Here are 1-2 brief analogies for Cadiz (CDZI):

• Like a Barrick Gold for water, extracting and transporting a vital resource from proprietary desert land.
• A Weyerhaeuser for water, managing large landholdings to develop and supply groundwater.

• Water Resource Management and Supply: This service involves the sustainable management and extraction of groundwater resources to supply water to communities and utilities in Southern California.
• Groundwater Storage and Banking: This service provides a natural underground reservoir system for other water agencies to store surplus water for future use, particularly during dry periods.
• Water Infrastructure Development and Operation: This service includes the planning, construction, and ongoing operation of critical infrastructure, such as pipelines and wells, for the efficient conveyance and delivery of water.

Cadiz (CDZI) - Major Customers

• Santa Margarita Water District (SMWD): This is a public agency located in Orange County, California. SMWD has been a key partner and is a major prospective customer for significant water deliveries from the Cadiz Water Project. As a public agency, it does not have a stock symbol.
• Fenner Valley Mutual Water Company: This mutual water company is a customer and partner for infrastructure use, specifically for the operation of a pipeline that connects the Cadiz water source to the Colorado River Aqueduct system. As a mutual water company, it does not have a stock symbol.
• Other Municipal Water Districts and Agencies in Southern California: Cadiz's business model involves delivering water to various public water agencies and districts throughout Southern California that serve their respective communities. These entities are governmental or quasi-governmental agencies and do not have public stock symbols.

Susan Kennedy, Chairman & CEO

Susan Kennedy joined the Cadiz Board in February 2021, was elected Chairman in February 2022, and was appointed CEO in January 2024. She has had a distinguished career as a policymaker and entrepreneur, serving as a top advisor to two California Governors, including Chief of Staff to Governor Arnold Schwarzenegger and Cabinet Secretary to Governor Gray Davis. Ms. Kennedy also served as a Commissioner of the California Public Utilities Commission (CPUC), where she oversaw water utility regulation. As an entrepreneur, she founded and served as chief executive of Advanced Microgrid Solutions, a distributed energy company that was acquired by AES/Siemens in 2020. She also played a key role in negotiating major water infrastructure and environmental restoration projects, such as the San Francisco Bay Delta restoration.

Stan Speer, Chief Financial Officer

Stan Speer is currently the Chief Financial Officer (CFO) of Cadiz, Inc. He is also the principal of Speer and Associates, LLC, a consulting firm he founded in 2012 that provides operational, financial, and strategic solutions to public and private businesses. Mr. Speer previously held the CFO position at Cadiz from 1997 to 2003. His past experience includes roles as a Managing Director with Alvarez & Marsal and as a partner with Coopers & Lybrand (now PricewaterhouseCoopers), where he specialized in business reorganizations.

Cathryn Rivera, Chief Operating Officer

Cathryn Rivera was appointed Chief Operating Officer (COO) of Cadiz, Inc. in September 2024. She is recognized for her expertise in policy development, crisis management, stakeholder relations, and conflict resolution. Prior to joining Cadiz, Ms. Rivera served as Appointments Secretary for California Governor Gavin Newsom from June 2019 to August 2024, and has served four governors over 25 years in various capacities focused on effective governance for California leaders.

1. Regulatory, Environmental, and Legal Hurdles: Cadiz's core Mojave Groundwater Bank and pipeline projects face substantial environmental opposition, legal challenges, and regulatory uncertainty. Obtaining necessary federal and state permits and approvals has been a protracted and often contentious process, with approvals being "far from guaranteed" and subject to reversals and lawsuits. Environmental groups, the National Park Service, and the U.S. Geological Survey have raised concerns about the project's potential adverse impacts on the Mojave Desert's ecosystems and water resources. Past legal challenges have even led to vacated approvals for the project.
2. Financial Uncertainty and Funding Challenges: Cadiz operates with a high debt-to-equity ratio and has reported significant net losses, indicating a challenging financial position and a limited cash runway. The company is heavily reliant on securing substantial project financing, estimated at hundreds of millions of dollars, for the construction and commercialization of its water infrastructure. This ongoing need for capital may involve issuing new shares, potentially leading to dilution for existing shareholders.
3. Uncertainty of Commercialization and Market Demand: The long-term success and viability of Cadiz's water projects depend on securing firm commitments and demand from major water agencies and other stakeholders. There is a history of skepticism from regulatory bodies and potential customers, such as the Metropolitan Water District, regarding the project's benefits and environmental impacts, and a concern about "unmet promises". The timeline for the full commercialization and revenue generation from its primary water assets remains uncertain.

