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

Ocean Power Technologies / Equity Bottom-Up

<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