.7 million in a January 2022 equity raise at $0.50/share, which is supporting the acquisition of new cars and will allow the company to grow and scale it business nationwide.</li>
<li>Owning its fleet of cars gives EVmo an operational advantage. Greg Miller highlighted how EVmo owns, maintains and manages its cars for rent to rideshare drivers. This gives the company more predictably of fleet availability/higher utilization rates and allows it to consistently provide its customers with well-maintained vehicles that meet rideshare company requirements.</li>
<li>Shift to an all-EV fleet is a benefit in light of higher prices at the pump. EVmo currently has a number of electric and hybrid vehicles in its fleet and is continuing to shift to an all-EV fleet. Driver demand for EVs is strong, especially given the higher prices at the pump and incentives from the rideshare companies.</li>
<li>EVmo has expertise and experience in operating and growing vehicle fleets. EVmo’s management team brings extensive industry experience, including Greg Miller’s 35+ years in the fleet management business, which included running DHL’s global fleet operating and more than 16,000 vehicles for National Express.</li>
</ul>
<h2>THE COMPANY</h2>
EVmo is a leading play on the rapidly growing rideshare and gig-delivery economies. The company bridges the gap between rideshare and "last mile" delivery drivers in need of suitable vehicles through an online vehicle booking and management system for both its owned and maintained vehicles as well as to third-party fleets.
The company was founded in 2016 and is headquartered in Beverley Hills, CA. For more information, please go to&nbsp;www.evmo.com
<h2>EXECUTIVE DISCUSSION</h2>
Graham Mattison:&nbsp;Greg, tell us about your background and your day-to-day operations.
Greg Miller:&nbsp;I have been in the fleet management supply-chain space for about 35 years. I have worked in all fleet segments—municipal, government, police, fire trucks. I ran DHL’s global fleet operations, both here in the US and abroad, for about 10 years. Then I moved over to the passenger fleet side of the business as an Executive VP with National Express, where we operated about 16,000 school buses and paratransit buses across North America.
Most recently, before joining EVmo, I was running my own fleet management company, primarily working with large-enterprise fleet operations, a very diverse group of businesses, everything from pizza-chain operations to armored transport.
I have known Steve Sanchez, our CEO, for the past 20 years. We have worked together on a couple of different occasions. We started having discussions very early last year. I saw a tremendous opportunity then—as I do now—and came over in April of 2021.
For the past year or so, I have been focusing on stabilizing the operations side, putting together standardized processes and activities that will give us the ability to scale.
Graham Mattison:&nbsp;There was a story in&nbsp;The Wall Street Journal&nbsp;on February 26, 2021 about the tightness in both new and used-car markets. It cited examples of people paying $5,000 to $40,000 over the sticker price or the manufacturer’s suggested retail price (MSRP). How is that impacting EVmo? Are there any mitigating steps that can you take?
Greg Miller:&nbsp;There is mo doubt,supply-chain challenges have been impacting the vehicle markets, both on the new and used sides. In years past,we have seen those types of disruptions, but generally these things are isolated to a specific manufacturer or model, and not across the broad industry cross-section that we have seen this past year. From the fleet operator’s side, we saw inventory being diverted to support retail sales. That was the first time we saw franchise operators being given precedence over fleet operations. In the process, orders and incentives associated with fleets kind of dried up.
But now we have the vehicle orders in place. We have ~385 vehicles committed to deliver before this month or early next month. We are working on fleet orders of ~400 for June now. So we are back to being able to get into the factory order cycle, and we have seen some of the fleet incentives coming back, particularly on the electric vehicle (EV) side.
Graham Mattison:&nbsp;As you look at growth strategy, how do you balance between planting a flag in a new location versus expanding in a city where you already have a foothold?
