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    AdTheorent

    Company Overview

    AdTheorent is a privacy-forward, machine-learning powered programmatic advertising company. Put simply, the company uses machine learning and data science to target digital ads based on non-individualized predictive scores. Sophisticated data-driven advertisers who know digital and expect their digital campaigns to drive tangible business results are AdTheorent’s biggest clients.

    AdTheorent is improving the digital world for advertisers and consumers. By way of illustration, consider the following: when a consumer accesses content on a device — a mobile device, tablet, or laptop– a content page will render on that device, and that screen will likely contain an opportunity to show an ad, which is called a digital impression.

    Advertisers want to know which of these impressions or opportunities to show/serve ads are most likely to yield engagement, conversions, or other advertiser-specified actions by their customers such as credit card signups, online sales, a hotel or airline bookings, whatever action is behind the given ad campaign, the advertiser is trying to drive those actions. They want to buy the media that’s going to do just that.

    Behind the scenes, there’s a marketplace to buy and sell those ad opportunities. It’s an auction system that takes place in microseconds. AdTheorent occupies the demand-side platform silo in this ecosystem, enabling advertisers to purchase digital media and digital ad impressions in real time and one at a time.

    The key to AdTheorent’s success is that it has transformed how that is done. AdTheorent uses machine learning and data science as its core method of ad targeting and campaign optimization. This contrasts with cookie-based or other ID-based or user profile-based targeting, which focuses more on individual identities and retargeting users and profiles across the Internet.

Analyst

John Roy, PhD
Managing Director

Recent Sector Insights

TECHNOLOGY
AdTheorent (NASDAQ: ADTH)
Reiterates 30% Growth Guidance, Highlights Privacy Advantages, and Trades at 42% Discount to Peers
· Update Note · 12 Jan 2022

AdTheorent CEO Jim Lawson reiterated 2021 guidance for 30% revenue growth, 30% adjusted gross profit growth, and above 30% EBITDA margin at the Needham Growth Conference. Lawson also highlighted AdTheorent’s privacy advantages and how those are driving sales.

TECHNOLOGY
AdTheorent (NASDAQ: ADTH)
MCAP-AdTheorent Business Combination Approved, Is Expected to Start Trading Under AdTheorent ‘ADTH’, and at 23% Discount to Peers
· Update Note · 22 Dec 2021

MCAP Acquisition Corp. and AdTheorent business combination was approved on December 22, which will create a roughly $1.0 billion market cap company. AdTheorent is a programmatic digital advertising leader using advanced machine learning technology and privacy-forward solutions. The MCAP Acquisi...

TECHNOLOGY
AdTheorent (NASDAQ: ADTH)
WTR Fireside Chat with AdTheorent CEO James Lawson on 2022 Growth Vectors
· Management Series · 21 Dec 2021

Water Tower Research hosted James Lawson, CEO of AdTheorent, on December 20, 2021. This was the third in our series of WTR Fireside Chats with AdThorent. We took a deep dive into AdTheorent’s growth vectors for 2022. The event is available on demand, and is open to all investors.

TECHNOLOGY
AdTheorent (NASDAQ: ADTH)
WTR Fireside Chat with AdTheorent CEO James Lawson on December 20, 2021 at 2 pm EST on 2022 Growth Vectors
· Fireside Chat Invitation · 16 Dec 2021

We are pleased to host James Lawson, CEO of AdTheorent on December 20, 2021 at 2 pm EST as part of our WTR Fireside Chat Series. We will take a deep-dive into AdTheorent’s 2022 growth vectors. The event is open to all investors.

TECHNOLOGY
AdTheorent (NASDAQ: ADTH)
WTR Fireside Chat with AdTheorent CEO James Lawson on Connected Television (CTV)
· Management Series · 15 Dec 2021

Water Tower Research hosted James Lawson, CEO of AdTheorent on December 14, 2021, as a part of our WTR Fireside Chat Series. We took a deep dive into AdTheorent’s Connected Television (TV) business. The event is available for viewing on demand, and is open to all investors.

AdTheorent (NASDAQ: ADTH)
Water Tower Research begins coverage on AI digital advertising company AdTheorent
· Interview · 14 Dec 2021

Water Tower Research Managing Director, Technology John Roy talks to Proactive about initiating coverage on MCAP Acquisition Corp, merging with programmatic digital advertising company AdTheorent (NASDAQ: MACQ). Roy says the group, which uses advanced machine learning technology and privacy-forwa...

TECHNOLOGY
AdTheorent (NASDAQ: ADTH)
Merging with AdTheorent, Ad AI Technology Leader Projecting 30% CAGR Going Public at 28% Discount to Peers
· Initiation Of Coverage Report · 14 Dec 2021

MCAP Acquisition Corp. is merging with AdTheorent, a programmatic digital advertising leader using advanced machine learning technology and privacy-forward solutions (“AdTheorent Predictive Advertising”) to deliver measurable value for advertisers and marketers. AdTheorent’s approach uses aggrega...

TECHNOLOGY
AdTheorent (NASDAQ: ADTH)
WTR Fireside Chat with AdTheorent CEO James Lawson on December 14, 2021 at 11 am EST
· Fireside Chat Invitation · 10 Dec 2021

We are pleased to host James Lawson, CEO of AdTheorent on December14, 2021 at 11 am EST as part of our WTR Fireside Chat Series. We will take a deep-dive into AdTheorent’s Connected Television business. The event is open to all investors.

TECHNOLOGY
AdTheorent (NASDAQ: ADTH)
WTR Fireside Chat with AdTheorent CEO James Lawson
· Management Series · 09 Dec 2021

Water Tower Research hosted James Lawson, CEO of AdTheorent on December 7, 2021, as a part of our WTR Fireside Chat Series. We took a deep dive into AdTheorent’s business and the digital advertising landscape. The event is available on demand, and is open to all investors.

TECHNOLOGY
AdTheorent (NASDAQ: ADTH)
WTR Fireside Chat with AdTheorent CEO James Lawson on December 8, 2021 at 11 am Eastern Time
· Fireside Chat Invitation · 06 Dec 2021

We are pleased to host James Lawson, CEO of AdTheorent on December 8, 2021 at 11 am EST as part of our WTR Fireside Chat Series. We will take a deep-dive into AdTheorent’s business and the digital advertising landscape. The event is open to all investors.

    Aerofarms, Inc.

    Company Overview

    AeroFarms, Inc. (SV/ARFM) is widely recognized as the world leader in vertical farming. AeroFarms is a Certified B Corporation on a mission to grow the best plants possible for the betterment of humanity. Through its innovative growing platform, AeroFarms helps solve issues brought on by macro challenges such as population growth, water scarcity, arable land loss, health consciousness, and supply chain risks like the COVID-19 pandemic. AeroFarms has developed patented and award-winning technology in areas such as plant biology, mechanical design, environmental control, data science, operations, and plant genetics. Through the integration of these disciplines, AeroFarms achieves up to 390 times greater productivity per square foot annually versus traditional field farming while using up to 95% less water and zero pesticides. With a growing intellectual property portfolio of granted patents, patent applications, invention disclosures, and a vast library of data collected on growing operations over the last 15 years of operation, AeroFarms is continually improving its systems to grow at scale, to understand plants at unprecedented levels, and solve agriculture-related supply chain issues. Today, AeroFarms grows great tasting fruits and vegetables and sells great-tasting leafy green products that are consistently celebrated by top chefs and tastemakers. The company was founded in 2004 and is headquartered in Newark, New Jersey.

Analyst

Shawn Severson
President & Co-Founder

Recent Sector Insights

CLIMATETECH & SUSTAINABLE INVESTING
AeroFarms, Inc. (NASDAQ: SV / ARFM)
Introduction to AeroFarms with CEO David Rosenberg and CFO Guy Blanchard
· Management Series · 17 Aug 2021

AeroFarms is widely recognized as the world leader in vertical farming. The company is a Certified B Corporation on a mission to grow the best plants possible for the betterment of humanity. Through its innovative growing platform, AeroFarms helps solve issues brought on by macro challenges such ...

    Amaero International

    Company Overview

    Amaero International Limited (ASX:3DA) is an Australian metal 3D printing company that has recently expanded into the US with manufacturing operations in El Segundo, California. They were established in 2013 and have forged deep supply relationships with six of the world's top ten defense companies as well as the major aerospace companies. They have recently also launched a new range of metal 3D printers in the US, which are the safest and most capital efficient selective laser melting printers on the market.

Analyst

John Roy, PhD
Managing Director

Recent Sector Insights

TECHNOLOGY
Amaero International (ASX: 3DA)
WTR Fireside Chat Series: Amaero International CEO Barrie Finnin and Executive Director Stuart Douglas on Monday, April 12 at 5 pm EDT
· Fireside Chat Invitation · 06 Apr 2021

We will be hosting Barrie Finnin, CEO and Stuart Douglas, Executive Director of Amaero International in our Water Tower Research Fireside Chat Series on Monday, April 12 at 5:00 pm EDT (2:00 pm PDT). The event is open to all investors.

    Aqua Metals, Inc.

    Company Overview

    Aqua Metals, Inc. (AQMS) is engaged in the business of equipment supply, technology licensing, and related services for lead recycling through its patented and patent-pending hydrometallurgical AquaRefining technology. The company’s mission is to provide sustainable metal recycling for minerals strategic to energy storage applications, inclusive of lead, lithium, nickel, cobalt, manganese, copper, and others. The company aims to revolutionize the existing $20+ billion lead acid battery (LAB) recycling market by replacing furnaces and smelting with its room temperature, water-based modular equipment, resulting in a cleaner, safer working environment and a more sustainable global LAB recycling industry. Aqua Metals expanded into the lithium-ion battery (LIB) recycling marketplace with its $1.5 million investment in LINICO Corporation (LiNiCo) in February 2021. The company believes it can apply its AquaRefining technology to LIB recycling and filed a key provisional patent related to this process in early 2021. Aqua Metals views this as a potential growth opportunity and cites that the LIB recycling market will exceed LAB recycling later this decade. The company was founded in Oakland, California in 2014 and moved its headquarters to McCarran, Nevada in the Tahoe-Reno area in 2018.

Analyst

Shawn Severson
President & Co-Founder

Recent Sector Insights

CLIMATETECH & SUSTAINABLE INVESTING
Aqua Metals, Inc. (NASDAQ: AQMS)
Leading the Way in Sustainable Lithium-Ion Battery Recycling, Helping Reduce the Carbon Footprint of EVs
· Management Series · 23 Dec 2021

• Aqua Metals, Inc. (Nasdaq: AQMS), the Reno, NV-based company, began life as a battery recycling company in 2014 and has since morphed into an asset-light, IP-driven supplier and licensor of recycling technology. • Aqua Metals is revolutionizing metal recycling with its proprietary, non-polluti...

CLIMATETECH & SUSTAINABLE INVESTING
Aqua Metals, Inc. (NASDAQ: AQMS)
WTR Fireside Chat with Aqua Metals CEO Steve Cotton and Chief Engineering and Operations Officer Ben Taecker on December 1, 2021 at 2 pm EST Providing a Technology Primer on AquaRefining
· Fireside Chat Invitation · 29 Nov 2021

We are pleased to host Aqua Metals (NASDAQ: AQMS) CEO Steve Cotton and Chief Engineering and Operations Officer Ben Taecker on December 1, 2021 at 2 pm EST. We will provide a technology primer on AquaRefining as part of our WTR Fireside Chat Series. The event is open to all investors.

CLIMATETECH & SUSTAINABLE INVESTING
Aqua Metals, Inc. (NASDAQ: AQMS)
3Q21 Results: Achieved Key Milestones; Outlook for 2022 and Beyond
· Update Note · 10 Nov 2021

On November 4, 2021, Aqua Metals announced its 3Q21 earnings results. The company finalized its first and historic technology and equipment deployment agreement at a third- party facility, ACME Metal Enterprise Co. (ACME).

CLIMATETECH & SUSTAINABLE INVESTING
Aqua Metals, Inc. (NASDAQ: AQMS)
WTR Fireside Chat with Aqua Metals CEO Steve Cotton on November 10, 2021 at 2 pm EST Taking A Deep Dive Into Lithium-Ion Battery Recycling
· Fireside Chat Invitation · 08 Nov 2021

We are pleased to host Steve Cotton, CEO of Aqua Metals on Wednesday, November 10, 2021 at 2 pm EST as part of our WTR Fireside Chat Series. We will take a deep-dive into lithium-ion battery recycling. The event is open to all investors.

CLIMATETECH & SUSTAINABLE INVESTING
Aqua Metals, Inc. (NASDAQ: AQMS)
Looking Ahead to Lithium Recycling: Applying AquaRefining Technology for Lithium-Ion Batteries
· Update Note · 01 Nov 2021

The demand for lithium-ion battery materials is expected to increase by ~575% in the coming decade, driven by the rapidly growing adoption of EVs and increasing consumer electronic consumption. Unfortunately, this will likely also lead to creating an environmental time bomb without metal recyclin...

CLIMATETECH & SUSTAINABLE INVESTING
Aqua Metals, Inc. (NASDAQ: AQMS)
Pedal to the Metal: Innovation Center Established to Target Recycling Lithium-Ion Battery Recycling Solutions
· Update Note · 28 Sep 2021

On September 27, 2021, Aqua Metals announced it has established an Innovation Center focused on the development of the cleanest and most cost-competitive lithium-ion battery recycling solutions.

CLIMATETECH & SUSTAINABLE INVESTING
Aqua Metals, Inc. (NASDAQ: AQMS)
2Q21 Results: Continued Progress and Key Milestone Announcement; Outlook for 2022 and Beyond
· Update Note · 30 Jul 2021

On July 29, 2021, Aqua Metals announced its 2Q21 earnings results. The company made meaningful progress in the quarter and delivered on its prior guidance to the market.

