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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

<ul><li>KITT reported 1Q25 results that reflect the muted seasonality of a typical 1Q in the marine space.</li><li>Revenue was $165k, down from $464k in the year-ago period, and FCF excluding M&amp;A was ($6.7) million, in line with 1Q24.</li><li>The company sold 7.5 million shares in the quarter for net proceeds of $19.4 million and ended 1Q with ~$10.1 million in cash.</li></ul>

KITT reported 1Q25 results that reflect the muted seasonality of a typical 1Q in the marine space.Revenue was $165k, down from $464k in the year-ago period, and FCF excluding M&amp;A was ($6.7) million, in line with 1Q24.The company sold 7.5 million shares in the quarter for net proceeds of $19.4 million and ended 1Q with ~$10.1 million in cash.

Nauticus Robotics, Inc: 1Q25 Review; Customer Conversations Changing To "How Soon" From "What If"

<ul><li>Last year was transformational for KITT, with its strategy shifting to commercializing its technology from its prior focus on research and development.</li><li>The company expects 2025 “will continue to be a year of change.”</li><li>On the earnings call and callback, our focus was on sizing the opportunity, the outlook for the year given long lead times and seasonality in the business, and the competitive landscape.</li></ul>

Last year was transformational for KITT, with its strategy shifting to commercializing its technology from its prior focus on research and development.The company expects 2025 “will continue to be a year of change.”On the earnings call and callback, our focus was on sizing the opportunity, the outlook for the year given long lead times and seasonality in the business, and the competitive landscape.

Nauticus Robotics, Inc.: On the Anvil of Commercialization

Independent Research, SPACs, SPAC Track

SPAC Track

Independent Research, SPACs

Equity Capital Markets

Nauticus Robotics  / Equity Capital Markets

<ul><li>Cleantech Acquisition Corp. (CLAQ: warrants +5.41%) &amp; Nauticus Robotics (Valuation: $377M EV)</li><li>Armada Acquisition Corp. I (AACI: warrants +10.23%) &amp; Rezolve (Valuation: $1.85B EV)</li><li>Investindustrial Acquisition Corp. (IIAC) completed its merger with Ermenegildo Zegna N.V.</li></ul>

Cleantech Acquisition Corp. (CLAQ: warrants +5.41%) &amp; Nauticus Robotics (Valuation: $377M EV)Armada Acquisition Corp. I (AACI: warrants +10.23%) &amp; Rezolve (Valuation: $1.85B EV)Investindustrial Acquisition Corp. (IIAC) completed its merger with Ermenegildo Zegna N.V.

United States

Nauticus Robotics, Inc. operates as a software company. The Company cloud-based subsea robots and software to provides ocean robotic solutions for energy, aquaculture, and security applications. Nauticus Robotics serves customers worldwide.

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Nauticus Robotics (KITT US)

Nauticus Robotics, Inc: 1Q25 Review; Customer Conversations Changing To "How Soon" From "What If"

KITT reported 1Q25 results that reflect the muted seasonality of a typical 1Q in the marine space. Revenue was $165k, down from $464k in the year...

Water Tower Research

Nauticus Robotics, Inc.: On the Anvil of Commercialization

Last year was transformational for KITT, with its strategy shifting to commercializing its technology from its prior focus on research and...

Water Tower Research

The Nightcap from SPAC Track

Cleantech Acquisition Corp. (CLAQ: warrants +5.41%) & Nauticus Robotics (Valuation: $377M EV) Armada Acquisition Corp. I (AACI: warrants...

SPAC Track

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