Cadiz Inc. reported significant financial developments in its latest 10-Q filing for the three and nine months ended September 30, 2024. Total revenues for the third quarter reached $3.2 million, a substantial increase from $368,000 in the same period of 2023. For the nine months, revenues totaled $4.9 million, compared to $1.3 million in the prior year. The growth in revenue was primarily driven by the water filtration technology segment, which generated $2.8 million in Q3 2024, up from $169,000 in Q3 2023.

Despite the revenue increase, the company reported an operating loss of $4.8 million for the third quarter, an improvement from a loss of $5.8 million in Q3 2023. The net loss for the quarter was $6.8 million, slightly down from $6.9 million year-over-year. For the nine-month period, the net loss was $22.5 million, a decrease from $24.7 million in the same period of 2023. The reduction in losses was attributed to the absence of a $5.3 million loss on early extinguishment of debt recorded in 2023 and improved operating results in the water filtration segment.

Cadiz's total assets increased to $112.6 million as of September 30, 2024, up from $107.4 million at the end of 2023. However, total liabilities surged to $91.9 million from $67.4 million, leading to a decline in stockholders' equity from $40 million to $20.7 million. The company’s cash and cash equivalents decreased to $3.3 million from $4.5 million at the end of 2023.

In terms of strategic developments, Cadiz completed a registered direct offering in November 2024, raising approximately $21.9 million to support its water supply and groundwater banking projects. The company also entered into a Third Amended Credit Agreement in March 2024, securing an additional $20 million in senior secured convertible term loans, with a maturity date extended to June 30, 2027. This agreement also allowed for the conversion of up to $15 million of outstanding principal into common stock.

Cadiz continues to focus on developing assets to meet groundwater storage needs in Southern California and is actively engaged in various water supply projects, including the Mojave Groundwater Banking Project, which is estimated to cost $800 million. The company is also exploring partnerships and funding opportunities to support its initiatives, including a potential investment of up to $150 million from a non-profit fund for its Newco entity.