Consolidated Water Co. Ltd. reported a decrease in revenue and net income for the first quarter of 2026 compared to the same period in 2025, according to its latest 10-Q filing. The company generated $29.97 million in revenue, down from $33.72 million a year earlier, primarily due to declines in its manufacturing and retail segments. Net income attributable to stockholders was $3.78 million, or $0.23 per share, compared to $4.79 million, or $0.30 per share, in the prior year. The decrease in revenue and profitability was attributed to a 10.2% drop in the volume of water sold in the retail segment, which was impacted by significantly higher rainfall in Grand Cayman during the quarter.
In terms of operational metrics, the retail segment's revenue fell to $8.58 million from $9.41 million, while the bulk segment saw a slight increase in revenue to $8.74 million from $8.41 million, driven by CW-Bahamas' new plant contract. The services segment reported a revenue increase to $11.25 million, up from $10.08 million, largely due to growth in operations and maintenance contracts. However, the manufacturing segment experienced a significant decline in revenue, dropping to $1.40 million from $5.81 million, reflecting a decrease in new purchase orders.
The company’s general and administrative expenses decreased to $7.42 million from $7.72 million, with a notable increase in employee costs offset by reductions in professional fees and other expenses. Cash and cash equivalents increased to $126.33 million as of March 31, 2026, compared to $123.79 million at the end of 2025. The company also reported an increase in accounts receivable, primarily due to CW-Bahamas, which had $23.9 million in receivables, with approximately 75% being delinquent.
Looking ahead, Consolidated Water Co. Ltd. is navigating ongoing negotiations for a new retail license with the Cayman Islands government, which could significantly impact its operating income and cash flows. The company is also focused on its construction project in Hawaii, where it is working to obtain necessary permits and approvals for a seawater reverse osmosis desalination plant. The company remains optimistic about its long-term prospects, despite the challenges faced in the current fiscal period.
About Consolidated Water Co. Ltd.
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