New Risk • Jul 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$27m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings are forecast to decline by an average of 6.8% per year for the foreseeable future. Minor Risk Currently unprofitable and not forecast to become profitable next year (US$44m net loss next year). Breakeven Date Change • Jul 13
No longer forecast to breakeven The 3 analysts covering Cadiz no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$45.0m in 2028. New consensus forecast suggests the company will make a loss of US$45.1m in 2028. New Risk • Jul 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$27m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Currently unprofitable and not forecast to become profitable next year (US$39m net loss next year). Tillkännagivande • Jul 10
Cadiz, Inc. Receives Bureau of Land Management Approval for Right-Of-Way Grant Cadiz Inc. announced that the U.S. Bureau of Land Management issued a final decision approving the right-of-way grant that allows the Company to begin construction on conversion of the Cadiz Northern Pipeline from natural gas to water conveyance. BLM's approval of the right-of-way, when fully executed by the Company, authorizes the conversion and operation of the Northern Pipeline for the conveyance of water on BLM-managed lands under the authority of Title V of the Federal Land Policy and Management Act. The decision by the BLM approves a new Federal Land Policy and Management Act right-of-way authorizing the conversion of the existing pipeline. The right-of-way authorizes use of the pipeline to convey water across BLM managed lands and permits the long-term operation of the Northern Pipeline. The right-of-way will extend for 50 years after the grant, based on the projected operational life of the pipeline. New Risk • May 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 9.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-US$27m free cash flow). Minor Risk Share price has been volatile over the past 3 months (9.2% average weekly change). Recent Insider Transactions • May 29
Independent Director recently bought US$508k worth of stock On the 26th of May, Dave O'Hara bought around 111k shares on-market at roughly US$4.58 per share. This transaction increased Dave's direct individual holding by 16x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • May 15
First quarter 2026 earnings released: US$0.12 loss per share (vs US$0.14 loss in 1Q 2025) First quarter 2026 results: US$0.12 loss per share (improved from US$0.14 loss in 1Q 2025). Revenue: US$1.63m (down 45% from 1Q 2025). Net loss: US$9.92m (loss narrowed 8.6% from 1Q 2025). Revenue is forecast to grow 43% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Water Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Tillkännagivande • Apr 21
Cadiz Inc., Annual General Meeting, Jun 18, 2026 Cadiz Inc., Annual General Meeting, Jun 18, 2026. Breakeven Date Change • Apr 02
Forecast breakeven date pushed back to 2028 The 2 analysts covering Cadiz previously expected the company to break even in 2027. New consensus forecast suggests losses will reduce by 58% per year to 2027. The company is expected to make a profit of US$45.0m in 2028. Average annual earnings growth of 57% is required to achieve expected profit on schedule. Reported Earnings • Mar 31
Full year 2025 earnings released: US$0.48 loss per share (vs US$0.53 loss in FY 2024) Full year 2025 results: US$0.48 loss per share. Revenue: US$16.3m (up 70% from FY 2024). Net loss: US$39.2m (loss widened 8.2% from FY 2024). Revenue is forecast to grow 40% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Water Utilities industry in Europe. Tillkännagivande • Feb 04
Cadiz, Inc. Appoints Dave O'Hara to Board of Directors, Effective February 4, 2026 Cadiz Inc. announced that Mr. Dave O'Hara, a senior finance executive with extensive experience in corporate finance, commercial strategy and large-scale growth initiatives, has joined the Company's Board of Directors. Mr. O'Hara spent more than 20 years at Microsoft in senior executive leadership roles, most recently serving as Executive Vice President and Chief Financial Officer of Microsoft's Commercial Business Group. In that role, he was responsible for investment strategy, budgeting, forecasting, and financial analysis across some of the company's largest and most strategically important business units. His experience includes oversight of large-scale, long-duration capital investments such as data centers, cloud infrastructure, and global platform expansions. Earlier at Microsoft, Mr. O'Hara served as Chief Operating Officer of Microsoft Advertising and as Vice President of Business Development. Mr. O'Hara holds a Bachelor's degree in Economics and an MBA from the University of South Dakota. Mr. O'Hara's appointment to the Board is effective immediately. Breakeven Date Change • Feb 02
