C
CADIZ INC
CDZIPCIK 0000727273NasdaqNon-AcceleratedSmaller ReportingWater SupplyDelawareFY ends Dec 31
Period
FY 2025
Revenue
$16.31M
Net Income
$-34.20M
Total Assets
$140.91M
Equity
$23.26M
Shares Out
83.42M
Op. Cash Flow
$-18.90M
Business
CADIZ INC is a water solutions provider that develops and operates land, water, pipeline and filtration assets in Southern California positioned to connect with major water systems serving the Southwestern United States. It offers conserved groundwater supply, groundwater storage services, conveyance via pipeline assets, agricultural land use and modular water filtration systems for removal of groundwater contaminants. Its key segments include a land and water resources development segment (supply, storage and conveyance) and ATEC Water Systems for filtration product manufacturing and services. It sells to public and private water systems, government agencies and commercial customers across Southern California and the broader Southwestern U.S.
Summary from filing dated 2025-03-28
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Total revenues | 16 | 10 | 2 | 2 | 564,000 | |
| Cost of Sales | 11 | 7 | 3 | 2 | 0 | |
| General and administrative | 29 | 24 | 19 | 15 | 18 | |
| Depreciation | 1 | 1 | 1 | 654,000 | 423,000 | |
| Total costs and expenses | 42 | 33 | 23 | 18 | 18 | |
| Operating loss | −26 | −23 | −21 | −17 | −18 | |
| Interest expense, net | −9 | −8 | −5 | −8 | −11 | |
| Gain (Loss) on Derivative Instruments, Net, Pretax | 38,000 | 0 | — | — | — | |
| Loss before income taxes | −34 | −31 | — | — | — | |
| Income tax expense | −11,000 | −11,000 | −11,000 | — | — | |
| Net loss and comprehensive loss | −34 | −31 | −31 | −25 | −31 | |
| Less: Preferred stock dividend requirements | 5 | 5 | 5 | 5 | 3 | |
| Net loss and comprehensive loss applicable to common stock | −39 | −36 | −37 | −30 | −34 | |
| Basic and diluted net loss per common share (in dollars per share) | −0.48 | −0.53 | −0.56 | −0.6 | −0.84 | |
| Basic and diluted weighted-average shares outstanding (in shares) | 81,064 | 68,847 | 66 | 50 | 40,561 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2025 2025-10-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 9 | — | 17 | 5 | 10 | |
| Accounts receivable | 6 | — | 5 | 904,000 | 454,000 | |
| Inventories | 1 | — | 3 | 2 | 316,000 | |
| Prepaid expenses and other current assets | 701,000 | — | 888,000 | 508,000 | 380,000 | |
| Total current assets | 16 | — | 26 | 8 | 12 | |
| Property, plant, equipment and water programs, net | 95 | — | 88 | 87 | 84 | |
| Long-term deposit/prepaid expenses | 420,000 | — | 420,000 | 420,000 | 420,000 | |
| Goodwill | 6 | — | 6 | 6 | 6 | |
| Right-of-use asset | 3 | — | 4 | 431,000 | 431,000 | |
| Long-term restricted cash | 3 | — | 134,000 | 134,000 | 2 | |
| Other assets | 17 | — | 10 | 5 | 5 | |
| Total assets | 141 | — | 134 | 107 | 111 | |
| Accounts payable | 4 | — | 2 | 1 | 1 | |
| Accrued liabilities | 2 | — | 8 | 1 | 2 | |
| Current portion of long-term debt | 51,000 | — | 120,000 | 182,000 | 140,000 | |
| Derivative liabilities | 5 | 7 | 0 | — | — | |
| Dividend payable | 1 | — | 1 | 1 | 1 | |
| Contingent consideration liabilities | 0 | — | 1 | 1 | 1 | |
| Short-term deferred revenue | 305,000 | — | 1 | 373,000 | 0 | |
| Operating lease liabilities | 364,000 | — | 314,000 | 127,000 | 127,000 | |
