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Consolidated Water Co. Ltd. (CWCO-0.49%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $33,390,557 from $49,854,075 in the same quarter the previous year. The decrease is primarily attributed to a significant decline in the services segment revenue.
Gross profit for the quarter was $11,634,658, representing 35% of total revenue, compared to 33% in the same quarter of the previous year. This increase in gross profit margin is due to a higher margin product mix in the manufacturing segment.
General and administrative expenses increased to $6,955,969 from $5,872,490, primarily due to additional expenses related to the acquisition of REC and increased professional fees.
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders was $4,957,318, down from $8,838,123 in the previous year. The decline is attributed to decreased revenue in the services segment.
Cash provided by operating activities was $37,257,555, while cash used in investing and financing activities was $29,960,751 and $4,892,012, respectively.
Consolidated Water had a working capital of $133,946,299 as of September 30, 2024. The company acknowledges its dependence on timely collection of accounts receivable from the Water and Sewerage Corporation of The Bahamas to meet future obligations.
The filing also details the settlement agreement reached concerning the discontinued Mexico project development, resulting in a gain from the sale of land and project documentation.
Consolidated Water does not anticipate any significant changes in its operations or financial condition as a result of the settlement agreement.
The company continues to negotiate the renewal of its retail license with the Cayman Islands government, which could significantly impact future revenue and cash flows.
The filing includes discussions on the impact of inflation, foreign currency exchange rates, and other economic factors on the company's operations and financial results.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Consolidated Water Co. Ltd. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.