Forecast breakeven date pushed back to 2028 The 2 analysts covering Cadiz previously expected the company to break even in 2027. New consensus forecast suggests the company will make a profit of US$45.0m in 2028. Average annual earnings growth of 58% is required to achieve expected profit on schedule. New Risk • Nov 21
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$25m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Reported Earnings • Nov 14
Third quarter 2025 earnings released: US$0.10 loss per share (vs US$0.12 loss in 3Q 2024) Third quarter 2025 results: US$0.10 loss per share. Revenue: US$4.15m (up 29% from 3Q 2024). Net loss: US$8.34m (loss widened 3.5% from 3Q 2024). Revenue is forecast to grow 54% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Global Water Utilities industry. Reported Earnings • Aug 14
Second quarter 2025 earnings released: US$0.094 loss per share (vs US$0.15 loss in 2Q 2024) Second quarter 2025 results: US$0.094 loss per share (improved from US$0.15 loss in 2Q 2024). Revenue: US$4.13m (up US$3.61m from 2Q 2024). Net loss: US$7.73m (loss narrowed 24% from 2Q 2024). Revenue is forecast to grow 50% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Global Water Utilities industry. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • May 15
First quarter 2025 earnings released: US$0.14 loss per share (vs US$0.12 loss in 1Q 2024) First quarter 2025 results: US$0.14 loss per share (further deteriorated from US$0.12 loss in 1Q 2024). Revenue: US$2.95m (up 164% from 1Q 2024). Net loss: US$10.9m (loss widened 34% from 1Q 2024). Revenue is forecast to grow 48% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Global Water Utilities industry. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 14% per year. Tillkännagivande • Apr 28
Cadiz Inc., Annual General Meeting, Jun 12, 2025 Cadiz Inc., Annual General Meeting, Jun 12, 2025. Breakeven Date Change • Apr 17
Forecast to breakeven in 2027 The 2 analysts covering Cadiz expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 12% per year to 2026. The company is expected to make a profit of US$1.00m in 2027. Average annual earnings growth of 64% is required to achieve expected profit on schedule. New Risk • Mar 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 22% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$26m net loss in 2 years). Shareholders have been diluted in the past year (22% increase in shares outstanding). Reported Earnings • Mar 28
Full year 2024 earnings released: US$0.53 loss per share (vs US$0.56 loss in FY 2023) Full year 2024 results: US$0.53 loss per share (improved from US$0.56 loss in FY 2023). Net loss: US$36.2m (flat on FY 2023). Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Global Water Utilities industry. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 11% per year. Tillkännagivande • Mar 08
Cadiz Inc. has filed a Follow-on Equity Offering in the amount of $20.0025 million. Cadiz Inc. has filed a Follow-on Equity Offering in the amount of $20.0025 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 5,715,000
Price\Range: $3.5
Discount Per Security: $0.25
Transaction Features: Registered Direct Offering Reported Earnings • Nov 15
Third quarter 2024 earnings released: US$0.12 loss per share (vs US$0.12 loss in 3Q 2023) Third quarter 2024 results: US$0.12 loss per share (improved from US$0.12 loss in 3Q 2023). Net loss: US$8.06m (loss narrowed 1.7% from 3Q 2023). Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Global Water Utilities industry. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. New Risk • Nov 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$25m net loss in 2 years). Shareholders have been diluted in the past year (13% increase in shares outstanding). Revenue is less than US$5m (US$2.7m revenue). Tillkännagivande • Nov 05
Cadiz Inc. has filed a Follow-on Equity Offering in the amount of $23.38 million. Cadiz Inc. has filed a Follow-on Equity Offering in the amount of $23.38 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 7,000,000
