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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

Thematic (Sector/Industry)

<ul><li>Last week, the WTR Sustainable Index was down 0.4% W/W versus the S&amp;P 500 Index (up 0.3%), the Russell 2000 Index (up 1.0%), and the Nasdaq Index (up 1.0%).</li><li>Energy Technology (42% of the index) was up 1.4%, while Transportation Solutions (33% of the index) was down 1.8%, Climate Tech and Clean Tech (18% of the index) was down 0.6%, and Climate Tech Mining and Processing (7% of the index) was down 3.7%.</li><li>Top 10 Performers: WNDW, POLA, STTDF, ALLIF, LOOP, RAIN, IONR, ZTEK, AWLIF, AKCCF</li></ul>

Last week, the WTR Sustainable Index was down 0.4% W/W versus the S&amp;P 500 Index (up 0.3%), the Russell 2000 Index (up 1.0%), and the Nasdaq Index (up 1.0%).Energy Technology (42% of the index) was up 1.4%, while Transportation Solutions (33% of the index) was down 1.8%, Climate Tech and Clean Tech (18% of the index) was down 0.6%, and Climate Tech Mining and Processing (7% of the index) was down 3.7%.Top 10 Performers: WNDW, POLA, STTDF, ALLIF, LOOP, RAIN, IONR, ZTEK, AWLIF, AKCCF

Sustainable Investing Surveyor Focus on Eco Wave Power (WAVE) - September 8, 2025

<ul><li>This week, we are introducing modifications to our WTR Sustainable Investing Index.</li><li>Please see “About the WTR Index” on this page for the new description.</li><li>Aside from changes to the sector and sub-sector groupings, we now include only stocks with market caps greater than $2.0 million and less than $10 billion, so the new index reflects small- cap and mid-cap companies.</li></ul>

This week, we are introducing modifications to our WTR Sustainable Investing Index.Please see “About the WTR Index” on this page for the new description.Aside from changes to the sector and sub-sector groupings, we now include only stocks with market caps greater than $2.0 million and less than $10 billion, so the new index reflects small- cap and mid-cap companies.

Sustainable Investing Surveyor - Focus on BNRG - Jul 28, 2025

<ul><li>The WTR Sustainable Index was up 0.5% W/W versus the S&amp;P 500 Index (up 1.7%), the Russell 2000 Index (up 3.5%), and the Nasdaq Index (up 1.5%).</li><li>Energy Technology (13.9% of the index) was up 6.8%, while Industrial Climate and Ag Technology (49.3% of the index) was up 2.7%, ClimateTech Mining was down 10.7%, and Advanced Transportation Solutions (20.9% of the index) was up 0.9%.</li><li>Top 10 Performers: HCNWF, GWH, RUN, FLNC, LIS, STEM, FLUX, GRB, NRGV, AMTX</li></ul>

The WTR Sustainable Index was up 0.5% W/W versus the S&amp;P 500 Index (up 1.7%), the Russell 2000 Index (up 3.5%), and the Nasdaq Index (up 1.5%).Energy Technology (13.9% of the index) was up 6.8%, while Industrial Climate and Ag Technology (49.3% of the index) was up 2.7%, ClimateTech Mining was down 10.7%, and Advanced Transportation Solutions (20.9% of the index) was up 0.9%.Top 10 Performers: HCNWF, GWH, RUN, FLNC, LIS, STEM, FLUX, GRB, NRGV, AMTX

Sustainable Investing Surveyor Focus on CRC

<ul><li>The WTR Sustainable Index was up 1.8% W/W versus the S&amp;P 500 Index (up 1.5%), the Russell 2000 Index (up 3.2%), and the Nasdaq Index (up 2.0%).</li><li>Energy Technology (12.8% of the index) was up 5.2%, while Industrial Climate and Ag Technology (47.9% of the index) was up 1.9%, ClimateTech Mining was up 0.1%, and Advanced Transportation Solutions (21.0% of the index) was up 1.3%.</li><li>Top 10 Performers: LEV, SPWR, BNRG, LOOP, VVPR, IRBT, FCEL, TGEN, FNI, ZAPP</li></ul>

