Workflow
Consolidated Water(CWCO) - 2025 Q1 - Quarterly Results
CWCOConsolidated Water(CWCO)2025-05-13 14:45

Revenue Performance - Total revenue declined 15% to 33.7million,primarilyduetoa33.7 million, primarily due to a 7.3 million decrease in services revenue[5] - Retail revenue increased 9% to 9.4million,drivenbya139.4 million, driven by a 13% increase in the volume of water sold[5][14] - Total revenue for Q1 2025 was 33,715,385, a decrease of 15% from 39,689,390inQ12024[23]−RevenueforQ12025was39,689,390 in Q1 2024[23] - Revenue for Q1 2025 was 33,715,385, a decrease of 15.5% compared to 39,689,390inQ12024[33]−Servicesrevenuesignificantlydecreasedto39,689,390 in Q1 2024[33] - Services revenue significantly decreased to 10,078,268, down 42% from 17,417,611inQ12024[24]IncomeandProfitability−Netincomefromcontinuingoperationsattributabletocompanystockholderswas17,417,611 in Q1 2024[24] Income and Profitability - Net income from continuing operations attributable to company stockholders was 4.9 million or 0.31perdilutedshare,downfrom0.31 per diluted share, down from 6.9 million or 0.43perdilutedshareinQ12024[19]−NetincomefromcontinuingoperationsattributabletoConsolidatedWaterCo.Ltd.stockholderswas0.43 per diluted share in Q1 2024[19] - Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders was 4,924,110 in Q1 2025, down from 6,941,414inQ12024[23]−GrossprofitforQ12025was6,941,414 in Q1 2024[23] - Gross profit for Q1 2025 was 12,306,287, compared to 13,878,023inQ12024,reflectingadeclineof1113,878,023 in Q1 2024, reflecting a decline of 11%[23] - Gross profit for Q1 2025 was 12,306,287, down from 13,878,023inQ12024,reflectingagrossmarginof36.513,878,023 in Q1 2024, reflecting a gross margin of 36.5%[33] - Net income attributable to Consolidated Water Co. Ltd. stockholders for Q1 2025 was 4,791,029, a decline of 26.1% from 6,474,348inQ12024[33]−BasicearningspershareforQ12025was6,474,348 in Q1 2024[33] - Basic earnings per share for Q1 2025 was 0.30, compared to 0.41inQ12024,representingadecreaseof26.80.41 in Q1 2024, representing a decrease of 26.8%[33] Cash and Assets - Cash and cash equivalents increased to 107.9 million, with working capital rising to 136.2millionasofMarch31,2025[21]−Totalassetsincreasedto136.2 million as of March 31, 2025[21] - Total assets increased to 250,368,965 as of March 31, 2025, up from 243,313,181attheendof2024[32]−Totalcurrentassetsroseto243,313,181 at the end of 2024[32] - Total current assets rose to 165,061,588, an increase of 4.1% from 157,788,165atDecember31,2024[32]−CashandcashequivalentsasofMarch31,2025,were157,788,165 at December 31, 2024[32] - Cash and cash equivalents as of March 31, 2025, were 107,852,232, up from 99,350,121atDecember31,2024,indicatingagrowthof8.599,350,121 at December 31, 2024, indicating a growth of 8.5%[32] Liabilities and Expenses - Total liabilities increased to 31,557,366, compared to 28,003,534attheendof2024,markinganincreaseof9.128,003,534 at the end of 2024, marking an increase of 9.1%[32] - General and administrative expenses for Q1 2025 were 7,723,959, an increase of 17.7% from 6,564,029inQ12024[33]−Contractliabilitiesincreasedto6,564,029 in Q1 2024[33] - Contract liabilities increased to 12,401,797 in Q1 2025, up from 9,126,654inQ12024,reflectingagrowthof36.89,126,654 in Q1 2024, reflecting a growth of 36.8%[32] Segment Performance - Manufacturing segment revenue increased by 10% to 5.8 million, with operating income rising by approximately 44% due to higher production activity[9] - Operations and maintenance (O&M) revenue increased 9% to 7.7million,reflectinggrowthfrombothPERCandRECsubsidiaries[17]−Operationsandmaintenancerevenueincreasedto7.7 million, reflecting growth from both PERC and REC subsidiaries[17] - Operations and maintenance revenue increased to 7,725,298 in Q1 2025, up from 7,099,354inQ12024[24]−Servicesrevenuedeclinedby427,099,354 in Q1 2024[24] - Services revenue declined by 42% to 10.1 million, largely due to a 7.0milliondropinconstructionrevenue[5]−Constructionrevenuewithinservicesdroppedto7.0 million drop in construction revenue[5] - Construction revenue within services dropped to 2,218,230 in Q1 2025 from 9,203,662inQ12024,adeclineof769,203,662 in Q1 2024, a decline of 76%[24] Future Outlook - The company completed pilot testing for a seawater desalination plant project in Hawaii, valued at 204 million, with construction expected to begin early next year[10][11] - The company anticipates design/build services revenue to improve in the second half of the year, with three smaller projects valued at approximately $20 million set to begin construction[12] - The company is entering the U.S. desalination market with a new contract in Hawaii[27] Corporate Events - The Annual General Meeting of Shareholders is scheduled for May 27, 2025[25]