Price\Range: $3.34
Transaction Features: Registered Direct Offering Tillkännagivande • Sep 19
Cadiz Inc. Appoints Cathryn Rivera as Chief Operating Officer Cadiz Inc. announced the appointment of Cathryn Rivera as Chief Operating Officer (COO), effective as of September 16, 2024. The Company began expanding the management team earlier this year with the appointment of CEO Susan Kennedy. As COO, Rivera is expected to lead the Company's operations in the execution phase of its groundwater banking project and scaling deployment of water treatment technologies to remove constituents such as arsenic, Chromium 6 and "forever chemicals." Rivera served as Appointments Secretary for California Governor Gavin Newsom from 2019 to 2024, finding the right people with the right skills for over 3,000 positions responsible for governing the 5th largest economy in the world. Throughout her tenure at the heart of California's governance, Rivera was tapped by Governors to interface with businesses and industry leaders to address complex challenges, often in a crisis. At the outset of the COVID pandemic she led a team to establish a web-based service within 72 hours to allow the state to acquire COVID supplies for distribution, worked with the California Manufacturing and Technology Association to assist small businesses with converting operations to manufacture protective supplies, and created programs to help essential workers protect themselves and the public on the front lines of the pandemic. Most recently, Rivera established two new independent Offices, within the executive branch, including the Governor's Office of Land Use and Climate Innovation, to ensure efforts and actions directed by Executive Order would continue beyond the governor's tenure. Before joining the Newsom Administration, Rivera served as a Board Member on the Agricultural Labor Relations Board, at the nexus of a critical workforce and the $57 billion agricultural industry. In this role, Ms. Rivera helped develop a level playing field for farmworkers and a regulatory framework for mandatory mediation that survived a decade of legal challenges, including at the Supreme Court of the United States. From 1999 to 2002 Rivera was the Chief Deputy Cabinet Secretary for Governor Gray Davis, serving as the Governor's key liaison to state agencies, departments, and boards. In that role, Rivera was responsible for the development and implementation of administration policies for the largest, most complex government agencies including Health and Human Services Agency and Department of Corrections and Rehabilitation and Department of Food and Agriculture. Previously, Rivera served on the Board of Directors for Planned Parenthood Mar Monte, the largest affiliate of the national organization overseeing a $100 million budget with 35 health centers in 42 counties across California and Nevada. Rivera has held positions as Treasurer, Vice-Chair and Chair during her tenure on the board. Rivera received a B.S. in Business Management from Arizona State University, graduating from The Barrett Honors College. She obtained her law degree from the University of California, Berkeley where she was co-editor-in-chief of the La Raza Law Journal. New Risk • Aug 16
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$24m free cash flow). Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$19m net loss in 2 years). Revenue is less than US$5m (US$2.7m revenue). Reported Earnings • Aug 14
Second quarter 2024 earnings released: US$0.13 loss per share (vs US$0.13 loss in 2Q 2023) Second quarter 2024 results: US$0.13 loss per share (further deteriorated from US$0.13 loss in 2Q 2023). Net loss: US$8.87m (loss widened 6.2% from 2Q 2023). Revenue is forecast to grow 43% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Global Water Utilities industry. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 41% per year, which means it is significantly lagging earnings. Tillkännagivande • Jul 26
