14. Segment information

The Company has five reportable segments: retail, bulk, services, manufacturing and corporate. The retail segment operates the water utility for the Seven Mile Beach and West Bay areas of Grand Cayman pursuant to an exclusive license granted by the Cayman Islands government. The bulk segment supplies potable water to government utilities in Grand Cayman and The Bahamas under long-term contracts. The services segment designs, constructs and sells water infrastructure and provides management and operating services to third parties. The manufacturing segment manufactures and services a wide range of custom and specialized water-related products applicable to commercial, municipal and industrial water production, supply and treatment. The corporate segment consists of various expenses of a general and administrative nature incurred at the parent company level, as well as the expenses incurred by Aquilex, a U.S. subsidiary that provides financial, engineering, information technology, administrative and supply chain management support services to all the Company’s subsidiaries and its affiliate.

Frederick W. McTaggart, Chief Executive Officer and President, is the Company’s chief operating decision maker (“CODM”).

For the retail, bulk, services, and manufacturing segments, the CODM uses revenue, gross profit, and income before income taxes to assess segment performance and in deciding the allocation of resources to each segment. The CODM considers actual versus budget and current period versus prior period variances on a monthly, quarterly, and annual basis for each of these financial measures. The CODM also considers variances from the budget and the prior period for major corporate expenses (such as employee costs, insurance and professional fees) when making decisions regarding capital and resource allocation.

The accounting policies of the segments are consistent with those described in Note 2. All intercompany transactions are eliminated for segment presentation purposes. Intersegment revenue transactions are insignificant to the Company and are eliminated. Segment information previously disclosed in 2023 did not separately disclose those expenses currently reported in the corporate segment, as such expenses were previously included in the retail segment. The 2023 segment information provided herein has been recast to conform to the current period presentation.

The Company’s segments are strategic business units that are managed separately because each segment sells different products and/or services, serves customers with distinctly different needs and generates different gross profit margins.

The following sets forth the Company’s income statements by segment.


	Year Ended December 31, 2025
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Revenue	$	33,587,952	$	33,481,307	$	46,312,325	$	18,691,784	$	—	$	132,073,368
Cost of revenue		14,593,693		22,470,197		34,449,844		12,180,824		—		83,694,558
Gross profit		18,994,259		11,011,110		11,862,481		6,510,960		—		48,378,810
General and administrative expenses		3,734,676		1,614,759		7,885,756		2,102,759		14,778,378		30,116,328
Gain on asset dispositions, net		40,578		—		52,131		5,000		—		97,709
Income (loss) from operations		15,300,161		9,396,351		4,028,856		4,413,201		(14,778,378)		18,360,191
Interest income		171,351		772,514		839,190		3		886,982		2,670,040
Interest expense		—		—		(4,420)		—		—		(4,420)
Income (loss) from affiliates		—		—		—		(29,354)		257,240		227,886
Other		71,262		(9,322)		69,735		344		(581)		131,438
Other income (loss), net		242,613		763,192		904,505		(29,007)		1,143,641		3,024,944
Income (loss) before income taxes		15,542,774		10,159,543		4,933,361		4,384,194		(13,634,737)		21,385,135
Provision for income taxes		—		—		1,132,590		1,026,316		5,742		2,164,648
Net income (loss) from continuing operations		15,542,774		10,159,543		3,800,771		3,357,878		(13,640,479)		19,220,487
Income from continuing operations attributable to non-controlling interests		—		593,179		—		—		—		593,179
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders	$	15,542,774	$	9,566,364	$	3,800,771	$	3,357,878	$	(13,640,479)		18,627,308
Net loss from discontinued operations												(290,635)
Net income attributable to Consolidated Water Co. Ltd. stockholders											$	18,336,673


