Cadiz | 10-Q: FY2025 Q3 Revenue Beats Estimate at USD 4.149 M

Revenue: As of FY2025 Q3, the actual value is USD 4.149 M, beating the estimate of USD 3.9 M.

EPS: As of FY2025 Q3, the actual value is USD -0.1, missing the estimate of USD -0.09.

EBIT: As of FY2025 Q3, the actual value is USD -2.698 M.

Segment Revenue

• Land and Water Resources: Revenue for the three months ended September 30, 2025 was $115,000, compared to $383,000 for the same period in 2024.
• Water Filtration Technology: Revenue for the three months ended September 30, 2025 was $4,034,000, compared to $2,841,000 for the same period in 2024.

Operational Metrics

• Operating Loss: For the three months ended September 30, 2025, the operating loss was - $4,896,000, compared to - $4,767,000 for the same period in 2024.
• Net Loss: For the three months ended September 30, 2025, the net loss was - $7,072,000, compared to - $6,793,000 for the same period in 2024.

Cash Flow

• Net Cash Used in Operating Activities: For the nine months ended September 30, 2025, net cash used in operating activities was - $12,010,000, compared to - $15,322,000 for the same period in 2024.
• Net Cash Used in Investing Activities: For the nine months ended September 30, 2025, net cash used in investing activities was - $11,250,000, compared to - $522,000 for the same period in 2024.
• Net Cash Provided by Financing Activities: For the nine months ended September 30, 2025, net cash provided by financing activities was $13,023,000, compared to $14,668,000 for the same period in 2024.

Unique Metrics

• ATEC Sales: Revenue from ATEC sales for the three months ended September 30, 2025 was $4,034,000, compared to $2,841,000 for the same period in 2024.

Future Outlook and Strategy

• Core Business Focus: Cadiz Inc. plans to finance the construction of the Mojave Groundwater Bank through Mojave Water Infrastructure Company, LLC (MWI), with potential equity investments of up to $450 million.
• Non-Core Business: The company has entered into a definitive agreement with Lytton Rancheria of California for a $51 million unsecured loan facility, convertible into an ownership interest in MWI, as the first tranche of project construction capital.

Priority

• Strategic Partnerships: Cadiz Inc. has entered into a non-binding Memorandum of Understanding with EPCOR NR Holdings Inc. to market 25,000 acre-feet per year of conserved water from the Mojave Groundwater Bank to Arizona off-takers.