Cadiz Inc
cadizinc.comCadiz Inc. (NASDAQ: CDZI) is a water solutions company that develops and operates groundwater supply, storage, conveyance, and filtration assets in Southern California's Mojave Desert. Revenue is generated through long-term water supply agreements with public and private water systems, water filtration system sales and services, conservation bank credit sales, and farming operations at the Cadiz Ranch. The company owns approximately 46,000 acres of land with vested water rights, 2.5 million acre-feet of permitted water supply, 1 million acre-feet of groundwater storage capacity, and 220 miles of existing underground pipeline. As of FY2025, Cadiz had signed agreements with public water systems and private utilities for 21,275 acre-feet per year of annual water supply delivered via the Northern Pipeline over 40-year terms, priced at approximately $850 per acre-foot in 2024 dollars. Total indebtedness as of December 31, 2025 was approximately $78.3 million, of which $63.3 million is secured. The Mojave Groundwater Bank project requires an estimated $1.5 billion in construction capital, being raised through a special purpose entity, Mojave Water Infrastructure Company LLC.
Products & Services
Mojave Groundwater Bank (groundwater supply and storage); Northern Pipeline and Southern Pipeline (water conveyance, 220 miles existing underground pipeline plus 43 miles of right-of-way entitlements); ATEC water filtration systems (removes arsenic and other groundwater contaminants); Fenner Valley Desert Tortoise Conservation Bank (mitigation credits for development projects); farming operations at Cadiz Ranch (alfalfa, grain crops); Piute Valley landholdings.
Revenue Model
Long-term water supply contracts (40-year take-on-delivery agreements priced at approximately $850/AFY in 2024 dollars), water filtration system sales and services via ATEC technology, conservation bank credit sales from the Fenner Valley Desert Tortoise Conservation Bank, and farming operations including alfalfa and grain cultivation at the Cadiz Ranch.
Customers & Markets
Public water systems, private water utilities, government agencies, and commercial businesses purchasing annual water supply. Conservation bank credit buyers include public and private entities required to mitigate impacts to desert tortoise habitat. Groundwater treatment customers include communities affected by contaminated groundwater such as those in the Coachella Valley.
Geographic Exposure
Southern California, primarily the Mojave Desert. Assets include the Cadiz Property (approximately 46,000 acres), Piute Valley (approximately 9,000 acres, near Laughlin, Nevada and Needles, California), and Danby Dry Lake area. Pipeline right-of-way connects to the Colorado River Aqueduct. Service area covers population centers in the Southwestern United States.
Financial Snapshot
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