# CADIZ INC (CDZI) Informational only - not investment advice. CIK: 0000727273 SIC: 4941 Water Supply SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Electric, Gas, And Sanitary Services](/major-group/49/) > [SIC 4941 Water Supply](/industry/4941/) Latest 10-K filed: 2026-03-31 SEC page: https://www.sec.gov/edgar/browse/?CIK=727273 Filing source: https://www.sec.gov/Archives/edgar/data/727273/000143774926010517/cdzi20251231_10k.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-03-31 · accession 0001437749-26-010517 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000727273.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 16,313,000 USD | 2025 | verified | | Net income | -34,151,000 USD | 2025 | verified | | Assets | 140,914,000 USD | 2025 | verified | | Free cash flow | -26,506,000 USD | 2025 | computed | | Revenue YoY | +69.79% | 2025 | computed | | ROE | -146.85% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | CDZI | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Revenue growth | 69.8% | 6.4% | 100 | 11 | | ROE | -146.8% | 8.3% | 0 | 11 | | ROA | -24.2% | 3.1% | 0 | 11 | | Liabilities / equity | 5.06 | 1.84 | 100 | 11 | | Current ratio | 1.22 | 0.80 | 70 | 11 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 4941 Water Supply, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 16313000 | USD | 2025 | 2026-03-31 | | Net income | -34151000 | USD | 2025 | 2026-03-31 | | Assets | 140914000 | USD | 2025 | 2026-03-31 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-31. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000727273.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 412,000 | 437,000 | 440,000 | 441,000 | 541,000 | 564,000 | 1,501,000 | 1,991,000 | 9,608,000 | 16,313,000 | | Net income | | -26,339,000 | -33,864,000 | -26,273,000 | -29,528,000 | -37,817,000 | -31,249,000 | -24,792,000 | -31,446,000 | -31,140,000 | -34,151,000 | | Operating income | | -9,210,000 | -12,640,000 | -11,220,000 | -11,989,000 | -11,754,000 | -17,512,000 | -16,562,000 | -20,940,000 | -23,249,000 | -25,598,000 | | Operating cash flow | | -9,514,000 | -10,466,000 | -12,193,000 | -13,708,000 | -13,428,000 | -15,274,000 | -18,599,000 | -20,924,000 | -21,532,000 | -18,930,000 | | Capital expenditures | 906,000 | | 1,006,000 | 1,726,000 | 1,599,000 | 5,729,000 | 22,908,000 | 3,376,000 | 5,787,000 | 934,000 | 7,576,000 | | Dividends paid | | | | | | 0.00 | 1,449,000 | 5,106,000 | 5,106,000 | 5,106,000 | 5,106,000 | | Assets | | 67,099,000 | 66,505,000 | 69,309,000 | 76,724,000 | 74,363,000 | 112,493,000 | 110,787,000 | 107,374,000 | 134,494,000 | 140,914,000 | | Liabilities | | 121,416,000 | 145,204,000 | 155,549,000 | 158,842,000 | 99,664,000 | 71,884,000 | 76,564,000 | 67,407,000 | 100,533,000 | 117,658,000 | | Stockholders' equity | | -54,317,000 | -78,699,000 | -86,240,000 | -82,118,000 | -25,301,000 | 40,609,000 | 34,223,000 | 39,967,000 | 33,961,000 | 23,256,000 | | Cash and cash equivalents | | 12,172,000 | 13,030,000 | 12,558,000 | 15,682,000 | 7,290,000 | 10,965,000 | 9,997,000 | 4,502,000 | 17,292,000 | 8,599,000 | | Free cash flow | | | -11,472,000 | -13,919,000 | -15,307,000 | -19,157,000 | -38,182,000 | -21,975,000 | -26,711,000 | -22,466,000 | -26,506,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Return on equity | | | | | | | -76.95% | -72.44% | -78.68% | -91.69% | -146.85% | | Return on assets | | -39.25% | -50.92% | -37.91% | -38.49% | -50.85% | -27.78% | -22.38% | -29.29% | -23.15% | -24.24% | | Liabilities / equity | | | | | | | 1.77 | 2.24 | 1.69 | 2.96 | 5.06 | | Current ratio | | 3.42 | 2.08 | 3.14 | 3.35 | 2.56 | 5.26 | 2.21 | 1.37 | 1.79 | 1.22 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-13. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000727273.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2023-Q3 | 2023-09-30 | 368,000 | -8,201,000 | | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 684,000 | -8,043,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 1,121,000 | -8,115,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 513,000 | -10,160,000 | | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 3,224,000 | -8,058,000 | | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 4,750,000 | -9,913,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 2,954,000 | -10,858,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 4,126,000 | -9,018,000 | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 4,149,000 | -8,337,000 | | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 5,084,000 | -11,021,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 1,632,000 | -9,924,000 | | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 979,000 | -12,639,000 | | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from CDZI's latest 10-K: [/company/CDZI/business/](/company/CDZI/business/). ## Risk Factors Verbatim Item 1A Risk Factors from CDZI's latest 10-K: [/company/CDZI/risk-factors/](/company/CDZI/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/727273/000143774926027664/cdzi20260630_10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-08-13 Report date: 2026-06-30 ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, the following discussion contains trend analysis and other forward-looking statements. Forward-looking statements can be identified by the use of words such as “intends”, “anticipates”, “believes”, “estimates”, “projects”, “forecasts”, “expects”, “plans” and “proposes”. Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from these forward-looking statements. These include, among others, our ability to maximize value from our portfolio of assets and our ability to obtain new financings as needed to meet our ongoing working capital needs. See additional discussion under the heading “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. Our forward-looking statements are made only as of the date hereof. We assume no duty to update these forward-looking statements to reflect new, changed or unanticipated events or circumstances, other than as may be required by law. We are a water solutions provider with a unique combination of land, water and infrastructure assets located in Southern California between major water systems serving population centers in the Southwestern United States. Our portfolio of assets includes 2.5 million acre-feet of permitted water supply, 1 million acre-feet of groundwater storage capacity, 220 miles of existing, underground pipeline infrastructure, over 100 miles of right-of-way entitlements for pipeline construction, and versatile, scalable and cost-effective water treatment technology that removes contaminants and constituents of concern from groundwater. Our customers are public and private water systems, government agencies and commercial businesses. We manage our landholdings and water supply, pipeline and water treatment technology assets to offer a suite of integrated products and services to public water systems, government agencies and commercial customers that include reliable water supply, groundwater storage, water conveyance and custom-designed water treatment systems. Water Supply – In accordance with local, state, and federal laws, we own vested water rights authorizing the withdrawal of an average of 50,000 acre-feet per year, or 2.5 million acre-feet of groundwater over 50 years, from the aquifer system underlying our property in the Cadiz Valley (“Cadiz Ranch”) for beneficial uses, including agricultural development on our property and export to serve communities across the region. Because the groundwater in the aquifer system is eventually lost to evaporation, surplus water that is captured and withdrawn before it evaporates is a new water supply (i.e. “conserved” water). Water Storage – The aquifer system at Cadiz Ranch is also large enough for use as a water “banking” facility, capable of storing water “in-lieu” for supply customers and up to 1 million acre-feet of imported surplus water for return during drought periods. For comparison, Metropolitan Water District of Southern California stores approximately 1.2 million acre-feet of water in Lake Mead, the largest surface reservoir in the United States. 24 Cadiz Inc. Water Conveyance – We own an existing 220-mile 30-inch steel pipeline (“Northern Pipeline”), that intersects several water storage and conveyance facilities in Southern California, including the California Aqueduct, the Los Angeles Aqueduct, and the Mojave River Pipeline. The maximum potential capacity of the Northern Pipeline for water conveyance is anticipated to be 25,000 AFY with 21,275 AFY under contract. In July 2026, we received a 45-year right-of-way grant from the U.S. Department of the Interior and the Bureau of Land Management (“BLM”) that authorizes the conversion and operation of the Northern Pipeline for water conveyance including the construction of pump stations and related facilities on federal land. We also own a 99-year lease with the Arizona & California Railroad Company (“ARZC”) that authorizes construction of a 43-mile water conveyance pipeline (“Southern Pipeline”) within the active ARZC railroad right-of-way that extends from the Cadiz Ranch to the Colorado River Aqueduct (“CRA”). We currently expect the capacity of the Southern Pipeline to be 120,000 AFY to accommodate imported water storage. We hold an option to purchase up to 180 miles of existing unused 36” steel pipeline that can be used in construction of the Southern Pipeline system or to replace certain components of the Northern Pipeline. Water Treatment Technology – In 2022, we completed the acquisition of the assets of ATEC Water Systems, Inc. into ATEC Water Systems, LLC (“ATEC”), which provides innovative water treatment solutions for impaired or contaminated groundwater sources. ATEC’s specialized filtration media provide cost-effective, high-rate of removal for common groundwater impairments