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Cadiz Inc. (CDZI) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's operations as a water solutions provider with assets including land, water rights, pipeline infrastructure, and water filtration technology located in Southern California.
Cadiz Inc. reported a net loss of $31.1 million for the year ended December 31, 2024, compared to a net loss of $31.4 million in the previous year.
Total revenues for 2024 were $9.6 million, primarily from the company's water filtration technology business, ATEC, and agricultural operations.
The company has secured agreements with public water systems for the purchase of 21,275 acre-feet per year of water supply to be delivered via the Northern Pipeline.
Cadiz Inc. continues to develop its Mojave Groundwater Bank project, which involves water supply, storage, and conveyance infrastructure.
The company entered into a Third Amended Credit Agreement in March 2024, securing $20 million in new convertible debt and extending the maturity date of existing loans to June 30, 2027.
Cadiz Inc. completed a registered direct offering in November 2024, raising approximately $22.1 million to support the development of the Mojave Groundwater Bank.
The company has engaged in multiple equity and debt financing activities to support its operations and development projects.
Cadiz Inc. operates in two segments: Land and Water Resources, and Water Filtration Technology, with the latter showing significant revenue growth in 2024.
The filing details various financial metrics, including operating expenses, interest expenses, and stock-based compensation costs.
Cadiz Inc. acknowledges the need for additional capital to finance its ongoing projects and meet working capital requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cadiz Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.