Cadiz (CDZI) investor relations material

Executive summary

• Operates a unique portfolio of land, water, pipeline, and technology assets focused on providing fresh water to underserved communities and supporting regional drought management.

• Projects include the Mojave Groundwater Bank (MGB), Northern Pipeline, and Southern Pipeline, with advanced water treatment and storage capabilities.

• Revenue for Q2 2026 was $1.0 million, down from $4.1 million in Q2 2025, primarily due to lower ATEC filter sales and reduced agricultural output.

• Net loss for Q2 2026 was $11.4 million, compared to $7.7 million in Q2 2025, reflecting higher legal and consulting fees for Mojave Groundwater Bank development.

• Fully permitted and developed over four decades, with 25 years of permitting and regulatory milestones completed.

Financial highlights

• Expected $5.5B in total 20-year gross cashflows, with $3.0B from water conveyance and $2.5B from storage sales and fees.

• Annual gross cashflows projected at $300M+ after 20 years, escalating at ~5% per annum.

• Q2 2026 revenue: $1.0 million (Q2 2025: $4.1 million); six-month revenue: $2.6 million (2025: $7.1 million).

• Q2 2026 net loss: $11.4 million (Q2 2025: $7.7 million); six-month net loss: $20.0 million (2025: $17.3 million).

• Gross margin for ATEC in Q2 2026 was 23.7%, down from 44.5% in Q2 2025, due to lower filter sales volume.

Outlook and guidance

• Contracts structured for 30-50 years with investment-grade, AA+/A off-takers.

• Short-term liquidity is supported by recent draws under the Lytton Credit Agreement and cash on hand.

• Long-term capital needs remain significant, with up to $1.5 billion in total capital required for full pipeline buildout.

• Additional equity or debt financing may be needed to support ongoing development and working capital.

• Significant upside potential as demand for water storage and supply increases due to regional shortages and climate change.