"Project development is on track; We picked up some strong tailwinds in Q1"LOS ANGELES, May 5, 2025 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI / CDZIP) ("Cadiz," the "Company"), a California water solutions company, today issued a letter to shareholders from Chairman and Chief Executive Officer Susan Kennedy with a lookback on the first quarter.----- Cadiz Shareholder Letter Development Schedule Fellow Shareholders, In the last six months our team has been at work behind the scenes, navigating the ups, ...

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Cadiz (CDZI) came out with a quarterly loss of $0.14 per share versus the Zacks Consensus Estimate of a loss of $0.08. This compares to loss of $0.12 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -75%. A quarter ago, it was expected that this renewable resource company would post a loss of $0.11 per share when it actually produced a loss of $0.12, delivering a surprise of -9.09%.Over the last four quarters, the company has n ...

Financial Performance - Total revenue for the year ended December 31, 2024, was $9.6 million, a significant increase from $2.0 million in 2023, primarily driven by ATEC sales of $7.9 million [141]. - The company incurred a net loss of $31.1 million for the year ended December 31, 2024, compared to a net loss of $31.4 million in 2023, indicating a relatively stable loss year-over-year [138]. - ATEC's gross margin for 2024 was 45.5%, contributing to the overall revenue growth despite ongoing challenges in the alfalfa market [142]. Expenses and Costs - General and administrative expenses increased to $19.7 million in 2024 from $17.3 million in 2023, primarily due to higher professional fees and marketing activities [143]. - Interest expense rose to $7.9 million in 2024 from $4.9 million in 2023, largely due to increased borrowing under the Third Amended Credit Agreement [145]. - Cash used for operating activities totaled $21.5 million for the year ended December 31, 2024, compared to $20.9 million for 2023, primarily for general and administrative expenses [162]. Financing and Capital - The company completed several equity offerings, raising approximately $40.32 million in January 2023 and $23.4 million in November 2024, to support its development projects [149][151]. - The company established Mojave Groundwater Storage Company LLC to finance the construction of a facility with an estimated cost of $800 million, aiming to raise up to $425 million from investors [134]. - The company expects to meet short-term working capital needs with approximately $18.3 million from the March 2025 Direct Offering and existing cash [166]. - Long-term capital needs will depend on the development of the Mojave Groundwater Bank and the expected receipt of $51 million for asset transfers [167]. - The company plans to evaluate cash requirements continuously and may raise funds through equity or debt placements as necessary [168]. Debt and Agreements - The company entered into a $50 million Credit Agreement in July 2021, which was used to repay approximately $77.6 million in senior secured debt and fund dividend payments [154]. - The First Amended Credit Agreement allows lenders to convert up to $15 million of outstanding principal into common stock at a conversion price of $4.80 per share [155]. - The annual interest rate on the remaining principal amount of $21.2 million is 7.00%, with interest on new secured convertible debt paid in kind quarterly [159]. Water Supply and Infrastructure - The company has secured agreements with multiple public water systems for the purchase of 21,275 acre-feet per year (AFY) of water supply, representing 85% of the Northern Pipeline's capacity [132]. - The company has not yet received significant revenues from its water supply, storage, or conveyance assets, relying on ATEC sales and agricultural operations for current revenue [140]. - The company secured an exclusive option to purchase up to 180 miles of steel pipe for the Mojave Groundwater Bank, utilizing $5 million from the November 2024 Direct Offering [153]. Acquisitions and Goodwill - The company completed the acquisition of ATEC in 2022, enhancing its portfolio with innovative water filtration solutions for contaminated groundwater [130]. - The goodwill of all reporting units was assessed and determined to be more-likely-than-not greater than their carrying values, indicating no impairment [176].

LOS ANGELES, March 24, 2025 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI / CDZIP) ("Cadiz," the "Company"), a California water solutions company, today announced that its Board of Directors has declared the following cash dividend on the Company's 8.875% Series A Cumulative Perpetual Preferred Stock (the "Series A Preferred Stock"). Holders of Series A Preferred Stock will receive a cash dividend equal to $550.00 per whole share. Holders of depositary shares, each representing a 1/1000 fractional interest in a ...

