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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

Ocean Power Technologies / Equity Bottom-Up

<div><div><div><div><ul style="list-style-type: disc;"><li><p>Ocean Power Technologies reported 4Q23 revenue of $0.1 million, up 29.6% Y/Y from $0.8 million in 4Q22 driven by sales of WAM-V autonomous vehicles and an increase in strategic consulting services.</p></li><li><p>OPT completed a $0.5M extension of its lease contract to continue providing their WAM-V to a U.S. Government agency.</p></li><li><p>The company deployed the scalable MOSWEC PowerBuoy, as part of US DoE Phase II development project worth $1.1m.</p></li></ul></div></div></div></div>

Ocean Power Technologies reported 4Q23 revenue of $0.1 million, up 29.6% Y/Y from $0.8 million in 4Q22 driven by sales of WAM-V autonomous vehicles and an increase in strategic consulting services.OPT completed a $0.5M extension of its lease contract to continue providing their WAM-V to a U.S. Government agency.The company deployed the scalable MOSWEC PowerBuoy, as part of US DoE Phase II development project worth $1.1m.

Ocean Power Technologies, Inc. - 4Q23 Results: Net Loss Widens

<ul><li>Revenue grew 51.7% Y/Y to $0.7 million, compared with $0.5 million in 3Q22.</li><li>Growth in the top-line figure was primarily driven by sales of WAM-V autonomous vehicles and better margins derived from Strategic Consulting Services. </li><li>A key driver of the revenue trajectory is the order activity, which is up 111% to $3.8 million YTD, with significant additional order activity in various stages of negotiation.</li></ul>

Revenue grew 51.7% Y/Y to $0.7 million, compared with $0.5 million in 3Q22.Growth in the top-line figure was primarily driven by sales of WAM-V autonomous vehicles and better margins derived from Strategic Consulting Services. A key driver of the revenue trajectory is the order activity, which is up 111% to $3.8 million YTD, with significant additional order activity in various stages of negotiation.

3Q23 Results: Revenue Grows 51.7% Y/Y as Order Activity and Gross Margin Shoot Up

Thematic (Sector/Industry)

<ul><li>WTR Sustainable Index: During the week ended January 27, 2023, the WTR Sustainable Index outperformed the broader market, rising 20.0% W/W versus the S&amp;P 500 Index (up 2.5%), the Russell 2000 Index (up 2.4%), and the Nasdaq Composite Index (up 4.3%).</li><li>Advanced Transportation Solutions (69% of the index) drove the outperformance, rising 30.7% , while Energy Technology (9% of index) was up 1.8% and Industrial Climate and Ag Technology was up 1.9%.</li><li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 26.4x versus 18.3x for the S&amp;P 500.</li></ul>

WTR Sustainable Index: During the week ended January 27, 2023, the WTR Sustainable Index outperformed the broader market, rising 20.0% W/W versus the S&amp;P 500 Index (up 2.5%), the Russell 2000 Index (up 2.4%), and the Nasdaq Composite Index (up 4.3%).Advanced Transportation Solutions (69% of the index) drove the outperformance, rising 30.7% , while Energy Technology (9% of index) was up 1.8% and Industrial Climate and Ag Technology was up 1.9%.Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 26.4x versus 18.3x for the S&amp;P 500.

Weekly Sustainable Investing Surveyor: Week Ended January 27, 2023

<ul><li>WTR Sustainable Index: During the week ended January 20, 2023, the WTR Sustainable Index outperformed the broader market, rising 3.3% W/W versus the S&amp;P 500 Index (down 0.7%), the Russell 2000 Index (down 1.0%), and the Nasdaq Composite Index (up 0.6%).</li><li>Advanced Transportation Solutions (63% of the index) drove the outperformance, rising 6.4% , while Energy Technology (11% of index) was down 1.5% and Industrial Climate and Ag Technology was down 1.6%.</li><li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 24.3x versus 17.9x for the S&amp;P 500.</li></ul>

WTR Sustainable Index: During the week ended January 20, 2023, the WTR Sustainable Index outperformed the broader market, rising 3.3% W/W versus the S&amp;P 500 Index (down 0.7%), the Russell 2000 Index (down 1.0%), and the Nasdaq Composite Index (up 0.6%).Advanced Transportation Solutions (63% of the index) drove the outperformance, rising 6.4% , while Energy Technology (11% of index) was down 1.5% and Industrial Climate and Ag Technology was down 1.6%.Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 24.3x versus 17.9x for the S&amp;P 500.

Weekly Sustainable Investing Surveyor: Week Ended January 20, 2023

A Primer on the Company’s Background, Technology, Business Model, and More

United States

Smart Sand, Inc. provides industrial sand. The Company offers proppants sand products and renders logistics services. Smart Sand serves customers in North America.

Geospace Technologies Corp designs and manufactures instruments and equipment used in the acquisition and processing of seismic data.  The Company markets its seismic instruments primarily to the oil and gas industry worldwide.  Geospace also designs and manufactures thermal imaging equipment and distributes dry thermal film products to the commercial graphics industry.

Gulf Island Fabrication, Inc. makes offshore drilling and production platforms and other specialized structures used in the development and production of offshore oil and gas reserves.  Products include jackets and deck sections of fixed production platforms, hull and deck sections of floating production platforms, piles, wellhead protectors, subsea templates, and various modules.