    Aspen Aerogels, Inc.

    Company Overview

    Aspen Aerogels, Inc. designs, develops, manufactures, and sells aerogel products for applications in four major markets: EV Thermal Barrier, EV Battery Material, Sustainable Building Material, and Energy Infrastructure. The company is currently experiencing a strategic pivot into new, high-growth markets specifically within the electric vehicle industry. Although the primary use of the company’s aerogel product has historically been in the energy infrastructure market, the recent launch of the company’s PyroThin™ product line and the development of battery materials leveraging carbon aerogel technology is shifting the direction of the business to generate a higher organic growth opportunity for the company. In addition, the company’s traditional sustainable building materials and energy infrastructure markets offer robust growth opportunities with a large TAM. However, EV applications and opportunities should become increasingly dominant in the coming years based on the company’s expectations.

Analyst

Shawn Severson
President & Co-Founder

Recent Sector Insights

CLIMATETECH & SUSTAINABLE INVESTING
Aspen Aerogels, Inc. (NYSC: ASPN)
Aspen Aerogels' CEO Don Young and CTO George Gould to Provide a Technology Primer and Roadmap of the Company’s Proprietary Aerogel Platform
· Management Series · 07 Jan 2022 · 2 responses

The Aerogel technology platform is proprietary and can be modified to expand to new high-growth markets. It can make aerogels out of different types of materials, adding fibers and other types of reinforcements, thick foam, etc. and can make flexible materials, strong materials, and powders or fi...

Aspen Aerogels, Inc. (NYSC: ASPN)
Water Tower Research: Aspen Aerogels is an accelerating growth company leveraging platform for EVs
· Interview · 17 Dec 2021

Water Tower Research's President and Co-founder Shawn Severson talks to Proactive about Northborough, Massachusetts-based Aspen Aerogels (NYSE:ASPN), which he says has 'intriguing' patent-protected applications in electric vehicles. Severson says Aspen's management team has targeted to double its...

CLIMATETECH & SUSTAINABLE INVESTING
Aspen Aerogels, Inc. (NYSC: ASPN)
WTR Fireside Chat Series: Aspen Aerogels' CEO Don Young and CTO George Gould to Discuss a Technology Primer and Roadmap of the Aerogel Platform on December 16, 2021 at 2 pm EST
· Fireside Chat Invitation · 10 Dec 2021

On Thursday, December 16 at 2:00 pm EST, we will be hosting Aspen Aerogels' CEO Don Young and Chief Technology Officer George Gould. They will provide an overview of the Aerogel technology platform and the roadmap ahead.

CLIMATETECH & SUSTAINABLE INVESTING
Aspen Aerogels, Inc. (NYSC: ASPN)
2Q21 Results: +28.5% Revenue Growth and +289 BPS Gross Margin Improvement Fuels Earnings Beat; Management Raises FY21 Guidance
· Update Note · 02 Aug 2021

On July 29, 2021, Aspen Aerogels announced its 2Q21 earnings results. The company delivered a strong quarter, beating consensus estimates and raising guidance for the second time this year. Management also reiterated its long-term goal to double revenue twice through 2025 and to continue that pac...

CLIMATETECH & SUSTAINABLE INVESTING
Aspen Aerogels, Inc. (NYSC: ASPN)
Reviewing the Energy Infrastructure Business and Growth Opportunities
· Management Series · 24 Jun 2021

Aspen Aerogels has a 5-10% share of the energy infrastructure market with more than a billion dollar installed base. Management believes it can sustain low double-digit revenue growth rates in this segment long-term even if the market moves sideways over the next 5 to 10 years through market shar...

CLIMATETECH & SUSTAINABLE INVESTING
Aspen Aerogels, Inc. (NYSC: ASPN)
Reviewing the Electric Vehicle Thermal Barrier Opportunity with PyroThin™
· Management Series · 10 Jun 2021

Aspen Aerogels believes that it is the global leader in aerogel technology with applications in the electric vehicle, sustainable building material, and energy infrastructure markets.

CLIMATETECH & SUSTAINABLE INVESTING
Aspen Aerogels, Inc. (NYSC: ASPN)
Expanding the Aerogel Platform into Electric Vehicles and Accelerating Growth
· Management Series · 12 Apr 2021

Aspen Aerogels believes that it is the global leader in aerogel technology with applications in the electric vehicle, sustainable building material, and energy infrastructure markets.

CLIMATETECH & SUSTAINABLE INVESTING
Aspen Aerogels, Inc. (NYSC: ASPN)
An Electrifying Development Expected to Drive Growth
· Initiation Of Coverage Report · 16 Mar 2021

Aspen Aerogels believes that it is the global leader in aerogel technology with applications in the electric vehicle, sustainable building material, and energy infrastructure markets.

    Ballard

    Company Overview 

    Ballard are a Canadian public company headquartered in Vancouver, British Columbia and is listed on both NASDAQ and the Toronto Stock Exchange under the ticker BLDP. Ballad’s vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, passenger cars, forklift trucks and UAVs.

Analyst

Shawn Severson
President & Co-Founder

Recent Sector Insights

CLIMATETECH & SUSTAINABLE INVESTING
Ballard (NASDAQ/TSX: BLDP)
2Q21 Results: Top-Line Beat + Meaningful Progress
· Update Note · 06 Aug 2021

On August 6, 2021, Ballard Power Systems announced 2Q21 earnings results. The company delivered a solid quarter, beating top-line consensus estimates, growing its backlog, securing important follow-on customer orders, and making progress in the rail market.

CLIMATETECH & SUSTAINABLE INVESTING
Ballard (NASDAQ/TSX: BLDP)
Motiv-ating the Hydrogen Economy with Fuel Cells
· Initiation Of Coverage Report · 22 Jul 2021

Ballard's vision is to deliver fuel cell power for a sustainable planet. Ballard’s zero-emission PEM fuel cells are enabling electrification of medium- and heavy-duty mobility, including buses, commercial trucks, trains, and marine vessels.

CLIMATETECH & SUSTAINABLE INVESTING
Ballard (NASDAQ/TSX: BLDP)
A Business Update and Overview with Ballard Power Systems’ CFO Paul Dobson
· Management Series · 06 Jul 2021

Ballard's vision is to deliver fuel cell power for a sustainable planet. Ballard’s zero-emission PEM fuel cells are enabling electrification of medium- and heavy-duty mobility, including buses, commercial trucks, trains, and marine vessels.

CLIMATETECH & SUSTAINABLE INVESTING
Ballard (NASDAQ/TSX: BLDP)
WTR Fireside Chat Series With Ballard Power CFO Tony Guglielmin: A Business Overview and Update On Thursday, February 4th, 1 pm ET
· Fireside Chat Invitation · 03 Feb 2021

We are pleased to host Tony Guglielmin - CFO of Ballard Power Systems (NASDAQ: BLDP) - in our Water Tower Research Fireside Chat series. The focus of this Fireside Chat will be a general business overview and update. The event is also available via archive using the same link.

    We have discontinued coverage of Cambium Networks.


    Cambium Networks

    Company Overview

    Cambium Networks provides wireless broadband networking infrastructure solutions for network operators, including medium-sized wireless Internet service providers, enterprises, and government agencies.

    The company’s scalable, reliable, and high-performance solutions create a purpose-built wireless fabric which connects people, places, and things across distances ranging from two meters to more than 100 kilometers, indoors and outdoors, using licensed and unlicensed spectrum, at attractive economics.

    Headquartered outside Chicago and with R&D centers in the US, UK, and India, the company sells through a range of distributors overseas.

Analyst

John Roy, PhD
Managing Director

Recent Sector Insights

TECHNOLOGY
Cambium Networks (NASDAQ: CMBM)
3FQ21 Results: Stock Rebounds 12% After 23% Drop on Supply-Driven Negative Preannouncement
· Update Note · 05 Nov 2021

The company’s October 21 negative preannouncement drove the stock from $35.76 down to $27.40, a 23% drop. Supply chain issues were the problem, and CEO Atul Bhatnagar expects supply chain issues to continue into calendar 2022. The company is changing some designs to make use of more common and/or...

TECHNOLOGY
Cambium Networks (NASDAQ: CMBM)
Preliminary 2FQ21 Results: Beats on Top and Bottom Lines, But Guidance is Mixed
· Update Note · 10 Aug 2021

Cambium Networks’ recorded revenue of $93 million, beating consensus of $88 million, up 49% YoY. Non-GAAP EPS of $0.45 also beat consensus of $0.33 as non-GAAP gross margin rose 80 bps YoY to 50.0%. The rise was attributed to mix and increased volume.

TECHNOLOGY
Cambium Networks (NASDAQ: CMBM)
Preliminary 1FQ21 Results: 46% YoY Revenue Growth Drives Beat and Raise
· Update Note · 06 May 2021

Cambium Networks’ record revenue seems to confirm its view that “wireless is the new fiber.” Wireless, be it Wi-Fi or other fixed wireless, is becoming cost competitive with fiber, without the need to lay cable in the ground. As we outlined in our Wi-Fi and 60GHz industry reports, fixed wireless ...

TECHNOLOGY
Cambium Networks (NASDAQ: CMBM)
After Record Quarter, CEO sees 60 GHz, Wi-Fi 6, 5G Backhaul, and RDOF as Positive Trends in 2021
· Management Series · 05 Mar 2021

On February 25th we hosted Atul Bhatnagar, President & CEO of Cambium Networks on our Water Tower Research Fireside Chat Series. The event replay is available to all.

TECHNOLOGY
Cambium Networks (NASDAQ: CMBM)
Preliminary F4Q20 Results: Record Revenue and Above Consensus Guidance
· Update Note · 18 Feb 2021

President and CEO Atul Bhatnagar indicated that Cambium’s record results reflect “the strong demand for wireless broadband connectivity and the increased need for improved networking infrastructure.” Bhatnagar went on to say that demand for infrastructure projects “remain[s] robust, driven by wor...

TECHNOLOGY
Cambium Networks (NASDAQ: CMBM)
Fireside Chat Series: Cambium Networks President & CEO Atul Bhatnagar On Thursday, February 25th, 11:30 am EST
· Fireside Chat Invitation · 09 Feb 2021

We will be hosting Atul Bhatnagar, President & CEO of Cambium Networks in our Water Tower Research Fireside Chat Series on Thursday, February 25th at 11:30 am EST (8:30am PST). The event is open to all investors.

TECHNOLOGY
Cambium Networks (NASDAQ: CMBM)
Record Revenue as Fixed Wireless Moves Toward Mainstream
· Initiation Of Coverage Report · 19 Jan 2021

Cambium Networks (CMBM) is widely viewed as being well positioned for mid-market wireless and 5G growth. The company sees its strengths being its RF algorithms and software. Some investors view Cambium as a mini-Ubiquiti (UI) as they have some overlap, but Cambium currently serves enterprise and ...

    Capstone Green Energy

    Company Overview

    Capstone Green Energy is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers worldwide meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines: energy as a service (EaaS), energy conversion products, energy storage products, and hydrogen energy solutions.

    The company provides EaaS through its industry-leading factory protection plan (FPP) long-term service program, microturbine-based rental fleet, and distributor support system (DSS), which is essentially a subscription model providing distributors access to the products, training, and customer-acquisition activities. Energy conversion products include its existing patented, low-emission microturbine products and additional energy conversion and storage products, including larger frame Baker Hughes industrial gas turbines. Its energy storage products business line will begin to manufacture modular hybrid energy stations and lithium-ion battery energy storage systems (BESS) to be sold either individually or combined as part of a custom microturbine battery storage solution. Hydrogen products will focus on expanding the company’s capability to use hydrogen as fuel in its gas microturbines with a development roadmap to a 100% hydrogen solution.

    The company was founded in 1988 and is headquartered in Van Nuys, California.

Analyst

Shawn Severson
President & Co-Founder

Recent Sector Insights

CLIMATETECH & SUSTAINABLE INVESTING
Capstone Green Energy (NASDAQ: CGRN)
Expanding the Opportunity in the Fast-Growing Microgrid Megatrend
· Initiation Of Coverage Report · 15 Dec 2021

Through its transformation into a comprehensive energy solutions provider, Capstone has advanced its position in the fast-growing microgrid or distributed energy resources (DER) industry.

CLIMATETECH & SUSTAINABLE INVESTING
Capstone Green Energy (NASDAQ: CGRN)
2Q22 Results: Revenue Growth Rebounds +15.4%; Shift Towards Distributed Energy and Microgrids; Management Presents Key Growth Drivers
· Update Note · 16 Nov 2021

On November 10, 2021, Capstone Green Energy announced 2Q22 earnings results. Despite the persistent negative impacts from COVID-19, new gross orders and shipments continue to rebound. Total revenue came in at $17.2 million up by 15% y/y from $14.9 million in the second quarter last year.

CLIMATETECH & SUSTAINABLE INVESTING
Capstone Green Energy (NASDAQ: CGRN)
1Q22 Results: +13.3% Revenue Growth Despite Covid-19 and Supply Chain Challenges; Management Reiterates FY22 Priorities
· Update Note · 11 Aug 2021

On August 11, 2021, Capstone Green Energy announced 1Q22 earnings results. The company delivered solid top-line growth despite ongoing Covid-19 and supply chain challenges. Revenue and EBITDA fell short of analyst estimates, but EPS beat by +$0.01 per share.

CLIMATETECH & SUSTAINABLE INVESTING
Capstone Green Energy (NASDAQ: CGRN)
4Q21 & FY21 Results: Solid Performance Despite a Challenging Backdrop; Strategic Priorities for FY22
· Update Note · 11 Jun 2021

On June 10, 2021, Capstone Green Energy announced earnings results for 4Q21 and FY21. The company also outlined its strategic priorities for FY22.

