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In this episode of the WTR Small Cap Spotlight podcast, Nadab Akhtar, President and CEO of Project LightShift, the quantum antenna technology partner of Quantum Cyber N.V. (Nasdaq: QUCY), joins WTR Analyst James Kisner and host Tim Gerdeman, Vice Chair, Co-Founder and Chief Marketing Officer of Water Tower Research. Quantum Cyber is developing an autonomous defense platform for battlefields where GPS and communications are jammed or denied.

Nadab Akhtar explains why a drone is most exposed when it signals home, then covers how the quantum photomagnetic antenna is designed to use quantum-scale photonics to read the Earth’s magnetic field as a navigation reference. The antenna was invented by Project LightShift co-founder and Chief Scientist Dr. Wolf Kohn and is exclusively licensed to Quantum Cyber for drone and defense applications.

Nadab Akhtar also walks through MAHCA (Multiple Agent Hybrid Control Architecture), a rules-based AI framework intended to let drone swarms make decisions on board rather than calling home, and describes the search for a fabrication partner to take the pre-commercial antenna from simulation to a first prototype. The conversation closes with the milestones he expects over the next 12 to 18 months, led by a defined prototype program and a demonstration of MAHCA for swarming.

For additional content, visit www.watertowerresearch.com.

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In this episode of the WTR Small Cap Spotlight, Dmitry Silversteyn, Managing Director for Chemicals and Materials Technology, joins Tim Gerdeman to recap the critical minerals and advanced materials companies he hosted at the WTR Insights Conference on September 22 and 23.

The conversation covers the two overarching themes that emerged across six very different companies: the shift from resource definition and proof of concept toward project financing, permitting, and commercial validation, and the accelerating role of government support as Western nations move from rhetoric to capital deployment in decoupling from China. Dmitry walks through what changed for each company, including Brazil Potash's advancing permitting and government-backed tax relief, First Phosphate's growing investment stack and export credit agency support, 5E Advanced Materials' transformative Searles Valley Minerals acquisition, Home Run Resources' early silica sales and high-purity validation progress, U.S. Elemental's pending NASDAQ listing and updated feasibility economics, and The Metals Company's NOAA permitting progress and pivot toward integrated U.S. onshore refining. The episode closes with the milestones investors should watch across all six names over the next 12 months.

All six conference presentations are available on demand at https://event.webcasts.com/viewer/portal.jsp?ei=1770861&tp_key=bfed48f4a8

For additional content, visit www.watertowerresearch.com.

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In this episode of the Small Cap Spotlight, Peter Gastreich, Managing Director of Energy Transition and Sustainable Investing at Water Tower Research, joins host Tim Gerdeman to recap the eight companies he hosted at the WTR Insights Conference, spanning renewable fuels and carbon management, waste to value, clean tech, environmental solutions, and metallurgical coal.

Peter Gastreich breaks down five themes that emerged across the sessions: compliance rather than carbon as the demand engine, security of supply, tight markets that reward proven capacity, the shift from promise to proof, and capital-light models for customers and shareholders alike. He also explains why customer problems rather than macro themes drive demand across a notably diverse set of end markets, and shares the management lines that stood out on regulatory compliance, strategic importance, technology differentiation, and execution.

All eight sessions are available on demand at
https://event.webcasts.com/viewer/portal.jsp?ei=1770861&tp_key=bfed48f4a8

For Additional content:
https://www.watertowerresearch.com/sector/2

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In this episode of the WTR Small Cap Spotlight, Jeff Robertson, Managing Director of Natural Resources at Water Tower Research, joins Tim Gerdeman to recap the nine energy companies he hosted at the WTR Insights Conference on September 22 and 23, including seven E&P names and two oil field service companies.

Jeff Robertson breaks down what management teams said about capital discipline against a volatile commodity backdrop, why producers are not adding rigs at current prices, and how balance sheet repair, royalty and mineral strategies, capital structure simplification, and the conventional Permian are shaping individual stories. The discussion also covers the shift toward collars over swaps in hedging, the risk and reward profile of West African portfolios, and how dividends and buybacks function differently within shareholder return frameworks.

