Cadiz (CDZI) Q1 2026 earnings summary

Executive summary

• Report covers the quarter ended March 31, 2026, with continued focus on water supply, storage, conveyance, and filtration solutions in Southern California, including the development of the Mojave Groundwater Bank and related infrastructure projects.

• Operations are organized into two segments: Land and Water Resources (including agricultural and pre-revenue water projects) and Water Filtration Technology (ATEC).

• Major financing activities included draws under the Lytton Credit Agreement and ongoing equity and debt placements to support project development.

Financial highlights

• Total revenues for Q1 2026 were $1.6 million, down from $3.0 million in Q1 2025, primarily due to lower ATEC filter sales.

• Net loss for Q1 2026 was $8.6 million, compared to $9.6 million in Q1 2025; net loss applicable to common stock was $9.9 million, or $(0.12) per share.

• Cash and cash equivalents increased to $16.5 million as of March 31, 2026, from $8.6 million at year-end 2025.

• Cash used in operating activities was $5.5 million, with $0.2 million used in investing and $13.7 million provided by financing activities in Q1 2026.

• Working capital at March 31, 2026, was $11.1 million.

Outlook and guidance

• Short-term liquidity is supported by recent draws under the Lytton Credit Agreement and cash on hand, expected to cover working capital needs.

• Long-term capital needs will depend on the pace of Mojave Groundwater Bank development and asset transfers; additional financing may be required.

• ATEC operations are expected to be self-funded in 2026, with future cash flows anticipated from water supply, storage, and conveyance projects.