Greg Miller:&nbsp;We are looking at the classic hub and spoke strategy. We build out a central market, which gives us the ability to optimize and share resources within micro markets. A classic example of this is southern and northern California, where we can expand pretty significantly geographically, and still maintain a very deployable group of resources—whether that be people, systems, or sharing cars for demand. When we go to a new market, we will start with the hub—and we will know where we want it to be, and we will want it to be sustainable from day one. We want to be able to put enough vehicles and people in that new hub to support its own expansion. We don’t want other locations to subsidize it.
Graham Mattison:&nbsp;One of the things that makes EVmo different from others in the market is that you own and control your fleet. Can you talk about how that is an advantage for you?
Greg Miller:&nbsp;I call it the cradle-to-grave fleet management. We are able to control our own destiny. We buy the right vehicles at scale and maintain them from the very start so as to deliver consistent and reliable results over their lifecycle. When you are bringing vehicles that belong to someone else into your environment, you have less control of that asset, less predictability. You are not able to see the same consistent results time after time. The other part is that having our own fleet gives us the ability to shift and ebb it, depending on market demand. We may see, for example, a growing demand for, say cross-utilized vehicles, those with the ability to both handle cargo and passengers. Are we moving towards an SUV market, because of some local delivery conditions, or do we have a market moving towards E? We can make those changes much more strategically, and guide our own destiny from the very early get-go.
Graham Mattison:&nbsp;What is the typical cycle of your vehicle turnover? For instance, if you have 100 cars in a city, is there a portion that turns over in a year? Would it be like a third of the vehicles might get retired, or taken off the road, or replaced? Is there a typical annual decline in fleets due to accidents, lease ends, retirements, etc., and how many new cars do you have to put out there to stay in place?
Greg Miller:&nbsp;It is about fundamental fleet management. We have to be able to manage the total cost of ownership (TCO) up to the end of the lifecycle of vehicles. This has been an area of sharp focus for us over the past six to eight months. We want to optimize these life cycles, both for internal combustion engine (ICE) vehicles, and our new EVs. There will be different cycles, endpoints, and optimum cycles that we will have to look at. We are starting to generate some really good data on our early EVs. We have deployed the EVs, so that gives us some competitive edge. We are also gaining experience—from the very early stages of buying, deploying, using, and maintaining the EVs.
Like many other fleets, capital constraints forced us into longer hold periods for these assets. But the silver lining is that it has also generated a little bit more data on extending lifecycles. So where we may have typically pegged an ICE vehicle at 36 months, we are able to run that vehicle more, and not experience any significant degradation in fleet operations. As for safety practices, we are pushing for a reduction in accidents, and we are helping our customers and clients stay safe themselves, and also treat our vehicles with greater care. This has had a greater impact on our lifecycle pictures as well.
Maintenance has a tremendous impact. Improving our maintenance practices can add months to a vehicle’s lifecycle. To be more specific, we are probably somewhere around 2.5% per month in terms of what it takes to cycle out, or use TCO to cycle, our fleet. So about 2.5%—or 2.5 vehicles per 100—is probably the easiest way to think about it. That, however, is subject to change as we generate more data.
Graham Mattison:&nbsp;That’s something you can adjust to as you go forward, based on your years of experience in the market.
Greg Miller:&nbsp;Exactly. There is early and promising data around the EV lifecycles also, which is going to significantly affect our decisions.
Graham Mattison:&nbsp;You raised more than $13 million this January. How does that change things from an operations standpoint? What can you do now that you couldn’t do six months back?
Greg Miller:&nbsp;Many things. Buying more cars is probably the number one. We now have the opportunity to improve the balance sheet. Our CFO has the ability to secure leasing partners. Even before the raise, we had put in place a lot of financial discipline. We had taken steps in preparation for our ability to scale. Now we are using those same controls and levers to execute against those receivables. But it is all about the cars. The ability to now sit with our leasing partners and talk strategically about deploying cars—not just from an opportunity perspective, but strategically—what can we do two-three quarters out … we never had the opportunity to have that kind of conversationswith our leasing partners.
Graham Mattison:&nbsp;Is there any impact on EVmo from the war in Ukraine, and the events in Europe? How do higher oil and gasoline prices at the pump affect you?
