Global Water Resources, Inc., a water resource management company, owns, operates, and manages regulated water, wastewater, and recycled water utilities primarily in metropolitan Phoenix, Arizona. As of December 31, 2020, it served approximately 74,048 people in approximately 27,630 homes. The company was founded in 2003 and is based in Phoenix, Arizona.
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A regional American Water Works (AWK).
Like a local electric or gas utility (e.g., Duke Energy, Southern Company), but for water and wastewater services.
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- Regulated Water Services: Providing potable water to residential, commercial, and industrial customers through a pipeline distribution system.
- Regulated Wastewater Services: Collecting and treating wastewater from customers and returning clean water to the environment.
- Regulated Recycled Water Services: Treating wastewater to a high standard for reuse in irrigation and other non-potable applications.
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Global Water Resources (symbol: GWRS) is a public water and wastewater utility company. It sells its services primarily to end-users within its regulated service areas, rather than to other companies as wholesale customers.
The company serves the following categories of customers:
- Residential Customers: This category includes individual households and single-family residences that utilize water and wastewater services for domestic purposes such as drinking, bathing, cooking, and landscaping. Residential customers typically constitute a significant portion of the company's customer base.
- Commercial Customers: This category encompasses a wide range of businesses, including offices, retail establishments, restaurants, hotels, and other non-industrial enterprises that require water and wastewater services for their daily operations.
- Other/Industrial Customers: This category includes larger-scale users such as industrial facilities, schools, government buildings, and sometimes specialized accounts like dedicated landscape irrigation. These customers often have higher water demands or specific service requirements.
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Ron L. Fleming
Chairman, President & CEO
Mr. Fleming has served as the President and Chief Executive Officer of Global Water Resources since January 2015 and was appointed Chairman of the Board of Directors in November 2018. He held various roles within the company from 2007 to 2014, including Interim Chief Executive Officer, Chief Operating Officer, Vice President, and General Manager. From 2004 to 2006, he served as Senior Project Manager of Engineering and Construction. Mr. Fleming joined Global Water in 2004, having previously worked in the construction industry on large-scale heavy civil infrastructure projects across Arizona. He has over 16 years of management and utility experience.
Mike Liebman
Senior Vice President & CFO
Mr. Liebman has served as Senior Vice President, Chief Financial Officer, and Corporate Secretary of Global Water Resources since May 2014. He brings over 17 years of finance and management experience. Before joining Global Water, from 2002 to 2014, Mr. Liebman was a Senior Director at Alvarez and Marsal, a prominent turnaround and restructuring firm in the United States. During his time there, he provided strategic planning and interim management services to companies in various industries, successfully negotiating the restructuring of over $3 billion in capital and raising $750 million of new capital for clients.
Christopher D. Krygier
Chief Operating Officer
Mr. Krygier serves as Chief Operating Officer for Global Water Resources. He has over 15 years of experience in operations management, regulatory strategy, and capital deployment for large projects and transactions. His experience includes representing utilities before the Arizona Corporation Commission, other public utility commissions, and municipal and county governments.
Joanne Ellsworth
EVP of Corporate Affairs
Ms. Ellsworth serves as the Executive Vice President of Corporate Affairs at Global Water Resources. She participates in investor calls, providing overviews of the company's financial results and strategic initiatives.
Robert J. Kuta
Executive Vice President, Engineering and Environmental Resources
Mr. Kuta is the Executive Vice President of Engineering and Environmental Resources for Global Water Resources, Inc. He is responsible for planning and directing all aspects of the company's engineering and construction functions, as well as overseeing environmental compliance activities. Mr. Kuta is an experienced water utility executive recognized as an industry expert in delivering residential, commercial, and industrial water and wastewater services. His career spans over 35 years in utility management, large capital program and project delivery, and contract operations & maintenance.
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The addressable market for Global Water Resources (GWRS) main products and services is primarily within the state of Arizona.
