---
title: "Consolidated Water Reports First Quarter 2026 Results | CWCO Stock News"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/286000851.md"
description: "Consolidated Water Co. Ltd. reported a 11% decrease in total revenue to $30 million for Q1 2026, with retail revenue down 9% due to increased rainfall in Grand Cayman. However, bulk revenue rose 4% thanks to a new desalination facility in The Bahamas. Net income from continuing operations was $3.8 million, down from $4.9 million in Q1 2025. The company anticipates improved manufacturing revenue later in the year, despite a decrease compared to last year. Management remains optimistic about growth in the bulk and services segments, driven by new contracts and projects."
datetime: "2026-05-11T13:33:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286000851.md)
  - [en](https://longbridge.com/en/news/286000851.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286000851.md)
---

# Consolidated Water Reports First Quarter 2026 Results | CWCO Stock News

GEORGE TOWN, Cayman Islands, May 11, 2026 (GLOBE NEWSWIRE) -- Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading designer, builder and operator of advanced water treatment plants, reported results for the quarter ended March 31, 2026. All comparisons are to the same prior year period unless otherwise noted.

Consolidated Water will hold a conference call at 11:00 a.m. Eastern time tomorrow to discuss the results (see dial-in information below).

**First Quarter 2026 Financial Summary**

-   Total revenue decreased 11% to $30.0 million.
-   Retail revenue decreased 9% to $8.6 million due to significantly greater rainfall on Grand Cayman during the quarter.
-   Bulk revenue increased 4% to $8.7 million primarily due to new revenue from the recently commissioned seawater desalination facility in Cat Island, The Bahamas.
-   Services revenue increased by 12% to $11.3 million.
-   Manufacturing revenue decreased by 76% to $1.4 million primarily due to a decrease in the total dollar amount of new purchase orders and, to a lesser extent, the timing of the receipt and the commencement of work on these new orders. Net income from continuing operations attributable to company stockholders totaled $3.8 million or $0.23 per diluted share, compared to $4.9 million or $0.31 per diluted share in the first quarter of 2025.
-   Including discontinued operations, net income attributable to company stockholders totaled $3.8 million or $0.23 per diluted share, compared to $4.8 million or $0.30 per diluted share in the first quarter of 2025.
-   Cash and cash equivalents increased to $126.3 million and working capital increased to $144.3 million as of March 31, 2026.  
    

**Management Commentary**

“In Q1, consolidated revenue declined due to revenue declines in our manufacturing and retail segments,” said Consolidated Water CEO Rick McTaggart. “Manufacturing revenue was lower due to the timing of receipt of new purchase orders for 2026 projects compared to last year. We had received a large purchase order in late 2024 which favorably impacted our first quarter revenue last year. Retail revenue was impacted by much wetter weather conditions this past quarter which reduced the water volume we sold in Grand Cayman by about 10%. However, revenue in our bulk and services segments continued to grow this past quarter, which partially offset the decline in our other two operating segments. Gross profit and operating income in our bulk and services segments also increased, underscoring the stable, recurring nature of our Caribbean-based bulk water business and the momentum in our operations and maintenance (O&M) services.

“Our bulk segment revenue increase reflects contributions from one of two new desalination plants on Cat Island, The Bahamas, which supply potable water to the Water and Sewerage Corporation of The Bahamas. The second plant is expected to be commissioned in the second quarter of this year. Our services segment revenue increase was mainly due to a 15% increase in revenue from O&M contracts. The O&M revenue increase was partially due to revenue from a new municipal client in southern California under a three-year contract that was awarded to PERC in November last year, which is expected to generate approximately $4.5 million in revenue over the three-year term.

“While our manufacturing segment revenue decreased compared to Q1 last year, based on current backlog, we expect manufacturing revenue for the rest of this year will improve. However, we also expect that manufacturing revenue for the full 2026 fiscal year will be less than the manufacturing revenue generated in 2025, which was a record year. Some of our production capacity this year will be used to manufacture seawater reverse osmosis units and piping for our Hawaii project. Accounting rules require that this Hawaii-related manufacturing revenue is eliminated in consolidation, although they will eventually be recognized through our services segment as the Hawaii project advances.

