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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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<ul><li>YE results and recent operating update show continued execution on all fronts.</li><li>Soluna reported $1 million of adjusted EBITDA in 4Q23, up from $405K in 3Q23 and negative EBITDA in 4Q22, as Project Sophie and Project Dorothy 1A&amp;B again delivered solid results.</li><li>4Q23 revenue of $10.1 million was up 75% from 3Q23, helped by a combination of new contracts and also a full quarter of Project Dorothy 1.</li></ul>

YE results and recent operating update show continued execution on all fronts.Soluna reported $1 million of adjusted EBITDA in 4Q23, up from $405K in 3Q23 and negative EBITDA in 4Q22, as Project Sophie and Project Dorothy 1A&amp;B again delivered solid results.4Q23 revenue of $10.1 million was up 75% from 3Q23, helped by a combination of new contracts and also a full quarter of Project Dorothy 1.

Soluna Holdings, Inc. - Continued Strong Operating Results; New Projects Moving Ahead