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

Equity Bottom-Up

Gorilla Technology Group  / Equity Bottom-Up

<ul><li>Gorilla Technology reported a very strong FY23, with adjusted EBITDA of $29.0 million, compared with ($6.0) million for FY22.</li><li>Revenue jumped 189% to $64.7 million, while gross margin increased nearly 30 points to 69.1%.</li><li>Full-year 2023 net income of $19.9 million was also a turnaround from the $87.5 million loss in 2022.</li></ul>

Gorilla Technology reported a very strong FY23, with adjusted EBITDA of $29.0 million, compared with ($6.0) million for FY22.Revenue jumped 189% to $64.7 million, while gross margin increased nearly 30 points to 69.1%.Full-year 2023 net income of $19.9 million was also a turnaround from the $87.5 million loss in 2022.

Gorilla Technology Group, Inc. - FY23 Net Earnings Turn Profitable; Revenue Up 189% Y/Y

<ul><li>Gorilla Technology reported a strong first nine months of 2023, with adjusted EBITDA of $13.4 million versus a $4 million loss for the same period the previous year.</li><li>The stock closed up 96% after the earnings release.</li><li>The profit turnaround was driven by: (1) revenue growth of more than 100% to $38.0 million for nine months (analysts were expecting $21.8 million); and (2) an increase in gross margin from 33.2% a year ago to 76.5% for the nine-month period.</li></ul>

Gorilla Technology reported a strong first nine months of 2023, with adjusted EBITDA of $13.4 million versus a $4 million loss for the same period the previous year.The stock closed up 96% after the earnings release.The profit turnaround was driven by: (1) revenue growth of more than 100% to $38.0 million for nine months (analysts were expecting $21.8 million); and (2) an increase in gross margin from 33.2% a year ago to 76.5% for the nine-month period.

Gorilla Technology Group, Inc. - Significant Beat for First Nine Months 2023

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

<ul>
<li>Nvidia's results and guidance sparked a massive rally in the shares, marking one of the largest single-day increases in market cap in U.S. stock market history.</li>
<li>The company sees a multi-year growth cycle of data center upgrades ahead. Key supply chain partners TSMC and ASML are rising as well.</li>
<li>Wiwynn in Taiwan should be a key winner. We also highlight a potential wildcard smallcap AI play that we will investigate further.</li>
</ul>


Nvidia's results and guidance sparked a massive rally in the shares, marking one of the largest single-day increases in market cap in U.S. stock market history.
The company sees a multi-year growth cycle of data center upgrades ahead. Key supply chain partners TSMC and ASML are rising as well.
Wiwynn in Taiwan should be a key winner. We also highlight a potential wildcard smallcap AI play that we will investigate further.


Nvidia Results Blow-Out: Multi-Year Growth Ahead; Wiwynn in Taiwan, Plus a Smallcap Wildcard AI Play

Thematic (Sector/Industry)

<ul><li>Artificial intelligence (AI) is all the buzz, but for good reason.</li><li>AI is being used to automate and optimize many tasks previously thought to be beyond computers.</li><li>WTR will be hosting a hybrid conference on April 10-11 in New York City to discuss how AI can propel the business prospects of smaller companies. </li></ul>

Artificial intelligence (AI) is all the buzz, but for good reason.AI is being used to automate and optimize many tasks previously thought to be beyond computers.WTR will be hosting a hybrid conference on April 10-11 in New York City to discuss how AI can propel the business prospects of smaller companies. 

Tech Talk - WTR Technology Conference - AI and Crypto

Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

<ul>
<li>Asteria Corporation develops enterprise software that connects corporate information systems, cloud services, and hardware devices without coding (programming), enabling automated data exchange.</li>
<li>In FY03/23, revenue increased 13.8% YoY. Revenue in the software business (excluding the design business) remained upbeat, growing 9.4% YoY, while revenue in the design business surged 39.8%.</li>
<li>Asteria has announced a change in entities in its consolidated group due to sale of shares, as well as revisions to its consolidated earnings and year-end dividend forecasts for FY03/24.</li>
</ul>


Asteria Corporation develops enterprise software that connects corporate information systems, cloud services, and hardware devices without coding (programming), enabling automated data exchange.
In FY03/23, revenue increased 13.8% YoY. Revenue in the software business (excluding the design business) remained upbeat, growing 9.4% YoY, while revenue in the design business surged 39.8%.
Asteria has announced a change in entities in its consolidated group due to sale of shares, as well as revisions to its consolidated earnings and year-end dividend forecasts for FY03/24.


Taiwan

Gorilla Technology Group Inc. operates as a video big data and analytics technology firm. The Company offers intelligent video surveillance solutions featuring analytics for enterprise business surveillance, content delivery, and communication solutions for mobile business, network intelligence, forensics, telecommunications, and web service industries.

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Gorilla Technology Group (GRRR US)

Gorilla Technology Group, Inc. - FY23 Net Earnings Turn Profitable; Revenue Up 189% Y/Y

Gorilla Technology reported a very strong FY23, with adjusted EBITDA of $29.0 million, compared with ($6.0) million for FY22.

Water Tower Research

Gorilla Technology Group, Inc. - Significant Beat for First Nine Months 2023

Gorilla Technology reported a strong first nine months of 2023, with adjusted EBITDA of $13.4 million versus a $4 million loss for the same period...

Water Tower Research

Nvidia Results Blow-Out: Multi-Year Growth Ahead; Wiwynn in Taiwan, Plus a Smallcap Wildcard AI Play

The company sees US$1 trillion of data center upgrades ahead. Our AI Leaders Basket constituents TSMC and ASML are rising as well.

Vincent Fernando, CFA

Tech Talk - WTR Technology Conference - AI and Crypto

Artificial intelligence (AI) is all the buzz, but for good reason. AI is being used to automate and optimize many tasks previously thought to be...

Water Tower Research

Asteria (3853): Q3 FY03/24 Update

Asteria Corp sees revenue growth in FY03/23, driven by software business success and design business surge. Changes in entities and forecasts...

Shared Research

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Gorilla Technology Group, Inc. - FY23 Net Earnings Turn Profitable; Revenue Up 189% Y/Y

Gorilla Technology reported a very strong FY23, with adjusted EBITDA of $29.0 million, compared with ($6.0) million for FY22.

Water Tower Research

Gorilla Technology Group, Inc. - Significant Beat for First Nine Months 2023

Gorilla Technology reported a strong first nine months of 2023, with adjusted EBITDA of $13.4 million versus a $4 million loss for the same period...

Water Tower Research

Nvidia Results Blow-Out: Multi-Year Growth Ahead; Wiwynn in Taiwan, Plus a Smallcap Wildcard AI Play

The company sees US$1 trillion of data center upgrades ahead. Our AI Leaders Basket constituents TSMC and ASML are rising as well.

Vincent Fernando, CFA

Tech Talk - WTR Technology Conference - AI and Crypto

Artificial intelligence (AI) is all the buzz, but for good reason. AI is being used to automate and optimize many tasks previously thought to be...

Water Tower Research

Asteria (3853): Q3 FY03/24 Update

​Asteria Corp sees revenue growth in FY03/23, driven by software business success and design business surge. Changes in entities and forecasts...

Shared Research

Asteria Corp sees revenue growth in FY03/23, driven by software business success and design business surge. Changes in entities and forecasts...