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Sep 30
Cadiz Q3 2025 Earnings Report
Cadiz reported a net loss in Q3 2025 despite strong revenue growth from its ATEC Water Systems subsidiary.
Key Takeaways
Cadiz delivered increased quarterly revenue driven by ATEC system shipments but continued to operate at a loss as it invested in major water infrastructure projects.
Revenue rose to $4.1 million in Q3 2025, up from $3.2 million a year ago.
Net loss increased to $7.1 million from $6.8 million in Q3 2024.
ATEC Water Systems doubled shipments year-over-year and achieved a 50% gross margin.
Initial construction funding secured through a $51 million convertible loan from Lytton Rancheria.
Cadiz
Cadiz
Cadiz Revenue by Segment
Revenue by Segment
ATEC Water Systems Revenue
CapyFin.com Forward Guidance
Cadiz expects to finalize major financing and regulatory steps in Q4 2025 to begin construction of its Mojave Groundwater Bank in 2026.
Positive Outlook
- Tribal funding from Lytton secures initial construction capital.
- EPCOR MOU sets stage for water sales and pipeline co-investment.
- Federal MOU with Bureau of Reclamation supports strategic positioning.
- ATEC continues to demonstrate strong market demand and profit margin growth.
- Equity financing diligence nearing completion with private infrastructure investors.
Challenges Ahead
- Net and operating losses persist despite revenue growth.
- Delays in project financing due to government shutdown impacts.
- Uncertainty remains around completion timing for funding agreements.
- Heavy capital requirements still pending for project construction.
- Hydrogen development in early stages with permitting expected in 2026.