Greg Miller:&nbsp;First, our hearts and prayers go out to the people in the Ukraine. We actually have a team member directly impacted with family in the Ukraine. So, we’ve seen firsthand how that can just be heart-wrenching. Our business is tied to the economy—no different from many others—but it is also very resilient. We saw that during the pandemic when our clientele shifted from passenger to cargo and food deliveries. I don’t believe we are as sensitive to some of those conditions, but then, the economy can take a toll on any business.
As for fuel-price dynamics, they are a little different for those operating a for-hire fleet of vehicles, and then having to procure the fuel and worry about hedging. From our customer’s side, there is a degree of concern. There is also a lag in terms of when customers will experience an uptick in fee structure because of the pass-through of higher fuel cost.
The bigger point here is around EVs. As fuel prices go up, demand and user transition will rise exponentially. So, we see high demand for EVs in the not-too-distant future, not just from the major metro areas that we are operating in today, but from more geographies.
Graham Mattison:&nbsp;Greg, thank you for taking the time to speak with us.
Greg Miller:&nbsp;Thank you, everyone.
Note:&nbsp;A&nbsp;replay of this discussion&nbsp;is available on&nbsp;www.watertowerresearch.com.
<h2>ABOUT THE EXECUTIVE</h2>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/264/915/original/image_83674270641648083098233.png?1648083100" class="editor-image img-responsive" data-smartkarma-image-id="264915"></figure>
<h3>Greg Miller</h3>
COO EVmo, Inc.
Mr. Miller brings more than 35 years of experience in the fleet management, transportation and logistics industries, and has served as the company’s Chief Operating Officer since April 2021.
He was previously the President and CEO of FleetLogik, a specialized fleet management firm, and was Senior Vice President Fleet Operations and Procurement for National Express, a leading transit provider operating more than 17,000 vehicles across North America. Mr. Miller also was responsible for delivering global fleet excellence for DHL Express, managing more than 30,000 vehicles across North, Central, and South America.
He has held various advisory or board positions, including the Board of Directors for Auto Safety House, a Gladstone portfolio company operating a multi-state full-service truck, bus, and utility vehicle distributor headquartered in Phoenix, AZ, eIQ, an early start-up venture focused on the analytics of mobility and electric vehicles based in Oakland, CA, The Salvation Army advisory council, and the Ford Fleet Advisory Council. Mr. Miller has a degree in Automotive Technology and a State of California lifetime teacher’s credential
<h2>DISCLOSURES</h2>
Water Tower Research (“WTR”) is a professional publisher of investment research reports on public companies and, to a lesser extent, private firms (“the Companies”). WTR provides investor-focused content and digital distribution strategies designed to help companies communicate with investors. WTR is not a registered investment adviser or a broker/dealer nor does WTR provide investment banking services. WTR operates as an exempt investment adviser under the so called “publishers’ exemption” from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940. WTR does not provide investment ratings / recommendations or price targets on the companies it reports on. Readers are advised that the research reports are published and provided solely for informational purposes and should not be construed as an offer to sell or the solicitation of an offer to buy securities or the rendering of investment advice. The information provided in this report should not be construed in any manner whatsoever as personalized advice. All users and readers of WTR’s reports are cautioned to consult their own independent financial, tax and legal advisors prior to purchasing or selling securities. Graham Mattison, who is the writer of this report, covers the Industrial Technology and ClimateTech &amp; Sustainable Investing sectors for WTR. Mr. Mattison and members of his household have no personal or business-related relationship to the subject company other than providing digital content and any ancillary services WTR may offer. Unless otherwise indicated, WTR intends to provide continuing coverage of the covered companies. WTR will notify its readers through website postings or other appropriate means if WTR determines to terminate coverage of any of the companies covered. WTR is being compensated for its research by the company which is the subject of this report. WTR receives no more than a maximum of $10,500 per month from a given client and is required to have at least a 6-month commitment. None of the earned fees are contingent on, and WTR’s client agreements are not cancellable for the content