CLIMATETECH & SUSTAINABLE INVESTING
Capstone Green Energy (NASDAQ: CGRN)
Transforming and Expanding the Business to Leverage the Fast-Growing Microgrid Megatrend
· Initiation Of Coverage Report · 13 May 2021

Capstone has advanced its position in the fast-growing microgrid or distributed energy resources (DER) industry through its transformation into a comprehensive energy solutions provider renamed Capstone Green Energy.

    We have discontinued coverage of Cisco. 


    Cisco

    Company Overview

    Headquartered in San Jose, Cisco Systems is the world’s largest hardware and software supplier within the networking solutions sector and is a bellwether for the industry. The infrastructure platforms group (55% of sales) includes hardware and software products for switching, routing, datacenter, and wireless applications. Its applications portfolio (11%) contains collaboration, analytics, and Internet of Things products. The security segment (6%) contains Cisco’s firewall and software-defined security products. Services (27%) are Cisco’s technical support and advanced services offerings. The company’s wide array of hardware is complemented with solutions for software-defined networking, analytics, and intent-based networking. In collaboration with Cisco’s initiative on growing software and services, its revenue model is focused on increasing subscriptions and recurring sales.


Analyst

John Roy, PhD
Managing Director

Recent Sector Insights

Cisco (NASDAQ: CSCO)
Water Tower Research MD talks through Cisco’s growth in its fourth quarter earnings
· Interview · 19 Aug 2021

Water Tower Research Managing Director John Roy tells Proactive he feels technology conglomerate Cisco Systems (NASDAQ:CSCO) Inc (NASDAQ:CSCO)’s 8% revenue growth year-on-year is ‘pretty good’ for a $50B company, despite current supply chain challenges. Roy says he was surprised to see Cisco give...

TECHNOLOGY
Cisco (NASDAQ: CSCO)
Preliminary 4FQ21 Results: In-line Revenue and a Penny EPS Beat; Full-Year 2022 Revenue Guidance Above Consensus While EPS is In-Line
· Update Note · 18 Aug 2021

Cisco’s 4FQ21 revenue of $13 billion, in-line with consensus, is up 8% YoY. Non-GAAP EPS of $0.84 beat consensus of $0.83 by a penny. The mix in the quarter helped gross margin come in above the company’s expectations. The company saw double-digit order growth across all markets and geographies.

TECHNOLOGY
Cisco (NASDAQ: CSCO)
Preliminary F2Q21 Results: Flat Revenue but Guiding for Growth
· Update Note · 11 Feb 2021

CEO Chuck Robbins indicated that Cisco “continue[d] to see signs of gradual improvement” in segments that account for nearly three-quarters of its product orders. While it is seeing gradual improvement, revenue was flat YoY. The company said it was “cautiously optimistic” and cited recent surveys...

    We have discontinued coverage of CleanSpark, Inc.


    CleanSpark, Inc.

    Company Overview

    CleanSpark, Inc (CLSK) is a software and services company providing advanced energy software and control technology that enables a plug-and-play and end-to-end enterprise energy solution in microgrid and distributed energy resource (DER) settings as well as hardware systems, specifically switch gear and energy storage solutions. The SaaS and Controls business accounts for approximately 30% of the company’s revenue as of 3Q20 but carries an exceptional average margin of about 90%. The core of this business is an integrated software suite comprising mPulse and mVSO, with the core function of enabling a user to accurately model and intelligently manage a complex microgrid. Their software solutions can be widely implemented across commercial, industrial, military, and municipal establishments.

    The hardware segment accounts for approximately 70% of revenue as of 3Q20 and carries an average margin of approximately 15%. Hardware sales primarily include switch gear equipment and energy storage solutions. All of CleanSpark’s switchgear models are custom designed and manufactured to customer’s specifications and requirements with the capability to support all major manufacturer’s components. CleanSpark is also a reseller of energy storage batteries, which is a critical component of most microgrid systems. The company is targeting a 50% attachment rate with mPulse sales, which would help to significantly drive revenue going forward. The company is also working on partnerships with multiple battery groups, which will be of a marketing nature with the goal of being the preferred controls provider to as many battery groups as possible.

Analyst

Shawn Severson
President & Co-Founder

Recent Sector Insights

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
Key Events Update: Purchased Bitcoin Mining Machines, Transitioned Mining Power, Announced Investments, and Launched Update to Smart Energy System
· Update Note · 21 Oct 2021

On October 12, 2021, CleanSpark announced the purchase of 4,500 units of Antminer S19 bitcoin mining machines funded partially by CleanSpark’s bitcoin holdings. The purchase will increase the computing power by ~450 PH/s, equivalent to almost 45% of the current computing power, and is inline with...

CleanSpark, Inc. (NASDAQ: CLSK)
Water Tower Research says CleanSpark ‘well-positioned to capitalize’ on microgrid market growth while scaling its Bitcoin mining operations
· In The News · 22 Sep 2021

Analysts at Water Tower Research said CleanSpark Inc (NASDAQ:CLSK) “is well-positioned to capitalize” on the long-term secular growth trend in the microgrid markets. CleanSpark’s software – mPluse and mVSO (Microgrid Value Stream Optimizer) – enables a microgrid to be scaled to the user’s specifi...

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
Bitcoin Mining Deep Dive with CleanSpark CEO Zach Bradford
· Management Series · 21 Sep 2021

We sat down with CleanSpark’s CEO, Zach Bradford, to take a deep dive into the company’s Bitcoin mining operations.

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
Bitcoin Valuation Update: What is the Market Missing?
· Update Note · 30 Aug 2021

Management believes CleanSpark is currently trading at a steep discount to bitcoin mining comparables (2.2x forward revenue vs. 5.7x industry average). Bitcoin is a commodity, yet CleanSpark is not getting credit for its mining operation that is profitable at price levels above ~$6,000 per bitcoi...

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
3Q21 Results: +247% Revenue Growth Fueled by Bitcoin Mining; Management Raises FY21 Guidance
· Update Note · 20 Aug 2021

On August 16, 2021, CleanSpark reported its 3Q21 earnings results. The company delivered strong revenue growth fueled by bitcoin mining, but missed consensus estimates for the quarter. The stock traded down -15.1% post-earnings and is currently trading at ~1.9x 2022E sales.

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
WTR Fireside Chat Series: Bitcoin Mining Deep-Dive with CleanSpark CEO Zach Bradford
· Fireside Chat Invitation · 20 Aug 2021

On Tuesday, August 24, 2021, at 1:30 pm EDT, we will be hosting CleanSpark CEO Zach Bradford in our Sustainable Investing Fireside Chat Series. We will be covering a deep-dive on CleanSpark's bitcoin mining operation focusing on the recent increase in hashrate capacity, the associated margin oppo...

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
An Energy Intelligence Platform Paving the Way for Rapid Savings in Bitcoin Mining through Microgrid Solutions
· Initiation Of Coverage Report · 27 Jul 2021

CleanSpark is a diversified software and services company aligned to the fast-growing market for microgrids and bitcoin mining. The company’s software intelligently controls and manages microgrids to save money and optimize performance, providing an attractive ROI for its energy customers.

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
Reviewing CleanSpark’s Coinmint Partnership and Dynamic Changes in the Bitcoin Mining Industry with CEO Zach Bradford
· Management Series · 20 Jul 2021

We sat down with CleanSpark’s CEO, Zach Bradford, to discuss an update on the recent activity and changes in the bitcoin mining industry. We also spoke about CleanSpark’s recent partnership with Coinmint, the largest co-location bitcoin miner in the US focused on green mining.

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
CleanSpark Announces Ecofriendly Bitcoin Mining Partnership with Coinmint to Increase Capacity and Expand Green Mining Initiatives
· Update Note · 14 Jul 2021

On Wednesday, July 14, 2021, CleanSpark announced a partnership with Coinmint to collaborate on the mining of zero-carbon bitcoin. WTR also hosted a Fireside Chat with CleanSpark’s CEO, Zach Bradford, covering recent changes in the bitcoin ecosystem and the Coinmint announcement. The event is acc...

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
WTR Fireside Chat Series: An Overview of the Dynamic Changes in the Bitcoin Mining Industry with CleanSpark CEO Zach Bradford
· Fireside Chat Invitation · 12 Jul 2021

On Wednesday, July 14, 2021, at 11:30 am EDT, we will be hosting CleanSpark’s CEO, Zach Bradford, to discuss an update on the recent activity and changes in the bitcoin mining industry. The event is open to all investors.

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
Record 2Q21 Results: Revenues +122% Y/Y Fueled by Bitcoin Mining Success; Improved FY21 Outlook
· Update Note · 11 May 2021

CleanSpark reported a record 2Q21, with revenues doubling for the second consecutive quarter along with achieving profitability for the first time ever largely driven by the company’s bitcoin mining operation.

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
Bitcoin Mining Operations Leveraging Energy Savings to Drive Profits
· Update Note · 28 Apr 2021

Bitcoin mining is central to the bitcoin ecosystem. It is a process that verifies transactions and provides security to the bitcoin blockchain, and it is how new bitcoins enter circulation. CleanSpark entered into this rapidly growing market through its acquisition of ATL Data Centers in December...

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
Review of the Recent Quarter and an Update on the 2021 Outlook
· Management Series · 01 Mar 2021

CleanSpark generates revenue from two primary sources: energy management software and systems for microgrids and bitcoin mining.

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
WTR Fireside Chat Series: CleanSpark CEO Zach Bradford Provides a Review of the Recent Quarter and an Update on the 2021 Outlook on Thursday, February 18th at 3:00 PM EST
· Fireside Chat Invitation · 18 Feb 2021

We are pleased to host Zach Bradford, CEO of CleanSpark in our WTR Fireside Chat Series on Thursday, February 18th at 3 pm EST (12 pm PST).

    Crown Electrokinetics

    Company Overview

    Crown is a smart glass technology company and the creator of DynamicTint - We Make Your Glass Smarter™. Originally invented by Hewlett-Packard (HP, Inc.), Crown’s technology allows any glass surface to transition between clear and dark in seconds. With applications to a wide array of windows, including commercial buildings, automotive sunroofs, and residential skylights, Crown partners with leading glass and film manufacturers for mass production and distribution. At the core of the technology is a thin film that is powered by electrically charged pigment which not only replaces common window tints but is also a more sustainable alternative to traditional window treatments. With its unique ability to be retrofitted to existing glass, DynamicTint™ offers myriad benefits related to reducing carbon emissions. The company is supported by a robust patent portfolio. For more information, please visit www.crownek.com.

Analyst

Shawn Severson
President & Co-Founder

Recent Sector Insights

Crown Electrokinetics (NASDAQ: CRKN)
Water Tower Research: "Crown stands at an inflection point of the smart glass industry"
· Interview · 19 Jan 2022

Water Tower Research president and co-founder Shawn Severson talks to Proactive about Crown Electrokinetics, a company that it recently initiated coverage on. Severson says the fast-growing global smart glass market was worth $3.6 billion in 2020 and is expected to continue growing at an estimate...

CLIMATETECH & SUSTAINABLE INVESTING
Crown Electrokinetics (NASDAQ: CRKN)
Looking Through the Window Into Smart Glass Solutions For The Commercial Retrofit Market
· Initiation Of Coverage Report · 05 Jan 2022

Crown Electrokinetics is transforming the ‘smart glass’ industry through its unique proprietary ‘Electrokinetic’ technology that provides a sustainable transition of glass applications in commercial buildings, reducing energy consumption by up to 26%.

CLIMATETECH & SUSTAINABLE INVESTING
Crown Electrokinetics (NASDAQ: CRKN)
CEO Doug Croxall Discusses Its Smart Glass Technology and Transition to Commercial Scales
· Management Series · 10 Dec 2021

CEO Doug Croxall talks about Crown's unique technology and opportunities in retrofitting commercial buildings.

CLIMATETECH & SUSTAINABLE INVESTING
Crown Electrokinetics (NASDAQ: CRKN)
WTR Fireside Chat with Crown Electrokinetics CEO Doug Croxall on November 18, 2021 at 2 pm EST Discussing an Overview of Smart Glass Solutions
· Fireside Chat Invitation · 16 Nov 2021

We are pleased to host Crown Electrokinetics CEO Doug Croxall on November 18, 2021 at 2 pm EST discussing an overview of the company's smart glass solutions as part of our WTR Fireside Chat Series.

    Culp,  Inc.

    Company Overview

    Founded in 1972 and headquartered in High Point, North Carolina, Culp, Inc. manufactures, markets, and supplies a wide range of mattress and upholstery fabrics in the US and across the globe. Today Culp has manufacturing and sourcing capabilities in the US, Canada, China, Haiti, Vietnam, and Turkey.

    Culp reports operations in segments: 1) mattress fabrics, known as Culp Home Fashions, and 2) upholstery fabrics, known as Culp Upholstery Fabrics. Each is a leader in its respective markets.

    Today, Culp’s CEO is Robert. G. Culp IV (Iv), who joined the company in 1998 and became CEO in January 2020. For 15 years before becoming CEO, Iv led Culp’s mattress fabric segment. Culp enjoys a strong market leadership role in each of its two segments, which is reinforced by its innovation.

Analyst

Budd Bugatch
Senior Analyst

Recent Sector Insights

CONSUMER
Culp, Inc. (NYSC: CULP)
Updating Estimates on Culp, Inc. after 2Q22 Report
· Update Note · 06 Dec 2021

With this note, we are updating and refreshing our forward estimates for Culp – following its 2Q22 earnings report, issued Wednesday, December 1st after the market close, and management’s conference call, conducted the next morning.

CONSUMER
Culp, Inc. (NYSC: CULP)
Culp Reports Challenging 2Q22 Results In Line With Early-November Pre-Release
· Update Note · 02 Dec 2021

Culp issued its 2Q22 earnings press release Wednesday, December 1, 2021, after the market close. Recall that about a month ago, management pre-released results, revising expectations for 2Q22. In its commentary at that time, Culp pointed to a significant shortfall in sales versus expectations (pr...

