• A regional American Water Works.
• Like your local electric or gas utility, but focused solely on water and wastewater services.

Artesian Resources (ARTNA) provides the following major services:

• Water Utility Services: Direct distribution and sale of potable water to residential, commercial, industrial, and governmental customers, along with public and private fire protection.
• Wastewater Utility Services: Collection, treatment, and infrastructure services for wastewater.
• Utility Line Protection Plans: Protection plans for water, sewer, and internal service lines.
• Contract Water and Wastewater Services: Providing water and wastewater operations and management services under contract to other entities.
• Engineering and Construction Services: Offering design, construction, and engineering services related to water, wastewater, and stormwater management systems.
• Utility Operations Support: Providing operational and billing functions for other water utilities.

Artesian Resources (ARTNA) primarily serves a diverse base of customers, including individuals, businesses, and governmental entities. Based on the company description, its major customer categories are:

• Residential Customers: Individuals and households in Delaware, Maryland, and Pennsylvania who utilize the company's water and wastewater services for domestic use.
• Commercial and Industrial Customers: Businesses and industrial operations that require water and wastewater services for their operations.
• Governmental, Municipal, and Utility Customers: Public sector entities, local governments, and other water utilities that purchase water, wastewater services, public and private fire protection, or contract for services such as operations and billing functions.

Nicholle R. Taylor, Chief Executive Officer and President

Nicholle R. Taylor was appointed Chief Executive Officer and President of Artesian Resources Corporation on February 22, 2025, after serving as interim CEO and President since January 3, 2025. She has a long tenure with the company, having joined in 1991 and holding various management and operational roles. Prior to her current role, 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. Ms. Taylor has been a member of the Board of Directors since 2007. She also served as Chairman of the Board at the National Association of Water Companies since December 2021.

David B. Spacht, Chief Financial Officer and President, Artesian Wastewater Management

David B. Spacht serves as the Chief Financial Officer of Artesian Resources Corporation and its subsidiaries. He also holds the position of President of Artesian Wastewater Management, Inc., effective August 1, 2019. Mr. Spacht began his career with Artesian in 1980 and has also served as Treasurer of Artesian Resources Corporation and Subsidiaries. He is a member of the National Association of Water Companies, the American Water Works Association, and the International Organization of Management Accountants.

Joseph A. DiNunzio, Executive Vice President and Corporate Secretary

Joseph A. DiNunzio is the Executive Vice President and Corporate Secretary of Artesian Resources Corporation and its subsidiaries. Additionally, he has served as President of Artesian Water Maryland, Inc. since May 2017. Mr. DiNunzio joined Artesian in 1989, and prior to that, he was employed by PriceWaterhouseCoopers LLP. He previously held roles as Senior Vice President and Secretary since March 2000, and Vice President and Secretary since January 1995. He is a member of the American Institute of Certified Public Accountants and the Pennsylvania Institute of Certified Public Accountants.

Jennifer Leigh Finch, Corporate Treasurer and Senior Vice President of Finance

Jennifer Leigh Finch holds the titles of Corporate Treasurer and Senior Vice President of Finance for Artesian Resources Corporation. She also serves as the Principal Accounting Officer.

John M. Thaeder, Senior Vice President of Operations

John M. Thaeder is the Senior Vice President of Operations for Artesian Resources Corporation.

1. Heavy Geographic Concentration: Artesian Resources operates predominantly in Delaware, with approximately 97.3% of its water customers and all of its wastewater customers residing in the state as of September 2025. This significant geographic concentration exposes the company to magnified impacts from adverse economic conditions, regulatory changes, or natural disasters specific to Delaware and the Delmarva Peninsula.
2. Regulatory and Rate Request Risks: As a regulated utility, Artesian's financial performance heavily relies on its ability to obtain timely regulatory approvals for rate increases from the Delaware Public Service Commission. These rate adjustments are crucial for recovering substantial investments in infrastructure, covering rising operational costs (including energy and water treatment), and maintaining healthy operating margins. Delays or denials of these requests can pressure profitability and affect the company's ability to fund necessary improvements.
3. Aging Infrastructure and Environmental Compliance Costs: The company faces ongoing significant capital expenditures related to the rehabilitation of aging water and wastewater infrastructure. Additionally, evolving and increasingly stringent environmental regulations, particularly concerning water quality contaminants like per- and polyfluoroalkyl substances (PFAS), necessitate continuous investment in advanced treatment technologies and incur higher operational costs. While Artesian has been proactive in addressing PFAS, the need for sustained investment to meet current and future compliance standards represents a considerable financial commitment.

Artesian Resources Corporation operates in the water and wastewater utility sector across Delaware, Maryland, and Pennsylvania. The addressable markets for its main products and services vary by region and service type.