Core Points - Cadiz, Inc. will participate in the 37th Annual ROTH Conference from March 16 to March 18, 2025, in Dana Point, California [1][3] - Chairman and CEO Susan Kennedy will be part of a Water Infrastructure Panel on March 17 at 3:00 PM PT, moderated by Gerard Sweeney [2] - The ROTH Conference features approximately 450 private and public companies across various growth sectors, including sustainability and technology [3] Company Overview - Cadiz, Inc. is a California water solutions company founded in 1983, focused on providing access to clean, reliable, and affordable water [4] - The company manages 45,000 acres of land in California and has a water supply capacity of 2.5 million acre-feet, along with 220 miles of pipeline assets [4] - Cadiz utilizes cost-effective water treatment filtration technology to address the impacts of climate change on clean water access [4]

Core Viewpoint - Cadiz Inc. has announced a registered direct offering of 5,715,000 shares of common stock at a price of $3.50 per share, aiming to raise approximately $20 million in gross proceeds for various projects, particularly the Mojave Groundwater Bank [1][3]. Group 1: Offering Details - The offering is expected to close with institutional investors around March 10, 2025, pending customary closing conditions [2]. - Roth Capital Partners, LLC is acting as the exclusive placement agent for this offering [4]. - The shares are being offered under a shelf registration statement filed with the SEC, which became effective on August 22, 2024 [5]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for capital and other expenses related to the development and construction of the Mojave Groundwater Bank, including equipment and materials for pipeline construction [3]. - Additional uses for the proceeds may include wellfield infrastructure, business development activities, working capital, and general corporate purposes [3]. - The company anticipates reimbursement for expenses related to the Mojave Groundwater Bank upon the closing of project financing through a newly established entity, Mojave Groundwater Storage Company, LLC [3]. Group 3: Company Background - Cadiz Inc. is a California water solutions company founded in 1983, focusing on providing access to clean and reliable water through various solutions [8]. - The company manages 45,000 acres of land in California and has a water supply capacity of 2.5 million acre-feet, along with 220 miles of pipeline assets [8].

Core Points - Cadiz, Inc. has entered into a Letter of Agreement with a lead investor to invest up to $175 million in the Mojave Groundwater Storage Company, LLC for the construction and operation of the Mojave Groundwater Bank [1][2] - The total expected equity capital for the project, including contributions from the lead investor and other qualified investors, is projected to be up to $401 million [2] - Cadiz will transfer significant assets to the Mojave Groundwater Storage Company, including 100% ownership of the Northern Pipeline and 51% of the water storage rights in the Mojave Groundwater Bank, in exchange for approximately $51 million and additional funding for development [3] Investment Structure - The lead investor will act as the primary investor in the newly formed Mojave Groundwater Storage Company, with a focus on water infrastructure projects [2] - A special purpose entity, East Mojave Water Company, LLC, has been established to manage the Mojave Groundwater Storage Company, prioritizing profit distribution to investors until they achieve an annual yield of 7.5% [4] - The LOA does not create binding obligations until definitive agreements are executed, which will require shareholder approval from the lead investor [5] Company Overview - Cadiz is a California-based water solutions company with 45,000 acres of land, 2.5 million acre-feet of water supply, and 220 miles of pipeline assets [7] - The company aims to provide access to clean and reliable water through a combination of water supply, storage, pipeline, and treatment solutions, addressing the impacts of climate change on water access [7]

The $800M groundwater bank will be the largest new water infrastructure project in the Southwest LOS ANGELES, Feb. 25, 2025 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI) (the "Company" or "Cadiz") announced today that it has entered into an agreement with Stantec Inc. (NYSE: STN), a global leader in sustainable design and engineering, to oversee development and construction of the Mojave Groundwater Bank project, the largest new water storage and supply project being developed in California's Mojave Desert.Onc ...