CONSUMER
Culp, Inc. (NYSC: CULP)
Updating Estimates for 2Q22 Pre-Release
· Update Note · 08 Nov 2021

On November 3, after the market close, Culp issued a pre-release revising its expectations for 2Q22. Previous expectations announced when Culp reported 1Q22 results called for 2Q22 net sales and consolidated operating income to be “comparable” to that reported in 1Q22. The revised expectations, ...

CONSUMER
Culp, Inc. (NYSC: CULP)
Refreshing Estimates on Culp, Inc. for 1Q22 Report
· Update Note · 23 Sep 2021

Culp reported results for its fiscal 1Q22 beat our estimates for several key metrics: (1) sales, (2) operating income, and (3) earnings per share. In Tables 1 & 2: Review of 1Q2 we provide a detailed comparison of 1Q22. We also attach our model, refreshing our quarterly and annual estimates.

CONSUMER
Culp, Inc. (NYSC: CULP)
1Q22 Update: Operating Results Beat Estimate; Cost/Price Pressures Persist; Revenues Strong
· Update Note · 02 Sep 2021

Culp reported results for its fiscal 1Q22 on September 1, after the market close. On a consolidated basis, results beat our estimate for the major metrics: (1) sales, (2) operating income, and (3) earnings per share. A detailed comparison of 1Q22 versus 1Q21 versus our estimates is provided in th...

CONSUMER
Culp, Inc. (NYSC: CULP)
Ken Bowling, EVP, CFO & Treasurer, Discusses Culp’s Business Model from a Financial Perspective
· Management Series · 09 Aug 2021

On Tuesday, July 20, 2021, we hosted Ken Bowling, Culp’s EVP, CFO, and Treasurer, in a Fireside Chat to discuss Culp’s financial model and how it fits into Culp’s strategy. A copy of the transcript, edited for readability and grammar, is included below.

CONSUMER
Culp, Inc. (NYSC: CULP)
Fireside Chat Series with Ken Bowling, Executive Vice President, CFO & Treasurer of Culp, Inc. on Tuesday, July 20, 2021 at 1:30pm EDT
· Fireside Chat Invitation · 07 Jul 2021

On Tuesday, July 20th at 1:30 pm EDT, we will be hosting Ken Bowling, Executive Vice President, CFO and Treasurer of Culp, Inc., for a fireside chat that will explore Culp’s business model from a financial perspective. The event is open to all.

CONSUMER
Culp, Inc. (NYSC: CULP)
4Q21 Update: Revenues Surge
· Update Note · 02 Jul 2021

Culp issued its Fiscal Year 2021 Fourth Quarter earnings report shortly after the market close of Wednesday, June 16, 2021. It also released its 4Q21 earnings presentation soon after that and conducted its earnings conference call the following morning at 11 am Eastern Time.

CONSUMER
Culp, Inc. (NYSC: CULP)
WTR Fireside Chat Series: Culp Inc. President & CEO Robert G. Culp, IV on Wednesday, April 21 at 1 pm EDT
· Fireside Chat Invitation · 19 Apr 2021

On Wednesday, April 21 at 1:00 pm EDT, we will host Iv Culp, President & CEO of Culp, Inc., for a fireside chat that introduces Iv to Water Tower Research readers and potential Culp investors. The event is open to all. Investors and other persons interested in participating must register using t...

CONSUMER
Culp, Inc. (NYSC: CULP)
Introducing Research Coverage on Culp, Inc.: Covering the Recovering Furniture & Mattress Market
· Initiation Of Coverage Report · 18 Mar 2021

With this report, we introduce coverage of Culp, Inc., a market leader in two textile platforms: mattress fabrics and upholstery fabrics. Culp manufactures, sources, and supplies fabrics and cut-and-sewn covers primarily for upholstery and mattress manufacturers. We began studying Culp soon after...

    Cvent Holding Corp

    Company Overview

    Cvent offers cloud-based, enterprise event marketing and management, and hospitality solutions through its Event Cloud and Hospitality Cloud businesses.

    Event Cloud consists of tools that enable event organizers to manage the entire event lifecycle and deliver live engagement across multiple events and formats such as in-person, virtual, and hybrid. The Event Cloud platform serves as a system of record for events and engagement data collected across an organization’s Total Event Program, which comprises every internal and external event that an organization hosts or attends. By using Cvent’s platform, organizations can aggregate and analyze attendee engagement across all events they are part of building a clear picture of buyer interest.

    Hospitality Cloud offers a marketplace that connects event organizers looking for appropriate event space for their in-person and hybrid events with hoteliers and venue operators through a vertical search engine built on a proprietary database of detailed event space information. In addition, Hospitality Cloud provides marketing and software solutions that hotels and venues leverage to manage and measure their event business to attract valuable leads and grow their businesses and to manage and measure their events business from lead to sale.

    The combination of Event Cloud and Hospitality Cloud results in a cohesive platform that generates network effects and attracts more event organizers, and hotels and venues that then purchase Cvent solutions.

Analyst

John Roy, PhD
Managing Director

Recent Sector Insights

TECHNOLOGY
Cvent Holding Corp (NASDAQ: CVT)
Dragoneer deSPAC Completed, Now Trading Under Cvent ‘CVT’, and at 48% Discount to Peers
· Update Note · 09 Dec 2021

Dragoneer Growth Opportunities Corp. II and Cvent completed their merger on December 8, creating a $5.3 billion market cap company. Cvent is a leading meetings, events, and hospitality technology provider.

TECHNOLOGY
Cvent Holding Corp (NASDAQ: CVT)
WTR Fireside Chat with Cvent Head of Sales & Marketing and Co-Founder Chuck Ghoorah and Dragoneer Investor Taylor Gilland
· Management Series · 03 Dec 2021

Water Tower Research hosted Chuck Ghoorah, Head of Sales & Marketing and Co-Founder of Cvent and Dragoneer Investor Taylor Gilland on December 1, 2021 as part of our WTR Fireside Chat Series. We took a deep dive into Cvent’s sales and marketing organization and Dragoneer’s thoughts and dilligence...

TECHNOLOGY
Cvent Holding Corp (NASDAQ: CVT)
WTR Fireside Chat with Cvent CEO and Founder Reggie Aggarwal
· Management Series · 23 Nov 2021

Water Tower Research hosted Reggie Aggarwal, CEO and Founder of Cvent on Thursday, November 18, 2021 as part of our WTR Fireside Chat Series. We took a deep dive into Cvent and the events software business. The event is available on demand, and is open to all investors.

Cvent Holding Corp (NASDAQ: CVT)
Water Tower Research initiates coverage on Cvent, merging with SPAC company Dragoneer Growth II
· Interview · 10 Nov 2021

Water Tower Research Managing Director of Technology John Roy joined Proactive to discuss the research firm’s initiation of coverage on meetings, events, and hospitality technology provider Cvent. Roy says Cvent is merging with SPAC company Dragoneer Growth Opportunities Corp. II. He talks about ...

TECHNOLOGY
Cvent Holding Corp (NASDAQ: CVT)
Merging with Cvent, SaaS Event Technology Leader Projecting 23% CAGR Going Public at 8.5x Sales, a 59% Discount to Its Peers
· Initiation Of Coverage Report · 10 Nov 2021

Dragoneer Growth Opportunities Corp. II. is merging with Cvent, a leading meetings, events, and hospitality technology provider. Cvent’s suite of solutions automates and simplifies the event-management process and delivers live engagement to maximize the impact of virtual, in-person, and hybrid e...

TECHNOLOGY
Cvent Holding Corp (NASDAQ: CVT)
F3Q21 Results: Cvent Beats and Raises as it Returns to Double-Digit Growth Despite Delta Variant
· Update Note · 10 Nov 2021

Cvent grew revenue in F3Q21 by 13.1% YoY to $134.1 million, which was 3.6% above guidance. With a strong 3Q and clear visibility into a robust 4Q, the company raised its 4Q and full-year guidance. The company now expect F4Q21 YoY revenue growth of 21.2-22.2%, up from 20.1-21.7% growth. For the fu...

TECHNOLOGY
Cvent Holding Corp (NASDAQ: CVT)
WTR Fireside Chat with Cvent CEO and Founder Reggie Aggarwal on November 18, 2021 at 1 pm EST
· Fireside Chat Invitation · 10 Nov 2021

We are pleased to host Reggie Aggarwal, CEO and Founder of Cvent on Thursday, November 18, 2021 at 1 pm EST as part of our WTR Fireside Chat Series. We will take a deep dive into Cvent and the events software business. The event is open to all investors.

    Earthstone Energy

    Company Overview

    Earthstone Energy is a growth-oriented independent oil and gas company headquartered in The Woodlands, Texas. The company seeks growth opportunities through the acquisition and development of undeveloped leases and asset and corporate acquisitions and mergers. Earthstone’s current oil and gas assets are concentrated in the Midland Basin in west Texas and in the Eagle Ford Trend in south Texas. The company gained an initial non-operated position in the Midland Basin through the 2016 acquisition of Lynden Energy. The legacy Eagle Ford assets came through the Oak Valley combination. The 2Q17 acquisition of Midland Basin assets from Bold Energy III, LLC established the company as an operator in the basin. 

Analyst

Jeff Robertson
Managing Director

Recent Sector Insights

NATURAL RESOURCES
Earthstone Energy (NYSE: ESTE)
Fireside Chat with Robert Anderson, CEO & President of Earthstone Energy on January 10, 2022 at 2:30 pm EST
· Fireside Chat Invitation · 05 Jan 2022

On Monday, January 10, 2022 at 2:30 pm EST, we will host Robert Anderson, Chief Executive Officer and President of Earthstone Energy for a fireside chat. The discussion will focus on Earthstone’s recent success in the acquisition market, which has significantly expanded its Permian Basin asset ba...

NATURAL RESOURCES
Earthstone Energy (NYSE: ESTE)
Two-Pronged Growth: Acquisitions & Development Drilling
· Initiation Of Coverage Report · 04 Jan 2022

Earthstone Energy is a growth-oriented independent oil and gas company. The core asset base consists of ~137,400 net acres in the Permian Basin. The company also owns a smaller position in the Eagle Ford trend in south Texas.

    Electrovaya, Inc.

    Company Overview

    Electrovaya is a leading manufacturer of safe and long-lasting lithium-ion batteries with differentiated performance and safety attributes, according to the company. The company has two primary battery platforms: Infinity and Solid State. The Infinity battery platform targets commercial vehicles, including lithium-ion e-forklift, e-bus, and e-trucks. This product has been launched commercially through global partners, including Toyota, Raymond, and Walmart. To date, Infinity sales have been primarily to the material handling industry, where lithium-ion batteries are replacing lead-acid batteries and, to some degree, fuel cells. The company’s batteries can also be used in larger grid-scale energy storage. The Solid State platform (SSB) is under development and targeted to launch in 2023, focusing on creating the lowest initial $/energy (kWh) and highest energy density. The target market for SSB will be e-passenger cars where a low initial cost (sticker price) is required. 

    Electovaya sells its battery solutions through two primary channels: OEM strategic supply agreements and a direct sales force. It primarily utilizes strategic partners for battery sales into new equipment or vehicle production, and its direct sales force for the retrofit market. In addition to the two battery platforms, Electrovaya also develops cells, modules, battery management systems, software, and firmware necessary to deliver the systems. Electrovaya has substantial intellectual property in the lithium-ion battery sector and continues to carry out research and development activities in lithium-ion batteries, with over 100 patents in their portfolio. In June 2021, a new operating division named Electrovaya Labs was formed to focus on the R&D and commercialization of other disruptive technologies, including next-gen solid-state cells and a unique patented electrode processing technology. Electrovaya Inc. was founded in 1996 and is headquartered in Mississauga, Canada.

Analyst

Shawn Severson
President & Co-Founder

Recent Sector Insights

CLIMATETECH & SUSTAINABLE INVESTING
Electrovaya, Inc. (OTCMKTS:EFLVF TSX: EFL)
Powering Ahead With Lithium-Ion Batteries For Material Handling and Electric Vehicles
· Initiation Of Coverage Report · 20 Jan 2022

Lithium-ion batteries (LIBs) are gaining increased importance due to higher energy efficiency, longer life span, and higher density. As a result, LIBs are finding growing applications in industrial vehicles like forklifts, lift trucks, ground support applications, electric vehicles, stationary en...

    We have discontinued coverage of Extreme Networks.


    Extreme Networks

    Company Overview

    Headquartered in San Jose with 2,800 employees, Extreme Networks provides software-driven networking services for enterprise customers. Its products include wired and wireless network infrastructure equipment and software for network management, policy, analytics, and access controls. It offers high-density Wi-Fi, centralized management, cloud-based network management, and application analytics capabilities. The company serves a number of end-markets including Government & Education (>35% of sales), Healthcare (>10%), Manufacturing (~10%), Retail Logistics / Transportation (~10%), Telco / Service Provider (<10%), and Sports / Entertainment & Hospitality (<5%). Roughly half of the firm’s revenue is generated in the Americas, with the rest coming from Europe, the Middle East, Africa, and Asia-Pacific.


Analyst

John Roy, PhD
Managing Director

Recent Sector Insights

TECHNOLOGY
Extreme Networks (NASDAQ: EXTR)
Preliminary F1Q22 Results: 14% YoY Revenue Growth Drives Top & Bottom-Line Beats
· Update Note · 02 Nov 2021

Extreme Networks President and CEO Ed Meyercord said the F1Q22 was “a very strong first quarter, characterized by unprecedented bookings.” F1Q22 revenue was up 14% YoY, which followed the 29% YoY growth in F4Q21. The company said its “SaaS subscription bookings grew 71% during the quarter,” and c...