Delaware

• Water Supply and Distribution: The market size for Water Supply & Irrigation Systems in Delaware is projected to be approximately $1.3 billion in 2026. This market includes the operation of water treatment plants, pumping stations, aqueducts, and water distribution mains.
• Wastewater Services: While specific revenue figures for Sewage Treatment Facilities in Delaware for 2025 are available upon purchase of a detailed report, the industry encompasses sewage system operation, sewage treatment plant operation, and the disposal of treated waste.
• Water and Sewer Line Construction/Engineering Services: The Water & Sewer Line Construction industry in Delaware is estimated at $61.1 million in 2026, which is relevant to Artesian's design, construction, and engineering services.

Maryland

• Water Supply and Distribution: The market size for Water Supply & Irrigation Systems in Maryland is estimated to be $580.5 million in 2026. This market covers the operation of water treatment plants, pumping stations, aqueducts, and water-distribution mains.
• Wastewater Services: The Waste Treatment & Disposal Services industry in Maryland is projected to reach $426.9 million in 2026. This broader category includes sewage treatment. Detailed revenue for Sewage Treatment Facilities in Maryland for 2025 is available in specific market reports.

Pennsylvania

• Water Supply and Distribution: The market size for the Water Supply & Irrigation Systems industry in Pennsylvania is substantial, reaching an estimated $14.4 billion in 2026. This market covers the operation of water treatment plants, pumping stations, aqueducts, and water-distribution mains.
• Wastewater Services: The Sewage Treatment Facilities industry in Pennsylvania is experiencing significant activity, with billions in capital investment currently in motion. Specific revenue figures for 2025 are available in detailed market reports. The state is home to over 1,000 publicly owned treatment works (POTWs) serving nearly 13 million people.

For more specialized services such as water, sewer, and internal service line protection plans, or specific stormwater management system design, installation, maintenance, and repair, granular market sizes at the state level are not explicitly detailed in the available public information but would generally fall under the broader water and wastewater utility services markets.

Expected Drivers of Future Revenue Growth for Artesian Resources (ARTNA)

Over the next 2-3 years, Artesian Resources (ARTNA) is expected to drive future revenue growth through several key initiatives and ongoing operational factors:

1. Rate Increases and Adjustments: Artesian Resources consistently pursues and implements rate adjustments for its water and wastewater services. Recent temporary rate increases for water sales have been effective, and the company has filed applications with the Delaware Public Service Commission for further revenue increases to recover operational costs and infrastructure investments.
2. Customer Growth: The company anticipates continued expansion of its customer base across its water and wastewater services in Delaware, Maryland, and Pennsylvania. This organic growth in the number of customers served directly contributes to increased water sales and wastewater revenue.
3. Strategic Infrastructure Investments: Artesian is aggressively investing in its water and wastewater infrastructure, including new mains, treatment plants (such as a new wastewater plant in Milton), and system upgrades like PFAS treatment enhancements. These capital expenditures not only ensure service reliability and compliance with regulations but also support future customer growth and allow the company to seek recovery through regulatory filings, including Distribution System Improvement Charges (DSIC).
4. Growth in Service Line Protection (SLP) Plan Revenue: Non-utility operating revenue is expected to grow due to increased participation in and higher fees for Service Line Protection Plans. The company has seen increased fees put into effect, contributing to this revenue stream.
5. Increased Wastewater Revenue: Specific growth in wastewater revenue, driven by customer additions to its wastewater collection and treatment services, is identified as a contributor to overall utility operating revenue.

Share Issuance

• In the second quarter of 2023, Artesian issued approximately 763,339 shares of its Class A Non-Voting Common Stock at $50.00 per share, resulting in net proceeds of approximately $36.2 million. These funds were primarily used to repay short-term borrowings associated with the construction program and to finance capital expenditures and general corporate purposes.
• The 2025 Equity Compensation Plan, approved by Class B stockholders and effective October 30, 2025, authorizes the issuance of 263,932 shares of Class A non-voting common stock. Additional shares may become available from the expiring 2015 plan if previous grants terminate, expire, or are forfeited.

Inbound Investments

• BlackRock, Inc. disclosed a 10.2% passive ownership stake in Artesian Resources Corp Class A stock, totaling 961,054 shares.
• Several institutional investors initiated or increased stakes in Artesian Resources during 2025, including Teton Advisors LLC with a new $1.02 million investment, Adage Capital Partners GP L.L.C. with $5.034 million, Prospera Financial Services Inc with $2.034 million, and CSM Advisors LLC with $1.005 million.

Capital Expenditures

• In 2025, Artesian invested $58.8 million in water and wastewater infrastructure projects. These investments focused on rehabilitating aging infrastructure, installing new mains, constructing a new wastewater treatment plant, upgrading elevated storage tanks, replacing meter reading equipment, and enhancing pumping and treatment stations, including PFAS treatment upgrades.
• Capital expenditures totaled $45.9 million in 2024, directed towards facility relocations, rehabilitation of aging infrastructure, and the construction of new wastewater treatment plants.
• Artesian invested $62.2 million in water and wastewater infrastructure projects in 2023, compared to $48.5 million in 2022. These expenditures included replacing aging mains, installing new mains, improving treatment facilities, constructing new water storage tanks, and replacing wells and pumping equipment.