The conversation closes on the oil field services side with deepwater positioning, specialized manufacturing exposure, and why these businesses may be valued on a near-term cycle rather than a longer-term capital spending one. Jeff Robertson wraps with the milestones he is watching over the next six to 12 months.

All nine presentations are available on demand at
https://event.webcasts.com/viewer/portal.jsp?ei=1770861&tp_key=bfed48f4a8

Additional content available https://www.watertowerresearch.com/sector/5

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Recorded as a featured session at the WTR Virtual Insights Conference, Joseph Lucosky, Managing Partner of Lucosky Brookman, joins Shawn Severson, CEO and Founding Partner of Water Tower Research, to break down what has changed for emerging growth companies coming to market in 2026.

Joseph Lucosky explains how NASDAQ's December 2025 discretionary listing rules reset the market, including a 78-day stretch with no microcap IPOs and the first year on record in which direct listings and uplistings outpaced traditional IPOs. Through August 31, the Lucosky Brookman data desk tracked 51 microcap transactions, split evenly across IPOs, direct listings, and uplistings.

The conversation covers why the question has shifted from whether a company qualifies to list to whether the exchange wants it, how a company's lifecycle stage largely determines its listing path, and what separates well-prepared candidates from those that struggle post-listing. Joseph Lucosky also addresses continued listing compliance, including shareholders' equity and minimum bid price thresholds, firm data on curing bid price deficiencies without a reverse split, and the case for the OTC as a legitimate stepping stone.

To Watch On Demand:
https://event.webcasts.com/starthere.jsp?ei=1772701&tp_key=36ad943bc3

For additional content, visit www.watertowerresearch.com.

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In this episode, Natural MedTech CEO and Co-Founder Luke McFarlane joins WTR healthcare analyst Robert Sassoon and Shawn Severson to discuss the company's biosynthetic psilocybin manufacturing platform and its position within Australia's evolving psychedelic medicine landscape. The conversation covers the authorized prescriber pathway, including adoption trends, treatment costs, regulatory developments, and early insurer engagement. McFarlane walks through NMT's proprietary biosynthesis platform, its competitive advantages in cost and purity, the ongoing Series A raise, and the case for local manufacturing. The episode also explores AI's role in drug development, the importance of wet-lab data, NMT's views on drugs-for-data models, and the company's long-term ambitions within the pharmaceutical value chain.
For additional content visit: www.watertowerresearch.com

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In this episode of the WTR Small Cap Spotlight, Shawn Severson, Co-Founder and CEO of Water Tower Research, joins host Tim Gerdeman, Vice Chair, Co-Founder, and Chief Marketing Officer of Water Tower Research, to preview the WTR Virtual Insights Conference, running September 22 and 23. The two-day event features more than 40 presenting companies across seven sectors.

Shawn Severson breaks down how the open-access fireside chat format differs from typical investor conferences, how investors can submit live questions and request one-on-one meetings, and why small-cap diligence remains underestimated even within familiar themes such as AI, energy, and critical minerals. He also shares how first-time attendees can get the most out of the two days.

Registration is open now and for additional content, visit www.watertowerresearch.com.

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In this inaugural episode of WTR Analyst Perspectives, Peter Gastreich, Managing Director for Energy Transition and Sustainable Investing, joins Tim Gerdeman to share his read on the renewable fuels sector coming off its strongest earnings season in years. Peter unpacks the five themes most relevant to investors: record mandates and August policy noise, the geopolitical supply squeeze driving margins, carbon intensity emerging as a durable revenue line, a demand-rich but supply-short SAF market that favors first movers, and a renewed focus on capital discipline. The episode closes with the key catalysts to watch, including EPA volume reallocation and the 45Z final rule. For additional content, visit www.watertowerresearch.com.