Cadiz Inc. Announces Appointment of David Sickey as Senior Advisor Cadiz Inc. announced the appointment of David Sickey, the former distinguished Chairman of the Coushatta Tribe, as Senior Advisor for Energy and Water Projects, effective immediately. Chairman Sickey, an 18-year veteran of tribal government, recently concluded two years of service as Senior Consultant to the U.S. Department of Energy's (DOE) Loan Programs Office focused particularly on the Tribal Energy Finance Program. As a Senior Consultant for the DOE's Loan Programs Office, Sickey played a pivotal role in the Tribal Energy Finance Program, a program which saw its funding increase from $2 billion to $20 billion under the Biden administration's Inflation Reduction Act. Sickey was instrumental in shaping the initiative to empower tribal nations with sustainable energy solutions, assisting tribes with financing a broad range of energy and infrastructure projects - from solar and wind to microgrids, fuel cells, virtual power plants and bioenergy projects. His analytical skills and strategic communications were instrumental in aligning the program with community values, while also respecting the sovereignty and driving economic development of tribal lands. Sickey was elected to the governing body of the Coushatta Tribe of Louisiana in 2003, and two years later became tribal Vice-Chairman. In 2017, Sickey was elected to the position of Tribal Chairman. During his eighteen years as a member of tribal government, Sickey was focused on restructuring and improving government programs, increasing funding for health, education, culture, welfare, and elder programs, and expanding economic development. As Tribal Chairman, Sickey was responsible for steering the Coushatta Tribe through the COVID-19 pandemic. He oversaw the procurement and provision of health services, worked with numerous federal agencies and officials to secure federal funding for his tribe, and navigated the tribe's multi-million business through the pandemic's unstable financial throes. Notwithstanding the shutdowns and other significant hurdles imposed by the COVID pandemic, the Coushatta Tribe's business grew stronger. Sickey also helped the Coushatta Tribe overcome the impacts of multiple natural disasters. He was instrumental in helping his tribe obtain millions of dollars in state and federal grants that benefited the tribe and its surrounding communities. Throughout his years of dedicated public service, Sickey positioned the Coushatta Tribe to be a leader in national native American affairs, a partner with the State of Louisiana, a player in federal matters affecting Indian tribes, and a force for positive change throughout the United States. Cadiz, with 45,000 acres of land and water in the Mojave Desert, is developing one of the groundwater banking projects in the Southwestern U.S. and is providing water supply and clean water technology to disadvantaged communities in the Colorado River Basin and California's Inland Empire and desert communities, including Tribes that presently lack access to clean, reliable water. New Risk • Jul 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$23m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-US$23m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$21m net loss in 2 years). Share price has been volatile over the past 3 months (8.8% average weekly change). Revenue is less than US$5m (US$3.0m revenue). Reported Earnings • May 15
First quarter 2024 earnings released: US$0.12 loss per share (vs US$0.19 loss in 1Q 2023) First quarter 2024 results: US$0.12 loss per share (improved from US$0.19 loss in 1Q 2023). Net loss: US$8.12m (loss narrowed 32% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. Tillkännagivande • Apr 28
Cadiz Inc., Annual General Meeting, Jun 11, 2024 Cadiz Inc., Annual General Meeting, Jun 11, 2024, at 10:00 Pacific Standard Time. Agenda: To consider the election of nine members of the Board of Directors, each to serve until the next annual meeting of stockholders or until their respective successors have been elected and qualified; to consider the adoption of an amendment to Certificate of Incorporation to increase the number of authorized shares of common stock; and to discuss other matters. Recent Insider Transactions • Apr 21
CEO & Chairman recently bought US$56k worth of stock On the 18th of April, Susan Kennedy bought around 25k shares on-market at roughly US$2.25 per share. This transaction amounted to 7.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Susan has been a buyer over the last 12 months, purchasing a net total of US$144k worth in shares. Reported Earnings • Mar 30
Full year 2023 earnings released: US$0.56 loss per share (vs US$0.60 loss in FY 2022) Full year 2023 results: US$0.56 loss per share. Net loss: US$36.6m (loss widened 22% from FY 2022). Tillkännagivande • Mar 07
