Research from Water Tower Research, Water Tower Research

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.

Research from Water Tower Research

Equity Research Firm

Thematic (Sector/Industry)

United states It / Thematic (Sector/Industry)

<div><ul><li>Our industry cash flow forecasts improved modestly, driven by revenue, but the buildout still burns cash through the end of the decade.</li><li>Adjusted 2030 free cash flow is -$59B, against -$106B in the version we published on September 21.</li><li>Revenue covers 0.94x of 2030 capex, up from 0.89x, and 0.77x on a cumulative basis, up from 0.71x.</li></ul></div>

Our industry cash flow forecasts improved modestly, driven by revenue, but the buildout still burns cash through the end of the decade.Adjusted 2030 free cash flow is -$59B, against -$106B in the version we published on September 21.Revenue covers 0.94x of 2030 capex, up from 0.89x, and 0.77x on a cumulative basis, up from 0.71x.

AI Flow Industry Model : Tracking the Capex Flood and Revenue Streams - 6 October 2026