CDZI on Nasdaq
CADIZ INC
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Last updated Oct 16, 2026.
Overview
Compare with PURE CYCLE CORP, Global Water Resources, Inc. or The York Water Company, or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-156.9%Operating margin3
-209.3%Net margin3
69.8%Revenue growth, 20253
-146.8%Return on equity3
3.13×Debt to equity3
-$26.5MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Water Treatment brought in 89% of the revenue CADIZ INC broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2024 | 2025 |
|---|---|---|
| Water Treatment | $7.9M | $14.5M |
| Water and Land Resources | $1.7M | $1.8M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue57¢$11.2M
- Interest43¢$8.6M
- Income tax0¢$11.0K
Out of $16.3M in revenue.3 The company lost money this year.
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Total revenues | $16.3M | $9.6M |
| Cost of Sales | $11.2M | $7.3M |
| General and administrative | $29.5M | $24.3M |
| Depreciation | $1.3M | $1.2M |
| Total costs and expenses | $41.9M | $32.9M |
| Operating loss | -$25.6M | -$23.2M |
| Interest expense, net | -$8.6M | -$7.9M |
| Gain (Loss) on Derivative Instruments, Net, Pretax | $38.0K | $0 |
| Loss before income taxes | -$34.1M | -$31.1M |
| Income tax expense | -$11.0K | -$11.0K |
| Net loss and comprehensive loss | -$34.2M | -$31.1M |
| Less: Preferred stock dividend requirements | $5.1M | $5.1M |
| Net loss and comprehensive loss applicable to common stock | -$39.2M | -$36.2M |
| Basic and diluted net loss per common share (in dollars per share) | -$0.48 | -$0.53 |
| Basic and diluted weighted-average shares outstanding (in shares) | 81.1K shares | 68.8K shares |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2025-10-31 | 2024-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $8.6M | $17.3M | |
| Accounts receivable | $5.6M | $4.6M | |
| Inventories | $1.1M | $3.0M | |
| Prepaid expenses and other current assets | $701.0K | $888.0K | |
| Total current assets | $16.1M | $25.8M | |
| Property, plant, equipment and water programs, net | $95.4M | $88.4M | |
| Long-term deposit/prepaid expenses | $420.0K | $420.0K | |
| Goodwill | $5.7M | $5.7M | |
| Right-of-use asset | $3.4M | $3.7M | |
| Long-term restricted cash | $2.8M | $134.0K | |
| Other assets | $17.2M | $10.3M | |
| Total assets | $140.9M | $134.5M | |
| Accounts payable | $3.8M | $2.3M | |
| Accrued liabilities | $2.4M | $8.0M | |
| Current portion of long-term debt | $51.0K | $120.0K | |
| Derivative liabilities | $5.0M | $7.0M | $0 |
| Dividend payable | $1.3M | $1.3M | |
| Contingent consideration liabilities | $0 | $1.2M | |
| Short-term deferred revenue | $305.0K | $1.2M | |
| Operating lease liabilities | $364.0K | $314.0K | |
| Total current liabilities | $13.2M | $14.4M | |
| Long-term debt, net | $72.7M | $56.7M | |
| Long-term lease obligations with related party, net | $28.0M | $25.3M | |
| Long-term operating lease liabilities | $3.1M | $3.5M | |
| Long-term deferred revenue | $625.0K | $625.0K | |
| Other long-term liabilities | $51.0K | $46.0K | |
| Total liabilities | $117.7M | $100.5M | |
| Common stock - $0.01 par value; 100,000,000 shares authorized at December 31, 2025 and December 31, 2024; shares issued and outstanding: 83,213,589 at December 31, 2025, and 75,353,889 at December 31, 2024 | $830.0K | $752.0K | |
| Additional paid-in capital | $714.6M | $709.3M | |
