Artesian Resources Corporation reported a solid financial performance for the third quarter and the first nine months of 2025, with total operating revenues reaching $30.5 million for the three months ended September 30, 2025, a 4.6% increase from $29.1 million in the same period last year. For the nine months ended September 30, 2025, revenues totaled $84.9 million, up 4.7% from $81.1 million in the prior year. The increase in revenue was primarily driven by a rise in water sales, which grew by $2.2 million, or 3.3%, due to a temporary rate increase implemented on June 3, 2025, and an increase in the customer base.
The company's net income applicable to common stock for the third quarter was $6.96 million, reflecting a 2.2% increase from $6.81 million in the same quarter of 2024. For the nine-month period, net income rose by 12.9% to $18.69 million from $16.55 million in the previous year. The increase in profitability was attributed to higher operating revenues, which were partially offset by a $1.3 million rise in total operating expenses, primarily due to increased utility operating expenses and depreciation costs.
Operationally, Artesian Resources served approximately 98,800 water customers in Delaware, 2,700 in Maryland, and 40 in Pennsylvania as of September 30, 2025. The number of metered water customers in Delaware and Maryland increased by approximately 1.8% compared to the previous year, while the number of wastewater customers in Delaware rose by about 6.6%. The company continues to focus on expanding its customer base and enhancing service delivery, particularly in the wastewater sector, which is less affected by seasonal fluctuations in demand.
In terms of strategic developments, Artesian Resources has been actively pursuing growth opportunities, including the construction of a new regional wastewater treatment facility expected to be completed in 2025. The company has also implemented a new equity compensation plan, which was approved by shareholders in October 2025, replacing the previous plan. This strategic direction aims to enhance customer growth, revenue, and operational efficiency across its service territories.
Looking ahead, Artesian Resources anticipates continued growth in both its regulated and non-regulated segments, driven by strategic partnerships and infrastructure investments. The company remains focused on addressing regulatory requirements, including those related to water quality standards and environmental regulations, which are expected to shape its operational landscape in the coming years.
About ARTESIAN RESOURCES CORP
Artesian Resources Corporation is a Delaware-based utility holding company focused on providing water and wastewater services across Delaware, Maryland, and Pennsylvania. Its primary subsidiary, Artesian Water Company, is the largest investor-owned water utility on the Delmarva Peninsula. With significant market opportunities in underserved areas, Artesian is expanding its service territories and enhancing infrastructure to meet regulatory standards, including new PFAS and lead regulations, while also offering service line protection plans.
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