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Here are 1-3 brief analogies for Consolidated Water (CWCO):

• Like American Water Works (AWK), but focused on providing desalinated water to island nations in the Caribbean.
• A utility provider akin to NextEra Energy (NEE), but for desalinated drinking water instead of electricity.

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• Retail Water Services: Provides potable water directly to residential, commercial, and industrial customers in various Caribbean islands.
• Bulk Water Services: Produces and sells potable water to governmental utilities and other distributors for onward sale to their customer base.
• Water Infrastructure Services: Offers design, construction, and operation services for water production and treatment plants to third-party clients.
• Desalination & Water Treatment Products: Manufactures and distributes proprietary desalination and water treatment equipment and systems.

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Consolidated Water (CWCO) - Major Customers

Consolidated Water (CWCO) primarily sells bulk water and provides water and wastewater treatment services to other entities, including governmental bodies, statutory corporations, municipalities, and other utility companies. According to their annual reports, the following are their major customers:

• Water Authority–Cayman: A statutory body of the Cayman Islands Government. This entity accounted for approximately 25% of CWCO's consolidated revenues in 2023. (Not a public company)
• Water and Sewerage Corporation of the Commonwealth of the Bahamas: A statutory corporation of the Commonwealth of the Bahamas. This entity accounted for approximately 20% of CWCO's consolidated revenues in 2023. (Not a public company)
• Government of the British Virgin Islands: A governmental entity. This entity accounted for approximately 11% of CWCO's consolidated revenues in 2023. (Not a public company)

While CWCO's subsidiary, Cayman Water Company Ltd., also sells retail water directly to residential, commercial, and government customers in Grand Cayman, the significant majority of the company's consolidated revenue comes from the bulk water sales and services provided to these and similar institutional customers.

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• Caribbean Utilities Company, Ltd. (TSX: CUL.U)

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Frederick W. McTaggart President, CEO and Director

Mr. McTaggart has been a director of Consolidated Water since 1998, President since October 2000, and Chief Executive Officer since January 1, 2004. He previously served as the company's Chief Financial Officer from February 2001 to January 2004. Prior to joining Consolidated Water, he was the Managing Director of the Water Authority-Cayman, a government-owned water utility, from April 1994 to October 2000.

David W. Sasnett Executive Vice President and Chief Financial Officer

Mr. Sasnett became Executive Vice President and Chief Financial Officer of Consolidated Water in June 2006. He also served on the company's Board of Directors from December 2004 through May 2015. Before joining Consolidated Water, Mr. Sasnett held various senior financial roles, including Chief Financial Officer of VoIP Inc. (a publicly traded communication services provider) from 2005 to 2006, and Chief Financial Officer of Catalina Lighting Inc. (a publicly traded manufacturer and distributor) from 1996 to 2002. He was also President of Secure Enterprises, LLC, a company manufacturing and marketing residential products, since 2002. His background includes over 12 years with Deloitte & Touche LLP. Mr. Sasnett is a Certified Public Accountant.

Ramjeet Jerrybandan Executive Vice President and Chief Operating Officer

Mr. Jerrybandan serves as Executive Vice President and Chief Operating Officer of Consolidated Water. He also holds the position of Company Secretary.

Brent A. Brodie Executive Vice President, Business Development

Mr. Brodie is the Executive Vice President of Business Development at Consolidated Water.

Douglas R. Vizzini Vice President of Finance

Mr. Vizzini holds the title of Vice President of Finance at Consolidated Water.

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The key risks to Consolidated Water's (CWCO) business are primarily rooted in regulatory complexities, the inherent volatility of its project-based revenue streams, and its exposure to energy price fluctuations.

1. Regulatory and Political Risks: Consolidated Water faces significant risks related to regulatory and political environments in its operating jurisdictions, particularly the Cayman Islands and the Bahamas. This includes ongoing, protracted negotiations with the Cayman government for a new retail license agreement, which could negatively impact margins and revenues. Additionally, the company has experienced payment delays from the Bahamian utility, a major customer. Broader changes in government relationships and increasingly stringent environmental regulations, especially concerning brine disposal and energy consumption, could necessitate substantial capital expenditures and elevate operational costs.
2. Revenue Volatility and Project Execution Risk: A substantial portion of Consolidated Water's service revenue is derived from large construction projects, which introduces significant earnings volatility. The completion of these major projects can lead to considerable dips in overall revenue, as evidenced by declines following project completions in 2024 and Q1 2025. The company also faces project execution risks, such as permit delays or client pushbacks for new large-scale desalination plants (e.g., the Hawaii project), which can extend timelines and impact near-term earnings.
3. Energy Cost Volatility: Desalination, particularly through reverse osmosis technology, is an energy-intensive process. Consequently, Consolidated Water is highly susceptible to the volatility of energy market prices. Significant increases in energy costs could substantially raise operational expenses and affect profitability, even though the company may be able to pass on some of these costs to customers in certain operations.

