Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Plug Power’s share price has soared in recent weeks, surging 24% in a single session to $3.52 and nearly doubling over the past month.</li><li>This sharp rally comes as optimism builds around improving hydrogen economics, strengthened policy tailwinds, and an upgraded long-term growth outlook.</li><li>Investor sentiment has shifted following the company’s delivery of its first 10-megawatt GenEco electrolyzer array to a European customer and a positive re-rating of its revenue potential for 2035.</li></ul>

Plug Power’s share price has soared in recent weeks, surging 24% in a single session to $3.52 and nearly doubling over the past month.This sharp rally comes as optimism builds around improving hydrogen economics, strengthened policy tailwinds, and an upgraded long-term growth outlook.Investor sentiment has shifted following the company’s delivery of its first 10-megawatt GenEco electrolyzer array to a European customer and a positive re-rating of its revenue potential for 2035.

Plug Power Skyrockets 80%—But Is A Crash Coming?

<ul><li>Shares of Plug Power have defied gravity in recent weeks, notching an unprecedented 10-day winning streak and more than doubling in value to $2.82 as of September 23, 2025.</li><li>Despite a historical track record of operating losses and continued projections of negative earnings in fiscal 2025, the stock has caught fire amid a convergence of bullish catalysts.</li><li>Chief among them is the potential for a $370 million cash injection from warrant exercises by Heights Capital Management, following a new disclosure by the company.</li></ul>

Shares of Plug Power have defied gravity in recent weeks, notching an unprecedented 10-day winning streak and more than doubling in value to $2.82 as of September 23, 2025.Despite a historical track record of operating losses and continued projections of negative earnings in fiscal 2025, the stock has caught fire amid a convergence of bullish catalysts.Chief among them is the potential for a $370 million cash injection from warrant exercises by Heights Capital Management, following a new disclosure by the company.

Plug Power Goes Parabolic—Can The Hydrogen Hype Last?

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

Flexible Solutions Internation / Equity Bottom-Up

<ul><li>Last week, the WTR Sustainable Index was up 10.3% W/W versus the S&amp;P 500 Index (up 1.2%), the Russell 2000 Index (up 2.2%), and the Nasdaq Index (up 2.2%).</li><li>Energy Technology (45% of the index) was up 16.4%, while Transportation Solutions (32% of the index) was up 7.0%, Climate Tech and Clean Tech (17% of the index) was up 2.3%, and Climate Tech Mining and Processing (7% of the index) was up 9.4%.</li><li>Top 10 Performers: EXROF, WMLLF, LPSIF, AMPX, PLUG, AKCCF, FLUX, ABAT, BNET, CWSFF</li></ul>

Last week, the WTR Sustainable Index was up 10.3% W/W versus the S&amp;P 500 Index (up 1.2%), the Russell 2000 Index (up 2.2%), and the Nasdaq Index (up 2.2%).Energy Technology (45% of the index) was up 16.4%, while Transportation Solutions (32% of the index) was up 7.0%, Climate Tech and Clean Tech (17% of the index) was up 2.3%, and Climate Tech Mining and Processing (7% of the index) was up 9.4%.Top 10 Performers: EXROF, WMLLF, LPSIF, AMPX, PLUG, AKCCF, FLUX, ABAT, BNET, CWSFF

Sustainable Investing Surveyor Focus on Flexible Solutions (FSI) - September 22, 2025

<ul><li>Plug Power's latest financial disclosure illustrates a period of strategic maneuvers and infrastructural advancements, while simultaneously highlighting ongoing challenges that the company must navigate.</li><li>For the first quarter of 2025, Plug Power reported revenue of $134 million, aligned with their expectations.</li><li>This consistency in revenue generation marks a position of stability but not rapid growth, indicative of the volatile macroeconomic environment affecting many industries.</li></ul>

Plug Power's latest financial disclosure illustrates a period of strategic maneuvers and infrastructural advancements, while simultaneously highlighting ongoing challenges that the company must navigate.For the first quarter of 2025, Plug Power reported revenue of $134 million, aligned with their expectations.This consistency in revenue generation marks a position of stability but not rapid growth, indicative of the volatile macroeconomic environment affecting many industries.

Plug Power: Hydrogen Production Facilities in the U.S. & Critical Factors Powering Our Optimism!

<ul><li>The WTR Sustainable Index was down 0.2% W/W versus the S&amp;P 500 Index (down 0.4%), the Russell 2000 Index (down 1.5%), and the Nasdaq Index (down 0.6%).</li><li>Energy Technology (13.1% of the index) was up 2.0%, while Industrial Climate and Ag Technology (47.9% of the index) was down 0.3%, ClimateTech Mining was down 0.3%, and Advanced Transportation Solutions (20.8% of the index) was down 1.5%.</li><li>Top 10 Performers: ZAPP, GPRE, PLUG, ALLIF, UMICF, OUST, HYSR, FFIE, MP, BNET</li></ul>

The WTR Sustainable Index was down 0.2% W/W versus the S&amp;P 500 Index (down 0.4%), the Russell 2000 Index (down 1.5%), and the Nasdaq Index (down 0.6%).Energy Technology (13.1% of the index) was up 2.0%, while Industrial Climate and Ag Technology (47.9% of the index) was down 0.3%, ClimateTech Mining was down 0.3%, and Advanced Transportation Solutions (20.8% of the index) was down 1.5%.Top 10 Performers: ZAPP, GPRE, PLUG, ALLIF, UMICF, OUST, HYSR, FFIE, MP, BNET

Sustainable Investing Surveyor Focus on Sono Group N.V. (SEVCF)

United States

Plug Power, Inc. designs, develops, manufactures and commercializes fuel cell systems for electric lift trucks and materials handling equipment.  The Company offers its products globally to retail, grocery, and institutional food distribution centers as well as manufacturing facilities.

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Plug Power Inc (PLUG US)

Plug Power Skyrockets 80%—But Is A Crash Coming?

Plug Power’s share price has soared in recent weeks, surging 24% in a single session to $3.52 and nearly doubling over the past month. This sharp...

Baptista Research

Plug Power Goes Parabolic—Can The Hydrogen Hype Last?

Shares of Plug Power have defied gravity in recent weeks, notching an unprecedented 10-day winning streak and more than doubling in value to $2.82...

Baptista Research

Sustainable Investing Surveyor Focus on Flexible Solutions (FSI) - September 22, 2025

ast week, the WTR Sustainable Index was up 10.3% W/W versus the S&P 500 Index (up 1.2%), the Russell 2000 Index (up 2.2%), and the Nasdaq Index (up...

Water Tower Research

Plug Power: Hydrogen Production Facilities in the U.S. & Critical Factors Powering Our Optimism!

Plug Power's latest financial disclosure illustrates a period of strategic maneuvers and infrastructural advancements, while simultaneously...

Baptista Research

Sustainable Investing Surveyor Focus on Sono Group N.V. (SEVCF)

The WTR Sustainable Index was down 0.2% W/W versus the S&P 500 Index (down 0.4%), the Russell 2000 Index (down 1.5%), and the Nasdaq Index (down...

Water Tower Research

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