Here are a few analogies for Consolidated Water (CWCO):

• It's like American Water Works (AWK), but specialized in manufacturing drinking water from the ocean through desalination for islands and water-scarce regions.
• Think of them as a combination of a water technology company like Xylem (XYL) and a regional water utility; they both make the desalination equipment and operate the systems to provide fresh water.

• Retail Water Supply: Supplies potable water directly to residential, commercial, and government end-users.
• Bulk Water Supply: Provides potable water to government-owned distributors for onward distribution.
• Desalination Project Services: Offers design, engineering, construction, procurement, and management for desalination and water treatment plants.
• Water-Related Equipment Manufacturing: Produces various equipment including reverse osmosis desalination units, filtration systems, and custom fabricated components.
• Water System Consulting & Maintenance: Provides design, engineering, management, and maintenance services for commercial, municipal, and industrial water systems.

• Direct End-Users: These include residential, commercial, and government customers who directly receive and consume potable water produced and supplied by Consolidated Water.
• Government-Owned Distributors: For its bulk water supply, the company provides water to government-owned distributors, who then distribute the water to their respective end-users.
• Commercial, Municipal, and Industrial Clients: Through its Services and Manufacturing segments, CWCO provides design, engineering, construction, procurement, and management services for desalination projects and water treatment plants, as well as manufactures and services water-related products. These services and products are supplied to commercial enterprises, municipal authorities, and industrial operations.

Frederick W. McTaggart, President, CEO and Director

Mr. McTaggart has been a director of Consolidated Water Co. Ltd. since 1998, its President since October 2000, and Chief Executive Officer since January 1, 2004. Previously, he served as the company's Chief Financial Officer from February 2001 until January 2004. From April 1994 to October 2000, Mr. McTaggart was the Managing Director of the Water Authority-Cayman, a government-owned water utility in the Cayman Islands.

David W. Sasnett, Executive Vice President and Chief Financial Officer

Mr. Sasnett became Executive Vice President and Chief Financial Officer in June 2006. He also served on the company's Board of Directors from December 2004 through May 2015. His prior roles include Chief Financial Officer of VoIP Inc. (2005-2006) and Catalina Lighting Inc. (1996-2002), and Vice President of Finance and Controller for MasTec Inc. (2004). Mr. Sasnett's experience also includes over 12 years with Deloitte & Touche LLP, and he is a Certified Public Accountant (inactive) in Florida.

Ramjeet Jerrybandan, Executive Vice President and Chief Operating Officer

Mr. Jerrybandan holds the position of Executive Vice President and Chief Operating Officer.

Douglas R. Vizzini, Vice President of Finance

Mr. Vizzini serves as the Vice President of Finance for Consolidated Water Co. Ltd. He also holds the title of Assistant Company Secretary.

Brent A. Brodie, Executive Vice President, Business Development

Mr. Brodie is the Executive Vice President of Business Development.

The key risks to Consolidated Water's business include:

1. Project-driven Revenue Volatility and Capital Intensity: Consolidated Water's financial performance and revenue streams are significantly tied to large, capital-intensive construction projects, such as desalination plants. The completion of a major project can lead to a noticeable dip in service revenue until new projects are secured and ramp up, resulting in inherent unpredictability in its project-driven revenue stream. Furthermore, developing such large-scale facilities demands substantial capital outlays, and securing adequate and favorable project financing is a critical hurdle for the company's growth trajectory and ability to scale operations effectively.
2. Reliance on Governmental Relationships and Regulatory Changes: Consolidated Water operates primarily under long-term concession agreements and contracts with governments in the jurisdictions where it operates, particularly in the Caribbean and the United States. Changes in these relationships, shifts in water policy (such as potential U.S. water policy changes post-2024), new environmental regulations (like PFAS regulations effective in 2025), and increased regulatory scrutiny or penalties can significantly impact the company's operations and financial results.
3. Intense Competition: Consolidated Water operates in a specialized yet competitive global desalination and water treatment market. It faces direct competition from specialized desalination firms and indirect rivalry from larger industrial conglomerates and agile, modular system providers. While the company holds a strategic niche and dominant positions in some Caribbean markets, its estimated 2.5% share of the global desalination contract operations market positions it as a mid-tier player. The most significant competitive pressure comes from global giants capable of financing mega-projects exceeding $1 billion, which challenges Consolidated Water's current project financing capabilities and ability to expand.

Consolidated Water Co. Ltd. (CWCO) operates in several addressable markets related to water production, treatment, and associated services and manufacturing across the globe, with a particular focus on the Caribbean and the United States.

Desalination and Water Production

The global desalination market, which includes technologies like reverse osmosis used by Consolidated Water, was valued at an estimated $17.47 billion in 2024 and is projected to reach $31.32 billion by 2031, growing at a compound annual growth rate (CAGR) of 8.7% between 2024 and 2031. Another report estimated the global desalination technologies market at $27.8 billion in 2025, expected to reach $59.34 billion by 2034 with a CAGR of 8.85%. A broader "desalination system market" was valued at $1.4 trillion in 2023 and is projected to reach $3.3 trillion by 2033 globally.

In the United States, the desalination technologies market is projected to reach an estimated value of $5.21 billion by 2032. The Latin America water desalination market, which includes the Caribbean, reached approximately $1.7 billion in 2025 and is expected to grow to $3.4 billion by 2034, exhibiting a CAGR of 7.72% between 2026 and 2034.

