Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from 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.

Equity Research Firm

Equity Bottom-Up

<ul style="list-style-type: disc;"><li><p>In 3Q23, Electrovaya achieved revenue of $10.5 million, a 160% Y/Y increase from $4.1 million in 3Q22.</p></li><li><p>The increase in revenue was due to increased order volume and a ramp-up in production to meet demand.</p></li><li><p>Guidance of $42 million for the year has been reiterated.</p></li></ul>

In 3Q23, Electrovaya achieved revenue of $10.5 million, a 160% Y/Y increase from $4.1 million in 3Q22.The increase in revenue was due to increased order volume and a ramp-up in production to meet demand.Guidance of $42 million for the year has been reiterated.

Electrovaya, Inc. - 3Q23 Results: Revenue of $10.5 Million

<div><div><div><ul style="list-style-type: disc;"><li><p>Key technological advantages and properties of the company’s proprietary Infinity Battery Platform.</p></li><li><p>A review of the solid financial momentum and performance in 2023. A look at the recent successful uplisting to NASDAQ.</p></li><li><p>Electrovaya’s strategy for continued growth into 2024 and beyond.</p></li></ul></div></div></div>

Key technological advantages and properties of the company’s proprietary Infinity Battery Platform.A review of the solid financial momentum and performance in 2023. A look at the recent successful uplisting to NASDAQ.Electrovaya’s strategy for continued growth into 2024 and beyond.

UPDATE NOTE - Electrovaya, Inc. - Aug 7, 2023

<ul><li>In 2QFY23, Electrovaya achieved record revenue of $10.5 million, a 144% Y/Y increase from $4.3 million in 2QFY22.</li><li>The increase in revenue was due to increased order volume and ramp-up in production to meet the demand, despite ongoing supply chain issues and inflationary pressures.</li><li>Revenue was predominantly from the sale of batteries for Materials Handling Electric Vehicles (MHEVs), which accounted for $10.2 million (~97%) in 2QFY23, versus $3.9 million (~90%) in 2QFY22.</li></ul>

In 2QFY23, Electrovaya achieved record revenue of $10.5 million, a 144% Y/Y increase from $4.3 million in 2QFY22.The increase in revenue was due to increased order volume and ramp-up in production to meet the demand, despite ongoing supply chain issues and inflationary pressures.Revenue was predominantly from the sale of batteries for Materials Handling Electric Vehicles (MHEVs), which accounted for $10.2 million (~97%) in 2QFY23, versus $3.9 million (~90%) in 2QFY22.

ELECTROVAYA, INC. - 2Q23 Results: Record Q2 Revenue of $10.5 Million

Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Thematic (Sector/Industry)

<ul><li>Due to the fluctuating levels of energy produced on an hourly basis by renewable energy sources, energy storage is required to smooth out supply and demand</li><li>The grid is becoming increasingly unstable due to its old age and extreme weather conditions, and is not set up to accommodate a net-zero system</li><li>Small and mid-cap players in the space are down over 60% since 2021, making today’s valuations a great entry point Intermittent Supply from Renewables Solar and wind energy cannot produce energy 24/7 since there is not constant sunshine or wind in most regions.</li></ul>

Due to the fluctuating levels of energy produced on an hourly basis by renewable energy sources, energy storage is required to smooth out supply and demandThe grid is becoming increasingly unstable due to its old age and extreme weather conditions, and is not set up to accommodate a net-zero systemSmall and mid-cap players in the space are down over 60% since 2021, making today’s valuations a great entry point Intermittent Supply from Renewables Solar and wind energy cannot produce energy 24/7 since there is not constant sunshine or wind in most regions.

Energy Storage: The Missing Piece for the Energy Transition

<ul><li>The WTR Sustainable Index underperformed the broader market, falling 4.9% W/W versus the S&amp;P 500 Index (down 2.7%), the Russell 2000 Index (down 2.9%), and the Nasdaq Composite Index (down 3.3%).</li><li>Advanced Transportation Solutions (70.2% of the index) drove the underperformance, falling 6.0% , while Energy Technology (8.3% of index) was down 5.4% and Industrial Climate and Ag Technology was down 1.9%.</li><li>Top 10 Performers: NNOMF, LMRMF, VMC.V, APPH, FIX, AROC, LOOP, KTOS, CUBXF, TPIC</li></ul>

The WTR Sustainable Index underperformed the broader market, falling 4.9% W/W versus the S&amp;P 500 Index (down 2.7%), the Russell 2000 Index (down 2.9%), and the Nasdaq Composite Index (down 3.3%).Advanced Transportation Solutions (70.2% of the index) drove the underperformance, falling 6.0% , while Energy Technology (8.3% of index) was down 5.4% and Industrial Climate and Ag Technology was down 1.9%.Top 10 Performers: NNOMF, LMRMF, VMC.V, APPH, FIX, AROC, LOOP, KTOS, CUBXF, TPIC

Weekly Sustainable Investing Surveyor: Week Ended February 24, 2023

Canada

Electrovaya Inc. designs, develops and manufactures proprietary Lithium-ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation and other specialized applications. The Company is technology focused with production facilities in Canada with customers around the globe.

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Electrovaya (ELVA CN)

Electrovaya, Inc. - 3Q23 Results: Revenue of $10.5 Million

The increase in revenue was due to increased order volume and a ramp-up in production to meet demand. Guidance of $42 million for the year has been...

Water Tower Research

UPDATE NOTE - Electrovaya, Inc. - Aug 7, 2023

Key technological advantages and properties of the company’s proprietary Infinity Battery Platform. A review of the solid financial momentum and...

Water Tower Research

ELECTROVAYA, INC. - 2Q23 Results: Record Q2 Revenue of $10.5 Million

The increase in revenue was due to increased order volume and ramp-up in production to meet the demand, despite ongoing supply chain issues and...

Water Tower Research

Energy Storage: The Missing Piece for the Energy Transition

Due to the fluctuating levels of energy produced on an hourly basis by renewable energy sources, energy storage is required to smooth out supply...

Atrium Research

Weekly Sustainable Investing Surveyor: Week Ended February 24, 2023

The WTR Sustainable Index underperformed the broader market, falling 4.9% W/W versus the S&P 500 Index (down 2.7%), the Russell 2000 Index...

Water Tower Research

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