Artesian Resources Corp
artesianwater.comArtesian Resources Corp (NASDAQ: ARTNA) is a regulated water and wastewater utility company that provides water distribution and wastewater treatment services across franchised service areas in Delaware, Maryland, and Pennsylvania. Revenue comes primarily from volumetric and fixed charges for regulated water and wastewater services billed to residential, commercial, and industrial customers within its exclusive franchise territories. The regulated utility segment accounted for 93.2% of total operating revenues for the year ended December 31, 2025, and 93.5% for the year ended December 31, 2024. Within its core Delaware market, Artesian operates as the sole regional regulated wastewater utility in Sussex County, where competing franchise applications are not a factor. Franchises are granted and overseen by the Delaware Public Service Commission, the Maryland Public Service Commission, and the Pennsylvania Public Utility Commission. As of December 31, 2025, the company operated with 272 full-time and 2 part-time employees. Long-term debt is secured by first mortgage bonds, and the company pays regular cash dividends, with a dividend reinvestment plan in place.
Products & Services
Regulated water distribution services; regulated wastewater collection and treatment services (including secondary treatment with 96% to 98% organic matter removal efficiency, as disclosed in the FY2025 10-K); non-regulated utility-related services.
Revenue Model
Regulated utility rate-based revenue from charges for water distribution and wastewater treatment services. Rates are set by state public utility commissions in Delaware, Maryland, and Pennsylvania. The regulated utility segment represented 93.2% of total operating revenues for the year ended December 31, 2025. A non-regulated segment accounts for the remaining revenue.
Customers & Markets
Residential, commercial, and industrial customers within exclusive franchised service territories in Delaware, Maryland, and Pennsylvania. Water demand is subject to seasonal fluctuation, particularly in summer months, driven by rainfall and temperature.
Geographic Exposure
Delaware (primary market, including sole regional regulated wastewater utility in Sussex County), Maryland, and Pennsylvania, as of the FY2025 10-K filed March 16, 2026.
Financial Snapshot
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