The increasing adoption and technological advancements in decentralized, local water supply solutions, specifically advanced water purification (wastewater recycling) and seawater desalination projects, represent a clear emerging threat. As Southern California water agencies heavily invest in and expand these local, drought-resilient sources, the long-term demand for and strategic necessity of large-scale imported water projects, such as Cadiz's groundwater transport system, could diminish, potentially rendering Cadiz's offering less competitive or essential in the evolving water market.

Cadiz Inc. (CDZI) primarily operates in the water supply, storage, and land management sectors within Southern California, with a recent expansion into water filtration technology.

Addressable Market Sizes:

• Agricultural Water Market (California): The agricultural water market in California is valued at approximately $2.3 billion annually.
• Municipal Water Demand (Southern California): The total municipal water demand in Southern California is 1.5 million acre-feet annually, with a projected water supply deficit of 500,000 acre-feet by 2030. Cadiz's water project aims to deliver 50,000 acre-feet of water annually and provide up to 1 million acre-feet of groundwater storage capacity for the region.
• Water Storage and Conveyance (California): California has an active water market, with approximately 10 million acre-feet of water transferred among participants between 2010 and 2019. Spot prices for water in California have reached as high as $2,300 per acre-foot in drought years. Cadiz owns significant water rights to access 2.5 million acre-feet of groundwater and is developing large-scale groundwater banking in Southern California.
• Water Filtration Technology: Cadiz, through its subsidiary ATEC Water Systems LLC, provides water filtration solutions. While a specific market size for this segment was not identified, the company acquired ATEC Water Systems, LLC to address groundwater contamination.

1. Water Sales via Northern Pipeline: Cadiz has secured agreements with public water systems to sell 21,275 acre-feet of water per year, with delivery anticipated upon the completion of the Northern Pipeline project by the end of 2026. This represents a significant new revenue stream from water supply.
2. Groundwater Storage and Southern Pipeline Development: The company is developing the Southern Pipeline for water storage, aiming for completion by the end of 2027. Cadiz projects substantial customer payments from groundwater storage, including reservation and leasing fees for 1 million acre-feet of capacity in its groundwater storage bank, along with annual cash flow from storage management fees.
3. Expansion of ATEC Water Filtration Technology: Cadiz's ATEC filtration system has demonstrated rapid growth, with gross revenues projected at $15 million for 2024 and double-digit compounded annual growth expected over the subsequent five years. This segment continues to be a strong contributor to revenue.
4. Hydrogen Production Facility at Cadiz Ranch: Cadiz has entered into a lease agreement to facilitate the construction of California's largest hydrogen production facility on its Cadiz Ranch property, leveraging its extensive land assets for renewable energy initiatives. This venture is poised to open a new revenue channel.
5. Co-location Opportunities at Cadiz Ranch: The company is actively pursuing opportunities to host additional facilities, such as further hydrogen production plants and data centers, at Cadiz Ranch. These co-location projects could generate additional revenue through land leasing and synergistic partnerships.

Share Issuance

• Cadiz expects to issue 600,000 shares at the closing of the Lytton Rancheria agreement as a commitment fee, and an additional 25,000 shares for every $1 million funded under the $51 million investment for the Mojave Groundwater Bank.
• In Q1 2025, Cadiz raised $20 million in equity (with net proceeds of $18.3 million) to cover capital costs and development expenses for the year.
• In February 2023, the company completed a direct offering that generated $38 million in net proceeds, primarily from its largest equity shareholders, to fund capital expenditures, reduce debt, and provide working capital.

Inbound Investments

• In October 2025, Cadiz secured up to $51 million from Lytton Rancheria of California as the first tranche of financing for the Mojave Groundwater Bank project, structured as an unsecured, convertible loan.
• This $51 million investment is part of Cadiz's broader plan to raise approximately $450 million in equity capital for the Mojave Groundwater Bank through Mojave Water Infrastructure Company (MWI).
• In March 2024, Cadiz completed a financing transaction that included a new $20 million loan from its largest shareholder, Heerema International Group Services SA, to fund operations and capital expenses for its water supply projects.

Outbound Investments

• In late 2022, Cadiz acquired the assets of ATEC Systems, Inc., integrating them into ATEC Water Systems, LLC, to provide innovative water filtration solutions.

Capital Expenditures

• Cadiz anticipates significant capital expenditures in 2026 for construction deposits on facilities for the Mojave Groundwater Bank, to be funded in part by the Lytton Rancheria investment.
• Future capital expenditures are linked to the progress of the Water Project and the expansion of the company's agricultural assets.
• The company aims to complete its Northern Pipeline by the end of 2026 and its Southern Pipeline by the end of 2027.