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

Thematic (Sector/Industry)

United states Financials / Thematic (Sector/Industry)

<ul><li>Strong demand for pad-optimal super-spec drilling rigs drove ICD’s solid 1Q23 financial and operating results.</li><li>ICD generated 1Q23 adjusted EBITDA of $21.4 million on revenue of $63.8 million, up 16% from 4Q22.</li><li>Adjusted EBITDA in 1Q22 was $3.6 million.</li></ul>

Strong demand for pad-optimal super-spec drilling rigs drove ICD’s solid 1Q23 financial and operating results.ICD generated 1Q23 adjusted EBITDA of $21.4 million on revenue of $63.8 million, up 16% from 4Q22.Adjusted EBITDA in 1Q22 was $3.6 million.

Expect Cash Build Despite Near-Term Margin Pressure