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

Equity Bottom-Up

<ul><li>ARQ is an environmental tech company that produces activated carbon (AC) products that reduce or reverse environmental liabilities.</li><li>The AC market is entering an extended period of supply shortage as new capacity is expected to fall short of demand for applications like removing “forever chemicals” from public drinking water, remediating contaminated soil and ground water, and removing impurities from renewable natural gas.</li><li>ARQ is initiating a low-cost, high-return brownfield expansion into granular activated carbon (GAC) and has a fully integrated domestic supply chain.</li></ul>

ARQ is an environmental tech company that produces activated carbon (AC) products that reduce or reverse environmental liabilities.The AC market is entering an extended period of supply shortage as new capacity is expected to fall short of demand for applications like removing “forever chemicals” from public drinking water, remediating contaminated soil and ground water, and removing impurities from renewable natural gas.ARQ is initiating a low-cost, high-return brownfield expansion into granular activated carbon (GAC) and has a fully integrated domestic supply chain.

ARQ: 3Q25 Results; GAC Delay Disappoints; PAC Performance Leads to EBITDA Beat

Arq

ARQ: 3Q25 Results; GAC Delay Disappoints; PAC Performance Leads to EBITDA Beat