Cadiz Inc. Reports $9.6 Million Revenue for Fiscal Year 2024, Faces $31.1 Million Net Loss

Cadiz Inc. reported a total revenue of $9.6 million for the fiscal year ending December 31, 2024, a significant increase from $2.0 million in the previous year. This growth was primarily driven by the water filtration technology segment, which generated $7.9 million in revenue, compared to $0.7 million in 2023. The company also reported $1.3 million from its agricultural operations, specifically from alfalfa crop sales, and $0.4 million in rental income from agricultural leases. Despite the revenue increase, Cadiz Inc. incurred a net loss of $31.1 million, slightly down from a net loss of $31.4 million in 2023, reflecting ongoing operational challenges.

The company has made notable strategic developments, including the establishment of the Mojave Groundwater Storage Company LLC (MGSC) in December 2024, aimed at financing the construction of water conveyance and storage facilities. Cadiz has entered into agreements with multiple public water systems for the purchase of 21,275 acre-feet per year of water supply, representing approximately 85% of the Northern Pipeline's capacity. Additionally, the acquisition of ATEC Systems, Inc. in 2022 has expanded Cadiz's portfolio to include advanced water filtration technology, which has seen increased demand and contract signings.

Operationally, Cadiz Inc. has maintained a workforce of 25 full-time employees as of December 31, 2024, including 16 at ATEC. The company continues to develop its land and water resources, with a focus on the Mojave Groundwater Bank project, which aims to conserve and store water for underserved communities in Southern California. The company’s agricultural operations have also expanded, with plans to cultivate additional acreage for alfalfa production. However, the company faces challenges in achieving profitability, as its water supply and storage assets have yet to generate significant revenue.

Looking ahead, Cadiz Inc. anticipates that the proceeds from recent equity offerings, totaling approximately $18.3 million, will support its short-term working capital needs. The company is actively evaluating its long-term capital requirements, particularly for the Mojave Groundwater Bank project and ATEC operations. Future financing may involve additional equity or debt placements, depending on the progress of its development initiatives and market conditions. Cadiz remains committed to addressing water scarcity issues while navigating the complexities of regulatory approvals and market competition.