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

$335.50M

P/E (TTM)

-10.0

22.1

Dividend Yield

52W High

$6.96

52W Low

$2.75

52W Range

29%

Rank69Top 98.7%

1.2

F-Score

Modified Piotroski Analysis

Based on 10-year fundamentals

Weak • 1.2 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2016-2025

Financial Dashboard

Q1 2026 Data

Revenue

$1.63M+0.00%

4-Quarter Trend

EPS

-$0.12+0.00%

4-Quarter Trend

FCF

-$5.75M+0.00%

4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Nine Month Revenue Surge $11.23M revenues for nine months, up 131.1% versus $4.86M prior period, driven by ATEC sales.

Q3 EPS Loss Improvement Basic/diluted EPS loss narrowed to $(0.10) for Q3 2025 compared to $(0.12) loss in 2024.

Equity Financing Secured Raised $18.3M net proceeds from March 2025 common stock direct offering to fund development activities.

Improved ATEC Margins ATEC gross margin improved significantly due to increased filter sales spreading fixed cost base.

Risk Factors

Operating Loss Widened Nine-month operating loss increased to $(18.21M) versus $(16.62M) due to MGB development fees.

Liquidity Needs Critical Liquidity limitations and ability to raise capital may adversely affect critical resource development activities.

Growing Accumulated Deficit Total accumulated deficit reached $(682.44M) as of September 30, 2025, reflecting ongoing operational losses.

Debt Covenant Restrictions Credit Agreement covenants limit incurring debt, liens, asset sales, and payment of certain dividends.

Outlook

MGB Tribal Investment Lytton Agreement secures up to $51M unsecured loan facility for Mojave Groundwater Bank construction funding.

Future Capital Requirements Long-term capital needs depend on MGB progress and timing of asset transfers into the MWI entity.

Equity Dilution Management Future equity placements will be undertaken only if necessary to minimize dilutive effect upon existing stockholders.

Water Solutions Focus Strategy focuses on advancing water supply, storage, and filtration solutions for Southern California customers.

Peer Comparison

Revenue (TTM)

NFE

$1.25B

-41.6%

ARIS

$1.14B

+151.9%

GNE

$507.21M

+14.7%

Gross Margin (Latest Quarter)

YORW

70.1%

-1.2pp

ARIS

58.3%

-3.9pp

PCYO

50.5%

+4.7pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
ARIS	$3.28B	18.8	13.7%	20.0%
NRGV	$766.46M	-6.4	-171.1%	57.6%
YORW	$485.63M	20.3	8.9%	34.4%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

-26.6%

Growth Under Pressure

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

Cash Flow Needs Attention

Deep Research

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data