| Accumulated deficit | -$692.2M | -$676.1M | |
| Total stockholders' equity | $23.3M | $34.0M | |
| Total liabilities and stockholders' equity | $140.9M | $134.5M | |
| Common Stock, Par Value (in dollars per share) | $0.01 | $0.01 | |
| Common Stock, Shares Authorized (in shares) | 100.0M shares | 100.0M shares | |
| Common Stock, Shares, Issued (in shares) | 83.2M shares | 75.4M shares | |
| Common Stock, Shares, Outstanding (in shares) | 83.2M shares | 75.4M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net Income (Loss) Attributable to Parent | -$34.2M | -$31.1M |
| Depreciation | $1.3M | $1.2M |
| Amortization of debt discount and issuance costs | $1.6M | $1.3M |
| Amortization of right-of-use asset | $352.0K | $163.0K |
| Interest expense added to loan principal | $2.8M | $2.4M |
| Interest expense added to lease liability | $2.7M | $2.4M |
| Finance expense | $141.0K | $307.0K |
| Compensation charge for stock and share option awards | $5.3M | $4.6M |
| Unrealized gain on derivative liabilities | -$38.0K | $0 |
| Accounts receivable | -$1.0M | -$3.7M |
| Inventories | $1.9M | -$914.0K |
| Prepaid expenses and other current assets | $187.0K | -$380.0K |
| Other assets | $1.1M | $106.0K |
| Accounts payable | $765.0K | -$392.0K |
| Lease liabilities | -$301.0K | -$136.0K |
| Deferred revenue | -$921.0K | $853.0K |
| Other accrued liabilities | -$575.0K | $1.8M |
| Net cash used in operating activities | -$18.9M | -$21.5M |
| Additions to property, plant and equipment and water programs | -$7.6M | -$934.0K |
| Payments for contingent consideration liabilities | $0 | -$250.0K |
| Additions to deposits for asset purchase options | -$5.0M | $0 |
| Net cash used in investing activities | -$12.6M | -$1.2M |
| Net proceeds from issuance of common stock | $18.3M | $22.1M |
| Dividend payment | -$5.1M | -$5.1M |
| Proceeds from the issuance of long-term debt | $15.0M | $20.0M |
| Issuance costs of long-term debt | -$1.2M | -$1.3M |
| Principal payments on long-term debt | -$127.0K | -$177.0K |
| Payment for contingent consideration liabilities | -$1.2M | $0 |
| Taxes paid related to net share settlement of equity awards | -$233.0K | -$52.0K |
| Net cash provided by financing activities | $25.4M | $35.5M |
| Net (decrease) increase in cash, cash equivalents and restricted cash | -$6.1M | $12.8M |
Former names
- CADIZ LAND CO INCMay 26, 1994 to Sep 14, 19982
Recent filings
- Oct 5, 20264 PRIMARY DOCUMENT
- Oct 5, 20264 PRIMARY DOCUMENT
- Oct 5, 20264 PRIMARY DOCUMENT
- Sep 11, 20264 PRIMARY DOCUMENT
- Sep 10, 20263 PRIMARY DOCUMENT
- Aug 14, 2026S-8 REGISTRATION STATEMENT
- Aug 13, 202610-Q
- Jul 28, 20268-K CURRENT REPORT
- Jul 27, 20268-K CURRENT REPORT
- Jul 15, 20268-K CURRENT REPORT
- Jul 2, 20264 PRIMARY DOCUMENT
- Jul 2, 20264 PRIMARY DOCUMENT
- Jul 2, 20264 PRIMARY DOCUMENT
- Jul 2, 20264 PRIMARY DOCUMENT
- Jul 2, 20264 PRIMARY DOCUMENT
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARCADIZ INC filings on SEC EDGAR
- 2SEC EDGARCADIZ INC filings on SEC EDGAR
- 3SEC EDGARCADIZ INC 10-K for fiscal 2025
- 4SEC EDGARCADIZ INC 10-K for fiscal 2019
- 5SEC EDGARCADIZ INC 10-K for fiscal 2020
- 6SEC EDGARCADIZ INC 10-K for fiscal 2021
- 7SEC EDGARCADIZ INC 10-K for fiscal 2022
- 8SEC EDGARCADIZ INC 10-K for fiscal 2023
- 9SEC EDGARCADIZ INC 10-Q for fiscal 2026
- 10SEC EDGARCADIZ INC 10-Q for fiscal 2026