CADIZ INC CDZI
We are a water solutions provider with a unique combination of land, water, pipeline and water filtration assets located in Southern California between major water systems serving population centers in the Southwestern United States. Our portfolio of assets includes 2.5 million acre-feet of permitted water supply, 1 million acre-feet of groundwater storage capacity, 220 miles of existing, underground pipeline, 43 miles of right-of-way entitlements for pipeline construction, and versatile, scalable and cost-effective water filtration technology that removes contaminants and constituents of concern from groundwater. Our customers are public and private water systems, government agencies and commercial businesses.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Water Treatment
- Water and Land Resources
| Segment | FY2025 | FY2024 |
|---|---|---|
| Water Treatment | $14.5M | $7.9M |
| Water and Land Resources | $1.8M | $1.7M |
As the company reported it, from the “Note 3 - Reportable Segments - Segment Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.3M | $9.6M | $2.0M | $1.5M | $564.0K | $541.0K | $441.0K | $440.0K | $437.0K | $412.0K |
| Cost of revenue | $11.2M | $7.3M | $2.9M | $2.1M | $0 | — | — | — | — | — |
| Gross profit | $5.2M | $2.3M | -$896.0K | -$566.0K | $564.0K | — | — | — | — | — |
| SG&A | $29.5M | $24.3M | $18.8M | $15.3M | $17.7M | $11.9M | $12.2M | $11.4M | $12.8M | $9.3M |
| Total operating expenses | $41.9M | $32.9M | $22.9M | $18.1M | $18.1M | $12.3M | $12.4M | $11.7M | $13.1M | $9.6M |
| Operating income | -$25.6M | -$23.2M | -$20.9M | -$16.6M | -$17.5M | -$11.8M | -$12.0M | -$11.2M | -$12.6M | -$9.2M |
| Interest expense | $8.6M | $7.9M | $4.9M | $8.3M | $11.4M | $11.5M | $17.1M | $15.3M | $17.8M | $14.9M |
| Pre-tax income | -$34.1M | -$31.1M | -$31.4M | -$24.8M | -$30.3M | -$35.6M | -$29.0M | -$26.3M | -$33.9M | -$26.3M |
| Income tax | $11.0K | $11.0K | $11.0K | $7.0K | $10.0K | $7.0K | $6.0K | $6.0K | $4.0K | $4.0K |
| Net income | -$34.2M | -$31.1M | -$31.4M | -$24.8M | -$31.2M | -$37.8M | -$29.5M | -$26.3M | -$33.9M | -$26.3M |
| EPS, basic | -0.48 | -0.53 | -0.56 | -0.60 | -0.84 | — | — | — | — | — |
| EPS, diluted | — | — | — | — | -0.84 | -1.11 | -1.11 | -1.09 | -1.50 | -1.41 |
| Shares, diluted (wtd. avg.) | — | — | — | — | — | 34,188 | 26,549 | 24.0M | 22.5M | 18.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $8.6M | $17.3M | $4.5M | $10.0M | $11.0M | $7.3M | $15.7M | $12.6M | $13.0M | $12.2M |
| Receivables | $5.6M | $4.6M | $904.0K | $454.0K | $270.0K | $55.0K | $49.0K | $38.0K | $36.0K | $39.0K |
| Inventory | $1.1M | $3.0M | $2.1M | $316.0K | — | — | — | — | — | — |
| Total current assets | $16.1M | $25.8M | $8.0M | $12.4M | $13.2M | $8.0M | $16.1M | $13.0M | $13.5M | $15.6M |
| Property, plant and equipment | $95.4M | $88.4M | $87.2M | $84.1M | $78.9M | $53.5M | $49.9M | $46.6M | $45.3M | $44.2M |