	Year Ended December 31, 2024
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Revenue	$	31,741,343	$	33,673,387	$	50,956,489	$	17,595,414	$	—	$	133,966,633
Cost of revenue		14,199,088		23,360,360		38,511,535		12,271,202		—		88,342,185
Gross profit		17,542,255		10,313,027		12,444,954		5,324,212		—		45,624,448
General and administrative expenses		3,263,593		1,564,975		6,055,409		2,456,807		14,196,652		27,537,436
Gain on asset dispositions, net		2,286		—		2,714		—		192,786		197,786
Income (loss) from operations		14,280,948		8,748,052		6,392,259		2,867,405		(14,003,866)		18,284,798
Interest income		198,180		865,584		458,732		4		571,690		2,094,190
Interest expense		(93,368)		—		(8,409)		—		(70)		(101,847)
Income from affiliates		—		—		—		16,701		252,754		269,455
Other		78,647		39,625		(5,634)		11,993		7,247		131,878
Other income, net		183,459		905,209		444,689		28,698		831,621		2,393,676
Income (loss) before income taxes		14,464,407		9,653,261		6,836,948		2,896,103		(13,172,245)		20,678,474
Provision for income taxes		—		—		1,528,398		672,040		18,076		2,218,514
Net income (loss) from continuing operations		14,464,407		9,653,261		5,308,550		2,224,063		(13,190,321)		18,459,960
Income from continuing operations attributable to non-controlling interests		—		577,590		—		—		—		577,590
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders	$	14,464,407	$	9,075,671	$	5,308,550	$	2,224,063	$	(13,190,321)		17,882,370
Net income from discontinued operations												10,355,184
Net income attributable to Consolidated Water Co. Ltd. stockholders											$	28,237,554


	Year Ended December 31, 2023
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Revenue	$	30,158,051	$	34,595,058	$	97,966,650	$	17,491,474	$	—	$	180,211,233
Cost of revenue		13,891,229		24,128,132		66,797,762		13,467,005		—		118,284,128
Gross profit		16,266,822		10,466,926		31,168,888		4,024,469		—		61,927,105
General and administrative expenses		2,978,164		1,737,264		4,271,808		1,838,284		13,926,846		24,752,366
Gain (loss) on asset dispositions, net		(21,716)		12,720		—		2,233		(349)		(7,112)
Income (loss) from operations		13,266,942		8,742,382		26,897,080		2,188,418		(13,927,195)		37,167,627
Interest income		181,468		362,422		151,706		4		808		696,408
Interest expense		(123,867)		—		(21,417)		—		—		(145,284)
Income from affiliate		—		—		—		—		169,728		169,728
Other		93,795		10,793		1,024		2,020		(171)		107,461
Other income, net		151,396		373,215		131,313		2,024		170,365		828,313
Income (loss) before income taxes		13,418,338		9,115,597		27,028,393		2,190,442		(13,756,830)		37,995,940
Provision (benefit) for income taxes		—		—		6,388,457		440,111		(78,554)		6,750,014
Net income (loss) from continuing operations		13,418,338		9,115,597		20,639,936		1,750,331		(13,678,276)		31,245,926
Income from continuing operations attributable to non-controlling interests		—		573,791		—		—		—		573,791
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders	$	13,418,338	$	8,541,806	$	20,639,936	$	1,750,331	$	(13,678,276)		30,672,135
Net loss from discontinued operations												(1,086,744)
Net income attributable to Consolidated Water Co. Ltd. stockholders											$	29,585,391

The Company’s cost of revenue consists of:


	Year Ended December 31, 2025
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Subcontractor and other project costs	$	—	$	—	$	16,416,318	$	9,043,929	$	—	$	25,460,247
Employee costs		3,039,052		2,103,790		16,721,727		2,452,499		—		24,317,068
Electricity		4,527,864		4,177,008		138,467		44,415		—		8,887,754
Fuel oil		—		7,477,674		—		—		—		7,477,674
Depreciation		2,510,023		2,794,444		416,486		190,351		—		5,911,304
Maintenance		934,015		2,001,297		413,831		313,657		—		3,662,800
Insurance		717,718		1,475,176		99,034		—		—		2,291,928
Retail license royalties		2,120,923		—		—		—		—		2,120,923
Other		744,098		2,440,808		243,981		135,973		—		3,564,860
	$	14,593,693	$	22,470,197	$	34,449,844	$	12,180,824	$	—	$	83,694,558