TECHNOLOGY
Extreme Networks (NASDAQ: EXTR)
Preliminary F4Q21 Results: 29% YoY Revenue Growth Drives Top & Bottom Line Beats
· Update Note · 02 Aug 2021

Extreme Networks President and CEO Ed Meyercord highlighted the record year for the company as it passed the billion-dollar revenue mark. The F4Q21 revenue was up 29% YoY, which followed the 21% YoY growth in F3Q21. The company said it is “in the strongest competitive position it's ever been in.”

TECHNOLOGY
Extreme Networks (NASDAQ: EXTR)
Preliminary F4Q21 Results: 29% YoY Revenue Growth Drives Top & Bottom Line Beats - Replica
· Update Note · 02 Aug 2021

Extreme Networks President and CEO Ed Meyercord highlighted the record year for the company as it passed the billion-dollar revenue mark.

TECHNOLOGY
Extreme Networks (NASDAQ: EXTR)
Preliminary F3Q21 Results: 21% YoY Revenue Growth Drives Top & Bottom Line Beats
· Update Note · 28 Apr 2021

Extreme described itself as “coming out of COVID in a stronger position than ever before,” with revenue of $253 million, which was $8 million above consensus. Non-GAAP EPS was $0.16, which was also above the consensus of $0.13. Non-GAAP gross margin came in at 61.5%, and a non-GAAP operating marg...

TECHNOLOGY
Extreme Networks (NASDAQ: EXTR)
Preliminary F2Q21 Results, But Over a Range
· Update Note · 28 Jan 2021

Extreme described its quarter as “very solid,” with revenue at the mid-point of $243 million, which was above the mid-point of guidance of $240 million and consensus at $241 million. Mid-point non-GAAP EPS was $0.14 also above consensus of $0.11. Non-GAAP gross margin came in above 60% with a ran...

TECHNOLOGY
Extreme Networks (NASDAQ: EXTR)
Networking Challenger Making Significant ESG Push
· Management Series · 14 Dec 2020

Extreme Networks is widely viewed as being well positioned for the growth of government, education, and 5G drivers to fuel incremental demand for its cloud-based systems.

TECHNOLOGY
Extreme Networks (NASDAQ: EXTR)
Fireside Chat Series: Extreme Network’s (EXTR) ESG Strategy with President & CEO Ed Meyercord and Katy Motiey, Chief Administrative and Sustainability Officer on Tuesday, December 1st, 3 pm EST
· Fireside Chat Invitation · 30 Nov 2020

We are pleased to host Ed Meyercord, President & CEO of Extreme Networks (EXTR) and Katy Motiey, Chief Administrative and Sustainability Officer, in our Water Tower Research Fireside Chat Series. This Fireside Chat is focused on the company's ESG strategy and includes a review of the company's re...

TECHNOLOGY
Extreme Networks (NASDAQ: EXTR)
Preliminary 1FQ21 Results and Post-Earnings CEO Fireside Chat
· Update Note · 02 Nov 2020

Extreme Networks is widely viewed as being well positioned for the growth of government, education and 5G drivers to fuel incremental demand for its cloud-based systems.

TECHNOLOGY
Extreme Networks (NASDAQ: EXTR)
Cloud-driven networking delivers a significant advantage
· Initiation Of Coverage Report · 19 Oct 2020

Extreme Networks is widely viewed as being well positioned for the growth of Government and Education, and to exploit its cloud-based systems.

    Galaxy Resources was acquired by Orocobre Limited (ASX: ORE, TSX: ORL) in an all-stock merger transaction that closed August 25, 2021. Consequently, we discontinued coverage of Galaxy Resources.


    Galaxy Resources Limited

    Company Description

    Galaxy Resources Limited is a lithium producer with global operations in Argentina, Canada, and western Australia. GALXF currently produces lithium through its spodumene mine (Mt. Cattlin) in Western Australia and is developing a high-quality lithium brine resource in Argentina. Additionally, GALXF has access to another hard rock resource, James Bay, in Canada, which it may develop over the longer-term. GALXF is headquartered in Perth, Australia and was founded in 1996.

Analyst

Jeff Robertson
Managing Director

Recent Sector Insights

NATURAL RESOURCES
Galaxy Resources Limited (OTCMKTS: GALXF)
Upcoming Updates on Sal de Vida and James Bay Projects Will Provide Information on Advancing Long-Term Growth
· Update Note · 21 Feb 2021

Galaxy Resources (GALXF) is a pure-play lithium producer. Galaxy produces lithium at its Mt Cattlin spodumene mine in Western Australia and is advancing new projects toward first production at Sal de Vida in Argentina and James Bay in Canada.

    Gevo, Inc.

    Company Overview

    Gevo is a next-generation “low-carbon” fuel and chemical company focused on the development and commercialization of renewable alternatives to petroleum-based products. In 2018, Gevo generated $33 million in revenue, with ethanol sales and animal feed products accounting for the bulk of it, at ~96%. The company expects revenues to grow multifold over the next few years ($46- 56M by end of 2021 and $330M to 413M by 2023/24 assuming capacity is in place) as it implements its growth strategy and expands capacity.

    Low-carbon fuels reduce the carbon intensity, or the level of greenhouse gas emissions (GHG), compared to standard fossil-based fuels across their lifecycle. Gevo believes the only way to make very low carbon fuels (zero or negative GHG footprint) is to use renewable feedstocks, such as plant matter or “biogenic” raw materials for the carbon source as well as using renewable sources of energy to operate the production facility replacing incumbent fossil fuels based energy sources for electricity and heat. Gevo has already proven that its proprietary process works at commercial scale and as such the company believes it has been de-risked in many aspects and at a key inflection point to move into commercial scale production serving a significant total available market (TAM).

Analyst

Shawn Severson
President & Co-Founder

Recent Sector Insights

Gevo, Inc. (NASDAQ: GEVO)
Water Tower Research: "the time is right" for Gevo's renewable hydrocarbon plant
· Interview · 20 Dec 2021

Water Tower Research president and co-founder Shawn Severson talks to Proactive about progress the Colorado-based biofuels company Gevo has made in financing and building its renewable hydrocarbon plant. Severson says while it is still a few years away until the group begins production, the compa...

CLIMATETECH & SUSTAINABLE INVESTING
Gevo, Inc. (NASDAQ: GEVO)
Key Developments In Carbohydrate-to-Hydrocarbon Production and Net-Zero Project with CEO Dr. Patrick Gruber
· Management Series · 15 Dec 2021 - Release Date: 15 Dec 2021 at 12:00 +00:00

Dr. Patrick Gruber talks about the ‘Billion Gallon’ initiative and the importance of the GREET model to account for emissions across the lifecycle.

CLIMATETECH & SUSTAINABLE INVESTING
Gevo, Inc. (NASDAQ: GEVO)
WTR Fireside Chat Series: Gevo CEO Pat Gruber to Discuss Recent Key Events and Business Overview on December 16 at 4:00 pm EST
· Fireside Chat Invitation · 13 Dec 2021 · 1 response

On Thursday, December 16, 2021, at 4:00 pm EST, we will be hosting Gevo CEO Pat Gruber in our WTR Fireside Chat Series. This event is open to all investors, with live viewing limited to the first 1000 registrants. The event will also be available for on-demand viewing using the same link.

CLIMATETECH & SUSTAINABLE INVESTING
Gevo, Inc. (NASDAQ: GEVO)
3Q21 Results: Developing key alliances to strengthen future product market; Management optimistic about growth beyond Net-Zero 1
· Update Note · 16 Nov 2021

On November 10, 2021, Gevo announced 3Q21 earnings results. The company has been actively forming new alliances with the intent to further grow and expand the current production process.

CLIMATETECH & SUSTAINABLE INVESTING
Gevo, Inc. (NASDAQ: GEVO)
Key Events Update: Entered Strategic Alliances, Received Patent Approval, and Announced Setting Up of Alcohol to Hydrocarbon Pilot Plant
· Update Note · 18 Oct 2021

On October 12, 2021, Gevo entered into a strategic alliance with Axens North America Inc. to fast track the commercialization of Ethanol-to-Jet fuel (ETJ) and Sustainable Aviation Fuel (SAF) projects in the US. Axens will contribute more than 60 patents, engineering packages, proprietary catalyst...

CLIMATETECH & SUSTAINABLE INVESTING
Gevo, Inc. (NASDAQ: GEVO)
WTR Fireside Chat Series: Gevo CEO Pat Gruber to Discuss Key Events and Commercial Development of Ethanol-to-Jet (ETJ) Technology on October 21, 2021 at 4:30 pm EDT.
· Fireside Chat Invitation · 18 Oct 2021

On Thursday, October 21, 2021 at 4:30 pm EDT, we will be hosting Gevo CEO Pat Gruber in our WTR Fireside Chat Series. This event is open to all investors with live viewing limited to the first 1000 registrants. The event will also be available for on-demand viewing using the same link.

Gevo, Inc. (NASDAQ: GEVO)
Water Tower Research says Gevo has clear path to ‘significant cash flow’ by building off of the Net-Zero concept
· In The News · 31 Aug 2021

Analysts at Water Tower said this is “no longer just an idea but is being validated” by Gevo inking around $1.6 billion in offtake agreements, as part of an approximately $20 billion pipeline of contract negotiations. Analysts at Water Tower Research said Gevo is approaching the “tipping point” i...

Gevo, Inc. (NASDAQ: GEVO)
Water Tower Research Publishes Updated Initiation of Coverage Report on Gevo, Inc. (GEVO) Titled “Flying High in the New Carbon Economy with Commercial Scale Renewable Jet Fuel and Gasoline”
· Press Release · 25 Aug 2021

Water Tower Research LLC, the premier investor engagement and stakeholder communication platform powered by Wall Street veterans, has published an updated Initiation of Coverage Report on Gevo, Inc. (NASDAQ: GEVO) titled “Flying High in the New Carbon Economy with Commercial Scale Renewable Jet F...

CLIMATETECH & SUSTAINABLE INVESTING
Gevo, Inc. (NASDAQ: GEVO)
Flying High in the New Carbon Economy with Commercial Scale Renewable Jet Fuel and Gasoline
· Initiation Of Coverage Report · 23 Aug 2021

Renewable hydrocarbons are seeing clearer paths to commercialization amid carbon emissions reductions driven by increased regulatory scrutiny and corporate responsibility.

CLIMATETECH & SUSTAINABLE INVESTING
Gevo, Inc. (NASDAQ: GEVO)
2Q21 Results: Substantial Progress on RNG and Net-Zero 1 Projects; Management Increases Net-Zero 1 Guidance and Outlook
· Update Note · 12 Aug 2021

On August 12, 2021, Gevo announced 2Q21 earnings results. The company made substantial progress on its renewable natural gas (RNG) project in Iowa, advanced engineering work related to Net-Zero 1, and increased its Net-Zero 1 plant guidance and outlook. Management also noted that its Net-Zero 1 h...

CLIMATETECH & SUSTAINABLE INVESTING
Gevo, Inc. (NASDAQ: GEVO)
WTR Fireside Chat Series: GEVO COO Chris Ryan and CFO Lynn Smull Covering a Progress Report on Net-Zero 1 Capex Scope & Financial Projection
· Fireside Chat Invitation · 11 Aug 2021

On Wednesday, August 18, 2021, at 4:00 pm EDT, we will be hosting Gevo's COO, Chris Ryan, and CFO, Lynn Smull, in our Sustainable Investing Fireside Chat Series. The topic will be a progress report on Net-Zero 1 capex scope & financial projection. The event is open to all investors.

CLIMATETECH & SUSTAINABLE INVESTING
Gevo, Inc. (NASDAQ: GEVO)
WTR Fireside Chat Series with GEVO CEO Patrick Gruber and CFO Lynn Smull Covering a Business Update with a Focus on Financing on March 18th at 2:30 pm EDT
· Fireside Chat Invitation · 15 Mar 2021

On Thursday, March 18 at 2:30 pm EDT, we will be hosting Gevo CEO Pat Gruber and CFO Lynn Small covering a business update with an emphasis on the company’s financing strategy. GEVO produces advanced hydrocarbons such as jet fuel and renewable premium gasoline from sustainable carbohydrates with ...

    Hexion Inc.

    Company Overview

    Based in Columbus, Ohio, Hexion Inc. (HXOH) is a global leader in thermoset resins. Hexion Inc. serves the global adhesive, coatings, composites, and industrial markets through a broad range of thermoset technologies, specialty products, and technical support for customers in a diverse range of end markets and industries. The company produces acrylic adhesives and polymers, ceramics, coatings, molding compounds, phenolic encapsulated sand, foams, ceramic substrates, and other related products. Hexion serves customers worldwide.

    Hexion operates in two approximately equal (in terms of sales) divisions: Adhesives (47% of sales; ~18% EBITDA margin) and Coatings & Composites (53% of sales; 11-12% EBIDTA margin). USCAN represents 57% of company sales, followed by EMEA at 21%, APAC at 17%, and LATAM at 5%. Hexion’s primarily end markets include Wind Energy (17%), General Construction (13%), New Home Construction (12%), and Remodel & Repair (8%).

Analyst

Dmitry Silversteyn
Senior Analyst

Recent Sector Insights

CHEMICALS & MATERIALS TECHNOLOGY
Hexion Inc. (OTC: HXOH)
Sustainability as a Driver of Value Creation
· Management Series · 13 Jul 2021

Since emerging from Chapter 11 bankruptcy in 3Q19, Hexion has been focused on streamlining its portfolio of businesses, investing in R&D and capacity to bring new value-added products to market, and strengthening its balance sheet.

CHEMICALS & MATERIALS TECHNOLOGY
Hexion Inc. (OTC: HXOH)
Sustainability as a Driver of Value Creation: A Discussion with Craig Rogerson, Chairman, President & CEO of Hexion Inc.
· Fireside Chat Invitation · 30 Jun 2021

On Wednesday, July 7, 2021 at 11:00 am EDT, we will be hosting Craig A. Rogerson, Chairman, President and Chief Executive Officer of Hexion Inc., for a fireside chat on sustainability as an enabler of above-market growth and margin improvement. The event is open to all.

