Cadiz Inc. Reports $16.3 Million Revenue for Fiscal Year 2025, Faces $34.2 Million Net Loss

Cadiz Inc. reported a total revenue of $16.3 million for the fiscal year ending December 31, 2025, marking a significant increase from $9.6 million in 2024. This growth was primarily driven by the water filtration technology segment, ATEC, which generated $14.5 million in revenue, up from $7.9 million the previous year. Despite this increase in revenue, the company incurred a net loss of $34.2 million, compared to a loss of $31.1 million in 2024. The rise in losses was attributed to higher general and administrative expenses, particularly related to legal and consulting fees associated with the development of the Mojave Groundwater Bank.

In terms of operational developments, Cadiz Inc. has made significant strides in its strategic initiatives. The company entered into agreements with multiple public water systems for the purchase of 21,275 acre-feet per year of water supply from the Mojave Groundwater Bank, which is expected to be delivered via the Northern Pipeline. The company also established the Mojave Water Infrastructure Company LLC (MWI) to finance the construction of the Mojave Groundwater Bank, with a total expected capital cost of between $1.25 billion and $1.5 billion. In October 2025, Cadiz entered into a credit agreement with Lytton Rancheria of California, which may provide up to $51 million in unsecured loans to support these initiatives.

Cadiz Inc. has also expanded its employee base, employing 31 full-time staff as of December 31, 2025, including 22 at ATEC. The company has focused on enhancing its water filtration technology capabilities, which has seen a 74% increase in business orders. The acquisition of ATEC in 2022 has allowed Cadiz to diversify its offerings and respond to the growing demand for water treatment solutions, particularly in light of stricter regulations on contaminants such as PFAS and Chromium-6.

Looking ahead, Cadiz Inc. anticipates that the ongoing development of the Mojave Groundwater Bank and the expansion of ATEC's operations will provide significant future cash flow. The company is currently engaged in due diligence with private equity investors for an additional $400 million in equity commitments to MWI. However, the company acknowledges that it will continue to require additional financing to meet its working capital needs and capital expenditures, which may include equity or debt placements. The management remains optimistic about the potential for future growth, contingent on the successful execution of its strategic initiatives and the ability to secure necessary funding.