Nervous? Of course, i'm always nervous--that's my job.
Now, I agree with your fundamental thesis for inadequate water supplies in many goegraphies, including California, however I disagree with your selection of BWTR as a way to play that thesis. There are a lot of companies involved in providing water, and water treatment products, equipment and services. And yes, speculators, scam artists and various wahoos will search for and find micro-cap companies that have a hint of being a water play, or which can somehow be transformed into a water play. However, in the case of BWTR, that game already has been played once. That's how they got off the IPO a year ago at $12/sh, and got it up to a $300m market cap. But, at the end of the day, there was no viable business, just a bunch of money losing contracts that were dressed up to look like a business. It's difficult--but not impossible--to get a 2nd chance to repeat a scam with the same company. Often years are needed before it can be resurrected; look at EEE (fka KFX), a scam that masqueraded as a clean coal/coal refining play. They even raised some real money and got some real investors hooked into it, but at the end of the day, there was no business, no workable technology, and no value. ACEL is another perpetual scam that has lived for decades.
The problem with BWTR is, at the current burn rate, they are out of cash next year. And they will need to find a new group of suckers to finance it beyond then.
I think you are mixing apples and oranges. Yes: I agree there is a need for water treatment. And yes, I agree there is funding available for water remediation. But you have concluded that BWTR is the one who will get that business, win contracts, and make profits, and that's where we diverge. The URL you site is from the company's web site. The story sites remediation contracts w/ Cal Water going back to 2002. However, BWTR's revenue and backlog have been shrinking, not growing. Operating losses have been growing. So, while they may have started doing business and had contracts with Cal Water starting SIX years ago, either the contracts have failed to generate substantial revenues, or are highly unprofitable for BWTR, or both.
Contracts? Apparently yes. A real business that generates profitable revenues and grows? Apparently not. Check: