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

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Equity Bottom-Up

Ocean Power Technologies / Equity Bottom-Up

<ul><li>FY26 was a defining year that turned capability into proof.</li><li>Stratmann described a year spent building and deploying buoy networks and drone fleets, noting the business is not software-as-a-service since every system must be built, installed, and operated.</li><li>Backlog finished the year at a record $19.8 million, up 58% Y/Y and more than five times annual 2026 revenue.</li></ul>

FY26 was a defining year that turned capability into proof.Stratmann described a year spent building and deploying buoy networks and drone fleets, noting the business is not software-as-a-service since every system must be built, installed, and operated.Backlog finished the year at a record $19.8 million, up 58% Y/Y and more than five times annual 2026 revenue.

OPTT: CEO on Proven Capability, Growing Backlog, and What Comes Next in 2027