    HighPeak Energy

    Company Overview

    HighPeak Energy (HPK) is a Midland Basin-focused independent oil and gas exploration and production company that owns approximately 51,000 net acres in the eastern portion of Howard County, Texas. Year-end 2020 proved reserves were 22.5 MMBOE (84% oil/46% proved developed). The company commenced trading on the NASDAQ in August 2020 following the business combination of Pure Acquisition Corp., a special purpose acquisition vehicle, with HighPeak Energy, Inc. and certain affiliates of HighPeak Energy Partners, LP. Management has a long history building Permian Basin focused exploration and production companies and currently controls about 90% of the voting shares.

Analyst

Jeff Robertson
Managing Director

Recent Sector Insights

NATURAL RESOURCES
HighPeak Energy (NASDAQ: HPK)
A Fireside Chat: Building Value at HighPeak
· Management Series · 06 Dec 2021

We hosted a Fireside Chat on Monday, November 22 with Jack Hightower and Mike Hollis of HighPeak Energy. Mr. Hightower is HighPeak’s Chairman and CEO, and Mr. Hollis is the company’s President.

NATURAL RESOURCES
HighPeak Energy (NASDAQ: HPK)
Step-Change Growth Ahead
· Update Note · 17 Nov 2021

A planned four-rig development is expected to drive significant production and cash-flow growth through 2022. Management provided a preliminary 2022 plan with an annual production guidance range of 26 – 31 MBOE/d and a year-end 2022 exit rate in the 36 – 42 MBOE/d range on a capital budget of $64...

NATURAL RESOURCES
HighPeak Energy (NASDAQ: HPK)
Fireside Chat Series with Jack Hightower, Chairman & CEO and Mike Hollis, President of HighPeak Energy on Monday, November 22 at 2 pm EST
· Fireside Chat Invitation · 16 Nov 2021

On Monday, November 22 at 2 pm EST, we will be hosting Jack Hightower, Chairman & CEO and Mike Hollis, President of HighPeak Energy for a fireside chat to discuss the company’s Midland Basin asset base and growth profile. The event is open to all.

NATURAL RESOURCES
HighPeak Energy (NASDAQ: HPK)
Accelerating Howard County Development
· Update Note · 12 Aug 2021

2Q21 production averaged 8.8 MBOE/d, a 66% gain from 1Q21. Oil represented 91% of total volumes. EBITDAX was $38.4 million in 2Q21, a 91% gain from 1Q21.

NATURAL RESOURCES
HighPeak Energy (NASDAQ: HPK)
1Q2 Results: Starting to Scale High-Margin Growth
· Update Note · 19 May 2021

Total 1Q21 production averaged 5,290 BOE/d (~90% oil), a 59% increase from 4Q20.

NATURAL RESOURCES
HighPeak Energy (NASDAQ: HPK)
Development Program Exposes Shareholders to Significant Upside
· Initiation Of Coverage Report · 14 Apr 2021

HighPeak Energy owns approximately 51,000 net (~59,000 gross) acres in the northern Midland Basin in Howard County, Texas. The company operates approximately 93% of its acreage and owns average 84% working interest in the operated acreage. The position consists of two contiguous blocks giving H...

    We have discontinued coverage of Ideal Power Inc. 


    Ideal Power

    Company Overview

    Ideal Power Inc. (IPWR) is an innovative power semiconductor and power conversion technology company currently focused exclusively on the development and commercialization of its patented Bi-directional, Bi-polar Junction Transistor (B-TRAN™) solid state switch technology. Until 2018, the company’s main emphasis was on designing and selling electrical power conversion products based on proprietary Power Packet Switching Architecture (PPSA) technology. In 2019, this business was sold due to the slow growth in the commercial and industrial energy storage market and to have a singular focus on the promising B-TRAN™ technology. Commercialization of the B-TRAN™ technology is progressing well, with proof of concept, a B-TRAN™-enabled demonstration project underway, and a customer sampling program expected in 2021 and initial B-TRAN™ sales expected in 2022. Necessary funding for the technology development and working capital is already in place with the recent $21.2 million public offering. Once commercialized, the company’s operational revenues could reach $60-120 million assuming just a 1-2% share of the current IGBT $6.0 billion market, a market which is expected to grow to $11.0 billion by 2026 according to company sources.

Analyst

Shawn Severson
President & Co-Founder

Recent Sector Insights

CLIMATETECH & SUSTAINABLE INVESTING
Ideal Power (NASDAQ: IPWR)
2Q21 Results: Notable Progress on Path Toward B-TRAN™ Commercialization
· Update Note · 12 Aug 2021

On August 12, 2021, Ideal Power announced 2Q21 earnings results. The company made notable progress on the path toward commercialization of its B-TRAN™ bi-directional power switch technology.

CLIMATETECH & SUSTAINABLE INVESTING
Ideal Power (NASDAQ: IPWR)
B-TRAN™ in Circuit Breaker Applications with Ideal Power CEO Dan Brdar
· Management Series · 04 Aug 2021

B-TRAN™-based solid-state circuit breakers (SSCBs) act orders of magnitude faster than incumbent electromechanical devices. As a result, the fault current is much lower and the electric arc is prevented, eliminating potential fires, wear on the breaker contacts, and potential damage to other equi...

CLIMATETECH & SUSTAINABLE INVESTING
Ideal Power (NASDAQ: IPWR)
Ideal Power Announced First Sampling of B-TRAN™ for EV Applications with Top 10 Global Automaker
· Update Note · 20 Jul 2021

On July 20, 2021, Ideal Power announced that a Top 10 global automaker will be sampling B-TRAN™ devices for electric vehicle (EV) drivetrain, power conversion, circuit protection, and other EV applications. The stock rose +34% on the news.

CLIMATETECH & SUSTAINABLE INVESTING
Ideal Power (NASDAQ: IPWR)
Reviewing B-TRAN™ Applications for the EV Market with Ideal Power VP of Business Development Jeff Knapp
· Management Series · 23 Jun 2021

B-TRAN is a bi-directional power semiconductor switch that serves as an innovative replacement for legacy IGBT and MOSFET devices and has significant advantages over these mature technologies in both uni-directional and bi-directional switching applications.

CLIMATETECH & SUSTAINABLE INVESTING
Ideal Power (NASDAQ: IPWR)
An Overview of Ideal Power and a Deeper Dive Into B-TRAN™ Bi-Directional Power Switches and the Addressable Markets
· Management Series · 17 May 2021

• In this Management Series, we take a look at the overall strategy and technology at Ideal Power. You can access our recent Fireside Chat here.

CLIMATETECH & SUSTAINABLE INVESTING
Ideal Power (NASDAQ: IPWR)
WTR Fireside Chat Series: CEO Dan Brdar Provides an Introduction to B-TRAN™ Bi-Directional Power Switches and Addressable Markets on Thursday, April 22, 2021 at 2:00 pm EDT
· Fireside Chat Invitation · 20 Apr 2021

On Thursday, April 22nd at 2:00 pm EDT, we will be hosting Ideal Power's CEO Dan Brdar covering an introduction to B-TRAN™ Bi-Directional power switches and addressable markets. Ideal Power Inc. (IPWR) is an innovative power semiconductor company focused exclusively on the development and commerc...

CLIMATETECH & SUSTAINABLE INVESTING
Ideal Power (NASDAQ: IPWR)
A Game Changer in the IGBT Power Switch Market
· Initiation Of Coverage Report · 13 Apr 2021

Ideal Power Inc. is an innovative and proprietary semiconductor power switch company currently focused exclusively on the development and commercialization of its patented B-TRAN™ power switch technology.

    We have discontinued coverage of Infinera.


    Infinera

    Company Overview

    Infinera provides optical transport networking equipment, software and services to telecommunications service providers, Internet content providers (ICPs), cable providers, wholesale and enterprise carriers, research and education institutions, enterprise customers and government entities across the globe. The company’s portfolio consists of the Infinera DTN-X Family, the Infinera DTN platform, the Infinera Cloud Xpress Family, the Infinera XTM Series, the Infinera XTG Series and the Infinera FlexILS platform, addressing longhaul, subsea and metro networks end-to-end. Its technology includes Infinera Intelligent Transport Network Architecture, Infinera Photonic Integrated Circuits, Infinera FlexCoherent Processor, Super-Channels, Sliceable Photonics, Disaggregation, Integrated Digital Switching, Infinera Instant Bandwidth, Infinera Packet-Optical Transport, Multi-layer Switching and Optimization, and Management, Control and Security.


Analyst

John Roy, PhD
Managing Director

Recent Sector Insights

TECHNOLOGY
Infinera (NASDAQ: INFN)
Preliminary 2FQ21 Results: Light Revenue Driven by Supply Chain Issues that Might Continue into 2H21
· Update Note · 03 Aug 2021

Supply chain issues were again front and center during the call. Infinera said it experienced a $30-35 million revenue hit in the first six months of 2021 due to supply chain issues. Revenue came in at $339 million vs. consensus of $345 million. Lead time for some components has gone from 15 week...

TECHNOLOGY
Infinera (NASDAQ: INFN)
Preliminary 1FQ21 Results: Revenues In Line with Company and Consensus Expectations
· Update Note · 05 May 2021

Supply chain issues were the likely cause of the 2% drop in Infinera’s stock the day after the company reported revenue in line with company and consensus expectations and a smaller than expected loss per share.

TECHNOLOGY
Infinera (NASDAQ: INFN)
Preliminary F4Q20 Results: Slight Miss on Top-Line But $0.11 Bottom Line Beat, Guide Flat
· Update Note · 23 Feb 2021

CEO David Heard described the quarter as “strong” with “solid execution across the board.” Heard said the company is well on its way to achieving its target business model, which we should hear more about at its upcoming analyst day in March.

TECHNOLOGY
Infinera (NASDAQ: INFN)
With ICE6’s technology winning, 800G dominance is a possibility
· Initiation Of Coverage Report · 19 Oct 2020

 Infinera is positioning itself to take advantage of bandwidth demand growth driven by COVID-related remote access, 5G wireless rollouts, and overall global growth. The high-end optical market (600G+) is expected to grow 25% a year through 2024 to over $2bn annually (according to Ovum).

    We have discontinued coverage of Kandi Technologies Group.


    Kandi Technologies Group

    Company Overview

    Kandi Technologies is a leader in the EV value chain in China. Publicly traded in the US since 2007, Kandi is now entering the U.S. market with its affordable, mass-market oriented EVs.

Analyst

Shawn Severson
President & Co-Founder

Recent Sector Insights

CLIMATETECH & SUSTAINABLE INVESTING
Kandi Technologies Group (NASDAQ: KNDI)
Driving Expansion by Leveraging Battery Innovation and Ridesharing
· Update Note · 09 Mar 2021

Kandi is a pioneer in electric vehicles (EVs) and is engaged in researching, developing, manufacturing, and commercializing pure EV products, smart battery swap equipment, off-road vehicles, and a range of EV parts.

    We have discontinued coverage of KULR Technology Group.


    KULR Technology Group

    Company Overview

    KULR Technology Group Inc. develops and commercializes high-performance battery safety and thermal management technologies for batteries and electronics across a variety of applications currently dominated by aerospace and defense. KULR’s proprietary core technology is a carbon fiber material that provides superior thermal conductivity and heat dispersion for an ultra-lightweight and flexible material.

Analyst

Shawn Severson
President & Co-Founder

Recent Sector Insights

CLIMATETECH & SUSTAINABLE INVESTING
KULR Technology Group (NYSC: KULR)
Previewing KULR’s Upcoming Battery Solutions Day with Co-Founder and CEO Michael Mo
· Management Series · 22 Jun 2021

KULR Technology Group Co-Founder and CEO Michael Mo joined WTR to preview KULR’s upcoming Battery Solutions Day. The event is open to all investors and is accessible on-demand HERE.

CLIMATETECH & SUSTAINABLE INVESTING
KULR Technology Group (NYSC: KULR)
A Thermal Management Business Heating Up in Aerospace with New Applications Ahead
· Initiation Of Coverage Report · 12 Apr 2021

KULR is a leading provider of thermal management solutions for battery safety, offering carbon fiber-based customized thermal solutions for several applications and industries, led by aerospace.

    Company Overview

    Next Hydrogen Solutions Inc. designs and manufactures alkaline electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as an energy source. Next Hydrogen’s unique cell design architecture, supported by 38 patents, enables high current density operations and superior dynamic response to efficiently convert intermittent renewable electricity into “green” hydrogen on an infrastructure scale. Next Hydrogen’s redesign of the electrolyzer system architecture offers the potential to meaningfully decrease green hydrogen production cost. Next Hydrogen has worked with Atomic Energy Canada Limited (AECL) and has undertaken an onsite hydrogen production pilot with major retailer Canadian Tire, which resulted in two follow-on orders. The company also recently announced a partnership with Hyundai Motor Company and Kia Corporation, adding support for its innovative electrolyzer design. Following the successful pilots, Next Hydrogen is focused on scaling up its technology to deliver commercial solutions for decarbonization of the transportation and industrial sectors.

Analyst

Shawn Severson
President & Co-Founder

Recent Sector Insights

CLIMATETECH & SUSTAINABLE INVESTING
Next Hydrogen Solutions Inc. (TSXV: NXH)
Next Hydrogen Solutions Inc. CEO Raveel Afzaal Discusses the Company’s Corporate Strategy, Recent Events, and Business Outlook
· Management Series · 17 Nov 2021

Next Hydrogen Solutions Inc. designs and manufactures alkaline electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as an energy source. When the electricity used in this process is produced from renewable sources – such as solar, wind or hydro – the resulting...