“We are seeing a very active market for our manufacturing segment products and services for the remainder of this year, particularly for municipal water projects in Florida. We believe that our extensive experience manufacturing large-scale membrane-based water treatment systems, as well as our location in Ft. Pierce, Florida, position us well to continue growing that part of our business in the Florida market. We believe this activity will positively impact 2026 and 2027 performance.

“As we previously announced last year, we were awarded two water treatment plant construction projects, including a $3.9 million drinking water plant expansion in Colorado and an $11.7 million wastewater recycling plant in California. The combined value of these projects totals approximately $15.6 million, and the remaining revenue of more than $13 million attributable to these projects is expected to be realized primarily in 2026.

“Our construction service segment revenue is anticipated to remain below the record achieved in 2023 until the initiation of construction of a 1.7 million gallon per day seawater desalination plant in Kalaeloa, Hawaii for the Honolulu Board of Water Supply. We continue to focus on the permitting process, respond to regulatory inquiries and coordinate with the Honolulu Board of Water Supply to mitigate project schedule impacts. Although we are still unable to provide a firm construction start date for the project, we made some progress to obtain a key permit for the project and are encouraged by recent meetings with the responsible governmental authority. The deferral of construction activities has shifted anticipated revenue recognition and associated cash flows related to the Hawaii project into future periods. We continue to anticipate that construction of the project will commence later this year and see the construction phase of this major project substantially adding to our revenue and earnings growth in later reporting periods.

“In 2026 and beyond, we expect our diversified business to continue to deliver strong year-over-year results for shareholders, supported by our Grand Cayman retail operations, stable recurring revenue from our Caribbean bulk water business, and growth opportunities in our U.S. manufacturing, design-build and O&M businesses. With global demand for clean water rising, our strong balance sheet positions us to act quickly on desalination and water infrastructure opportunities in the Caribbean and North America, as well as potential strategic acquisitions or partnerships.”

**First Quarter 2026 Financial Results**

Revenue totaled $30.0 million, decreasing 11% from $33.7 million in the first quarter of 2025. The decrease was due to decreases of $4.4 million in the manufacturing segment and $834,000 in the retail segment. The decreases were partially offset by increases of $333,000 in the bulk segment and $1.2 million in the services segment.

Retail revenue decreased due to a 10.2% decrease in the volume of water sold. The decrease resulted from significantly greater rainfall on Grand Cayman during the quarter, as 2025 rainfall was well below historical norms.

The slight increase in bulk segment revenue was primarily due to new revenue from the CW-Bahamas Cat Island plant.

The increase in services segment revenue was primarily due to revenue generated under O&M contracts that totaled $8.9 million for the first quarter of 2026, an increase of 15% from the first quarter of 2025. A portion of the increase in O&M revenue was attributable to a new three-year contract for a California municipality obtained by PERC in November last year. About $500,000 of the O&M revenue increase was due to additional construction work and maintenance services completed in 2026 for an O&M contract that expired at the end of March 2026. Construction revenue remained relatively consistent at $2.1 million in the first quarter of 2026 as compared to $2.2 million in the same year-ago quarter.

Manufacturing segment revenue decreased by $4.4 million, or 76%, to $1.4 million, as compared to $5.8 million in the first quarter of 2025. The decrease was due to a decrease in the total dollar volume of new purchase orders and, to a lesser extent, the timing of the receipt and commencement of work on new purchase orders.

Gross profit for 2026 was $10.9 million (36% of total revenue), as compared to $12.3 million (37% of total revenue) in the first quarter of 2025. The decrease was due to the decline in retail and manufacturing revenue mentioned above.

Net income from continuing operations attributable to Consolidated Water stockholders for the first quarter of 2026 was $3.8 million, or $0.24 per diluted share, compared to net income of $4.9 million, or $0.31 per diluted share, in the first quarter of 2025.

Including discontinued operations, net income attributable to Consolidated Water stockholders for the first quarter of 2026 was $3.8 million or $0.23 per diluted share, compared to net income of $4.8 million, or $0.30 per diluted share, in the first quarter of 2025.

Cash and cash equivalents totaled $126.3 million as of March 31, 2026, with working capital of $144.3 million and stockholders’ equity of $223.6 million.