	Year Ended December 31, 2024
	Retail		Bulk		Services		Manufacturing			Corporate		Total
Subcontractor and other project costs	$	—	$	3,787	$	20,366,236	$	9,535,078		$	—	$	29,905,101
Employee costs		2,895,606		2,069,920		17,062,858		2,042,518			—		24,070,902
Electricity		4,755,308		3,864,863		212,337		33,551			—		8,866,059
Fuel oil		—		8,330,914		—		—			—		8,330,914
Depreciation		2,427,254		2,689,432		364,473		160,211			—		5,641,370
Maintenance		877,882		2,138,584		439,883		344,042			—		3,800,391
Insurance		686,073		1,721,846		38,408		—			—		2,446,327
Retail license royalties		1,945,470		—		—		—			—		1,945,470
Other		611,495		2,541,014		27,340		155,802			—		3,335,651
	$	14,199,088	$	23,360,360	$	38,511,535	$	12,271,202		$	—	$	88,342,185


	Year Ended December 31, 2023
	Retail		Bulk		Services		Manufacturing			Corporate		Total
Subcontractor and other project costs	$	—	$	—	$	53,830,817	$	10,869,688		$	—	$	64,700,505
Employee costs		2,797,130		1,927,313		12,311,403		1,899,167			—		18,935,013
Electricity		4,846,974		4,306,439		301,247		48,006			—		9,502,666
Fuel oil		—		9,024,836		—		—			—		9,024,836
Depreciation		2,376,747		2,831,368		256,537		168,347			—		5,632,999
Maintenance		845,596		1,705,585		83,998		357,693			—		2,992,872
Insurance		587,238		1,468,508		5,751		—			—		2,061,497
Retail license royalties		1,842,924		—		—		—			—		1,842,924
Other		594,620		2,864,083		8,009		124,104			—		3,590,816
	$	13,891,229	$	24,128,132	$	66,797,762	$	13,467,005		$	—	$	118,284,128

Other cost of revenue segment expenses above primarily include chemicals and other supplies, government fees and licenses, and freight costs.

The Company’s general and administrative expenses consist of:


	Year Ended December 31, 2025
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Employee costs	$	1,654,945	$	383,111	$	4,624,683	$	1,178,544	$	8,115,730	$	15,957,013
Professional fees		66,338		105,113		831,897		156,997		2,738,962		3,899,307
Insurance		421,156		388,840		170,005		269,620		869,877		2,119,498
Depreciation and amortization		42,042		19,940		571,689		106,408		72,702		812,781
Other		1,550,195		717,755		1,687,482		391,190		2,981,107		7,327,729
	$	3,734,676	$	1,614,759	$	7,885,756	$	2,102,759	$	14,778,378	$	30,116,328


	Year Ended December 31, 2024
	Retail		Bulk		Services		Manufacturing			Corporate		Total
Employee costs	$	1,555,619	$	375,479	$	3,443,005	$	1,286,141		$	8,031,817	$	14,692,061
Professional fees		85,739		82,452		646,610		133,229			2,448,386		3,396,416
Insurance		417,604		384,932		214,983		215,241			834,612		2,067,372
Depreciation and amortization		37,691		25,086		630,544		103,674			73,940		870,935
Other		1,166,940		697,026		1,120,267		718,522			2,807,897		6,510,652
	$	3,263,593	$	1,564,975	$	6,055,409	$	2,456,807		$	14,196,652	$	27,537,436


	Year Ended December 31, 2023
	Retail		Bulk		Services		Manufacturing			Corporate		Total
Employee costs	$	1,485,647	$	359,923	$	2,529,548	$	1,071,012		$	8,244,023	$	13,690,153
Professional fees		122,067		93,754		422,196		88,882			1,285,193		2,012,092
Insurance		351,259		341,391		127,993		196,539			886,674		1,903,856
Depreciation and amortization		38,883		22,180		528,810		105,013			69,216		764,102
Other		980,308		920,016		663,261		376,838			3,441,740		6,382,163
	$	2,978,164	$	1,737,264	$	4,271,808	$	1,838,284		$	13,926,846	$	24,752,366

General and administrative segment expenses set forth in the “Other” category above include Board of Directors fees and expenses, maintenance, office rent, information technology costs, amortization of intangible assets, provisions for credit losses and investor relations costs.

The Company’s segment assets are presented below.


