Cadiz Inc

cadizinc.com

What Do They Do?

Sells custom-designed groundwater filtration systems to water providers and develops water supply, storage and conveyance solutions for public and private water systems, government agencies and commercial businesses.

How Do They Make Money?

Water-treatment customers buy filtration systems, with payment due when filters are delivered; farm buyers pay for crops when they ship. Agricultural land leases also generate rent.

revenue

Segment	Share	Revenue	How money arrives
Water and Land Resources Mix	11%		Mix
Water Treatment Sold outright	89%		Sold outright

Who Are Their Customers?

Private farming operators lease acreage from Cadiz; Cadiz also farms part of the property directly.

Do Revenues Turn Into Profits?

No. It lost $34.2M in FY2025.

Operating income, FY2025

−157% of revenue

▲ +10% (Loss) vs FY2024 (−$23.2M, −242%)

Net income, FY2025

−210% of revenue

▲ +10% (Loss) vs FY2024 (−$31.1M, −324%)

Free cash flow, FY2025

−162% of revenue

▲ +18% (Loss) vs FY2024 (−$22.5M, −234%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −76%; vs $4.1M in Q2 FY2025
Net income: ▲ +47% (Loss); vs −$7.7M in Q2 FY2025

Water Treatment share of revenue vs 89.6% in Q2 FY2025

Jul 27, 2026 Cadiz names Jacinto Hernandez as CFO successor Stanley Speer is set to retire as CFO effective September 1, 2026; Hernandez is to take over.

Growing. Revenue grew 28.9x in 4 years, from $564K in FY2021 to $16.3M in FY2025, about 132% a year.

Integrated water offerings The older report described supply, storage, conveyance and treatment projects; the latest says adding pipeline and filtration assets enabled integrated services and solutions for public water systems.

Revenue over time

Water and Land Resources Water Treatment

$20M$10M$0

FY2023 FY2024 FY2025

Comments