# Cadiz Inc. (CDZI)

**Exchange:** NASDAQ  
**Sector:** Utilities  
**Market cap:** $325M  
**Price:** $3.90 (-2.99%)

> Cadiz Inc. is a U.S.-based water solutions company operating primarily within the regulated water utilities sector. The business focuses on providing clean, reliable, and affordable water through a portfolio of land, water, pipeline, and water filtration assets located in Southern California. Its operations are organized into two main segments. The Land and Water Resources segment encompasses activities tied to extensive properties in the eastern Mojave Desert, including development of the Mojave Groundwater Bank for water supply, storage, and conveyance, as well as agricultural operations on its landholdings. The Water Filtration Technology segment delivers filtration solutions aimed at treating impaired or contaminated groundwater sources, addressing both quality and reliability challenges for end users. Positioned as a specialized participant in the broader utilities landscape, Cadiz Inc. plays a niche role in supporting water infrastructure and resource management for population centers across the Southwestern United States, where water scarcity and quality remain critical long-term issues.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $16M | $5M | -$26M | -$34M | — |
| 2024 | $10M | $2M | -$23M | -$31M | — |
| 2023 | $2M | -$896,000 | -$21M | -$31M | — |
| 2022 | $2M | -$566,000 | -$17M | -$25M | — |
| 2021 | $564,000 | $564,000 | -$18M | -$31M | — |
| 2020 | $541,000 | — | -$12M | -$38M | — |
| 2019 | $441,000 | — | -$12M | -$30M | — |
| 2018 | $440,000 | — | -$11M | -$26M | — |
| 2017 | $437,000 | — | -$13M | -$34M | — |
| 2016 | $412,000 | — | -$9M | -$26M | — |
| 2015 | $304,000 | -$30,000 | -$14M | -$24M | — |
| 2014 | $336,000 | -$21,000 | -$10M | -$19M | — |
| 2013 | $301,000 | -$254,000 | -$14M | -$23M | — |
| 2012 | $362,000 | -$159,000 | -$13M | -$20M | — |
| 2011 | $1M | -$422,000 | -$11M | -$17M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $141M | $118M | $23M | $9M | $78M |
| 2024 | $134M | $101M | $34M | $17M | $61M |
| 2023 | $107M | $67M | $40M | $5M | $38M |
| 2022 | $111M | $77M | $34M | $10M | $50M |
| 2021 | $112M | $72M | $41M | $11M | $50M |
| 2020 | $74M | $100M | -$25M | $7M | $79M |
| 2019 | $77M | $159M | -$82M | $16M | $138M |
| 2018 | $69M | $156M | -$86M | $13M | $155M |
| 2017 | $67M | $145M | -$79M | $13M | $147M |
| 2016 | $67M | $121M | -$54M | $12M | $125M |
| 2015 | $55M | $111M | -$56M | $3M | $116M |
| 2014 | $68M | $108M | -$40M | $16M | $106M |
| 2013 | $64M | $101M | -$36M | $12M | $99M |
| 2012 | $51M | $67M | -$17M | $2M | $63M |
| 2011 | $58M | $56M | $2M | $11M | $52M |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$19M | $8M | -$27M |
| 2024 | -$22M | $934,000 | -$22M |
| 2023 | -$21M | $6M | -$27M |
| 2022 | -$19M | $3M | -$22M |
| 2021 | -$15M | $23M | -$38M |
| 2020 | -$13M | $6M | -$19M |
| 2019 | -$14M | $2M | -$15M |
| 2018 | -$12M | $2M | -$14M |
| 2017 | -$10M | $1M | -$11M |
| 2016 | -$10M | — | — |
| 2015 | -$13M | $906,000 | -$13M |
| 2014 | -$10M | $72,000 | -$10M |
| 2013 | -$16M | $167,000 | -$16M |
| 2012 | -$11M | $3M | -$15M |
| 2011 | -$8M | $4M | -$12M |

Source: [CompaniesByCap](https://companiesbycap.com/company/CDZI)