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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.

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Equity Bottom-Up

Greenidge Generation Holdings / Equity Bottom-Up

<ul><li>Greenidge announced a solid 3Q25, with revenue of $15.2 million, up more than 20% Y/Y, and significantly reduced unsecured 2026 debt obligations by 47%.</li><li>The company highlighted its recent agreement with New York State for the renewal of the Dresden facility air permit (see our note from November 10, 2025.)</li><li>CEO Jordan Kovler said, “We are proud of the results our team delivered this quarter, which led to a $3-million increase in our cash and Bitcoin holdings relative to the prior quarter, notwithstanding the company’s bond repurchases for cash exceeding proceeds received from the sale of our Mississippi mining facility. </li></ul>

Greenidge announced a solid 3Q25, with revenue of $15.2 million, up more than 20% Y/Y, and significantly reduced unsecured 2026 debt obligations by 47%.The company highlighted its recent agreement with New York State for the renewal of the Dresden facility air permit (see our note from November 10, 2025.)CEO Jordan Kovler said, “We are proud of the results our team delivered this quarter, which led to a $3-million increase in our cash and Bitcoin holdings relative to the prior quarter, notwithstanding the company’s bond repurchases for cash exceeding proceeds received from the sale of our Mississippi mining facility. 

GREE: 3Q25 Revenue Up 23% Y/Y, Cash Improved, and NY State Agreement on Dresden Facility