Artesian Resources Corporation, through its subsidiaries, provides water, wastewater, and other services in Delaware, Maryland, and Pennsylvania. The company distributes and sells water to residential, commercial, industrial, governmental, municipal, and utility customers, as well as for public and private fire protection in the states of Delaware, Maryland, and Pennsylvania; and offers wastewater collection, treatment infrastructure, and wastewater services to customers in Delaware. It also provides contract water and wastewater services; water, sewer, and internal service line protection plans; and wastewater management services, as well as design, construction, and engineering services. In addition, the company offers services to other water utilities, including operations and billing functions; owns real estate properties, including land for office buildings, a water treatment plant, and wastewater facility; and provides design, installation, maintenance, and repair services related to existing or proposed storm water management systems. As of December 31, 2021, it served approximately 91,700 customers in Delaware, 2,500 customers in Maryland, and 40 customers in Pennsylvania through 1,368 miles of transmission and distribution mains. Artesian Resources Corporation was founded in 1905 and is headquartered in Newark, Delaware.
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- Duke Energy, but for water and wastewater services.
- A regional American Water Works (AWK).
- Like your local electric utility, but solely focused on providing water and wastewater services.
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- Regulated Water Utility Service: Provides safe, reliable drinking water to residential, commercial, and industrial customers.
- Regulated Wastewater Utility Service: Collects, treats, and disposes of wastewater for customers in compliance with environmental regulations.
- Non-Regulated Contract Services: Offers specialized water and wastewater infrastructure management, operations, and maintenance services to municipal and industrial clients.
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Artesian Resources (ARTNA) - Major Customers
Artesian Resources Corporation (ARTNA) is a holding company providing water, wastewater, and other utility services primarily on the Delmarva Peninsula. As a utility company, Artesian Resources sells its services directly to end-users rather than primarily to other companies for resale.
The company serves the following categories of customers:
- Residential Customers: This category includes individual households and families that use Artesian's water and wastewater services for domestic purposes. This is typically the largest customer segment by number of accounts.
- Commercial Customers: This segment comprises various businesses, institutions (such as schools, hospitals, and churches), and small enterprises that utilize Artesian's services for their operational needs.
- Industrial Customers: This category includes larger manufacturing facilities, processing plants, and other industrial operations that require significant water and/or wastewater services.
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Nicholle R. Taylor, Chief Executive Officer, President and Director
Ms. Taylor was appointed CEO and President of Artesian Resources as of February 22, 2025, having previously served as interim CEO and President since January 3, 2025. She has been with the company since 1991, holding various management and operational roles. Prior to her appointment as CEO, she served as Senior Vice President of Artesian Resources and its subsidiaries since May 2012, and as President of Artesian Water Company since August 2021. She has been a member of the Board of Directors since 2007. Nicholle R. Taylor is the niece of former CEO Dian C. Taylor.
David B. Spacht, Chief Financial Officer and President, Artesian Wastewater Management
Mr. Spacht serves as Chief Financial Officer of Artesian Resources Corporation and its subsidiaries, and as President of Artesian Wastewater Management, Inc. He began his career with Artesian in 1980. Mr. Spacht has been instrumental in the company's wastewater business since Artesian began offering such services in 1998, and he has worked with Public Service Commissions for over 30 years to develop rates for regulated utilities.
Joseph A. Dinunzio, Executive Vice President and Secretary
Mr. Dinunzio is the Executive Vice President and Secretary of Artesian Resources Corporation and its subsidiaries. He is also noted as the President of Artesian Water Maryland.
Jennifer Leigh Finch, Senior Vice President, Finance and Corporate Treasurer
Ms. Finch holds the titles of Principal Accounting Officer, Senior Vice President of Finance, and Corporate Treasurer of the Company and its subsidiaries. She joined Artesian in 2008 as Chief Accounting Officer, and was appointed Corporate Treasurer and Senior Vice President of Finance effective November 17, 2020.
Pierre A. Anderson, Chief Information Officer and Senior Vice President
Mr. Anderson serves as Chief Information Officer and Senior Vice President of Artesian Resources Corporation and its subsidiaries. He was named to this position effective May 5, 2021.