Forum Energy Technologies, Inc. offers manufactured technologies and applied products to the energy industry. The Company designs, manufactures, and provides products and related services to the drilling and intervention sectors, as well as to the subsea services and construction sectors.

Mammoth Energy Services, Inc. operates as an oilfield service company. The Company offers services, including natural sand proppant, contract land and directional drilling, pressure pumping, flowback, equipment rental, and remote accommodation services. Mammoth Energy serves companies engaged in the exploration and development of onshore unconventional oil and gas reserves.

Matrix Service Company provides specialized on-site maintenance and construction services for petroleum refining and storage facilities, as well as water storage facilities for the private industry sector.  The Company's services include the maintenance, inspection, design, repair, and construction of aboveground storage tanks.

Natural Gas Services Group Inc manufactures, sells, and rents gas compression and low emissions flare systems.

Oil States International, Inc. provides specialty products and services to oil and gas drilling and production companies.  The Company supplies connection technology for offshore oil and gas development and production, distributes tubular goods, and furnishes hydraulic workover and well control services.  Oil States also provides remote site accommodations, catering, and logistics.

Ranger Energy Services, Inc. provides well site services and associated equipment. The Company offers well rigs, water transfer, plug and abandonment, wireline, fluid management and handling, snubbing, transportation, and equipment renting services. Ranger Energy Services operates in the States of Texas, Colorado, Wyoming, and North Dakota.

TETRA Technologies, Inc. is an energy services company with an integrated chemicals operation that supplies feedstocks to energy, and other, markets. The Company markets chemical products and systems to the oil and gas industry for use in well completion and workover operations.  TETRA Technologies also provides on-site fluid engineering, fluid management, and filtration services.

CH Offshore Limited owns and charters vessels to support and service the offshore oil and gas industry.  The Company also provides seismic surveys, towing and anchor handling of drill rigs and equipment, and transportation of supplies and personnel.  CH Offshore provides supporting services for the construction of platforms and laying of the pipelines.

Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd. manufactures steel pipes for the oil and gas industry.  The Company sells these products to enterprises in the oil, petrochemical, and natural gas industry for the use of pipeline transmission.

Chu Kong Ptrlm&Ntrl Gs Stl Pipe Hldg (1938 HK)

GI Technologies (Beijing) Company Limited develops, manufactures, sells petroleum logging equipment, provides on-site technical and logging engineering services. The Company's main products are imaging logging systems, which include downhole instruments, and terrestrial systems.

Alphageo (India) Ltd. collects, processes, and markets oil exploration data. The Company collects and processes seismic and reservoir data; generates, evaluates, and ranks prospects; offers topographic surveys; and digitizes maps and seismic sections.

PT Apexindo Pratama Duta Tbk provides oil, gas and geothermal drilling services. The Company offers onshore and offshore mining and drilling services. Apexindo's drilling rigs are located throughout Indonesia.

Global Vectra Helicorp Ltd. provides offshore transportation services by helicopter. The company services the oil and gas exploration and production sector in India, transporting crew and cargo to offshore platforms.

Electromagnetic Geoservices ASA provides oil and gas services using 3D electromagnetic data. The Company's services include reconnaissance scanning for prospects in frontier areas, finding bypassed and satellite fields in mature areas, surveying in shallower waters, and recording and depth migrating 3D electromagnetic data.

Aban Offshore Limited provides oil field services for offshore exploration and production of hydrocarbons to the oil industry. The Company offers technical services, specialists drilling and other services for offshore oil exploration and development. The Company also has its own floating production and storage facilities.

Pacific Radiance Ltd. offers offshore vessels and support services. The Company owns and operates offshore vessels and provides subsea services, shipyard services, marine equipment as well as project logistics to the oil and gas industry around the world.

Jasper Investments Limited and its subsidiaries provide engineering and construction services.  The Company also manufactures and trades building materials, trades, services and rents construction machinery and equipment, and develops and invests in properties.

Ocean Power Technologies, Inc. manufactures equipment that generates electricity from the motion of ocean waves. The Company develops wave energy technology and converts ocean waves energy into electricity. Ocean Power Technologies serves customers worldwide.

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Ocean Power Technologies (OPTT US)

Ocean Power Technologies, Inc. - 4Q23 Results: Net Loss Widens

Ocean Power Technologies reported 4Q23 revenue of $0.1 million, up 29.6% Y/Y from $0.8 million in 4Q22 driven by sales of WAM-V autonomous vehicles

Water Tower Research

3Q23 Results: Revenue Grows 51.7% Y/Y as Order Activity and Gross Margin Shoot Up

Growth in the top-line figure was primarily driven by sales of WAM-V autonomous vehicles and better margins derived from Strategic Consulting...

Water Tower Research

Weekly Sustainable Investing Surveyor: Week Ended January 27, 2023

During the week ended January 27, 2023, the WTR Sustainable Index outperformed the broader market, rising 20.0% W/W versus the S&P 500 Index (up 2.5%)

Water Tower Research

Weekly Sustainable Investing Surveyor: Week Ended January 20, 2023

During the week ended January 20, 2023, the WTR Sustainable Index outperformed the broader market, rising 3.3% W/W versus the S&P 500 Index (down...

Water Tower Research

A Primer on the Company’s Background, Technology, Business Model, and More

KEY POINTS Over the past few years, OPT has materially shifted its focus by providing autonomous, roaming, or stationary solutions to power ocean...

Water Tower Research

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