and contaminants that pose health risks in drinking water including iron, manganese, arsenic, Chromium-6, nitrates, per-and-polyfluoroalkyl substances (PFAS) and other constituents of concern. Our addition of pipeline infrastructure and ATEC water treatment technology to our portfolio of land and water assets has enabled us to adjust our business model to begin offering integrated services and solutions to public water systems that address the urgent challenges of climate change and make significant progress in advancing contract negotiations for water supply with public water systems. The combination of the water supply, water storage and water conveyance infrastructure described above constitutes the “Mojave Groundwater Bank” as discussed in more detail in Item 1. – Business of our Annual Report on Form 10-K for the year ended December 31, 2025. Beginning in 2024, we entered into long-term agreements with public water systems, private utility and other private water providers for the delivery of 21,275 AFY of annual water supply from the Mojave Groundwater Bank via the Northern Pipeline, representing approximately 85% of capacity of the Northern Pipeline and 45% of total average long-term supply available under our current permits. Through membership in Fenner Gap Mutual Water Company, the mutual water company we formed to carry out the project, participating water providers will purchase, for up to a 50-year term (take on delivery), their contracted water supply at an agreed upon market price between $1,650 - $2,100/AFY (2024 dollars) that is estimated to provide a volumetric commodity price for water at the wellhead, plus operations, maintenance, and pro-rated power costs for conveyance and prorated capital charge per acre-foot for dedicated pipeline capacity. The cost to participating water providers is estimated at this time without consideration of expected grant funding or low-interest government loans that may reduce capital costs. 25 Cadiz Inc. We expect the remaining water supply available under our current permit to be contracted for delivery via the Southern Pipeline. In July 2026, we executed a Memorandum of Understanding (“MOU”) with Central Arizona Irrigation and Drainage District (“CAIDD”) for the purchase and sale of up to 10,000 acre-feet per year (“AFY”) from the Mojave Groundwater Bank, representing our first agreement for water supply with an Arizona water district. The MOU is subject to the negotiation of necessary interstate exchange agreements to enable delivery of water from the Mojave Groundwater Bank to CAIDD. We are in discussion with several additional parties interested in contracting for the supply from the Southern Pipeline, including multiple water providers, municipalities and tribes in Arizona that could take delivery from the Colorado River’s Central Arizona Project under exchange agreements as well as existing Southern California based water users. In addition to available water supply, the Mojave Groundwater Bank offers one million acre-feet of imported storage capacity and an additional 150,000 acre-feet for carryover storage of existing contracted supplies. We are in discussions with multiple parties with interest in contracting for storage capacity in the project. We expect the capacity charge for contracted storge capacity will range from $1,500 - $3,000 per acre-foot, plus annual maintenance and operational fees. In September 2025, we executed an MOU with the U.S. Bureau of Reclamation (“Reclamation”) to explore incorporating the Mojave Groundwater Bank, including supply and storage capacity, into long-term Colorado River system planning, as federal authorities contemplate solutions to the ongoing drought and long-term stress on the river system. In late May, we entered into a funding agreement with Reclamation to support technical and regulatory review activities associated with 2025 MOU, including Reclamation’s review of proposed water exchange agreements necessary to deliver water to Arizona parties and technical work to validate water supply and delivery capability and evaluate necessary steps to support potential federal investment in the project. To finance construction of all improvements and required facilities to operate the Mojave Groundwater Bank project including the Northern Pipeline, Southern Pipeline and related facilities, we established a new special purpose business entity Mojave Water Infrastructure Company LLC (“MWI”) that we expect will finance these capital costs in partnership with public sector, tribal and other investors through equity contributions as well as debt and/or grant financing opportunities. We are currently engaged in the completion of due diligence with private equity investors for up to a targeted $400 million in equity commitments to MWI.  