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Artesian Resources (ARTNA) operates primarily in the water and wastewater utility sector, serving customers across Delaware, Maryland, and Pennsylvania, specifically on the Delmarva Peninsula. The company's main services include water distribution and sales, wastewater collection and treatment, and related offerings such as water and wastewater management services, and service line protection plans. Its water business accounts for approximately 90% of its revenues.
The addressable market for Artesian Resources' main products and services can be estimated based on the broader U.S. water and wastewater treatment market. In 2024, the U.S. water and wastewater treatment market size was valued at approximately USD 121.85 billion. This market is projected to grow to about USD 238.36 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 6.94% from 2025 to 2034.
For context, the U.S. water infrastructure and management market was approximately USD 120.2 billion in 2024 and is expected to reach USD 179.6 billion by 2032. The global water utility services market, in which North America holds a significant share, was estimated at around USD 72.86 billion in 2024 and is projected to reach approximately USD 108.37 billion by 2034.
Therefore, the addressable market for Artesian Resources' primary services (water and wastewater treatment) is estimated to be:
- Market Size (2024): USD 121.85 billion
- Projected Market Size (2034): USD 238.36 billion
- Region: U.S.
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Artesian Resources Corporation (ARTNA) is expected to drive future revenue growth over the next two to three years through a combination of strategic initiatives and ongoing operational factors:
- Rate Increases: Artesian Resources has implemented and is pursuing further rate adjustments. A temporary rate increase for water sales became effective on June 3, 2025. Additionally, higher rates for its Service Line Protection (SLP) Plan were put into effect on December 1, 2024. The company also filed an application with the Delaware Public Service Commission on April 4, 2025, for a general increase in customer rates, which, if fully approved, could contribute significantly to annual revenue. Earlier, a 15.2% rate increase approved by Delaware regulators in Q3 2024 substantially boosted water sales revenue.
- Customer Growth and Service Area Expansion: The company anticipates continued growth in its customer base, which is a consistent driver of increased water sales and wastewater revenue. Artesian has expanded its water service to Cecil County, Maryland, and Chester County, Pennsylvania, and provides wastewater service in Delaware, indicating a broader market reach. Management remains focused on expanding its customer base across its service regions.
- Wastewater Service Expansion: Growth in wastewater services, particularly through an expanding customer base, is a notable contributor to revenue. Artesian has invested in and constructed new wastewater treatment plants, supporting the expansion of these services.
- Infrastructure Investments and Related Charges: Significant capital expenditures in water and wastewater infrastructure are crucial for long-term growth and operational stability. Artesian invested $40.5 million in infrastructure during the first nine months of 2025, including new mains, wastewater plants, and system upgrades. These investments also generate Distribution System Improvement Charges (DSIC) revenue, which contributes to overall water sales revenue.
- Growth in Service Line Protection (SLP) Plan Revenue: Non-utility operating revenue has seen growth, primarily driven by increases in rates for the Service Line Protection Plan, which were effective from December 1, 2024.
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Share Issuance
- Artesian Resources's Class B shareholders approved the 2025 Equity Compensation Plan, which became effective October 30, 2025.
- The 2025 Equity Compensation Plan authorizes the issuance of 263,932 shares of Class A non-voting common stock, along with additional shares from expiring, canceled, forfeited, or unexercised grants under the previous 2015 plan.
- The company offers a Dividend Reinvestment and Stock Purchase Plan, allowing for the reinvestment of dividends and/or optional monthly cash purchases without fees.
Capital Expenditures
- Artesian invested $40.5 million in water and wastewater infrastructure projects during the first nine months of 2025.
- Capital expenditures in the first six months of 2025 totaled $26.3 million, and $10.4 million was invested in the first three months of 2025 for infrastructure projects.
- These investments primarily focus on rehabilitating aging infrastructure, installing new mains, constructing new wastewater treatment plants, upgrading elevated storage tanks, and upgrading and replacing meter reading equipment and pumping stations to ensure high-quality, reliable service and meet future regulatory standards.