CLIMATETECH & SUSTAINABLE INVESTING
Next Hydrogen Solutions Inc. (TSXV: NXH)
WTR Fireside Chat Series: Next Hydrogen Solutions Inc. CEO Raveel Afzaal to Discuss the Company’s Corporate Strategy, Recent Events, and Business Outlook on Wednesday, October 27 at 1 pm EDT
· Fireside Chat Invitation · 22 Oct 2021

We are pleased to host Raveel Afzaal, President & CEO of Next Hydrogen Solutions Inc. (TSXV:NXH; OTC: NXHSF) on Wednesday, October 27, 2021 at 1 pm EDT as part of our Water Tower Research Fireside Chat Series. We will discuss Next Hydrogen’s corporate strategy and business outlook in the rapidly ...

    Piedmont Lithium is developing a world-class integrated lithium business in the United States, enabling the transition to a net-zero world and the creation of a clean energy economy in America. The company’s location in the renowned Carolina Tin Spodumene Belt of North Carolina, the cradle of the lithium industry, positions Piedmont Lithium to be one of the world’s lowest-cost producers of lithium hydroxide and the most strategically located to serve the fast-growing US electric vehicle supply chain. The unique geographic proximity of the company’s resources, production operations, and prospective customers places it on the path to be the most sustainable provider of lithium hydroxide in the world and should allow Piedmont to play a pivotal role in supporting America’s move to the electrification of transportation and energy storage.

Analyst

Dmitry Silversteyn
Senior Analyst

Recent Sector Insights

CHEMICALS & MATERIALS TECHNOLOGY
Piedmont Lithium, Inc. (NASDAQ: PLL)
Fireside Chat Series with Keith Phillips, President & CEO of Piedmont Lithium on January 27, 2022 at 1 pm EST
· Fireside Chat Invitation · 20 Jan 2022

On Thursday, January 27, 2022 at 1 pm EST, we will be hosting Keith Phillips, President and Chief Executive Officer of Piedmont Lithium, Inc. (NASDAQ: PLL) for a fireside chat on the current state of the lithium industry and the company’s goals and accomplishments as it looks to develop a sustain...

    Polar Power, Inc.

    Company Overview

    Polar Power Inc. (NASDAQ: POLA) designs, manufactures, and sells direct current (DC) power systems, power generators, battery storage, renewable energy, and cooling systems for backup power and off-grid power generation applications, including telecom (the largest vertical at >90% of sales), auxiliary power generation for military vehicles, power generation for autonomous vehicles, electric vehicle rapid-charging, marine and RV, in addition to power for industrial and residential applications.

    Through its DC power systems, Polar provides energy service to applications that do not have access to the utility grid (prime power applications) or have critical power needs and cannot be without power in the event of utility grid failure (backup power applications). 

Analyst

Shawn Severson
President & Co-Founder

Recent Sector Insights

CLIMATETECH & SUSTAINABLE INVESTING
Polar Power, Inc. (NASDAQ: POLA)
3Q21 Results: +65.4% Revenue Growth and Overall Performance Improvement with Focus on Customer Diversification
· Update Note · 09 Dec 2021

Polar’s unique DC power systems are focused on applications in telecom (the largest vertical today), power generation for autonomous vehicles, electric vehicle rapid charging, marine and RV, in addition to power for industrial and residential applications.

CLIMATETECH & SUSTAINABLE INVESTING
Polar Power, Inc. (NASDAQ: POLA)
2Q21 Results: +330% Top-Line Growth Drives Gross Margin Expansion and EPS Improvement
· Update Note · 25 Aug 2021

On August 16, 2021, Polar Power reported 2Q21 earnings results. The company delivered impressive top-line growth in the quarter along with gross margin expansion and EPS improvement.

CLIMATETECH & SUSTAINABLE INVESTING
Polar Power, Inc. (NASDAQ: POLA)
Powering Ahead with DC Solutions in 5G, Electric Vehicle Charging, and Nano/Microgrids
· Initiation Of Coverage Report · 29 Jan 2021

Founded in 1979, Polar Power is a leader in providing clean and efficient DC power systems for backup, primary, and mobile power needs.

    Steelcase, Inc.

    Company Overview

    Steelcase is widely seen to be one of America’s great companies. Named 15 times by Fortune Magazine as one of the world’s most admired companies and ranked #1 in the Home Equipment and Furnishings sector, Steelcase is a global market share leader for commercial/contract furniture. Its global capabilities and research-based approach make it a preferred partner for organizations in any part of the world.

    Steelcase defines its purpose as “Unlocking human promise by transforming work, worker and workplace.” In this way, the company affirms its mission to the workplace. Today, the company’s family of brands include Steelcase®, Coalesse®, Designtex®, Smith System®, AMQ®, Turnstone®, and Orangebox®. These give the company a comprehensive portfolio of furniture, architectural products and technology solutions that support people at work. Its consolidated revenue mix by major verticals is: 72% in corporate/other, 16% for education, and 12% for healthcare.

    Steelcase management believes that its growth strategy is abetted by translating research-based insights into products, applications, and experiences that will help the world’s leading organizations amplify the performance of their people, teams, and enterprise. Steelcase aims to help its customers create workplace, healthcare and educational environments that support the physical, cognitive and emotional needs of their people, while also optimizing the value of their real estate investments.

    In recent years, before COVID, Steelcase has combined organic product development with acquisitions and partnerships. As the global market share leader, Steelcase also seeks to leverage its global scale that can accommodate local differentiation while trying to streamline the number of different platforms and acting as a globally integrated enterprise.

    Today, Steelcase goes to market through ~800 company-owned and independent dealer locations (~400 in its Americas segment, ~340 in its EMEA segment, and ~60 in its Other segment). The company has 65 locations in 17 countries; of which 15 are dedicated to manufacturing (7 in the Americas, 5 in EMEA, and 3 in the Other segment).

Analyst

Budd Bugatch
Senior Analyst

Recent Sector Insights

CONSUMER
Steelcase Inc. (NYSC: SCS)
3Q22 Sales and Earnings Miss; Incoming Orders +40% Y/Y; Backlog ~$800 million Forward Estimates Moderated
· Update Note · 03 Jan 2022

3Q22 Results: On December 16 2021 Steelcase reported consolidated 3Q22 revenues of $738.2 million thereby missing our $778.8 million estimate by $40.6 million, and the lower end-point of management’s $755-$785 million guidance. The miss versus our estimate was a drag to EPS of ~$0.01, by our math...

CONSUMER
Steelcase Inc. (NYSC: SCS)
3Q22 Earnings Update Sales Miss Due to Americas Shortfall Other Segments in Line Cost/Price/Supply Chain Pressures Persist Incoming Orders Up 40%, Exceeding Expectations Consolidated Ending Backlog $800 Million
· Update Note · 17 Dec 2021

After the market close Thursday, December 16, 2021, Steelcase reported its 3Q22 sales and earnings. It also issued its outlook for its 4Q22. Management will host its 3Q22 earnings conference call today, Friday, at 8:30 am eastern.

CONSUMER
Steelcase Inc. (NYSC: SCS)
Fireside Chat with Allan Smith, CRO & Dave Sylvester, CFO on New Products and Financial Thoughts
· Management Series · 10 Nov 2021

On Wednesday, November 3, 2021, we hosted a Fireside Chat conversation with two senior executives of Steelcase, Inc. – Allan Smith, Chief Revenue Officer and Dave Sylvester, Chief Financial Officer. This Management Series Report summarizes several of the key points of the event and provides the r...

CONSUMER
Steelcase Inc. (NYSC: SCS)
Steelcase Announces Acquisition of Viccarbe Habitat
· Update Note · 27 Oct 2021

Early morning, October 27, 2021, Steelcase issued a press release and issued an attendant 8-K detailing that it has acquired, for cash, all of the capital stock one of its partner companies, Viccarbe, Habitat, S.L. Viccarbe is a Spanish designer of contemporary furniture for high-performance col...

CONSUMER
Steelcase Inc. (NYSC: SCS)
Fireside Chat Series with Steelcase Inc. SVP & CFO Dave Sylvester and SVP & Chief Revenue Officer Allan Smith on Wednesday, November 3, 2021 at 10:00 am EDT
· Fireside Chat Invitation · 22 Oct 2021

On Wednesday, November 3 at 10:00 am EDT, we will be hosting Dave Sylvester, CFO, and Allan Smith, Chief Revenue Officer, of Steelcase Inc. for a virtual fireside chat on the Office Furniture landscape. The event is open to all.

CONSUMER
Steelcase Inc. (NYSC: SCS)
2Q22 Mixed: Results Below Plan But Orders Exceed By 24% Y/Y; Estimates Reflect Short-Term Price/Cost Pressures
· Update Note · 01 Oct 2021

2Q22 sales of $724.8 MM missed our $758.5 MM by $33.7 MM and management’s guidance of $750 MM-$ 780 MM. 2Q22 diluted EPS of $0.21 missed our $0.26 estimate by $0.05 and management’s EPS guidance, which was $0.25-$0.30.

CONSUMER
Steelcase Inc. (NYSC: SCS)
2Q22 Earnings Update; Sales & Earnings Miss Cost/Price/Supply Chain Pressures Persist Incoming Orders Up 24%, Exceeding Expectations
· Update Note · 23 Sep 2021

After the market close on Wednesday, September 22, 2022, Steelcase reported results for its 2Q22 fiscal quarter. It issued its outlook for 3Q22. It will host its earnings call on Thursday at 8:30 am Eastern.

CONSUMER
Steelcase Inc. (NYSC: SCS)
Fireside Chat Series with Steelcase Inc. President & CEO Jim Keane on Tuesday, August 31, 2021 at 11:30am EDT
· Fireside Chat Invitation · 19 Aug 2021

On Tuesday, August 31 at 11:30 am EDT, we will be hosting Jim Keane, President and CEO of Steelcase Inc., for a fireside chat on recent trends and customer interactions that affect the commercial/contract furniture industry. The event is open to all.

Steelcase Inc. (NYSC: SCS)
Water Tower Research publishes update note on Steelcase’s HBR article on hybrid workplace strategies
· Interview · 05 Aug 2021

Water Tower Research Senior Research Analyst Budd Bugatch joined Proactive to speak about his recent update note summarizing an article that recently appeared in the Harvard Business Review entitled "4 Strategies for Building a Hybrid Workplace that Works" co-authored by the CEO of Steelcase (NYS...

CONSUMER
Steelcase Inc. (NYSC: SCS)
Harvard Business Review Provides View of Office of the Future
· Update Note · 03 Aug 2021

Harvard Business Review recently published an article entitled 4 Strategies for Building a Hybrid Workplace that Works. The article was authored jointly by Jim Keane, President and CEO of Steelcase, and Todd Heiser, a Principal and Co-Managing Director of the Chicago office of Gensler. Gensler is...

CONSUMER
Steelcase Inc. (NYSC: SCS)
1Q22 Signals Improvement; Guidance Indicates Continuing Gains Ahead
· Update Note · 19 Jul 2021

Steelcase reported 1Q22 (its first fiscal quarter ended May 2021) in late June. A snapshot of the year-over-year comparison with 1Q21 (the first fiscal quarter ended May 2020) is shown in this report.

CONSUMER
Steelcase Inc. (NYSC: SCS)
Tempered by Time and Events: Moving to the Other Side of COVID
· Initiation Of Coverage Report · 10 May 2021

Named for the 15th time by Fortune Magazine as one of the world’s most admired companies and ranked #1 in the Home Equipment and Furnishings sector, Steelcase is a global market share leader for commercial/contract furniture. Its global capabilities and research-based approach make it a preferred...

    Virgin Orbit, Inc.

    Company Overview

    Virgin Orbit has developed a proprietary air-launch technology coupled with outstanding manufacturing infrastructure and a proven team to transform space access for a diverse and global customer base. Since its founding in 2017, Virgin Orbit has developed the world’s first air-launched, liquid-fueled launch system, making it the premier dedicated small satellite launch service.

    The company’s most recent successful launch, conducted on June 30, 2021, delivered satellites for commercial and national security customers from the US and abroad directly into their target orbits. In January 2021, the company debuted its launch capability by successfully launching satellites for NASA.

    Virgin Orbit uses a customized 747 aircraft as a mobile launch site, a flying mission control, and a fully-reusable first stage vehicle. By beginning each mission at approximately 35,000 feet above sea level and already travelling at a high speed, the simple and reliable LauncherOne rocket achieves a significant performance advantage over grounded launch sites while reducing local carbon emissions and acoustic impacts at the launch site when compared to a traditional ground launch.

    The mobility of the system also allows Virgin Orbit to bring launch capabilities to dozens of nations that currently have space agencies and satellite industries but no domestic launch capability. The company has been selected by the United Kingdom and Brazil to bring launch to those nations’ shores, in addition to Virgin Orbit’s announced launch site in Japan.

    Having already successfully delivered satellites into precisely targeted orbit for the US Department of Defense and other national security customers, Virgin Orbit’s proven technology can also be leveraged to serve a diverse portfolio of defense and national security applications.

    Virgin Orbit’s ability to launch responsively from any location around the world also gives it a valuable national security role in ensuring the resiliency and replaceability of critical satellite infrastructure assets.

Analyst

John Roy, PhD
Managing Director

Recent Sector Insights

TECHNOLOGY
Virgin Orbit, Inc. (NASDAQ: VORB)
Third Successful Launch Yesterday, Five More Scheduled for 2022, and Stock is Trading at 28% Discount
· Update Note · 14 Jan 2022

Virgin Orbit successfully completed its third commercial launch on January 13, 2022. Satellites for US DoD, NASA, SatRevolution, and Spire were successfully put into orbit. Launching from under the wing of its specially modified 747 launch platform at 35,000 feet, which took off and returned to t...