In October 2025, we entered into the Lytton Credit Agreement, pursuant to which we may require Lytton to provide up to $51 million in an unsecured loan facility, convertible into the Storage Cash Flows Right, which Lytton would then contribute to MWI, in exchange for equity interests in MWI on the same economic terms offered to other equity investors in MWI. The Lytton Credit Agreement represents the first tranche of equity capital being raised by MWI, to construct, own and operate the Mojave Groundwater Bank (see Note 3 to the Consolidated Financial Statements – “Long-Term Debt”). 26 Cadiz Inc. Upon completion of definitive agreements for equity capital investments in MWI, we expect to contribute to MWI our pipeline infrastructure assets, including the Northern Pipeline and the Southern Pipeline and their right-of-ways and entitlements, as well as cash flows under the NPL water supply agreements. Lytton would also contribute to MWI its Storage Cash Flows Right (see Note 3 to the Consolidated Financial Statements – “Long-Term Debt”). Under this potential structure, in consideration of our transfer of assets, we expect to receive an upfront capital reimbursement payment at closing and an equity interest in MWI, entitling us to share in the long-term cash flows generated by MWI, among other consideration. MWI investors are expected to coordinate with us and project participants to seek available infrastructure grants and/or other financing alternatives such as public debt and infrastructure debt financing. In February 2026 we received an invitation from the U.S. Environmental Protection Agency (“EPA”) to apply for up to $194 million under the Water Infrastructure Finance and Innovation Act (“WIFIA”) program to support Northern Pipeline conversion costs. This pre-application invitation reserves federal funding for the project while we advance through the underwriting process. In addition to WIFIA, we are evaluating potential revenue bond issuances through a financing focused Joint Powers Auth [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/727273/000143774926010517/cdzi20251231_10k.htm Complete FY 2025 MD&A: /company/CDZI/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-03-31 Report date: 2025-12-31 ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, the following discussion contains trend analysis and other forward-looking statements. Forward-looking statements can be identified by the use of words such as “intends”, “anticipates”, “believes”, “estimates”, “projects”, “forecasts”, “expects”, “plans” and “proposes”. Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from these forward-looking statements. These include, among others, our ability to maximize value from our portfolio of assets and our ability to obtain new financings as needed to meet our ongoing working capital needs. See additional discussion under the heading “Risk Factors” above. Our forward-looking statements are made only as of the date hereof. We assume no duty to update these forward-looking statements to reflect new, changed or unanticipated events or circumstances, other than as may be required by law. We are a water solutions provider with a unique combination of land, water, pipeline and water filtration assets located in Southern California between major water systems serving population centers in the Southwestern United States. Our portfolio of assets includes 2.5 million acre-feet of water supply, 1 million acre-feet of groundwater storage capacity, 220 miles of existing, underground pipeline, 43 miles of right-of-way entitlements for pipeline construction, and versatile, scalable and cost-effective water filtration technology that removes contaminants and constituents of concern from groundwater. Our customers are public and private water systems, government agencies and commercial businesses. We manage our landholdings, pipeline and water filtration technology assets to offer a suite of integrated products and services to public water systems, government agencies and commercial customers that include reliable water supply, groundwater storage, water conveyance and custom-designed water filtration technology systems. Water Supply – In accordance with local, state, and federal laws, we own vested water rights authorizing the withdrawal of an average of 50,000 acre-feet per year, or 2.5 million acre-feet of groundwater over 50 years, from the aquifer system underlying our property in the Cadiz Valley (“Cadiz Ranch”) for beneficial uses, including agricultural development on our property and export to serve communities across the region. Because the groundwater in the aquifer system is eventually lost to evaporation, surplus water that is captured and withdrawn before it evaporates is a new water supply (i.e. “conserved” water). Water Storage – The aquifer system at Cadiz Ranch is also large enough for use as a water “banking” facility, capable of storing water “in-lieu” for supply customers and up to 1 million acre-feet of imported surplus water for return during drought periods. For comparison, Metropolitan Water District of Southern California stores approximately 1.2 million acre-feet of water in Lake Mead, the largest surface reservoir in the United States. 