Cadiz (CDZI) Q3 2025 earnings summary

Executive summary

• Focused on developing water supply, storage, conveyance, and filtration assets in Southern California, with major projects including the Mojave Groundwater Bank and expansion of ATEC water filtration technology.

• Entered into a $51 million unsecured loan agreement with Lytton Rancheria to fund Mojave Groundwater Bank construction, convertible into an equity interest in the project.

• Raised $18.3 million in March 2025 and $22.1 million in November 2024 through direct equity offerings to fund project development and working capital.

Financial highlights

• Q3 2025 revenue was $4.1 million, up from $3.2 million in Q3 2024, driven by increased ATEC filter sales.

• Net loss for Q3 2025 was $7.1 million, compared to $6.8 million in Q3 2024; nine-month net loss was $24.4 million, up from $22.5 million year-over-year.

• Gross margin for ATEC improved to 49.6% in Q3 2025 from 32.1% in Q3 2024 due to higher filter sales volume.

• Cash used in operations for the nine months ended September 30, 2025, was $12.0 million, down from $15.3 million in the prior year period.

Outlook and guidance

• Short-term liquidity needs are expected to be met through proceeds from the Lytton agreement and cash on hand.

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