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>SES announced on Tuesday that its 1Q25 revenue would be $5-5.8 million, in line with prior guidance (see our summary note from last quarter).</li><li>At that time, the company said that FY25 revenue would be $15- 25 million.</li><li>In it 1Q25 preview, SES sighted the same revenue streams it had previously called out: materials. discovery for EV batteries, sales of its 2170 Li-ion cells into the drone space, and the beginning of the commercialization of its technology for BESS for data centers.</li></ul>

SES announced on Tuesday that its 1Q25 revenue would be $5-5.8 million, in line with prior guidance (see our summary note from last quarter).At that time, the company said that FY25 revenue would be $15- 25 million.In it 1Q25 preview, SES sighted the same revenue streams it had previously called out: materials. discovery for EV batteries, sales of its 2170 Li-ion cells into the drone space, and the beginning of the commercialization of its technology for BESS for data centers.

SES AI Corp. - 1Q25 Revenue Preview Demonstrates Continuing Traction on Commercialization