Consolidated Water (CWCO) Q3 2026 earnings summary

Executive summary

• Q3 revenue fell 11.9% YoY to $30.9M; net income including discontinued operations was $2.3M, or $0.14 diluted EPS, as services and manufacturing declines outweighed retail and bulk growth.

• Nine-month revenue and earnings also declined YoY; Pismo Beach and Florida orders and a substantial project pipeline support longer-term opportunities.

Financial highlights

• Q3 revenue was $30.9M vs. $35.1M YoY; gross profit was $9.8M vs. $12.9M, and operating income was $2.1M vs. $5.8M.

• Continuing-operations net income attributable to stockholders was $2.4M, or $0.15 diluted EPS; including discontinued operations, net income was $2.3M, or $0.14 diluted EPS, vs. $5.5M and $0.34.

• 9M revenue was $93.8M vs. $102.4M; gross profit was $31.7M vs. $38.1M, and operating income was $9.3M vs. $15.7M.

• 9M net income including discontinued operations was $10.0M, or $0.62 diluted EPS, vs. $15.4M and $0.96.

Outlook and guidance

• FY 2026 manufacturing revenue is expected below FY 2025; Florida municipal orders and bid activity support a strong 2027 manufacturing outlook.

• Kalaeloa construction is expected to begin in H1 2027, subject to permits and approvals; more than $150M of contracted design and construction backlog remains unrecognized as revenue.

• Pismo Beach construction is anticipated to begin in spring 2027; design, permitting, construction, startup and commissioning are expected to span ~24 months.

• ~$10M of manufacturing bids are expected to be decided in Q4 2026; ~$45M of Florida municipal projects are expected to go to bid within six months.