| Total current liabilities | 13 | — | 14 | 6 | 6 | |
| Long-term debt, net | 73 | — | 57 | 38 | 49 | |
| Long-term lease obligations with related party, net | 28 | — | 25 | 23 | 21 | |
| Long-term operating lease liabilities | 3 | — | 3 | 318,000 | 318,000 | |
| Long-term deferred revenue | 625,000 | — | 625,000 | 625,000 | 750,000 | |
| Other long-term liabilities | 51,000 | — | 46,000 | 41,000 | 36,000 | |
| Total liabilities | 118 | — | 101 | 67 | 77 | |
| Common stock - $0.01 par value; 100,000,000 shares authorized at December 31, 2025 and December 31, 2024; shares issued and outstanding: 83,213,589 at December 31, 2025, and 75,353,889 at December 31, 2024 | 830,000 | — | 752,000 | 665,000 | 556,000 | |
| Additional paid-in capital | 715 | — | 709 | 679 | 637 | |
| Accumulated deficit | −692 | — | −676 | −640 | −603 | |
| Total stockholders' equity | 23 | — | 34 | 40 | 34 | |
| Total liabilities and stockholders' equity | 141 | — | 134 | 107 | 111 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation | 1 | 1 | 1 | 700,000 | 423,000 | |
| Amortization of debt discount and issuance costs | 2 | 1 | 414,000 | 2 | 3 | |
| Amortization of right-of-use asset | 352,000 | 163,000 | 122,000 | 18,000 | 15,000 | |
| Interest expense added to loan principal | 3 | 2 | 992,000 | 0 | 4 | |
| Interest expense added to lease liability | 3 | 2 | 2 | 2 | 2 | |
| Finance expense | 141,000 | 307,000 | — | — | — | |
| Compensation charge for stock and share option awards | 5 | 5 | 1 | 2 | 5 | |
| Unrealized gain on derivative liabilities | −38,000 | 0 | — | — | — | |
| Accounts receivable | −1 | −4 | −450,000 | −184,000 | −215,000 | |
| Inventories | 2 | −914,000 | −2 | −236,000 | — | |
| Prepaid expenses and other current assets | 187,000 | −380,000 | −128,000 | 311,000 | −420,000 | |
| Other assets | 1 | 106,000 | −408,000 | −684,000 | 234,000 | |
| Accounts payable | 765,000 | −392,000 | 937,000 | 113,000 | −92,000 | |
| Lease liabilities | −301,000 | −136,000 | −108,000 | −18,000 | — | |
| Deferred revenue | −921,000 | 853,000 | 248,000 | 0 | — | |
| Other accrued liabilities | −575,000 | 2 | 292,000 | 103,000 | — | |
| Net cash used in operating activities | −19 | −22 | −21 | −19 | −15 | |
| Additions to property, plant and equipment and water programs | −8 | −934,000 | −6 | −3 | −23 | |
| Payments for contingent consideration liabilities | 0 | −250,000 | 0 | — | — | |
| Additions to deposits for asset purchase options | −5 | 0 | 5 | 0 | 1 | |
| Net cash used in investing activities | −13 | −1 | −6 | −4 | −23 | |
| Net proceeds from issuance of common stock | 18 | 22 | 38 | 22 | 32 | |
| Dividend payment | −5 | −5 | −5 | −5 | −1 | |
| Proceeds from the issuance of long-term debt | 15 | 20 | 233,000 | 287,000 | 50 | |
| Issuance costs of long-term debt | −1 | −1 | −27,000 | 0 | −3 | |
| Principal payments on long-term debt | −127,000 | −177,000 | −15 | −170,000 | −78 | |
| Payment for contingent consideration liabilities | −1 | 0 | — | — | — | |
| Taxes paid related to net share settlement of equity awards | −233,000 | −52,000 | −261,000 | 0 | −1 | |
| Net cash provided by financing activities | 25 | 36 | 18 | 17 | 51 | |
| Net (decrease) increase in cash, cash equivalents and restricted cash | −6 | 13 | −9 | −6 | 12 |
Filings
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