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
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.) | — | — | — | — | — | $34.2K | $26.5K | $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.
Others in SIC 4941
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AWK | American Water Works Company, Inc. | $27.96B | 24.7x | 10.1% |
| WTRG | Essential Utilities, Inc. | $11.83B | 7.3x | 10.1% |
| AWR | AMERICAN STATES WATER CO | $3.51B | 26.3x | 8.2% |
| CWT | CALIFORNIA WATER SERVICE GROUP | $3.09B | 23.3x | 6.4% |
| HTO | H2O AMERICA | $2.69B | 22.0x | 9.4% |
| MSEX | MIDDLESEX WATER CO | $1.10B | 24.7x | 1.5% |
| YORW | YORK WATER CO | $552.6M | 24.5x | 3.4% |
| CWCO | Consolidated Water Co. Ltd. | $468.9M | 25.7x | 11.0% |