Water Treatment Systems and Services

The global water treatment systems market was valued at $45.15 billion in 2025 and is predicted to grow to approximately $91.39 billion by 2034, with a CAGR of 8.15% from 2025 to 2034. North America is anticipated to be the fastest-growing region in this market. The U.S. water and wastewater treatment market, encompassing both municipal and industrial applications, is projected to increase from $130.31 billion in 2025 to approximately $238.36 billion by 2034, expanding at a CAGR of 6.94%. In 2024, the municipal water & wastewater treatment segment held nearly 52% of this market in the U.S.

For Latin America, including the Caribbean, the water and wastewater treatment market is projected to reach $48.12 billion by 2032, at a CAGR of 5.9% during the forecast period 2025-2032. The water treatment market in Latin America specifically reached $3.1 billion in 2025 and is expected to reach $6.0 billion by 2034, showing a CAGR of 7.23% from 2026 to 2034.

Reverse Osmosis Equipment and Components Manufacturing

The global reverse osmosis (RO) desalination equipment market is anticipated to be worth $23.74 billion in 2026 and is expected to reach $36.46 billion by 2035, with a CAGR of 6.4%. North America holds nearly 14% of the global reverse osmosis desalination equipment market share. The global reverse osmosis (RO) system market is projected to expand from $7.15 billion in 2021 to $13.36 billion by 2033, with a CAGR of 5.347%. North America is a major market for RO systems, projected to hold 32.4% of the global share in 2025, with the United States accounting for 25.5% of the global market. The North American reverse osmosis equipment market size was valued at $6,703.69 million in 2023 and is anticipated to grow to $12,409.21 million by 2032, exhibiting a CAGR of 7.2%.

Municipal Water Services

The global municipal water market, which encompasses infrastructure for potable water supply, wastewater collection, treatment, and reuse systems, is estimated at $115.21 billion in 2026 and is projected to reach $185.75 billion by 2035, growing at a CAGR of 5.4%. In 2023, North America accounted for approximately 30% of the global municipal water market share. The municipal drinking water treatment segment is projected to reach $90 billion by 2034 globally, growing at a CAGR of 5.4%, from $55 billion in 2025. The U.S. leads this segment with a $20 billion market size. The North America municipal water & wastewater pump market was valued at $1.23 billion in 2025 and is expected to grow to $1.39 billion by 2032.

Consolidated Water Co. Ltd. (CWCO) is poised for future revenue growth over the next two to three years, driven by several key factors:

• Major New Project Developments: A significant driver of future revenue growth is the advancement and execution of substantial new projects. Notably, the $204 million Oahu desalination plant in Hawaii is expected to be a major contributor to revenue and earnings in 2026 and 2027, with construction anticipated to begin in early 2026. Additionally, new projects in Colorado and California, valued at approximately $15.6 million, are projected to add significant revenue primarily in 2026. The company's strategy includes entering new geographical markets, particularly within the U.S. desalination sector.
• Expansion in Services Segment: The company's services segment, encompassing plant construction and operations and maintenance (O&M) contracts, is expected to be a strong revenue driver. The services segment saw an increase in revenue in the third quarter of 2025, largely due to plant construction activities. Analysts anticipate year-over-year revenue growth through 2025-2027 as O&M portfolios mature, and the company aims for multi-plant U.S. O&M wins with 5-10 year terms.
• Increased Manufacturing Activity: Growth in the manufacturing segment, which supplies essential components for internal use and external municipal and industrial clients, is another key factor. The manufacturing segment's revenue increased by 7% in the third quarter of 2025 due to higher production activity. This enhanced manufacturing capacity is a significant enabler for the company's continued expansion.
• Growth in Retail Water Sales: The retail segment continues to be a steady contributor to revenue growth. In the third quarter of 2025, retail revenue increased due to a 6% rise in the volume of water sold. Consistent retail water sales in Grand Cayman are a long-term support for the company's growth.
• Capitalizing on Global Water Scarcity: Consolidated Water is strategically positioned to benefit from the increasing global water scarcity and the rising demand for desalination solutions. The industry's desalination market is estimated to grow at an 8-10% compound annual growth rate through 2030, and capital expenditure in desalination and reuse in targeted markets is projected to grow materially through 2028, driving demand for the company's services and manufacturing.

Share Issuance

• Consolidated Water acquired the remaining 39% equity ownership in PERC Water Corporation in January 2023, issuing 368,383 shares of common stock valued at approximately $5.36 million as part of the $7.8 million consideration.
• Additional Paid-in Capital for the company was $94.2 million in 2025, an increase of 1.6% year-over-year. This figure was $93.55 million in 2024 and $92.19 million in 2023.

Outbound Investments

• In January 2023, Consolidated Water acquired the remaining 39% interest in its subsidiary, PERC Water Corporation, for approximately $7.8 million, resulting in 100% ownership.
• Consolidated Water acquired a 100% interest in Ramey Environmental Compliance, Inc. (REC) in October 2023, expanding its design-build and operations & maintenance (O&M) businesses.
• The company is actively exploring mergers and acquisitions as part of its growth strategy.

Capital Expenditures

• Consolidated Water has projected capital expenditures of $85 million for 2025, which includes $1.5 million for new desalination plants in the Bahamas and $700,000 for expanding Ericsson's manufacturing facility.
• Construction on a $204 million seawater desalination plant project in Hawaii is planned to commence in early 2026, expected to be a significant revenue driver for 2026 and 2027.
• The company completed the expansion of its West Bay seawater desalination plant in Grand Cayman in 2025, adding 1 million gallons per day of production capacity, and plans for additional manufacturing space for Aerex.