Cadiz Inc. announced that it has received $20 million in funding from Heerema International Group Services SA Cadiz Inc. announced that it has entered into a Credit Agreement pursuant to which the Issuer borrowed fund in the form of convertible loan for the gross proceeds of $20,000,000 on March 6, 2024. The loan may be converted into common stock at a conversion price of $5.30 per share. The Issuer also issued 1,000,000 warrants to purchase common stock, exercisable at $5.00 per share. Board Change • Mar 05
High number of new directors Independent Director Barbara Lloyd was the last director to join the board, commencing their role in 2024. Tillkännagivande • Jan 05
Cadiz Inc. Announces Resignation of Scott Slater as President and Director In connection with the management transition plan of Cadiz Inc. announced that Scott Slater submitted his resignation on December 31, 2023, as President and a director of the Company effective as of such date. Mr. Slater’s resignation was not because of a disagreement with the Company on any matter relating to its operations, policies or practices. Mr. Slater will continue to serve as a senior advisor to the Company. Tillkännagivande • Dec 17
U.S. Bureau of Land Management Approves Mineral Leasing Act Right-Of-Way Grant to Cadiz for Northern Pipeline Cadiz Inc. announced that the U.S. Bureau of Land Management ("BLM") issued a final decision approving the assignment of a Mineral Leasing Act right-of-way ("ROW") grant to Cadiz for the Company's Northern Pipeline. BLM's approval of the ROW grant to Cadiz completes the Company's acquisition of the 220-mile pipeline from El Paso Natural Gas ("EPNG") and will allow the company to advance project development on several fronts. Cadiz completed purchase of the Northern Pipeline from EPNG in 2020. As part of the purchase agreement, EPNG assigned the 30-year MLA ROW grant to Cadiz subject to BLM's approval. Today's decision by the BLM approves EPNG's assignment of the MLA ROW to Cadiz as required under the 2020 purchase agreement. Tillkännagivande • Dec 07
Cadiz Inc. Appoints Susan Kennedy as Chief Executive Officer, Beginning January 1, 2024 Cadiz Inc. announce that Susan Kennedy, Executive Chair of the Board of Directors, will step into a full-time role as the Company's Chief Executive Officer beginning January 1, 2024. Scott Slater, who has served as President and CEO of Cadiz since 2011, plans to continue to serve as a senior advisor to the Company. Scott Slater is a legendary water rights attorney with unmatched depth in some of the most complex and historic water transactions in United States' history. Slater was appointed President of Cadiz in 2011 and named CEO in 2013 while also maintaining his shareholder position at Brownstein, Hyatt, Farber, Schreck, ranked as one of the best law firms in the U.S. on Water Law and Land Use. The Board thanks Scott for leading the design and approval of the largest fully integrated groundwater conservation and storage project in California, and successfully defending the permits through a decade of litigation, appeals and regulatory challenges. Slater innovatively led the company's acquisition of pipeline assets from El Paso Natural Gas in 2020, setting the Company up to be first in the world to convert fossil fuel pipelines to transport water. In 2022, Slater led Cadiz' acquisition of ATEC Water Systems, a water filtration company with market-leading filtration technology able to address the rapidly increasing threat of groundwater contamination from iron and manganese, arsenic, nitrates, Chromium-6 and other chemicals. Kennedy, who has served as Cadiz's Executive Chair since 2021, will take over as full time CEO in January 2024. Slater plans to continue supporting Cadiz in 2024 in a consulting capacity, focused on completing numerous transactions related to the water supply and storage project, ATEC Systems, green hydrogen development and other commercial opportunities. Reported Earnings • Nov 14
Third quarter 2023 earnings released: US$0.12 loss per share (vs US$0.15 loss in 3Q 2022) Third quarter 2023 results: US$0.12 loss per share. Net loss: US$8.20m (loss widened 5.0% from 3Q 2022). Reported Earnings • Aug 11
Second quarter 2023 earnings released: US$0.13 loss per share (vs US$0.13 loss in 2Q 2022) Second quarter 2023 results: US$0.13 loss per share. Net loss: US$8.35m (loss widened 23% from 2Q 2022). New Risk • Aug 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$24m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$24m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 2.8% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (31% increase in shares outstanding). Revenue is less than US$5m (US$1.5m revenue). Reported Earnings • May 16