**First Quarter 2026 Segment Results**

**Three Months Ended March 31, 2026**

**Retail**

**Bulk**

**Services**

**Manufacturing**

**Corporate**

**Total**

Revenue

$

8,577,058

$

8,744,769

$

11,251,344

$

1,400,529

$

—

$

29,973,700

Cost of revenue

3,642,157

5,735,986

8,427,156

1,252,388

—

19,057,687

Gross profit

4,934,901

3,008,783

2,824,188

148,141

—

10,916,013

General and administrative expenses

902,607

404,223

1,785,996

485,908

3,840,334

7,419,068

Gain (loss) on asset dispositions, net

(76,754

)

—

19,549

—

—

(57,205

)

Income (loss) from operations

3,955,540

2,604,560

1,057,741

(337,767

)

(3,840,334

)

3,439,740

Interest income

46,233

177,507

239,875

1

183,612

647,228

Interest expense

—

—

(2,736

)

—

—

(2,736

)

Income (loss) from affiliates

—

—

—

(8,634

)

60,243

51,609

Other

25,858

10,023

1

7,468

115

43,465

Other income (loss), net

72,091

187,530

237,140

(1,165

)

243,970

739,566

Income (loss) before income taxes

4,027,631

2,792,090

1,294,881

(338,932

)

(3,596,364

)

4,179,306

Provision for income taxes

—

—

316,049

(113,349

)

—

202,700

Net income (loss) from continuing operations

4,027,631

2,792,090

978,832

(225,583

)

(3,596,364

)

3,976,606

Income from continuing operations attributable to non-controlling interests

—

156,135

—

—

—

156,135

Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

$

4,027,631

$

2,635,955

$

978,832

$

(225,583

)

$

(3,596,364

)

3,820,471

Net loss from discontinued operations

(43,042

)

Net income attributable to Consolidated Water Co. Ltd. stockholders

$

3,777,429

**Three Months Ended March 31, 2025**

**Retail**

**Bulk**

**Services**

**Manufacturing**

**Corporate**

**Total**

Revenue

$

9,411,342

$

8,411,716

$

10,078,268

$

5,814,059

$

—

$

33,715,385

Cost of revenue

3,706,063

5,584,089

8,061,877

4,057,069

—

21,409,098

Gross profit

5,705,279

2,827,627

2,016,391

1,756,990

—

12,306,287

General and administrative expenses

788,812

346,081

2,195,338

664,078

3,729,650

7,723,959

Gain on asset dispositions, net

29,976

—

(1,541

)

—

—

28,435

Income (loss) from operations

4,946,443

2,481,546

(180,488

)

1,092,912

(3,729,650

)

4,610,763

Interest income

32,866

204,103

143,319

1

236,305

616,594

Interest expense

—

—

(1,528

)

—

—

(1,528

)

Income from affiliate

—

—

—

(34,004

)

64,478

30,474

Other

28,308

14,933

36

74

—

43,351

Other income, net

61,174

219,036

141,827

(33,929

)

300,783

688,891

Income (loss) before income taxes

5,007,617

2,700,582

(38,661

)

1,058,983

(3,428,867

)

5,299,654

Provision (benefit) for income taxes

—

—

(35,893

)

246,010

—

210,117

Net income (loss) from continuing operations

5,007,617

2,700,582

(2,768

)

812,973

(3,428,867

)

5,089,537

Income from continuing operations attributable to non-controlling interests

—

165,427

—

—

—

165,427

Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

$

5,007,617

$

2,535,155

$

(2,768

)

$

812,973

$

(3,428,867

)

4,924,110

Net loss from discontinued operations

(133,081

)

Net income attributable to Consolidated Water Co. Ltd. stockholders

$

4,791,029

The following table presents the company’s revenue disaggregated by revenue source.  

**Three Months Ended March 31,**

**2026**

**2025**

Retail revenue

$

8,577,058

$

9,411,342

Bulk revenue

8,744,769

8,411,716

Services revenue

11,251,344

10,078,268

Manufacturing revenue

1,400,529

5,814,059

**Total revenue**

$

29,973,700

$

33,715,385

Services revenue consists of the following:  

**Three Months Ended March 31,**

**2026**

**2025**

Construction revenue

$

2,101,137

$

2,218,230

Operations and maintenance revenue

8,888,458

7,725,298

Design and consulting revenue

261,749

134,740

**Total services revenue**

$

11,251,344

$

10,078,268

**Annual General Meeting of Shareholders**  
The company has set June 1, 2026 as the date of its Annual General Meeting of Shareholders to be held at 3:00 p.m. Cayman Islands time (4:00 p.m. EDT) at the Westin Grand Cayman Seven Mile Beach Resort & Spa, Seven Mile Beach, Grand Cayman, Cayman Islands. Holders of record of the company’s stock as of April 2, 2026 will be entitled to vote at the meeting.