of its reports. WTR does not accept any compensation in the form of warrants or stock options or other equity instruments that could increase in value based on positive coverage in its reports. WTR or an affiliate may seek to receive compensation for non-research services to covered companies, such as charges for presenting at sponsored investor conferences, distributing press releases, advising on investor relations and broader corporate communications and public relations strategies as well as performing certain other related services (“Ancillary Services”). The companies that WTR covers in our research are not required to purchase or use Ancillary Services that WTR or an affiliate might offer to clients. The manner of WTR’s research compensation and Ancillary Services to covered companies raise actual and perceived conflicts of interest. WTR is committed to manage those conflicts to protect its reputation and the objectivity of employees/analysts by adhering to strictly-written compliance guidelines. The views and analyses included in our research reports are based on current public information that we consider to be reliable, but no representation or warranty, expressed or implied, is made as to their accuracy, completeness, timeliness, or correctness. Neither we nor our analysts, directors, officers, employees, representatives, independent contractors, agents or affiliate shall be liable for any omissions, errors or inaccuracies, regardless of cause, foreseeability or the lack of timeliness of, or any delay or interruptions in the transmission of our reports to content users. This lack of liability extends to direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, losses, lost income, lost profit or opportunity costs. All investment information contained herein should be independently verified by the reader or user of this report. For additional information, all readers of this report are encouraged to visit WTR’s website www.watertowerresearch.com.

KEY POINTS

Water Tower Research hosted Greg Miller, Chief Operating Officer of EVmo, Inc. on March 10, 2022. The event included a discussion of the company’s fleet operations and plans for growth, new vehicles, and the depth of the management team’s expertise in operating fleets. The&nbsp;event is available on demand&nbsp;and is open to all investors.
The automotive supply chain is still tight but improving. EVmo has ~385 vehicles committed for delivery in mid-April and is working on another ~400 for the end of 2Q. Greg Miller noted that auto manufactures had been prioritizing dealerships over fleet sales, but now are shifting back towards fleet sales.
EVmo’s recent capital raise supports growth. EVmo raised $13.7 million in a January 2022 equity raise at $0.50/share, which is supporting the acquisition of new cars and will allow the company to grow and scale it business nationwide.
Owning its fleet of cars gives EVmo an operational advantage. Greg Miller highlighted how EVmo owns, maintains and manages its cars for rent to rideshare drivers. This gives the company more predictably of fleet availability/higher utilization rates and allows it to consistently provide its customers with well-maintained vehicles that meet rideshare company requirements.
Shift to an all-EV fleet is a benefit in light of higher prices at the pump. EVmo currently has a number of electric and hybrid vehicles in its fleet and is continuing to shift to an all-EV fleet. Driver demand for EVs is strong, especially given the higher prices at the pump and incentives from the rideshare companies.
EVmo has expertise and experience in operating and growing vehicle fleets. EVmo’s management team brings extensive industry experience, including Greg Miller’s 35+ years in the fleet management business, which included running DHL’s global fleet operating and more than 16,000 vehicles for National Express.

THE COMPANY
EVmo is a leading play on the rapidly growing rideshare and gig-delivery economies. The company bridges the gap between rideshare and "last mile" delivery drivers in need of suitable vehicles through an online vehicle booking and management system for both its owned and maintained vehicles as well as to third-party fleets.
The company was founded in 2016 and is headquartered in Beverley Hills, CA. For more information, please go to&nbsp;www.evmo.com
EXECUTIVE DISCUSSION
Graham Mattison:&nbsp;Greg, tell us about your background and your day-to-day operations.
Greg Miller:&nbsp;I have been in the fleet management supply-chain space for about 35 years. I have worked in all fleet segments—municipal, government, police, fire trucks. I ran DHL’s global fleet operations, both here in the US and abroad, for about 10 years. Then I moved over to the passenger fleet side of the business as an Executive VP with National Express, where we operated about 16,000 school buses and paratransit buses across North America.
