CDZIP · Cadiz Inc.

Cadiz Inc. reported robust top-line growth in FY2025, with revenue up 69.8% to $16.3 million from $9.6 million in the prior year. This acceleration stemmed from significant demand at ATEC, which since acquisition has seen surging orders and in 2025 delivered its largest project ever—completing 320 filters for the Central Utah Water Conservancy District's Vineyard Wellfield Groundwater Polishing Project. Gross profit more than doubled, rising 122.9% to $5.2 million, lifting the gross margin to 31.6%. Management notes this improvement was primarily driven by spreading fixed costs included in cost of sales over the increased filter sales volumes, demonstrating operational leverage as production scaled.

Management assesses sufficient liquidity to fund costs for the next twelve months from issuance, with options to enhance position through equity or debt placements, asset dispositions, or cost reductions if additional capital is required. The company will continue incurring non-cash expenses from management and director equity incentive plans, with future share or option issuances expected for stockholder approval. These dynamics reflect Cadiz's transition through ATEC commercialization while advancing high-potential water infrastructure, balancing near-term losses against long-term positioning in water storage and supply markets.