**Conference Call**  
Consolidated Water management will host a conference call tomorrow to discuss these results, followed by a question-and-answer period.

Date: Tuesday, May 12, 2026  
Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time)  
Toll-free dial-in number: 1-844-875-6913  
International dial-in number: 1-412-317-6709  
Participant web phone: click here  
Conference ID: 3191190

Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you require any assistance connecting with the call, please contact Encore at 1-949-432-7450.

A replay of the call will be available after 1:00 p.m. Eastern time on the same day through May 19, 2026, as well as available for replay via the Investors section of the Consolidated Water website at www.cwco.com.

Toll-free replay number: 1-855-669-9658  
International replay number: 1-412-317-0088  
Replay ID: 3191190

**About Consolidated Water Co. Ltd.**  
Consolidated Water Co. Ltd. develops and operates advanced water treatment plants and water distribution systems. The company designs, constructs and operates seawater desalination facilities in the Cayman Islands, The Bahamas and the British Virgin Islands, and designs, constructs and operates water treatment and reuse facilities in the United States.

The company also manufactures and services a wide range of products and provides design, engineering, management, operating and other services applicable to commercial and municipal water production, supply and treatment, and industrial water and wastewater treatment.

For more information, visit cwco.com.

**Cautionary Note Regarding Forward-Looking Statements**

This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "intend", "expect", "should", "will" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to (i) continued acceptance of the company's products and services in the marketplace; (ii) changes in its relationships with the governments of the jurisdictions in which it operates; (iii) the outcome of its negotiations with the Cayman government regarding a new retail license agreement; (iv) the collection of its delinquent accounts receivable in the Bahamas; and (v) various other risks such as economic, operational, and industry-specific risks, as detailed in the company's periodic report filings with the Securities and Exchange Commission (“SEC”). For more information about risks and uncertainties associated with the company’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the company’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting the company’s Secretary at the company’s executive offices or at the “Investors – SEC Filings” page of the company’s website at ir.cwco.com/docs. Except as otherwise required by law, the company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

