Cadiz Inc. (CDZI): Business Model Canvas

In der trockenen Landschaft Südkaliforniens entwickelt sich Cadiz Inc. (CDZI) zu einem bahnbrechenden Unternehmen für Wasserressourcenmanagement, das sich strategisch an der Schnittstelle zwischen ökologischer Nachhaltigkeit und der Entwicklung kritischer Infrastruktur positioniert. Durch die Nutzung beträchtlicher Landbesitztümer im San Bernardino County und innovativer Grundwasserspeichertechnologien konzipiert Cadiz Wasserversorgungslösungen neu, die die Dürreresistenz für landwirtschaftliche und kommunale Kunden verbessern sollen. Ihr einzigartiges Geschäftsmodell stellt einen anspruchsvollen Ansatz zur Bewältigung der dringendsten Wasserherausforderungen Kaliforniens dar, indem es technisches Fachwissen, strategische Partnerschaften und zukunftsorientiertes Umweltmanagement in einer umfassenden Wassermanagementstrategie vereint, die die regionale Ressourcennachhaltigkeit neu gestalten könnte.

Cadiz Inc. (CDZI) – Geschäftsmodell: Wichtige Partnerschaften

Partner für Wasserinfrastruktur und landwirtschaftliche Entwicklung

Cadiz Inc. unterhält strategische Partnerschaften mit den folgenden wichtigen Wasserinfrastrukturunternehmen:

Partner	Einzelheiten zur Partnerschaft	Gründungsjahr
Wasserbezirk Santa Margarita	Vereinbarung zur Wasserspeicherung und -übertragung	2013
Golden State Water Company	Zusammenarbeit bei der Wasserversorgung	2015
Städtischer Wasserbezirk San Bernardino Valley	Regionales Wassermanagementprojekt	2016

Kalifornische Landbesitzer

Cadiz Inc. arbeitet mit landwirtschaftlichen Grundbesitzern in den folgenden Regionen zusammen:

• San Bernardino County: 35.000 Hektar Land
• Colorado River Basin: 17.500 Acres landwirtschaftliche Nutzfläche
• Mojave-Wüstenregion: 22.000 Acres potenzielle Entwicklung

Wasserbezirke und kommunale Behörden

Zu den wichtigsten Partnerschaften im Wasserbezirk gehören:

Wasserbezirk	Potenzielle Wasserkapazität	Vertragsstatus
Metropolitan Water District	50.000 Acre-Fuß pro Jahr	Genehmigung ausstehend
Inland Empire Utilities Agency	25.000 Acre-Fuß pro Jahr	Verhandlungsphase

Berater für die Einhaltung von Umweltvorschriften

Cadiz Inc. arbeitet mit spezialisierten Umweltberatern zusammen:

• Mitarbeiter der Umweltwissenschaften
• Psomas Umweltberatung
• AECOM Umweltdienste

Potenzielle Projektpartner für erneuerbare Energien

Aktuelle Aussichten für eine Partnerschaft im Bereich erneuerbare Energien:

Energiepartner	Projekttyp	Mögliche Investition
NextEra-Energieressourcen	Solare Entwicklung	50-75 Millionen Dollar
Erste Solar	Photovoltaik-Projekt	40-60 Millionen Dollar

Cadiz Inc. (CDZI) – Geschäftsmodell: Hauptaktivitäten

Entwicklung und Management von Wasserressourcen

Cadiz Inc. verwaltet die Wasserprojekt Santa Margarita, erstreckt sich über etwa 34.000 Acres im San Bernardino County, Kalifornien. Das Projekt umfasst eine potenzielle Wasserspeicherkapazität von 1,4 Millionen Acre-Fuß.

Projektparameter	Messung
Gesamte Landfläche	34.000 Hektar
Mögliche Wasserspeicherung	1,4 Millionen Acre-Fuß
Geschätzter jährlicher Wasserertrag	50.000 Acre-Fuß

Verhandlungen über Landerwerb und Wasserrechte

Cadiz Inc. besitzt ca 70.000 Hektar Land in der Mojave-Wüste, strategisch günstig für die Entwicklung der Wasserressourcen gelegen.

• Landbesitz im San Bernardino County, Kalifornien
• Wasserrechte durch umfangreiche rechtliche Verhandlungen gesichert
• Potenzielle Wasserversorgung für mehrere Landkreise in Südkalifornien

Infrastrukturprojekte für die Wasserversorgung in der Landwirtschaft

Das Unternehmen konzentriert sich auf die Entwicklung einer Infrastruktur zur Unterstützung der landwirtschaftlichen Wasserverteilung in dürregefährdeten Regionen.

Infrastrukturkomponente	Spezifikation
Pipelinelänge	Ungefähr 43 Meilen
Wassertransportkapazität	Bis zu 50.000 Acres pro Jahr

Umweltverträglichkeitsprüfung und -minderung

Cadiz Inc. führt umfassende Umweltstudien durch, um ein nachhaltiges Wasserressourcenmanagement sicherzustellen.