Global Water Resources specializes in providing comprehensive water, wastewater, and recycled water utility services to residential, commercial, and industrial customers in Arizona, with a focus on metropolitan Phoenix and Tucson growth corridors.
The estimated market size for the Water Supply & Irrigation Systems industry in Arizona is $4.0 billion in 2025. This market has shown an average annual growth rate of 3.6% from 2020 to 2025. This industry encompasses the operation of water-treatment plants, water-pumping stations, aqueducts, and water-distribution mains, which are core components of GWRS's offerings.
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Global Water Resources (GWRS) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:
- Growth in Active Service Connections: The company continues to see strong organic growth in its service areas, reflected in the increase in total active service connections. For example, active service connections increased by 4.9% in the 12 months prior to June 30, 2024, and by 4.3% as of March 31, 2025. This consistent growth is supported by ongoing housing development in the regions where GWRS operates.
- Strategic Rate Increases: Global Water Resources is implementing strategic rate increases to offset rising costs and support significant capital investments. Following the acquisition of the Tucson water systems, a 5% rate increase has been implemented, with another planned for the subsequent year. The company has multiple rate increases proposed and under consideration, which are anticipated to drive meaningful revenue growth in the coming years.
- Acquisitions of New Water Systems: Acquisitions are a crucial part of the company's growth strategy. A notable recent acquisition is that of seven water systems from the City of Tucson, which is expected to add approximately 2,200 connections and generate around $1.5 million in annual revenue. This expansion also offers geographical proximity to existing systems, potentially enhancing operational efficiencies.
- Population Growth and New Area Developments in Arizona: Operating primarily in the growth corridors around metropolitan Phoenix and Tucson, Global Water Resources benefits from Arizona's robust economic outlook and continuous population growth. This demographic expansion contributes to increasing customer connections and facilitates new area developments, such as the Diamond Bell system, which has the potential to add 1,400 new customers.
- Capital Investments in Infrastructure: Significant ongoing capital investments in infrastructure projects are aimed at improving existing utilities and supporting continued growth. Global Water Resources invested $15.2 million in infrastructure projects in Q1 2025 and $32.3 million in 2024. These investments, combined with regulatory approvals, are essential for sustained revenue growth.
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Share Repurchases
No significant share repurchases were identified over the last 3-5 years.
Share Issuance
- In March 2025, Global Water Resources completed a public offering of 3,220,000 shares of common stock at $10.00 per share, resulting in approximately $32.2 million in gross proceeds. The net proceeds are intended for funding acquisitions, working capital, and other general corporate purposes.
- On September 30, 2025, the company sold 1,270,572 shares of common stock at $10.30 per share through a private placement, raising approximately $13.1 million. This private placement included purchases by accredited investors, including board members.
- Net common equity issued was reported as $3 million in 2023, $15 million in 2022, and $12 million in 2020.
Inbound Investments
- A private placement on September 30, 2025, resulted in the sale of 1,270,572 shares of common stock, generating approximately $13.1 million, with participation from accredited investors and board members.
Outbound Investments
- In July 2025, Global Water Resources completed the acquisition of seven water systems from Tucson Water, the City of Tucson's water utility. The acquisition value was approximately 1.05 times the current rate base of about $7.7 million, with an expectation to generate approximately $1.5 million in annual revenue.
- The company's strategy involves continuing to aggregate water and wastewater utilities through strategic acquisitions and entity consolidation.
- Proceeds from the March 2025 public offering were earmarked for funding acquisitions, working capital, and other general corporate purposes, signaling ongoing outbound investment intentions.
Capital Expenditures
- Year-to-date through the second quarter of 2025, Global Water Resources invested $35.4 million into infrastructure improvements for its existing utilities.
- In Q2 2025 alone, the company invested $20.2 million in infrastructure projects to support existing utilities and continued growth.
- A significant portion of planned investments for 2025 are allocated to post-test year projects in Santa Cruz Water Company and Palo Verde Utilities Company (located in Pinal County), intended for inclusion in a previously filed 2024 test year rate application.