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Retail Water Operations

Market Size: Detailed market size figures specifically for the retail water utility market in the Cayman Islands are not readily available in the provided information. The Water Authority of the Cayman Islands serves over 20,000 water customers across Grand Cayman and Cayman Brac. The market is regulated by OfReg, which issues licenses and monitors compliance to ensure a reliable supply and efficient operation of the water and wastewater industry in the Cayman Islands.

Bulk Water Operations

Market Size: Specific market sizes for bulk water operations in Grand Cayman and The Bahamas are not independently quantified in the provided search results. However, the broader Latin America Water and Wastewater Treatment Market, which includes the Caribbean, is expected to reach $48.12 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 5.9% from 2025 to 2032. The Water and Sewerage Corporation in The Bahamas, a major client, had planned capital investments of $239.4 million between 2023 and 2028 for its water and sanitation systems.

Manufacturing

Market Size: The global water desalination equipment market was estimated at USD 18.36 billion in 2024 and is projected to reach USD 31.69 billion by 2030, growing at a CAGR of 9.6% from 2025 to 2030. The U.S. water desalination equipment industry held a majority regional revenue share of 76.1% in 2024. More broadly, the global water treatment market is projected to grow from USD 295.3 billion in 2024 to USD 632.9 billion by 2035, representing a CAGR of 7.17%.

Services

Market Size: The global water utility services market was valued at USD 72.86 billion in 2024 and is predicted to reach USD 108.37 billion by 2034, with a CAGR of 4.05% between 2025 and 2034. The global water treatment market, which includes services, is calculated at USD 74.68 billion in 2025 and is forecasted to reach around USD 137.87 billion by 2034, accelerating at a CAGR of 7.05% from 2025 to 2034. The Latin America water and wastewater treatment market, inclusive of the Caribbean, is expected to reach $48.12 billion by 2032.

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1. Hawaii Desalination Plant Project: A significant driver is the Kalaeloa Desalco LLC desalination plant project in Hawaii, valued between $147 million and $204 million. Construction is anticipated to commence in 2026 and continue through 2027, which is expected to substantially boost the company's revenue and earnings during this period, with additional long-term operations and maintenance (O&M) revenues following completion.
2. Growth in Operations and Maintenance (O&M) Contracts: The company is focusing on increasing its recurring revenue from O&M contracts. This growth has been supported by new acquisitions, such as REC in Colorado, and additional contracts secured by PERC Water. Consolidated Water sees opportunities for further expansion of this revenue stream in both Colorado and California.
3. Expansion into New Geographic Markets and Acquisitions: Consolidated Water's strategy includes expanding its water and wastewater plant operations in both the Caribbean and the United States. This involves increasing its geographic footprint through a combination of organic growth and strategic acquisitions, as well as broadening its services to include asset management.
4. Increased Retail Water Sales in Grand Cayman: The company anticipates continued revenue growth from its retail water segment in Grand Cayman. This is driven by ongoing population and business growth on the island, leading to increased water sales volume and a higher number of customer connections within its exclusive utility service area.
5. Growth in the Manufacturing Segment: Despite a temporary decline in manufacturing revenue in Q3 2024, the company has seen significant gross profit growth in this segment due to a strategic focus on higher-margin products. Analysts also project an increase in manufacturing revenue, indicating a positive outlook for this division.

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Share Repurchases

• Consolidated Water reported $0 for net total equity issued/repurchased for the years 2020 through 2024.
• Management has suggested a potential for a share buyback plan.

Share Issuance

• In January 2023, Consolidated Water issued 368,383 shares of common stock, valued at approximately $5.36 million, as part of the $7.8 million acquisition of the remaining 39% interest in PERC Water Corporation.
• The number of shares outstanding for CWCO increased by 0.36% in one year.
• Consolidated Water primarily funds its investments through equity issuance.

Inbound Investments

• Institutional investors and hedge funds have recently increased their holdings in Consolidated Water. For example, in Q1 and Q2 2025, CWM LLC boosted its stake by 228.6%, Tower Research Capital LLC TRC lifted its position by 335.7%, and Oliver Lagore Vanvalin Investment Group bought a new position.

Outbound Investments

• In November 2023, Consolidated Water's subsidiary, PERC Water Corporation, acquired Ramey Environmental Compliance (REC) for $4.2 million in cash to expand its footprint in water-stressed regions.
• In January 2023, Consolidated Water acquired the remaining 39% equity ownership in its subsidiary, PERC Water Corporation, for approximately $7.8 million.
• The company is actively exploring mergers and acquisitions (M&A) targets and public-private partnerships.

Capital Expenditures

• Consolidated Water's capital expenditures were $2 million in 2020, $1 million in 2021, $8 million in 2022, $5 million in 2023, and $7 million in 2024.
• Expected capital expenditures for 2025 are projected at $85 million, with a focus on water infrastructure investments in the Cayman Islands and Bahamas.
• A significant capital expenditure project is the $204 million Hawaii desalination plant, which received key approval in May 2025 and is scheduled to begin construction in early 2026.