25 Cadiz Inc. Water Conveyance – We own an existing 220-mile 30-inch steel pipeline (“Northern Pipeline”), that intersects several water storage and conveyance facilities in Southern California, including the California Aqueduct, the Los Angeles Aqueduct, and the Mojave River Pipeline. The maximum potential capacity of the Northern Pipeline for water conveyance is anticipated to be 25,000 AFY with expected throughput to be between 20,000 – 23,000 AFY.  We also own a 99-year lease with the Arizona & California Railroad Company that will allow us to construct a 43-mile water conveyance pipeline (“Southern Pipeline”) within the existing, active railroad right-of-way that extends from the Cadiz Ranch to the Colorado River Aqueduct (“CRA”). We currently expect the capacity of the Southern Pipeline to be 120,000 AFY to accommodate imported water storage.  We hold an option to purchase up to 180 miles of existing unused 36” steel pipeline that can be used in construction of the Southern Pipeline system or to replace certain components of the Northern Pipeline. Water Filtration Technology – In 2022, we completed the acquisition of the assets of ATEC Water Systems, Inc. into ATEC Water Systems, LLC (“ATEC”), which provides innovative water filtration solutions for impaired or contaminated groundwater sources. ATEC’s specialized filtration media provide cost-effective, high-rate of removal for common groundwater impairments and contaminants that pose health risks in drinking water including iron, manganese, arsenic, Chromium-6, nitrates, per-and-polyfluoroalkyl substances (PFAS) and other constituents of concern. Our addition of pipeline infrastructure and ATEC water filtration technology to our portfolio of land and water assets has enabled us to adjust our business model to begin offering integrated services and solutions to public water systems that address the urgent challenges of climate change and make significant progress in advancing contract negotiations for water supply with public water systems. The combination of the water supply, water storage and water conveyance infrastructure described above constitutes the Mojave Groundwater Bank as discussed in more detail in Item 1. – Business, above. In 2024, we entered into agreements with public water systems, private utility and other private water providers for their purchase of 21,275 AFY of annual water supply from us to be delivered via the Northern Pipeline. Through membership in Fenner Gap Mutual Water Company, a mutual water company to be owned by the participating water agencies, these agreements provide for delivery of purchased annual water supply over a 40-year term (take on delivery), at an agreed upon market price estimated to start at approximately $850/AFY (in 2024 dollars) and subject to annual adjustment. Participating water providers are also expected to pay a portion of operating costs and the capital costs for conversion of facilities.  To finance construction of all improvements and required facilities to operate the Mojave Groundwater Bank project including the Northern Pipeline, Southern Pipeline and related facilities currently estimated at $1.5 billion, we established a new special purpose business entity Mojave Water Infrastructure Company LLC (“MWI”) that will fund these capital costs in partnership with public sector, tribal and other investors. In October 2025, we entered into the Lytton Credit Agreement, pursuant to which we may require Lytton to provide up to $51 million in an unsecured loan facility, convertible into the Storage Cash Flows Right, which Lytton would then contribute to MWI, in exchange for equity interests in MWI on the same economic terms offered to other equity investors in MWI.  The Lytton Credit Agreement represents the first tranche of up to approximately $451 million in total equity capital being raised by us through MWI, to construct, own and operate the Mojave Groundwater Bank (see Note 7 to the Consolidated Financial Statements – “Long-Term Debt”). 26 Cadiz Inc. In addition, we are currently engaged in the completion of due diligence with private equity investors for up to a targeted $400 million in equity commitment to MWI. Upon completion of definitive agreements for an estimated additional $400 million in equity capital investments in MWI, we expect to contribute to MWI our pipeline infrastructure assets, including the Northern Pipeline and the Southern Pipeline right-of-way.  