A last-gasp Waterford penalty denied Derry City a fourth straight away win as the Candystripes had to settle for a point in a pulsating 2-2 draw.
Darren Cole's stunning late strike looked to have given Derry the win only for Shane Duggan to equalise from the spot in the 93rd minute.
Earlier David Parkhouse had put Derry ahead before Izzy Akinade levelled for the Blues.
Derry remain fourth in the table, 10 points off leaders Shamrock Rovers.
A 1-0 defeat by Rovers on Friday snapped Derry's five-game winning streak but Declan Devine's side still travelled to Waterford full of confidence after a positive start to the season.
Buoyed by the return of winger Jamie McDonagh, the Candystripes found a good rhythm early on despite making four changes to their starting line-up.
Having had an effort cleared off the line by Georgie Poynton, Parkhouse miss a glorious chance from a wonderful McDonagh cross before rectifying his mistake 10 minutes later, applying the finishing touch after another excellent ball from the influential McDonagh.
Waterford, who had an early goal chalked off for offside, fought back through substitute Akinade who evaded Josh Kerr's challenge to fire home on the hour mark.
Cole's 30-yard effort in the 88th minute sailed into the top corner and looked set to move Derry back up into third.
However referee Tomas Connolly pointed to the spot late into injury time after Aaron Drinnan went down under a challenge from McDonagh.
Duggan finished calmly to secure a point for Waterford, who remain six points behind Derry.