Consolidated Water Co Ltd
cwco.comConsolidated Water Co. Ltd. (NASDAQ: CWCO) is a water utility and services company that produces and distributes potable water through seawater reverse osmosis desalination, primarily in the Caribbean. Revenue comes from three segments: retail water sales direct to end customers, bulk water sales to government-owned water utilities under long-term supply agreements, and manufacturing and sale of water treatment equipment and systems. The retail segment operates in Grand Cayman through approximately 100 miles of pipeline serving the Seven Mile Beach and West Bay areas. The bulk water segment sells to the Water Authority-Cayman (WAC) and the Water and Sewerage Corporation (WSC) of The Bahamas under contracts running through 2026, 2033, and 2034. The manufacturing segment generated $18,691,784 in revenue for FY2025, up from $17,595,414 in FY2024, with gross margin of 35% in FY2025. The company also holds a construction contract for a desalination plant in Hawaii through its Kalaeloa Desalco subsidiary, where permitting delays have deferred revenue recognition into future periods.
Products & Services
Potable water produced via seawater reverse osmosis desalination. Retail plants in Grand Cayman at Abel Castillo Water Works (3.0 million gallons per day aggregate capacity) and West Bay (2.0 million gallons per day). Bulk water plants include Blue Hills (12.0 million gallons per day capacity) and Windsor (2.8 million gallons per day) in The Bahamas, and North Sound (1.6 million gpd), Red Gate (2.6 million gpd), and North Side Water Works (2.4 million gpd) in Grand Cayman operated for the WAC. Water treatment equipment and systems manufactured and sold through the manufacturing segment. Desalination plant engineering and construction through Kalaeloa Desalco (Hawaii project).
Revenue Model
Three revenue streams: retail water sales to residential, commercial, and tourist customers in Grand Cayman; bulk water sales to government utilities (WAC in Cayman Islands, WSC in The Bahamas) under long-term minimum-purchase contracts; and manufacturing and equipment sales through the manufacturing segment ($18,691,784 revenue, FY2025).
Customers & Markets
Government-owned water utilities as bulk water customers: Water Authority-Cayman (WAC) in the Cayman Islands and Water and Sewerage Corporation (WSC) on the Island of New Providence, The Bahamas. WSC agreement for Windsor plant requires minimum purchase of 16.8 million gallons per week through August 2033. Retail customers include residential, commercial, and tourist properties in Grand Cayman's Seven Mile Beach and West Bay areas. Manufacturing segment customers include buyers of water treatment systems and equipment.
Geographic Exposure
Cayman Islands (Grand Cayman retail and bulk operations), The Bahamas (bulk water on Island of New Providence), Hawaii (desalination plant construction project under Kalaeloa Desalco, permitting in progress as of 10-K filed 2026-03-16).
Source: SEC 10-K, filed 2026-03-16
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