**Company Contact:**  
David W. Sasnett  
Executive Vice President and CFO  
Tel (954) 509-8200  
Email Contact

**Investor & Media Contact:**  
Ron Both or Grant Stude  
Encore Investor Relations  
Tel (949) 432-7450  
Email Contact

**CONSOLIDATED WATER CO. LTD.**  
**CONDENSED CONSOLIDATED BALANCE SHEETS**

  
**March 31,**

  
**December 31,**

**2026**

**2025**

**(Unaudited)**

**ASSETS**

**Current assets**

Cash and cash equivalents

$

126,331,873

$

123,788,390

Accounts receivable, net

36,232,930

32,768,537

Inventory

4,323,265

3,736,845

Prepaid expenses and other current assets

4,560,239

5,927,675

Contract assets

1,293,848

3,290,815

Current assets of discontinued operations

131,954

124,630

**Total current assets**

172,874,109

169,636,892

Property, plant and equipment, net

56,708,697

55,151,758

Construction in progress

5,144,291

6,695,656

Inventory, noncurrent

5,586,869

5,563,142

Investment in affiliates

1,049,083

1,186,849

Goodwill

12,861,404

12,861,404

Intangible assets, net

2,029,129

2,101,555

Operating lease right-of-use assets

2,712,619

2,930,441

Other assets

1,189,321

1,437,648

**Total assets**

$

260,155,522

$

257,565,345

**LIABILITIES AND EQUITY**

**Current liabilities**

Accounts payable, accrued expenses and other current liabilities

$

9,619,209

$

9,620,880

Accrued compensation

2,747,410

3,039,142

Dividends payable

2,280,461

2,285,317

Current maturities of operating leases

619,659

661,047

Current portion of long-term debt

16,804

47,549

Contract liabilities

12,875,169

11,528,634

Deferred revenue

179,546

248,719

Current liabilities of discontinued operations

271,067

271,159

**Total current liabilities**

28,609,325

27,702,447

Long-term debt, noncurrent

4,555

25,954

Deferred tax liabilities

487,747

707,444

Noncurrent operating leases

2,146,943

2,297,161

Other liabilities

153,000

153,000

**Total liabilities**

31,401,570

30,886,006

**Commitments and contingencies**

**Equity**

Consolidated Water Co. Ltd. stockholders' equity

Redeemable preferred stock, $0.60 par value. Authorized 200,000 shares; issued and outstanding 38,923 and 39,507 shares, respectively

23,354

23,704

Common stock, $0.60 par value. Authorized 24,800,000 shares; issued and outstanding 16,000,190 and 15,945,233 shares, respectively

9,600,114

9,567,140

Additional paid-in capital

95,666,040

95,310,630

Retained earnings

118,279,492

116,749,048

Total Consolidated Water Co. Ltd. stockholders' equity

223,569,000

221,650,522

Non-controlling interests

5,184,952

5,028,817

**Total equity**

228,753,952

226,679,339

**Total liabilities and equity**

$

260,155,522

$

257,565,345

**CONSOLIDATED WATER CO. LTD.**  
**CONDENSED CONSOLIDATED STATEMENTS OF INCOME**  
**(UNAUDITED)**

**Three Months Ended March 31,**

**2026**

**2025**

**Revenue**

$

29,973,700

$

33,715,385

**Cost of revenue**

19,057,687

21,409,098

**Gross profit**

10,916,013

12,306,287

General and administrative expenses

7,419,068

7,723,959

Gain (loss) on asset dispositions, net

(57,205

)

28,435

**Income from operations**

3,439,740

4,610,763

**Other income (expense):**

Interest income

647,228

616,594

Interest expense

(2,736

)

(1,528

)

Equity in the earnings of affiliates

51,609

30,474

Other

43,465

43,351

**Other income, net**

739,566

688,891

**Income before income taxes**

4,179,306

5,299,654

**Provision for income taxes**

202,700

210,117

**Net income from continuing operations**

3,976,606

5,089,537

**Income from continuing operations attributable to non-controlling interests**

156,135

165,427

**Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders**

3,820,471

4,924,110

**Net loss from discontinued operations**

(43,042

)

(133,081

)

**Net income attributable to Consolidated Water Co. Ltd. stockholders**

$

3,777,429

$

4,791,029

**Basic earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders**

**Continuing operations**

$

0.24

$

0.31

**Discontinued operations**

—

(0.01

)

**Basic earnings per share**

$

0.24

$

0.30

**Diluted earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders**

**Continuing operations**

$

0.24

$

0.31

**Discontinued operations**

—

(0.01

)

**Diluted earnings per share**

$

0.23

$

0.30

**Dividends declared per common and redeemable preferred shares**

$

0.14

$

0.11

**Weighted average number of common shares used in the determination of:**

Basic earnings per share

16,000,081

15,915,867

Diluted earnings per share

16,107,053

16,041,847

### Related Stocks

- [CWCO.US](https://longbridge.com/en/quote/CWCO.US.md)
- [.IXIC.US](https://longbridge.com/en/quote/.IXIC.US.md)

## Related News & Research

- [Assessing Consolidated Water (CWCO) Valuation After Softer First Quarter 2026 Earnings](https://longbridge.com/en/news/286981302.md)
- [Consolidated Water GAAP EPS of $0.24 misses by $0.01, revenue of $29.97M misses by $2.13M](https://longbridge.com/en/news/286035666.md)
- [Rocket Lab Stock Is Getting a Major Lift. Investors Are Betting on Its Neutron Launch Later This Year.](https://longbridge.com/en/news/286302776.md)
- [08:31 ETFlocean and WaterConnect Partner to Advance Groundbreaking Subsea Desalination Project in the Maldives](https://longbridge.com/en/news/286417159.md)
- [14:05 ETAC Family Office Recruits Henry Pizzutello to Expand Presence in The Woodlands and Beaumont Regions](https://longbridge.com/en/news/287103364.md)