TECHNOLOGY
Virgin Orbit, Inc. (NASDAQ: VORB)
NEXTGEN deSPAC Completed, Now Trading Under Virgin Orbit ‘VORB’, and at 47% Discount to Peers
· Update Note · 03 Jan 2022

NextGen Acquisition Corp II and Virgin Orbit Holdings completed their merger on December 29, 2021 creating a $3 billion market cap company. Virgin Orbit is the world’s first air-launched, liquid-fueled launch provider.

TECHNOLOGY
Virgin Orbit, Inc. (NASDAQ: VORB)
WTR Fireside Chat with Virgin Orbit CEO Dan Hart
· Management Series · 21 Dec 2021

We hosted Dan Hart, CEO of Virgin Orbit on, December 20, 2021 as part of our WTR Fireside Chat Series. We took a deep dive into Virgin Orbit and the satellite launch business. The event is available on demand, and is open to all investors

TECHNOLOGY
Virgin Orbit, Inc. (NASDAQ: VORB)
WTR Fireside Chat with Virgin Orbit CEO Dan Hart on December 20, 2021 at 11 am EST
· Fireside Chat Invitation · 13 Dec 2021

We are pleased to host Dan Hart, CEO of Virgin Orbit on Monday, December 20, 2021 at 11 am EST as part of our WTR Fireside Chat Series. We will take a deep dive into Virgin Orbit and the satellite launch business. The event is open to all.

TECHNOLOGY
Virgin Orbit, Inc. (NASDAQ: VORB)
Merging with Virgin Orbit, Disruptive Satellite Launch Leader Projecting 150+% CAGR Going Public at 6.4x 2025e EV/EBITDA, a 41% Discount to Its Peers
· Initiation Of Coverage Report · 08 Dec 2021

NextGen Acquisition Corp II is merging with Virgin Orbit and will trade on Nasdaq under the symbol VORB. With the world’s first air-launched, liquid-fueled launch system, it is disrupting the satellite launch market and is projected to grow revenues to over $2 billion by 2026.

Virgin Orbit, Inc. (NASDAQ: VORB)
Water Tower Research launches coverage on SPAC company Virgin Orbit
· Interview · 08 Dec 2021

Water Tower Research's John Roy caught up with Proactive to discuss the research company's latest initiation of coverage, today on SPAC company Virgin Orbit, merging with NextGen Acquisition Corp II. Roy says its air-launched, liquid-fueled launch system is disrupting the satellite launch market ...

Virgin Orbit, Inc. (NASDAQ: VORB)
Water Tower Research Publishes Initiation of Coverage Report on Nextgen Acquisition Corp II (NASDAQ: NGCA) Titled “Merging with Virgin Orbit, Disruptive Satellite Launch Leader Projecting 150+% CAGR Going Public at 6.4x 2025e EV/EBITDA, a 41% Discount to Its Peers “
· Press Release · 08 Dec 2021

December 8, 2021, CHICAGO, IL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage report on Nextgen Acquisition Corp II / Virgin Orbit (NASDAQ: NGCA) as Nextgen Acquisition Corp II is merging with Virgin Orbit, the world’s first air-launched, liquid-fueled ...

    XpresSpa Group, Inc.

    Company Overview

    XpresSpa Group provides health and wellness services out of 24 US and 6 international airport locations. Its XpresSpa legacy business operated 43 spas in 21 airports prior to the COVID-19 pandemic. When the pandemic started, the spas had to be closed. The company pivoted and developed XpresCheck, a business offering rapid COVID-19 testing services with currently 14 locations in 12 airports, primarily targeting passengers bound for Hawaii and international destinations. The first XpresCheck locations opened in June 2020 and by August 2021, XpresCheck was generating about $10 million a month in patient service fees to its practices. XpresCheck has contracted with major airports including JFK, SFO, and ATL as well as major airlines including United, Delta, KLM, and El Al. It has also secured a first contract with the Centers for Disease Control and Prevention (CDC) to conduct testing and biosurveillance for inbound international passengers.

    While the company has started to selectively reopen some of its XpresSpa locations, it is also developing Treat, a new multichannel health and wellness brand. It has already launched the brand’s website, treat.com, as well as the Treat app. It will open the first Treat airport location in 4Q21 at JFK Terminal 4. Treat will expand on the spa and testing services offered by XpresSpa and XpresCheck and will have an extensive suite of health and wellness goods and services. It will offer a unique health and wellness alternative to the traditional shopping/eating/drinking activities, which have typically been the only options available to passengers waiting for departure inside the airport.

Analyst

Thierry Wuilloud
Managing Director

Recent Sector Insights

EMERGING GROWTH & SPECIAL SITUATIONS
XpresSpa Group, Inc. (NASDAQ: XSPA)
Company Announces Better Than Expected Preliminary 2021 Revenues and Strategic Acquisition of HyperPointe
· Update Note · 13 Jan 2022

XpresSpa Group pre-announced 2021 revenues of more than $71 million, well above the one estimate of $64 million. This implies 4Q21 revenues of $27 million or more, higher than the seasonally strong 3Q21 results. These quarterly and annual results are an all-time high for the company, including pr...

EMERGING GROWTH & SPECIAL SITUATIONS
XpresSpa Group, Inc. (NASDAQ: XSPA)
Focused Discussion of the XpresCheck Business with CEO Doug Satzman
· Management Series · 16 Dec 2021

Our discussion with Doug Satzman, CEO on December 7, 2021 focused on the XpresCheck business, which provides COVID-19 tests at 14 locations in 12 major US airports. The business was started from nil in June 2020 and achieved revenues of $25.4 million in 3Q21, making it the largest airport-based C...

EMERGING GROWTH & SPECIAL SITUATIONS
XpresSpa Group, Inc. (NASDAQ: XSPA)
WTR Fireside Chat Series: Doug Satzman, CEO of XpresSpa Group on December 7, 2021 at 1 pm EST to Discuss the Factors Driving the XpresCheck Business of XpresSpa Group
· Fireside Chat Invitation · 02 Dec 2021

On Tuesday, December 7, 2021, at 1:00 pm EST, we will be hosting Doug Satzman, CEO of XpresSpa Group, to discuss the factors driving the XpresCheck business of XpresSpa Group. The event is open to all.

EMERGING GROWTH & SPECIAL SITUATIONS
XpresSpa Group, Inc. (NASDAQ: XSPA)
Impressive Results from XpresCheck Enhanced by Positive Change in Revenue Recognition
· Update Note · 17 Nov 2021

XpresSpa Group reported 3Q21 revenues of $26.8 million compared to $9.1 million for 2Q21 and $0.02 million in 3Q20. XpresCheck contributed $25.4 million to revenue, while the legacy spa business contributed the remaining $1.4 million.

XpresSpa Group, Inc. (NASDAQ: XSPA)
Water Tower Research: XpresSpa core business returning as it continues COVID testing in airports
· Interview · 26 Oct 2021

Water Tower Research’s Thierry Wuilloud joined Proactive to discuss XpresSpa Group’s successful airport-based COVID testing business, and how he sees this continuing as outbound international passenger testing becomes a standard element of international travel. Wuilloud says as the only national ...

EMERGING GROWTH & SPECIAL SITUATIONS
XpresSpa Group, Inc. (NASDAQ: XSPA)
Leveraging its Position as the Only Airport-Based National Health and Wellness Provider in COVID Times
· Initiation Of Coverage Report · 25 Oct 2021

XpresSpa controls valuable real estate in 27 airports making it the largest health and wellness focused company operating in airports. It is in a unique position to offer relevant and sometimes critical services to passengers, airport authorities, airlines, and government agencies like the CDC.

    Zovio, Inc.

    Company Overview

    Zovio currently owns and manages Ashford University, a for profit university with about 35,000 registered students, mostly working adults. Zovio also operates a web development school (the Fullstack Academy) as well as an online tutoring service (TutorMe) matching tutors with students.

    Zovio announced in early August that it would sell Ashford University to the University of Arizona who will rename the school the University of Arizona Global Campus. The new entity will receive meaningful services from Zovio and will pay Zovio for these services as well as provide Zovio with a substantial revenue share opportunity.

Analysts

Shawn Severson
President & Co-Founder
Thierry Wuilloud
Managing Director

Recent Sector Insights

EMERGING GROWTH & SPECIAL SITUATIONS
Zovio, Inc. (NASDAQ: ZVO)
Appointment of New CEO Randy Hendricks
· Update Note · 17 Dec 2021

After a comprehensive executive search, Zovio’s board announced that it has appointed Randy Hendricks as Zovio Inc’s new Chief Executive Officer.

EMERGING GROWTH & SPECIAL SITUATIONS
Zovio, Inc. (NASDAQ: ZVO)
Proposed Agreement with the University of Arizona Creates Meaningful Upside but Execution Will Be Key
· Update Note · 11 Nov 2021

Zovio is attempting to transform itself from a for-profit school with significant regulatory burden into an education technology leader.

EMERGING GROWTH & SPECIAL SITUATIONS
Zovio, Inc. (NASDAQ: ZVO)
3Q21 Results: Mixed Trends at UAGC, More Improvements Needed; Zovio Growth Continues to Execute Well
· Update Note · 28 Oct 2021

Zovio reported mostly in-line revenues of $62.2 million and a per-share loss of $0.12. The University of Arizona Global Campus (UAGC) enrollments remain challenging, while retention has been improving consistently.

EMERGING GROWTH & SPECIAL SITUATIONS
Zovio, Inc. (NASDAQ: ZVO)
Management Series: Zovio Growth Segment Review
· Management Series · 23 Sep 2021

Zovio Growth segment consists primarily of the Fullstack Academy and TutorMe businesses, both acquired in the first half of 2019.

EMERGING GROWTH & SPECIAL SITUATIONS
Zovio, Inc. (NASDAQ: ZVO)
WTR Fireside Chat with Chris Spohn, Executive VP of Operations, to Discuss the Zovio Growth Segment
· Fireside Chat Invitation · 10 Sep 2021

On Tuesday, September 14, 2021, at 3:00 pm EDT, we will be hosting Chris Spohn, Executive VP of Operations, for a fireside chat on the Zovio Growth segment. The event is open to all.

EMERGING GROWTH & SPECIAL SITUATIONS
Zovio, Inc. (NASDAQ: ZVO)
2Q21 Results: UAGC Trends Appear to Have Stabilized; Continued Strong Results at Zovio Growth
· Update Note · 29 Jul 2021

UAGC enrollments were in line with the guidance set in May. For the quarter, the segment reported revenues of $62.2 million versus $73.3 million last year.

EMERGING GROWTH & SPECIAL SITUATIONS
Zovio, Inc. (NASDAQ: ZVO)
Fireside Chat With Chris Spohn, Executive VP of Operations, Discussing the Company’s University Partners Group Business
· Management Series · 24 Jun 2021

Zovio’s University Partners Group (UPG) provides services to university partners to assist them in the management of their online schools.

EMERGING GROWTH & SPECIAL SITUATIONS
Zovio, Inc. (NASDAQ: ZVO)
WTR Fireside Chat with Chris Spohn, Executive VP of Operations, to Discuss Zovio’s University Partners Group Business
· Fireside Chat Invitation · 09 Jun 2021

On Tuesday, June 15, 2021, at 3:00 pm EDT, we will be hosting Chris Spohn, Executive Vice President of Operations of Zovio for a fireside chat on the company’s University Partners Group. The event is open to all.

EMERGING GROWTH & SPECIAL SITUATIONS
Zovio, Inc. (NASDAQ: ZVO)
1Q21 Results: Transition to UAGC More Difficult Than Initially Expected; Continued Positive Momentum at Zovio Growth
· Update Note · 12 May 2021

After benefitting from some legacy leads early in the quarter, new student acquisition became more difficult and led to meaningful underperformance in the University Partners segment. For the quarter, the segment reported revenues of $69.7 million versus $75.9 million last year.

EMERGING GROWTH & SPECIAL SITUATIONS
Zovio, Inc. (NASDAQ: ZVO)
Smooth Transition for University of Arizona Global Campus and Continued Momentum for FullStack Academy and TutorMe Lead to Strong 2021 Guidance
· Update Note · 24 Feb 2021

Zovio’s CEO indicated that the fourth quarter results reflected a better than expected transition of the core business to the University of Arizona Global Campus (UAGC) and continued momentum at FullStack Academy and TutorMe.

CLIMATETECH & SUSTAINABLE INVESTING
Zovio, Inc. (NASDAQ: ZVO)
WTR Fireside Chat Series With GEVO Chief Commercial Officer Tim Cesarek and CEO Patrick Gruber on the Business Pipeline and Beyond Net-Zero 1 on Tuesday, February 23 at 2:30 pm EST
· Fireside Chat Invitation · 22 Feb 2021

On Tuesday, February 23 at 2:30 pm EST, we will be hosting Chief Commercial Officer Tim Cesarek and CEO Patrick Gruber to talk about the Business Pipeline and looking Beyond Net-Zero 1. GEVO produces advanced hydrocarbons such as jet fuel and renewable premium gasoline from sustainable carbohydra...

EMERGING GROWTH & SPECIAL SITUATIONS
Zovio, Inc. (NASDAQ: ZVO)
Covid-19 Accelerates Secular Trends in Post-Secondary Education – Zovio is Positioned to Benefit
· Management Series · 29 Jan 2021

Zovio is now a key service provider for the new University of Arizona Global Campus (UAGC) and will participate in the growth of the new school.

EMERGING GROWTH & SPECIAL SITUATIONS
Zovio, Inc. (NASDAQ: ZVO)
Zovio Receives Key Approval for Transformational Sale of Ashford University to the University of Arizona
· Update Note · 18 Nov 2020

Zovio announced yesterday that its sale of Ashford University to the University of Arizona received approval from its key accreditor, WASC. This is expected to clear the path for an early December closing of the transaction.

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