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

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Equity Bottom-Up

<ul><li>SES reported an operating loss of $20.7 million, $10.6 million higher than in 4Q21, primarily due to increased personnel and lab consumables to support the development of battery cells and AI software.</li><li>General and administrative costs ($12.5 million) and R&amp;D costs ($8.3 million) were the primary contributors to the operating loss. </li><li>The company’s net loss was $9.2 million (-$0.03 per share) compared with $10.2 million (-$0.17 per share) in 4Q21.</li></ul>

SES reported an operating loss of $20.7 million, $10.6 million higher than in 4Q21, primarily due to increased personnel and lab consumables to support the development of battery cells and AI software.General and administrative costs ($12.5 million) and R&amp;D costs ($8.3 million) were the primary contributors to the operating loss. The company’s net loss was $9.2 million (-$0.03 per share) compared with $10.2 million (-$0.17 per share) in 4Q21.

4Q22 Results: B-Sample Transition Inches Closer; Expansion in the Cards

SES AI Corp

4Q22 Results: B-Sample Transition Inches Closer; Expansion in the Cards