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Most of Cadiz’s revenue comes from customers buying ATEC systems to remove contaminants such as arsenic, iron and manganese from groundwater. Alfalfa sales and leases of agricultural land provide a smaller revenue stream.
Its larger development effort is the Mojave Groundwater Bank in California’s eastern Mojave Desert. Cadiz owns land over groundwater resources and is developing facilities to supply and store water, alongside pipelines to move it. It is preparing to convert a former natural-gas pipeline to carry water and developing another pipeline along a railroad right-of-way. These water-supply, storage and transport assets do not yet generate revenue.
Under the planned supply arrangements, participating public water agencies would buy water at the wellhead through Fenner Gap Mutual Water Company and pay their shares of construction and operating costs. Cadiz has purchase agreements with multiple public water systems, but those contracts remain subject to regulatory review and permitting. Turning the project into an operating business also requires funding, completed investment arrangements and construction; pipeline conversion and construction require California and federal approvals.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Cadiz’s current revenue hinges on ATEC filtration sales, while its larger groundwater opportunity depends on securing project financing and turning water-supply, storage and pipeline assets into operating cash flows.
Consolidated Water Co Inc overlaps with Cadiz’s ATEC business by designing and selling water-treatment plants and systems to municipal and industrial buyers, while ATEC sells systems that remove contaminants from groundwater. Watch Consolidated Water’s treatment-plant services and equipment sales rather than its retail and bulk-water revenue when comparing it with ATEC.
Pure Cycle Corporation offers an operating comparison for Cadiz’s effort to turn groundwater rights, land and pipelines into revenue: it combines controlled water resources and land with wholesale water infrastructure serving local governments and industrial and commercial users. Its monthly water-use revenue and one-time connection fees show how those assets earn money, whereas Cadiz’s water-supply, storage and conveyance assets generated no revenue in fiscal 2025.
Global Water Resources, Inc. addresses the southwestern water shortages behind Cadiz’s groundwater-supply, storage and conveyance plans from the customer side, operating water, wastewater and recycled-water systems for Arizona communities that pay for utility service. Watch its expansion of integrated water and recycling infrastructure in communities where growth is expected to outpace drinking-water supply: it shows how those communities manage scarce water rather than add groundwater supply.
Global Water Resources, Inc. earningsGWRS
Global Water Resources’ report will show how Arizona communities use water, wastewater and recycled-water systems to manage shortages, the setting for Cadiz’s planned groundwater supply.
Look for continued expansion of integrated water and recycling infrastructure in communities where growth may outpace drinking-water supply. Strong expansion would show communities using reuse and connected systems to manage shortages—approaches that could serve as alternatives to Cadiz’s groundwater supply; weaker expansion would mean less evidence that this model is scaling, not proof that communities will buy Cadiz’s water.
Consolidated Water Co Inc earningsCWCO
Consolidated Water’s report will show how municipal and industrial buyers are spending on treatment equipment and services, a market that overlaps with Cadiz’s ATEC filtration systems.
Focus on Consolidated Water’s treatment-plant services and equipment sales, not its retail or bulk-water revenue. Stronger sales would show municipal and industrial buyers spending more on treatment projects, a supportive demand backdrop for ATEC; weaker sales would point to softer spending by similar buyers, but the companies’ products differ, so this is not a direct measure of ATEC sales.
CADIZ, Inc. earningsThis company
Cadiz relies mainly on ATEC filter sales for revenue, and this report will show whether that business can keep supporting its loss-making water development.
Read ATEC sales and gross margin alongside the Land and Water Resources segment’s operating loss, which excludes interest, income taxes and equity-method investment losses. Rising ATEC sales with a steady margin, while the development segment’s loss does not widen, would show filtration is carrying more of the development burden; weaker sales or margin alongside a wider loss would mean Cadiz still needs outside funding to advance its projects.
Pure Cycle Corporation earningsPCYO
Pure Cycle’s report will show whether water infrastructure brings in both recurring water-use revenue and one-time connection fees, an operating comparison for Cadiz’s water assets, which have yet to generate significant revenue.
Separate monthly water-use revenue from one-time connection fees. If both rise, especially recurring use revenue, the report would show that infrastructure is connected to customers and generating ongoing sales; if fees rise but monthly use revenue does not follow, new connections have not yet turned into sustained sales. For Cadiz, that is an operating comparison of the steps between owning water and pipeline assets and earning lasting revenue, not proof that the two companies’ projects have the same conditions.
