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Cadiz Inc.

Cadiz Inc.

NASDAQ•CDZI
CEO: Ms. Susan P. Kennedy
Sector: Utilities
Industry: Regulated Water
Listing Date: 1989-01-03
Cadiz Inc., together with its subsidiaries, provides water solutions in the United States. The company operates through Land and Water Resources; and Water Filtration Technology segments. It offers water supply, water storage, water conveyance, and water filtration services. In addition, the company is involved in the cultivation of grain crops and alfalfa, as well as provides water filtration solutions for impaired or contaminated groundwater sources. It serves public water systems, government agencies, and other clients. Cadiz Inc. was founded in 1983 and is based in Los Angeles, California.
Contact Information
550 South Hope Street, Suite 2850, Los Angeles, CA, 90071, United States
213-271-1600
www.cadizinc.com
Market Cap
$397.79M
P/E (TTM)
-12.1
20
Dividend Yield
--
52W High
$6.10
52W Low
$2.13
52W Range
69%
0.9
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 0.9 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q2 2025 Data

Revenue

$4.13M+704.29%
4-Quarter Trend

EPS

-$0.11-26.67%
4-Quarter Trend

FCF

-$5.87M-20.11%
4-Quarter Trend

2025 Q2 Earnings Highlights

Key Highlights

Q2 Revenue Surge Q2 revenues hit $4.13M, up significantly from $513K in 2024, driven by ATEC filter sales shipments.
Quarterly Loss Narrowing Net loss applicable to common stock improved to $(9.02M) versus $(10.16M) loss last year for the three months ended June 30.
Improved Operating Cash Cash used in operations improved to $(5.0M) for six months, down from $(9.94M) usage previously reported.
Recent Equity Inflow March 2025 offering provided $18.3M net proceeds, supporting working capital and pipeline option securing.

Risk Factors

YTD Operating Loss Widens Six-month operating loss widened to $(13.31M) from $(11.86M) due to increased professional fees for development.
Future Liquidity Required Management notes future capital raises will likely be necessary to finance long-term working capital needs and expenditures.
Mojave Bank Funding Gap Mojave Bank construction estimated at $800M; reliance on MWI partnership and external financing remains high.
Potential Share Dilution Equity placements are anticipated to fund growth, posing potential dilutive effects upon existing common stockholders.

Outlook

Mojave Bank Partnership Pursuing MWI partnership, contributing pipeline assets for up to $401M equity capital contribution toward construction.
Short-Term Funding Secure March 2025 offering proceeds cover short-term needs; ATEC operations funded by existing capital and profits in 2025.
Water Supply Development Focus Current activities focus on developing water assets for storage capacity and expanding water filtration technology solutions.
Debt Covenants Compliance Company confirmed compliance with all covenants under the Third Amended Credit Agreement as of June 30, 2025.

Peer Comparison

Revenue (TTM)

New Fortress Energy Inc.NFE
$2.02B
-15.6%
Genie Energy Ltd.GNE
$483.28M
+13.1%
Aris Water Solutions, Inc.ARIS
$475.50M
+16.4%

Gross Margin (Latest Quarter)

Pure Cycle CorporationPCYO
63.4%
+1.4 pp
Global Water Resources, Inc.GWRS
49.2%
-25.0 pp
Artesian Resources CorporationARTNA
40.3%
-13.9 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
ARIS$774.71M27.27.5%34.7%
CWCO$550.43M34.87.4%1.4%
YORW$461.19M22.98.6%0.0%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
+8.6%
Steady Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
0%
Cash Flow Needs Attention

Research & Insights

Reports
All Years

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 13, 2025|
    Revenue: $4.13M+704.3%
    |
    EPS: $-0.11-26.7%
    Miss

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 14, 2025|
    Revenue: $2.95M+163.5%
    |
    EPS: $-0.14+16.7%
    Miss

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 28, 2025|
    Revenue: $9.61M+382.6%
    |
    EPS: $-0.53+5.4%
    Miss

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 13, 2024|
    Revenue: $3.22M+776.1%
    |
    EPS: $-0.12+0.0%
    Miss

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 13, 2024|
    Revenue: $513.00K-36.6%
    |
    EPS: $-0.15+36.4%
    Miss

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 14, 2024|
    Revenue: $1.12M+762.3%
    |
    EPS: $-0.12-36.8%
    Miss

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Mar 28, 2024|
    Revenue: $1.99M+32.6%
    |
    EPS: $-0.56+6.7%
    Miss

  • Form 10-Q - Q3 2023

    Period End: Sep 30, 2023|Filed: Nov 13, 2023|
    Revenue: $368.00K-38.6%
    |
    EPS: $-0.12-7.7%
    Miss