Cadiz(NASDAQ) CDZI

Cadiz Inc. helps provide clean water to people in the Southwest. It stores water underground and cleans it using special filters. The company also grows lemons and grains on its California land.

Where the Revenue Comes From

• Water Supply and Storage: Vested rights to 2.5 million acre-feet of groundwater and underground storage capacity for 1 million acre-feet of water. (An acre-foot is the volume of water needed to cover one acre of land to a depth of one foot).
• Water Conveyance: A 220-mile Northern Pipeline and a planned Southern Pipeline designed to move water between major regional supply systems.
• Water Treatment Technology: Specialized filtration systems that remove contaminants such as arsenic and per-and-polyfluoroalkyl substances (PFAS) from drinking water.
• Agricultural Operations: Commercial farming of lemons and alfalfa across 35,000 acres in San Bernardino County and 11,000 acres in the Mojave Desert.

Moving Toward Future Growth

• July 2026: Secured a 45-year right-of-way grant from the U.S. Bureau of Land Management to operate the Northern Pipeline on federal land.
• July 2026: Executed a memorandum of understanding with the Central Arizona Irrigation and Drainage District for its first water supply agreement in Arizona.
• Feb. 2026: Received an invitation from the U.S. Environmental Protection Agency to apply for $194 million in federal loans for pipeline construction.
• Oct. 2025: Entered a $51 million credit agreement with the Lytton Rancheria of California to fund the construction of the Mojave Groundwater Bank.

What Makes Cadiz Unique

Cadiz integrates physical land ownership with a massive groundwater bank and specialized filtration technology to address regional water scarcity. The ability to repurpose existing pipeline infrastructure allows for the cost-effective delivery of water across the Southwestern United States.

A Look at the Numbers

• Market capitalization was $351.7 million in Q2 2026, up 43.6% year over year.
• Revenue was $979,000 in the three months ended June 30, 2026.
• Operating loss was $8.8 million in the three months ended June 30, 2026.
• Cash used in operating activities totaled $12.2 million for the six-month period ended June 30, 2026.

Bottom Line

Cadiz has evolved from a land developer into a provider of integrated water infrastructure and treatment solutions. This transition focuses on using existing assets to support long-term water security for municipal and agricultural customers.