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

Rayonier Advanced Materials / Equity Bottom-Up

<ul><li>3Q25 results underscored resilience amid soft markets. RYAM reported revenue of $353 million and adjusted EBITDA of $42 million, modestly below expectations but reflecting operational improvement.</li><li>The loss from continuing operations narrowed sharply to $4 million from $33 million in 3Q24.</li><li>Management reiterated that 2025 represents the trough year as temporary headwinds subside and pricing resets gain traction.</li></ul>

3Q25 results underscored resilience amid soft markets. RYAM reported revenue of $353 million and adjusted EBITDA of $42 million, modestly below expectations but reflecting operational improvement.The loss from continuing operations narrowed sharply to $4 million from $33 million in 3Q24.Management reiterated that 2025 represents the trough year as temporary headwinds subside and pricing resets gain traction.

RYAM: Softness in Non-Core Segments Drives Lower Guidance, Even as Specialties Business Improves