Cadiz Inc. reported a total revenue of $4.15 million for the third quarter of 2025, marking a 29% increase from $3.22 million in the same period of 2024. The company's revenue growth was primarily driven by increased sales from its water filtration technology segment, ATEC, which generated $4.03 million in sales, up from $2.84 million a year earlier. Despite this revenue increase, Cadiz Inc. continued to face significant operational challenges, resulting in a net loss of $7.07 million for the quarter, compared to a net loss of $6.79 million in the prior year.
For the nine months ending September 30, 2025, Cadiz Inc. reported total revenues of $11.23 million, a substantial increase from $4.86 million in the same period of 2024. The nine-month net loss also widened to $24.39 million from $22.51 million year-over-year. The increase in losses was attributed to higher professional fees related to the development of the Mojave Groundwater Bank project, alongside increased general and administrative expenses. The company’s operating loss for the nine-month period was $18.21 million, compared to $16.62 million in the previous year.
In terms of strategic developments, Cadiz Inc. has made significant progress in its water resource initiatives. The company entered into a definitive agreement with Lytton Rancheria of California, which will provide up to $51 million in unsecured loans for the construction of the Mojave Groundwater Bank. This project aims to enhance groundwater storage capacity in Southern California, addressing the region's growing water supply challenges. Additionally, Cadiz has been actively pursuing partnerships with public water systems, securing agreements for the delivery of 21,275 acre-feet of water annually, which represents 85% of the Northern Pipeline's capacity.
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 113 filters in 2025 compared to 95 in 2024, reflecting a growing demand for its filtration solutions. However, the company’s cash and cash equivalents decreased significantly to $4.43 million as of September 30, 2025, down from $17.29 million at the end of 2024, indicating ongoing liquidity challenges. The total assets of the company also declined to $128 million from $134.49 million over the same period.
Looking ahead, Cadiz Inc. anticipates that the proceeds from the Lytton investment, along with existing cash reserves, will be sufficient to meet its short-term working capital needs. However, the company acknowledges the potential need for additional capital to finance ongoing operations and future projects, particularly as it continues to develop its water supply and storage capabilities. The management remains focused on securing further financing options to support its strategic initiatives and operational growth.
About CADIZ INC
Cadiz Inc. is a water solutions company owning 46,000 acres in Southern California’s Mojave Desert with significant groundwater resources. It develops water supply, storage, and conveyance infrastructure, including pipelines and a groundwater bank, serving public water systems and underserved communities. Cadiz also offers water filtration technology through ATEC Water Systems, providing modular treatment solutions for contaminated groundwater. Its integrated model addresses water scarcity with sustainable, cost-effective clean water delivery.
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