First quarter 2023 earnings released: US$0.19 loss per share (vs US$0.16 loss in 1Q 2022) First quarter 2023 results: US$0.19 loss per share (further deteriorated from US$0.16 loss in 1Q 2022). Net loss: US$12.0m (loss widened 67% from 1Q 2022). Revenue is forecast to grow 98% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Global Water Utilities industry. Reported Earnings • Mar 31
Full year 2022 earnings released: US$0.60 loss per share (vs US$0.84 loss in FY 2021) Full year 2022 results: US$0.60 loss per share (improved from US$0.84 loss in FY 2021). Net loss: US$29.9m (loss narrowed 12% from FY 2021). Revenue is forecast to grow 89% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Global Water Utilities industry. Breakeven Date Change • Dec 05
Forecast to breakeven in 2024 The analyst covering Cadiz expects the company to break even for the first time. New forecast suggests the company will make a profit of US$14.1m in 2024. Average annual earnings growth of 77% is required to achieve expected profit on schedule. Reported Earnings • Aug 12
Second quarter 2022 earnings released: US$0.13 loss per share (vs US$0.30 loss in 2Q 2021) Second quarter 2022 results: US$0.13 loss per share (up from US$0.30 loss in 2Q 2021). Net loss: US$6.77m (loss narrowed 41% from 2Q 2021). Over the next year, revenue is forecast to grow 513%, compared to a 6.5% growth forecast for the industry in the United Kingdom. Recent Insider Transactions • Apr 06
Lead Independent Director recently bought US$165k worth of stock On the 4th of April, Winston Hickox bought around 77k shares on-market at roughly US$2.13 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$474k more in shares than they have sold in the last 12 months. Reported Earnings • Mar 30
Full year 2021 earnings released: US$0.84 loss per share (vs US$1.11 loss in FY 2020) Full year 2021 results: US$0.84 loss per share (up from US$1.11 loss in FY 2020). Net loss: US$34.0m (loss narrowed 10% from FY 2020). Over the next year, revenue is forecast to grow 673%, compared to a 3.1% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. Breakeven Date Change • Feb 26
Forecast breakeven date pushed back to 2024 The analyst covering Cadiz previously expected the company to break even in 2023. New forecast suggests the company will make a profit of US$35.6m in 2024. Average annual earnings growth of 65% is required to achieve expected profit on schedule. Breakeven Date Change • Jan 28
Forecast breakeven date pushed back to 2024 The analyst covering Cadiz previously expected the company to break even in 2023. New forecast suggests the company will make a profit of US$35.6m in 2024. Average annual earnings growth of 65% is required to achieve expected profit on schedule. Recent Insider Transactions • Dec 16
Founder & Chairman recently bought US$90k worth of stock On the 13th of December, Keith Brackpool bought around 25k shares on-market at roughly US$3.60 per share. This was the largest purchase by an insider in the last 3 months. This was Keith's only on-market trade for the last 12 months. Reported Earnings • Nov 13
Third quarter 2021 earnings released: US$0.22 loss per share (vs US$0.13 loss in 3Q 2020) Third quarter 2021 results: Net loss: US$9.29m (loss widened 107% from 3Q 2020). Breakeven Date Change • Nov 09
Forecast to breakeven in 2023 The analyst covering Cadiz expects the company to break even for the first time. New forecast suggests the company will make a profit of US$10.2m in 2023. Average annual earnings growth of 75% is required to achieve expected profit on schedule. Breakeven Date Change • Sep 23
Forecast to breakeven in 2023 The analyst covering Cadiz expects the company to break even for the first time. New forecast suggests the company will make a profit of US$10.2m in 2023. Average annual earnings growth of 75% is required to achieve expected profit on schedule. Reported Earnings • Aug 14
Second quarter 2021 earnings released: US$0.30 loss per share (vs US$0.14 loss in 2Q 2020) Second quarter 2021 results: Net loss: US$11.6m (loss widened 141% from 2Q 2020). Reported Earnings • Mar 27
Full year 2020 earnings released: US$1.11 loss per share (vs US$1.11 loss in FY 2019) Full year 2020 results: Net loss: US$37.8m (loss widened 28% from FY 2019). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. 
