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>Revenue rose 527.3% Y/Y to $7.8 million from $1.2 million in 1Q22. The increase in revenue was due to increased order volume and the ramp-up in production to meet demand. </li><li>Revenue was predominantly from the sale of batteries for Material Handling Electric Vehicles (MHEVs), which accounted for $7.4 million or ~96% of revenue for 1Q23 compared with $1.1 million or ~89% for 1Q22.</li><li>The sale of engineering services, research grants, and other sources of revenue accounted for the remaining $0.4 million or 4% in 1Q23 compared with $0.1 million or 11% in 1Q22.</li></ul>

Revenue rose 527.3% Y/Y to $7.8 million from $1.2 million in 1Q22. The increase in revenue was due to increased order volume and the ramp-up in production to meet demand. Revenue was predominantly from the sale of batteries for Material Handling Electric Vehicles (MHEVs), which accounted for $7.4 million or ~96% of revenue for 1Q23 compared with $1.1 million or ~89% for 1Q22.The sale of engineering services, research grants, and other sources of revenue accounted for the remaining $0.4 million or 4% in 1Q23 compared with $0.1 million or 11% in 1Q22.

1Q23 Results: Revenue Rises Fivefold to $7.8 Million...

Electrovaya

1Q23 Results: Revenue Rises Fivefold to $7.8 Million...