Most recently, before joining EVmo, I was running my own fleet management company, primarily working with large-enterprise fleet operations, a very diverse group of businesses, everything from pizza-chain operations to armored transport.
I have known Steve Sanchez, our CEO, for the past 20 years. We have worked together on a couple of different occasions. We started having discussions very early last year. I saw a tremendous opportunity then—as I do now—and came over in April of 2021.
For the past year or so, I have been focusing on stabilizing the operations side, putting together standardized processes and activities that will give us the ability to scale.
Graham Mattison:&nbsp;There was a story in&nbsp;The Wall Street Journal&nbsp;on February 26, 2021 about the tightness in both new and used-car markets. It cited examples of people paying $5,000 to $40,000 over the sticker price or the manufacturer’s suggested retail price (MSRP). How is that impacting EVmo? Are there any mitigating steps that can you take?
Greg Miller:&nbsp;There is mo doubt,supply-chain challenges have been impacting the vehicle markets, both on the new and used sides. In years past,we have seen those types of disruptions, but generally these things are isolated to a specific manufacturer or model, and not across the broad industry cross-section that we have seen this past year. From the fleet operator’s side, we saw inventory being diverted to support retail sales. That was the first time we saw franchise operators being given precedence over fleet operations. In the process, orders and incentives associated with fleets kind of dried up.
But now we have the vehicle orders in place. We have ~385 vehicles committed to deliver before this month or early next month. We are working on fleet orders of ~400 for June now. So we are back to being able to get into the factory order cycle, and we have seen some of the fleet incentives coming back, particularly on the electric vehicle (EV) side.
Graham Mattison:&nbsp;As you look at growth strategy, how do you balance between planting a flag in a new location versus expanding in a city where you already have a foothold?
Greg Miller:&nbsp;We are looking at the classic hub and spoke strategy. We build out a central market, which gives us the ability to optimize and share resources within micro markets. A classic example of this is southern and northern California, where we can expand pretty significantly geographically, and still maintain a very deployable group of resources—whether that be people, systems, or sharing cars for demand. When we go to a new market, we will start with the hub—and we will know where we want it to be, and we will want it to be sustainable from day one. We want to be able to put enough vehicles and people in that new hub to support its own expansion. We don’t want other locations to subsidize it.
Graham Mattison:&nbsp;One of the things that makes EVmo different from others in the market is that you own and control your fleet. Can you talk about how that is an advantage for you?
Greg Miller:&nbsp;I call it the cradle-to-grave fleet management. We are able to control our own destiny. We buy the right vehicles at scale and maintain them from the very start so as to deliver consistent and reliable results over their lifecycle. When you are bringing vehicles that belong to someone else into your environment, you have less control of that asset, less predictability. You are not able to see the same consistent results time after time. The other part is that having our own fleet gives us the ability to shift and ebb it, depending on market demand. We may see, for example, a growing demand for, say cross-utilized vehicles, those with the ability to both handle cargo and passengers. Are we moving towards an SUV market, because of some local delivery conditions, or do we have a market moving towards E? We can make those changes much more strategically, and guide our own destiny from the very early get-go.
Graham Mattison:&nbsp;What is the typical cycle of your vehicle turnover? For instance, if you have 100 cars in a city, is there a portion that turns over in a year? Would it be like a third of the vehicles might get retired, or taken off the road, or replaced? Is there a typical annual decline in fleets due to accidents, lease ends, retirements, etc., and how many new cars do you have to put out there to stay in place?
Greg Miller:&nbsp;It is about fundamental fleet management. We have to be able to manage the total cost of ownership (TCO) up to the end of the lifecycle of vehicles. This has been an area of sharp focus for us over the past six to eight months. We want to optimize these life cycles, both for internal combustion engine (ICE) vehicles, and our new EVs. There will be different cycles, endpoints, and optimum cycles that we will have to look at. We are starting to generate some really good data on our early EVs. We have deployed the EVs, so that gives us some competitive edge. We are also gaining experience—from the very early stages of buying, deploying, using, and maintaining the EVs.
