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)

<div><ul><li>Water Tower AI Flow Index. We monitor ~400 public companies across tech and AI for performance and AI-related news flow.</li><li>Last month (ending 3/31), the WTR AI Index was down 5.5% M/M versus the S&amp;P 500 Index (down 5.1%), the Russell 2000 Index (down 5.2%), and the Nasdaq Index (down 4.9%).</li><li>All sectors, with the exception of Internet and Data Services, were down M/M; Software, while still down M/M, was not down as much as other sectors. </li></ul></div>

Water Tower AI Flow Index. We monitor ~400 public companies across tech and AI for performance and AI-related news flow.Last month (ending 3/31), the WTR AI Index was down 5.5% M/M versus the S&amp;P 500 Index (down 5.1%), the Russell 2000 Index (down 5.2%), and the Nasdaq Index (down 4.9%).All sectors, with the exception of Internet and Data Services, were down M/M; Software, while still down M/M, was not down as much as other sectors. 

AI Flow Index : Sailing a Sea of Companies in AI - 2 April 2026

Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Equity Bottom-Up

<ul>
<li>Defence and aerospace small-cap equities are emerging as key beneficiaries of increasing government defence budgets.</li>
<li>Canada has committed to meeting NATO’s 2% GDP target by 2025-2026, with interim boosts totalling C$9B in new spending.</li>
<li>Demand for fighter jets, naval systems, NORAD upgrades, and drone defence create multi-year tailwinds for niche suppliers.</li>
</ul>


Defence and aerospace small-cap equities are emerging as key beneficiaries of increasing government defence budgets.
Canada has committed to meeting NATO’s 2% GDP target by 2025-2026, with interim boosts totalling C$9B in new spending.
Demand for fighter jets, naval systems, NORAD upgrades, and drone defence create multi-year tailwinds for niche suppliers.


Small-Caps Positioned to Benefit from Multi-Year Defence Spending Cycle

United States

KVH Industries, Inc. designs and manufactures products that enable mobile communication, navigation, and direction sensing through the use of its proprietary in-motion satellite antenna and fiber optic technologies. KVH serves multiple markets, including military navigation and stabilization and mobile satellite communications for vessels, RV's, and automobiles.

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KVH Industries (KVHI US)

AI Flow Index : Sailing a Sea of Companies in AI - 2 April 2026

Last month (ending 3/31), the WTR AI Index was down 5.5% M/M versus the S&P 500 Index (down 5.1%), the Russell 2000 Index (down 5.2%), and the...

Water Tower Research

Small-Caps Positioned to Benefit from Multi-Year Defence Spending Cycle

Defence and aerospace small-cap equities are emerging as key beneficiaries of increasing government defence budgets. Canada has committed to...

Atrium Research

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