The WTR Sustainable Index was up 1.8% W/W versus the S&amp;P 500 Index (up 1.5%), the Russell 2000 Index (up 3.2%), and the Nasdaq Index (up 2.0%).Energy Technology (12.8% of the index) was up 5.2%, while Industrial Climate and Ag Technology (47.9% of the index) was up 1.9%, ClimateTech Mining was up 0.1%, and Advanced Transportation Solutions (21.0% of the index) was up 1.3%.Top 10 Performers: LEV, SPWR, BNRG, LOOP, VVPR, IRBT, FCEL, TGEN, FNI, ZAPP

Sustainable Investing Surveyor Focus on Aemetis (AMTX)

<ul><li>The WTR Sustainable Index was up 5.9% W/W versus the S&amp;P 500 Index (up 5.3%), the Russell 2000 Index (up 4.5%), and the Nasdaq Index (up 6.8%).</li><li>Energy Technology (12.6% of the index) was up 10.4%, while Industrial Climate and Ag Technology (47.4% of the index) was up 5.4%, ClimateTech Mining was up 2.9%, and Advanced Transportation Solutions (21.7% of the index) was up 6.9%.</li><li>Top 10 Performers: FL, AEVA, SPI, MVST, ACHR, LIS, SMR, TGEN, CLIR, TPIC</li></ul>

The WTR Sustainable Index was up 5.9% W/W versus the S&amp;P 500 Index (up 5.3%), the Russell 2000 Index (up 4.5%), and the Nasdaq Index (up 6.8%).Energy Technology (12.6% of the index) was up 10.4%, while Industrial Climate and Ag Technology (47.4% of the index) was up 5.4%, ClimateTech Mining was up 2.9%, and Advanced Transportation Solutions (21.7% of the index) was up 6.9%.Top 10 Performers: FL, AEVA, SPI, MVST, ACHR, LIS, SMR, TGEN, CLIR, TPIC

Sustainable Investing Surveyor Focus on CGBS

United States

The NASDAQ-100 Index is a modified capitalization-weighted index of the 100 largest and most active non-financial domestic and international issues listed on the NASDAQ. No security can have more than a 24% weighting. The index was developed with a base value of 125 as of February 1, 1985. Prior to December 21,1998 the Nasdaq 100 was a cap-weighted index.

Nasdaq-100 Stock Index (NDX INDEX)

Sustainable Investing Surveyor Focus on Eco Wave Power (WAVE) - September 8, 2025

Last week, the WTR Sustainable Index was down 0.4% W/W versus the S&P 500 Index (up 0.3%), the Russell 2000 Index (up 1.0%), and the Nasdaq Index...

Water Tower Research

Sustainable Investing Surveyor - Focus on BNRG - Jul 28, 2025

This week, we are introducing modifications to our WTR Sustainable Investing Index. Please see “About the WTR Index” on this page for the new...

Water Tower Research

Sustainable Investing Surveyor Focus on CRC

The WTR Sustainable Index was up 0.5% W/W versus the S&P 500 Index (up 1.7%), the Russell 2000 Index (up 3.5%), and the Nasdaq Index (up 1.5%).

Water Tower Research

Sustainable Investing Surveyor Focus on Aemetis (AMTX)

The WTR Sustainable Index was up 1.8% W/W versus the S&P 500 Index (up 1.5%), the Russell 2000 Index (up 3.2%), and the Nasdaq Index (up 2.0%).

Water Tower Research

Sustainable Investing Surveyor Focus on CGBS

The WTR Sustainable Index was up 5.9% W/W versus the S&P 500 Index (up 5.3%), the Russell 2000 Index (up 4.5%), and the Nasdaq Index (up 6.8%).

Water Tower Research