| Goodwill | $5.7M | $5.7M | $5.7M | $5.7M | $3.8M | $3.8M | $3.8M | $3.8M | $3.8M | $3.8M |
| Total assets | $140.9M | $134.5M | $107.4M | $110.8M | $112.5M | $74.4M | $76.7M | $69.3M | $66.5M | $67.1M |
| Accounts payable | $3.8M | $2.3M | $1.2M | $1.1M | $286.0K | $548.0K | $194.0K | $225.0K | $411.0K | $439.0K |
| Short-term debt | $51.0K | $120.0K | $182.0K | $140.0K | $107.0K | $51.0K | $31.0K | $59.0K | $1.4M | $170.0K |
| Total current liabilities | $13.2M | $14.4M | $5.8M | $5.6M | $2.5M | $3.1M | $4.8M | $4.1M | $6.5M | $4.6M |
| Long-term debt | $72.7M | $56.7M | $37.7M | $49.0M | $46.5M | $78.6M | $137.6M | $136.2M | $123.8M | $102.4M |
| Total liabilities | $117.7M | $100.5M | $67.4M | $76.6M | $71.9M | $99.7M | $158.8M | $155.5M | $145.2M | $121.4M |
| Retained earnings | -$692.2M | -$676.1M | -$639.9M | -$603.3M | -$573.4M | -$539.4M | -$501.6M | -$470.0M | -$443.7M | -$409.9M |
| Total equity | $23.3M | $34.0M | $40.0M | $34.2M | $40.6M | -$25.3M | -$82.1M | -$86.2M | -$78.7M | -$54.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$18.9M | -$21.5M | -$20.9M | -$18.6M | -$15.3M | -$13.4M | -$13.7M | -$12.2M | -$10.5M | -$9.5M |
| Depreciation and amortisation | $1.3M | $1.2M | $1.2M | $654.0K | $423.0K | $381.0K | $265.0K | $258.0K | $274.0K | $292.0K |
| Stock-based compensation | $5.3M | $4.6M | $1.5M | $1.9M | $4.7M | $2.1M | $562.0K | $473.0K | $2.3M | $1.3M |
| Capital expenditure | $7.6M | $934.0K | $5.8M | $3.4M | $22.9M | $5.7M | $1.6M | $1.7M | $1.0M | — |
| Investing cash flow | -$12.6M | -$1.2M | -$5.8M | -$4.1M | -$23.5M | -$9.8M | -$2.5M | -$3.7M | -$1.0M | — |
| Financing cash flow | $25.4M | $35.5M | $17.6M | $16.6M | $51.2M | $14.9M | $19.3M | $15.4M | $12.3M | $19.0M |
| Dividends paid | $5.1M | $5.1M | $5.1M | $5.1M | $1.4M | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-014053.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $412.0K | $437.0K | $440.0K | $441.0K | $541.0K | $564.0K | $1.5M | $2.0M | $9.6M | $16.3M |
| Gross profit | — | — | — | — | — | $564.0K | -$566.0K | -$896.0K | $2.3M | $5.2M |
| Net income | -$26.3M | -$33.9M | -$26.3M | -$29.5M | -$37.8M | -$31.2M | -$24.8M | -$31.4M | -$31.1M | -$34.2M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Officer or director change Item 5.02
- Material agreement signed Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 4941
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AWK | American Water Works Company, Inc. | $28.37B | 25.1x | 10.1% |
| WTRG | Essential Utilities, Inc. | $12.23B | 7.6x | 10.1% |
| AWR | AMERICAN STATES WATER CO | $3.39B | 25.4x | 8.2% |
| CWT | CALIFORNIA WATER SERVICE GROUP | $2.97B | 22.3x | 6.4% |
| HTO | H2O AMERICA | $2.46B | 20.2x | 9.4% |
| MSEX | MIDDLESEX WATER CO | $1.06B | 23.7x | 1.5% |
| YORW | YORK WATER CO | $516.4M | 22.9x | 3.4% |
| CWCO | Consolidated Water Co. Ltd. | $445.0M | 24.4x | 11.0% |