In addition, Lytton would contribute to MWI the Storage Cash Flows Right (see Note 7 to the Consolidated Financial Statements – “Long Term Debt”). Accordingly,  MWI investors would be expected to share in the cash flows generated from the constructed facilities including from the supply agreements and the Storage Cash Flows Right. Under this potential structure, in consideration of our transfer of assets, we expect to receive an upfront capital reimbursement payment at closing and an equity interest in MWI, entitling us to share in the long-term cash flows generated by MWI, among other consideration. MWI investors are expected to coordinate with us and project participants to seek available infrastructure grants and/or other financing alternatives, including potential revenue bond issuances through a to-be-formed Joint Powers Authority, to fund any remaining construction costs.  ATEC and our agricultural operations provide our current principal source of revenue, although our working capital needs are not fully supported by these operations at this time. We believe that our water supply, storage, pipeline conveyance and treatment solutions will provide a significant source of future cash flow for the business and our stockholders. We presently rely upon debt and equity financing to support our working capital needs and development of our water solutions. Our current and future operations also include activities that further our commitments to sustainable stewardship of our land, water, pipeline and water filtration technology assets, good governance and corporate social responsibility. We believe these commitments are important investments that will assist in maintenance of sustained stockholder value. Results of Operations Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 We currently operate in two reportable segments. Our largest segment is Land and Water Resources, which comprises all activities regarding our properties in the eastern Mojave Desert, pre-revenue development of the Mojave Groundwater Bank (supply, storage and conveyance), and agricultural operations. Our second operating segment is Water Filtration Technology comprised of ATEC which provides innovative water filtration technology solutions for impaired or contaminated groundwater sources. We evaluate our performance based on segment operating income (loss). Interest expense, income tax expense and losses related to equity method investments are excluded from the computation of operating income (loss) for the segments. Segment net revenue, segment operating expenses and segment operating (loss)/income information consisted of the following for the years ended December 31, 2025 and 2024: 27 Cadiz Inc. [[GREPCENT_TABLE]] [["","","Twelve Months Ended December 31, 2025"],["(in thousands)","","Land and Water Resources","","","Water Filtration Technology","","","Total"],["Revenues","","$","1,835","","","$","14,478","","","$","16,313"],["Costs and expenses:"],["Cost of sales","","","3,687","","","","7,476","","","","11,163"],["General and administrative","","","25,013","","","","4,471","","","","29,484"],["Depreciation","","","1,228","","","","36","","","","1,264"],["Total costs and expenses","","","29,928","","","","11,983","","","","41,911"],["Operating income (loss)","","$","(28,093",")","","$","2,495","","","$","(25,598",")"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","","Twelve Months Ended December 31, 2024"],["(in thousands)","","Land and Water Resources","","","Water Filtration Technology","","","Total"],["Revenues","","$","1,708","","","$","7,900","","","$","9,608"],["Costs and expenses:"],["Cost of sales","","","2,984","","","","4,314","","","","7,298"],["General and administrative","","","22,525","","","","1,820","","","","24,345"],["Depreciation","","","1,159","","","","55","","","","1,214"],["Total costs and expenses","","","26,668","","","","6,189","","","","32,857"],["Operating income (loss)","","$","(24,960",")","","$","1,711","","","$","(23,249",")"]] [[/GREPCENT_TABLE]] We have not received significant revenues from our water supply, storage, or conveyance assets to date. Our revenues have been limited primarily [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/CDZI/mda/fy2025/ All MD&A years: /company/CDZI/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/CDZI/mda/fy2024/): filed 2025-03-28; accession 0001437749-25-009714 (https://www.sec.gov/Archives/edgar/data/727273/000143774925009714/cdzi20241231_10k.htm) - [FY 2023 MD&A](/company/CDZI/mda/fy2023/): filed 2024-03-28; accession 0001437749-24-009847 (https://www.sec.gov/Archives/edgar/data/727273/000143774924009847/cdzi20231231_10k.htm) - [FY 2022 MD&A](/company/CDZI/mda/fy2022/): filed 2023-03-30; accession 0001437749-23-008639 (https://www.sec.gov/Archives/edgar/data/727273/000143774923008639/cdzi20221231_10k.htm) - [FY 2021 MD&A](/company/CDZI/mda/fy2021/): filed 2022-03-29; accession 0001437749-22-007512 (https://www.sec.gov/Archives/edgar/data/727273/000143774922007512/cdzi20211231_10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 4941 Water Supply) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/CDZI.md · JSON record: /company/CDZI.json · verified financials: /company/CDZI/financials.json / /company/CDZI/financials.csv · machine TOC for the whole site: /llms.txt