	As of December 31, 2025
	Retail		Bulk		Services		Manufacturing			Corporate		Total
Cash and cash equivalents	$	15,693,394	$	20,343,683	$	46,444,679	$	6,620,358		$	34,686,276	$	123,788,390
Accounts receivable, net	$	3,274,109	$	20,882,114	$	6,364,226	$	2,240,036		$	8,052	$	32,768,537
Inventory, current and non-current	$	3,555,946	$	4,999,261	$	24,178	$	720,602		$	—	$	9,299,987
Contract assets	$	—	$	—	$	1,144,943	$	2,145,872		$	—	$	3,290,815
Property, plant and equipment, net	$	32,371,991	$	16,284,441	$	1,666,099	$	4,608,544		$	220,683	$	55,151,758
Construction in progress	$	1,348,572	$	5,316,061	$	—	$	31,023		$	—	$	6,695,656
Intangibles, net	$	—	$	—	$	1,627,110	$	474,445		$	—	$	2,101,555
Goodwill	$	1,170,511	$	1,948,875	$	7,756,807	$	1,985,211		$	—	$	12,861,404
Total segment assets	$	59,410,635	$	71,300,554	$	69,172,997	$	19,454,784		$	38,101,745	$	257,440,715
Assets of discontinued operations												$	124,630
Total assets												$	257,565,345


	As of December 31, 2024
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Cash and cash equivalents	$	19,167,484	$	13,339,206	$	34,181,902	$	4,768,376	$	27,893,153	$	99,350,121
Accounts receivable, net	$	3,223,190	$	28,807,257	$	6,593,276	$	946,846	$	10,413	$	39,580,982
Inventory, current and non-current	$	3,437,771	$	4,865,117	$	167,856	$	5,828,567	$	—	$	14,299,311
Contract assets	$	—	$	—	$	1,204,522	$	3,265,721	$	—	$	4,470,243
Property, plant and equipment, net	$	31,689,586	$	18,093,155	$	858,352	$	1,601,501	$	189,688	$	52,432,282
Construction in progress	$	1,951,559	$	2,480,999	$	—	$	711,159	$	—	$	5,143,717
Intangibles, net	$	—	$	—	$	2,129,037	$	567,778	$	—	$	2,696,815
Goodwill	$	1,170,511	$	1,948,875	$	7,756,807	$	1,985,211	$	—	$	12,861,404
Total segment assets	$	62,994,011	$	71,743,161	$	56,792,772	$	20,095,648	$	31,415,104	$	243,040,696
Assets of discontinued operations											$	272,485
Total assets											$	243,313,181

Revenue earned by major geographic region was:


	Year ended December 31,
	2025		2024			2023
Cayman Islands	$	37,840,267	$	37,137,424		$	41,728,340
The Bahamas		29,298,791		29,675,947			31,221,633
United States		64,421,664		66,662,406			106,768,621
Revenue earned from management services agreement with OC-BVI		512,646		490,856			492,639
	$	132,073,368	$	133,966,633		$	180,211,233

Revenue earned from major customers was:


	Year ended December 31,
	2025		2024		2023
Revenue earned from the WSC	$	29,298,791	$	29,675,947	$	31,221,633
Percentage of consolidated revenue earned from the WSC		22%		22%		17%
Revenue earned from one service segment customer	$	—	$	—	$	64,149,170
Percentage of consolidated revenue earned from the one service segment customer		0%		0%		36%

Property, plant and equipment, net by major geographic region was:


	December 31,
	2025		2024
Cayman Islands	$	32,530,208	$	31,882,111
The Bahamas		16,201,134		17,903,191
United States		6,420,416		2,646,980
	$	55,151,758	$	52,432,282

Historical Timeline

Fiscal Year	Filed
2025	Mar 16, 2026	Showing above
2024	Mar 17, 2025

2023	Mar 27, 2024

2022	Mar 30, 2023

2021	Mar 29, 2022

2020	Mar 31, 2021

2019	Mar 16, 2020

2018	Mar 18, 2019

2017	Mar 16, 2018

2016	Mar 16, 2017

2015	Mar 15, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Consolidated Water Co. Ltd. Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures