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CDZI

Cadiz Inc.

CDZI

Cadiz Inc. • NASDAQ
$5.57 ▲ 2.39% (+0.13)
Market Cap $465.57 M
52w High $6.49
52w Low $2.13
Dividend Yield 0%
P/E -10.92
Volume 762.60K
Outstanding Shares 83.58M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.149M ▲ $6.03M ▼ $-7.066M ▲ -170.306% ▲ $-0.1 ▲ $-4.502M ▲
Q2-2025 $4.126M ▲ $7.238M ▼ $-7.73M ▲ -187.349% ▲ $-0.11 ▲ $-5.115M ▲
Q1-2025 $2.954M ▼ $8.409M ▲ $-9.593M ▼ -324.746% ▼ $-0.14 $-7.054M ▼
Q4-2024 $4.75M ▲ $8.342M ▲ $-8.625M ▼ -181.579% ▲ $-0.14 ▼ $-6.125M ▼
Q3-2024 $3.224M $5.582M $-6.793M -210.701% $-0.12 $-4.342M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.43M ▼ $128.006M ▼ $100.273M ▼ $27.733M ▼
Q2-2025 $13.205M ▼ $136.379M ▼ $100.813M ▼ $35.566M ▼
Q1-2025 $21.569M ▲ $145.576M ▲ $101.541M ▲ $44.035M ▲
Q4-2024 $17.292M ▲ $134.494M ▲ $100.533M ▲ $33.961M ▲
Q3-2024 $3.326M $112.553M $91.854M $20.699M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-7.072M ▲ $-7.01M ▼ $-450K ▲ $-1.315M ▲ $-8.775M ▼ $-7.46M ▼
Q2-2025 $-7.73M ▲ $-1.356M ▲ $-4.511M ▲ $-2.497M ▼ $-8.364M ▼ $-5.867M ▼
Q1-2025 $-9.593M ▼ $-3.644M ▲ $-6.289M ▼ $16.835M ▼ $6.902M ▼ $-4.933M ▲
Q4-2024 $-8.625M ▼ $-6.21M ▼ $-662K ▼ $20.838M ▲ $13.966M ▲ $-6.622M ▼
Q3-2024 $-6.793M $-5.386M $-55K $-1.335M $-6.776M $-5.441M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q2-2025
Water Treatment
Water Treatment
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Cadiz is still essentially a pre‑revenue company: it has almost no ongoing sales yet but carries a steady base of operating costs. Those expenses create recurring operating and net losses year after year. The loss level has been fairly consistent, improving only gradually. In practical terms, the financial story is still about building future projects rather than running a mature business. Profitability depends on successfully bringing its water and related services to market; until then, the income statement will likely remain in the red.

Balance Sheet

Balance Sheet The balance sheet is small and tightly constrained. Assets have inched up over time, but they remain modest for the scale of projects the company is pursuing. Cash is limited, and debt is a meaningful part of the capital structure. Equity, which was negative a few years ago, has turned positive again, but the cushion is thin. This combination—modest assets, notable leverage, and slim equity—means the company is financially sensitive to delays, cost overruns, or setbacks, and will likely continue to rely on external funding.

Cash Flow

Cash Flow Cash flows show a clear pattern: steady cash outflows from operations and negative free cash flow, reflecting ongoing development work and overhead without corresponding revenue. Investment spending on projects and equipment comes in waves but stays relatively modest, reinforcing the idea that the business is still in a ramp‑up phase rather than heavy construction at full scale. The company’s ability to continue depends on access to outside capital until its water and service offerings start to generate meaningful cash inflows.

Competitive Edge

Competitive Edge Cadiz has an unusual competitive position built around three pillars: large water resources in the Mojave Desert, access to long-distance pipeline infrastructure, and proprietary filtration technology through ATEC. Together, these give it a differentiated platform in water supply, storage, and treatment rather than just being a conventional utility. Its control of significant water rights and the plan to repurpose an existing pipeline create barriers that are hard for newcomers to replicate. Adding advanced treatment solutions and potential water banking and trading services further sets it apart. At the same time, Cadiz is much smaller and less diversified than traditional utilities, and its projects are highly dependent on regulatory approvals, environmental acceptance, and long-term contracts with public agencies. That dependence on execution and permitting is a key counterweight to its strategic strengths.

Innovation and R&D

Innovation and R&D The company’s strength is more in project and infrastructure innovation than in traditional lab‑style R&D. Key innovations include the Mojave Groundwater Bank, which aims to store large volumes of water underground, and the novel use of an existing natural gas pipeline to move water rather than building a new line. The acquisition of ATEC adds a technology edge in groundwater filtration, enabling Cadiz to offer treatment solutions for contaminated water sources. This positions the company to serve both large utilities and smaller, underserved communities. Cadiz is also exploring newer concepts such as water trading platforms and green hydrogen production using its land and water resources. These ideas, while promising, are still emerging and carry both high potential and high execution risk.

Summary

Financially, Cadiz looks like a development‑stage infrastructure and technology platform rather than a mature utility: little current revenue, recurring losses, and ongoing cash burn, supported by a relatively thin balance sheet. Strategically, the picture is more ambitious. The company controls distinctive water assets, has access to valuable pipeline infrastructure, and owns filtration technology that can expand its role from simple water supply to integrated water solutions, storage, trading, and treatment. The core tension is clear: large long‑term opportunity tied to California’s water challenges, balanced against substantial regulatory, environmental, funding, and project‑execution risks. Future results will hinge on whether Cadiz can move its projects from concept and permitting into stable, contracted operations that support a stronger and more resilient financial profile.

NEWS

November 13, 2025 · 11:15 AM UTC

Cadiz Inc. Q3 2025 Investor Update

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October 28, 2025 · 8:30 AM UTC

Cadiz Executes Definitive Agreement with Lytton Rancheria of California for $51 Million Investment in Mojave Groundwater Bank in First Tranche of Project Financing

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September 24, 2025 · 7:00 PM UTC

Cadiz Inc. Declares Quarterly Dividend for Q3 2025 on Series A Cumulative Perpetual Preferred Stock

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September 5, 2025 · 1:37 PM UTC

San Bernardino Valley, Fontana Water Company and Cadiz Sign Agreement for Perchlorate Treatment in Cactus Basins

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September 4, 2025 · 12:27 PM UTC

Empowered Hosted by Meg Ryan to Feature Cadiz Inc. Leaders in National Public Television Segment Airing in September

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