Like many other fleets, capital constraints forced us into longer hold periods for these assets. But the silver lining is that it has also generated a little bit more data on extending lifecycles. So where we may have typically pegged an ICE vehicle at 36 months, we are able to run that vehicle more, and not experience any significant degradation in fleet operations. As for safety practices, we are pushing for a reduction in accidents, and we are helping our customers and clients stay safe themselves, and also treat our vehicles with greater care. This has had a greater impact on our lifecycle pictures as well.
Maintenance has a tremendous impact. Improving our maintenance practices can add months to a vehicle’s lifecycle. To be more specific, we are probably somewhere around 2.5% per month in terms of what it takes to cycle out, or use TCO to cycle, our fleet. So about 2.5%—or 2.5 vehicles per 100—is probably the easiest way to think about it. That, however, is subject to change as we generate more data.
Graham Mattison:&nbsp;That’s something you can adjust to as you go forward, based on your years of experience in the market.
Greg Miller:&nbsp;Exactly. There is early and promising data around the EV lifecycles also, which is going to significantly affect our decisions.
Graham Mattison:&nbsp;You raised more than $13 million this January. How does that change things from an operations standpoint? What can you do now that you couldn’t do six months back?
Greg Miller:&nbsp;Many things. Buying more cars is probably the number one. We now have the opportunity to improve the balance sheet. Our CFO has the ability to secure leasing partners. Even before the raise, we had put in place a lot of financial discipline. We had taken steps in preparation for our ability to scale. Now we are using those same controls and levers to execute against those receivables. But it is all about the cars. The ability to now sit with our leasing partners and talk strategically about deploying cars—not just from an opportunity perspective, but strategically—what can we do two-three quarters out … we never had the opportunity to have that kind of conversationswith our leasing partners.
Graham Mattison:&nbsp;Is there any impact on EVmo from the war in Ukraine, and the events in Europe? How do higher oil and gasoline prices at the pump affect you?
Greg Miller:&nbsp;First, our hearts and prayers go out to the people in the Ukraine. We actually have a team member directly impacted with family in the Ukraine. So, we’ve seen firsthand how that can just be heart-wrenching. Our business is tied to the economy—no different from many others—but it is also very resilient. We saw that during the pandemic when our clientele shifted from passenger to cargo and food deliveries. I don’t believe we are as sensitive to some of those conditions, but then, the economy can take a toll on any business.
As for fuel-price dynamics, they are a little different for those operating a for-hire fleet of vehicles, and then having to procure the fuel and worry about hedging. From our customer’s side, there is a degree of concern. There is also a lag in terms of when customers will experience an uptick in fee structure because of the pass-through of higher fuel cost.
The bigger point here is around EVs. As fuel prices go up, demand and user transition will rise exponentially. So, we see high demand for EVs in the not-too-distant future, not just from the major metro areas that we are operating in today, but from more geographies.
Graham Mattison:&nbsp;Greg, thank you for taking the time to speak with us.
Greg Miller:&nbsp;Thank you, everyone.
Note:&nbsp;A&nbsp;replay of this discussion&nbsp;is available on&nbsp;www.watertowerresearch.com.
ABOUT THE EXECUTIVE

Greg Miller
COO EVmo, Inc.
Mr. Miller brings more than 35 years of experience in the fleet management, transportation and logistics industries, and has served as the company’s Chief Operating Officer since April 2021.
He was previously the President and CEO of FleetLogik, a specialized fleet management firm, and was Senior Vice President Fleet Operations and Procurement for National Express, a leading transit provider operating more than 17,000 vehicles across North America. Mr. Miller also was responsible for delivering global fleet excellence for DHL Express, managing more than 30,000 vehicles across North, Central, and South America.
He has held various advisory or board positions, including the Board of Directors for Auto Safety House, a Gladstone portfolio company operating a multi-state full-service truck, bus, and utility vehicle distributor headquartered in Phoenix, AZ, eIQ, an early start-up venture focused on the analytics of mobility and electric vehicles based in Oakland, CA, The Salvation Army advisory council, and the Ford Fleet Advisory Council. Mr. Miller has a degree in Automotive Technology and a State of California lifetime teacher’s credential
DISCLOSURES
Water Tower Research (“WTR”) is a professional publisher of investment research reports on public companies and, to a lesser extent, private firms (“the Companies”). WTR provides investor-focused content and digital distribution strategies designed to help companies communicate with investors.  WTR is not a registered investment adviser or a broker/dealer nor does WTR provide investment banking services. WTR operates as an exempt investment adviser under the so called “publishers’ exemption” from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940. WTR does not provide investment ratings / recommendations or price targets on the companies it reports on. Readers are advised that the research reports are published and provided solely for informational purposes and should not be construed as an offer to sell or the solicitation of an offer to buy securities or the rendering of investment advice. The information provided in this report should not be construed in any manner whatsoever as personalized advice. All users and readers of WTR’s reports are cautioned to consult their own independent financial, tax and legal advisors prior to purchasing or selling securities.  Graham Mattison, who is the writer of this report, covers the Industrial Technology and ClimateTech &amp; Sustainable Investing sectors for WTR. Mr. Mattison and members of his household have no personal or business-related relationship to the subject company other than providing digital content and any ancillary services WTR may offer.  Unless otherwise indicated, WTR intends to provide continuing coverage of the covered companies. WTR will notify its readers through website postings or other appropriate means if WTR determines to terminate coverage of any of the companies covered.  WTR is being compensated for its research by the company which is the subject of this report. WTR receives no more than a maximum of $10,500 per month from a given client and is required to have at least a 6-month commitment. None of the earned fees are contingent on, and WTR’s client agreements are not cancellable for the content of its reports. WTR does not accept any compensation in the form of warrants or stock options or other equity instruments that could increase in value based on positive coverage in its reports.  WTR or an affiliate may seek to receive compensation for non-research services to covered companies, such as charges for presenting at sponsored investor conferences, distributing press releases, advising on investor relations and broader corporate communications and public relations strategies as well as performing certain other related services (“Ancillary Services”). The companies that WTR covers in our research are not required to purchase or use Ancillary Services that WTR or an affiliate might offer to clients.  The manner of WTR’s research compensation and Ancillary Services to covered companies raise actual and perceived conflicts of interest. WTR is committed to manage those conflicts to protect its reputation and the objectivity of employees/analysts by adhering to strictly-written compliance guidelines.  The views and analyses included in our research reports are based on current public information that we consider to be reliable, but no representation or warranty, expressed or implied, is made as to their accuracy, completeness, timeliness, or correctness. Neither we nor our analysts, directors, officers, employees, representatives, independent contractors, agents or affiliate shall be liable for any omissions, errors or inaccuracies, regardless of cause, foreseeability or the lack of timeliness of, or any delay or interruptions in the transmission of our reports to content users. This lack of liability extends to direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, losses, lost income, lost profit or opportunity costs.  All investment information contained herein should be independently verified by the reader or user of this report. For additional information, all readers of this report are encouraged to visit WTR’s website www.watertowerresearch.com.

Fireside Chat Highlights Company’s Accelerating Growth Prospects

United States

Evmo, Inc. develops and delivers a rideshare booking and cost comparison application. The Company offers a metasearch application for smartphones that provides price comparison and booking of available ride sharing, as well as taxi and public transportation services. Evmo serves customers in the United States.

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EVmo (YAYO US)

Fireside Chat Highlights Company’s Accelerating Growth Prospects

KEY POINTS Water Tower Research hosted Greg Miller, Chief Operating Officer of EVmo, Inc. on March 10, 2022. The event included a discussion of...

Water Tower Research

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