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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 whether its Arizona communities are expanding water and recycling infrastructure to manage growth and scarce drinking water.
Look for expansion of Global Water Resources’ integrated water, wastewater and recycled-water infrastructure. More expansion would show these communities responding to scarce supply with infrastructure and reuse, giving context for the water problem Cadiz aims to address—but it would not show that they will buy Cadiz’s groundwater. Little expansion would not settle Cadiz’s demand either; the report shows how these communities manage scarcity, not whether Cadiz has secured customers.
Cadiz, Inc. Depositary Shares earningsThis company
Cadiz’s report will show whether ATEC’s filter sales are contributing more operating income to offset the losses from water-resource development.
Read ATEC sales alongside its gross margin—the share of sales left after the cost of goods sold—and compare them with the Land and Water Resources segment’s operating loss. Rising ATEC sales and margin with a narrowing segment loss would show the filtration business is carrying more of the development burden; weaker ATEC sales or margin with a widening loss would show that burden is not easing.
Consolidated Water Co Inc earningsCWCO
Consolidated Water’s report will show whether municipal and industrial buyers are spending more on treatment equipment and services in the market ATEC also serves.
Focus on Consolidated Water’s treatment-plant services and equipment sales, not its retail or bulk-water revenue. Stronger sales would indicate more municipal and industrial buying in the market that overlaps with ATEC’s filtration systems; weaker sales would point to a softer buying backdrop, but would not establish that ATEC sales also fell. The report gives a read on shared-market spending, not ATEC’s own results.
Pure Cycle Corporation earningsPCYO
Pure Cycle’s report will show whether water use and new connections generate revenue from its water assets and pipelines, offering an operating comparison for Cadiz’s water assets, which have yet to earn significant revenue.
Separate Pure Cycle’s monthly water-use revenue from its one-time connection fees. More use revenue would show existing infrastructure serving paying users; more connection fees would show new connections adding a distinct source of income. If use revenue is weak but fees rise, growth relies more on new connections; if both are weak, neither revenue path is providing much support. For Cadiz, this is an operating comparison for turning water assets and pipelines into income, not proof that Cadiz has started earning water revenue.
