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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

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Equity Bottom-Up

<ul><li>First revenue-generating quarter. </li><li>Bimergen reported 2Q26 revenue of $7.9 million and gross profit of $4.8 million (61% gross margin)—the company’s first quarter of recognized revenue, driven by the Cerberus/Frontier Power USA (Redbird) transaction ($6.7 million), a one-time Eos Energy joint development payment ($0.25 million), and recognition of the long-standing Bridgelink solar deposit ($0.9 million).</li><li>The quarter produced GAAP net income of $1.6 million, or $0.22 per diluted share, versus a net loss of $0.8 million in 2Q25.</li></ul>

First revenue-generating quarter. Bimergen reported 2Q26 revenue of $7.9 million and gross profit of $4.8 million (61% gross margin)—the company’s first quarter of recognized revenue, driven by the Cerberus/Frontier Power USA (Redbird) transaction ($6.7 million), a one-time Eos Energy joint development payment ($0.25 million), and recognition of the long-standing Bridgelink solar deposit ($0.9 million).The quarter produced GAAP net income of $1.6 million, or $0.22 per diluted share, versus a net loss of $0.8 million in 2Q25.

BESS: Delivers GAAP Profitability; Balance Sheet Meaningfully Strengthened

Bimergen Energy

BESS: Delivers GAAP Profitability; Balance Sheet Meaningfully Strengthened