Cadiz Inc. Reports $4.1 Million Revenue in Q2 2025, Despite $7.7 Million Net Loss

Cadiz Inc. reported significant financial developments in its latest 10-Q filing for the second quarter of 2025, revealing total revenues of $4.1 million, a substantial increase from $513,000 in the same period last year. The company's revenue growth was primarily driven by its water filtration technology segment, ATEC, which generated $3.7 million in sales, compared to just $200,000 in the previous year. Despite this revenue increase, Cadiz Inc. reported a net loss of $7.7 million for the quarter, slightly improved from a net loss of $8.9 million in Q2 2024.

For the first half of 2025, Cadiz Inc. recorded total revenues of $7.1 million, up from $1.6 million in the same period of 2024. The company’s operating loss for the six months ended June 30, 2025, was $13.3 million, compared to $11.9 million in the prior year. The increase in losses was attributed to higher professional fees related to the development of the Mojave Groundwater Bank and increased compensation costs associated with stock-based awards. The company’s total costs and expenses for the first half of 2025 reached $20.4 million, up from $13.5 million in the previous year.

In terms of strategic developments, Cadiz Inc. has been actively pursuing its Mojave Groundwater Bank project, which aims to address water supply challenges in Southern California. The company entered into a non-binding Memorandum of Understanding with EPCOR NR Holdings Inc. to develop the groundwater bank, which is expected to provide long-term water supply solutions. Additionally, Cadiz has established a new entity, Mojave Water Infrastructure Company, LLC, to fund the capital costs associated with this project, which are estimated to be around $800 million.

Operationally, Cadiz Inc. has seen an increase in its customer base and product adoption rates, particularly in its water filtration technology segment. The company shipped 115 filters in 2025 compared to just four in 2024, reflecting a growing demand for its filtration solutions. The company’s employee headcount has also increased, supporting its expanding operations and project developments. As of June 30, 2025, Cadiz Inc. had 82,019,024 shares of common stock outstanding, reflecting its ongoing efforts to raise capital through equity offerings.

Looking ahead, Cadiz Inc. anticipates that the net proceeds from its recent equity offerings, totaling approximately $18.3 million, will be sufficient to meet its short-term working capital needs. However, the company acknowledges the potential need for additional capital to finance future projects and operational expenses. Management remains focused on advancing its water supply and filtration solutions, which are expected to provide significant cash flow opportunities in the long term.