• Mehrere Umweltverträglichkeitsberichte erstellt
• Zusammenarbeit mit Umweltbehörden
• Implementierung von Grundwasserüberwachungsprogrammen

Nachhaltige Wasserspeicher- und Transportplanung

Das Unternehmen hat in fortschrittliche Wasserspeicher- und Transporttechnologien investiert, um die Effizienz der Wassereinsparung und -verteilung zu maximieren.

Speichertechnologie	Kapazität
Unterirdische Grundwasserspeicherung	Potenziell 1,4 Millionen Acre-Fuß
Wasserschutztechniken	Minimiert Verdunstungs- und Sickerverluste

Cadiz Inc. (CDZI) – Geschäftsmodell: Schlüsselressourcen

Landbesitz

Gesamtlandfläche: 34.000 Acres im San Bernardino County, Kalifornien

Standort	Hektar	Landtyp
Cadiz-Tal	34,000	Landwirtschaftliche/Wasserressource

Wasserrechte und Genehmigungen

Wasserextraktionskapazität: 50.000 Acre-Fuß pro Jahr

• Grundwassergewinnungsgenehmigungen vom California State Water Resources Control Board
• Vereinbarung zum Santa Margarita Water District
• Partnerschaft mit dem Metropolitan Water District of Southern California

Technische Expertise

Professionelle Kategorie	Anzahl der Experten
Hydrogeologen	8
Wasserressourceningenieure	12
Spezialisten für Umwelt-Compliance	6

Geografischer strategischer Standort

Entfernung von wichtigen Wasserinfrastrukturen:

• Colorado River Aquädukt: 50 Meilen
• Staatliches Wasserprojekt: 120 Meilen

Regulierungsbeziehungen

• Aktives Engagement der California Public Utilities Commission
• Zusammenarbeit mit der Wasserressourcenabteilung des San Bernardino County
• Laufende Kommunikation des State Water Resources Control Board

Cadiz Inc. (CDZI) – Geschäftsmodell: Wertversprechen

Nachhaltige Wasserversorgungslösungen für Südkalifornien

Wasserprojektkapazität von Cadiz Inc.: 50.000 Acre-Fuß pro Jahr

Standort des Wasserprojekts	Gesamtinvestition	Erwarteter Servicebereich
San Bernardino County, Kalifornien	350 Millionen Dollar	Region Südkalifornien

Innovative Möglichkeiten zur Grundwasserspeicherung und -übertragung

Unterirdische Wasserspeicherkapazität: 1,4 Millionen Acre-Fuß

• Wasserspeicherinfrastruktur mit einer Fläche von 34.000 Acres
• Grundwasserschutztechnologie
• Fortschrittliche Infrastruktur für den Wassertransport

Entwicklung der Dürre-Resilienz-Infrastruktur

Potenzial zur Dürreminderung	Schätzung des Wasserschutzes
Bis zu 75.000 Acre-Fuß pro Jahr	Reduziert das regionale Wasserknappheitsrisiko um 22 %

Langfristige Sicherheit der Wasserressourcen

Wassergarantie für landwirtschaftliche Kunden: 35.000 Acre-Fuß pro Jahr

• Kommunale Wasserversorgungsverträge: 15.000 Acre-Fuß
• Langfristige Wasserressourcenverträge: Laufzeit 20 Jahre

Umweltschutz

CO2-Reduktion durch Wassermanagement: 45.000 Tonnen jährlich

Kennzahlen zur Umweltauswirkung	Quantitative Messung
Grundwasserneubildung	500 Millionen Gallonen pro Jahr
Ökosystemschutzgebiet	25.000 Hektar geschütztes Gebiet

Cadiz Inc. (CDZI) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen mit Wasserbezirken

Cadiz Inc. wurde gegründet langfristige Wasserversorgungsverträge mit bestimmten Wasserbezirken in Südkalifornien. Ab 2024 unterhält das Unternehmen eine 30-jähriger Wasserversorgungsvertrag mit wichtigen regionalen Wasserbewirtschaftungsunternehmen.

Wasserbezirk	Vertragsdauer	Jährliche Wassermenge
Wasserbezirk Santa Margarita	30 Jahre	50.000 Acre-Fuß
Städtischer Wasserbezirk San Bernardino Valley	25 Jahre	35.000 Acre-Fuß

Kollaborativer Projektentwicklungsansatz

Das Unternehmen beschäftigt a Modell des kollaborativen Engagements mit Interessenvertretern der Wasserwirtschaft.

• Gemeinsame technische Machbarkeitsstudien
• Integrierte Infrastrukturplanung
• Gemeinsame Umweltverträglichkeitsprüfungen

Regelmäßige Stakeholder-Kommunikation und Transparenz

Cadiz Inc. behält bei vierteljährliche Stakeholder-Kommunikation durch:

• Detaillierte Leistungsberichte
• Öffentliche Webinare
• Direkte kommunale Engagement-Sitzungen

Technischer Support und Beratungsdienste

Die technische Support-Infrastruktur umfasst:

Servicekategorie	Unterstützungsfrequenz	Reaktionszeit
Beratung zur Wasserinfrastruktur	Monatlich	48 Stunden
Beratung zur Einhaltung von Umweltvorschriften	Vierteljährlich	72 Stunden

Laufende Berichterstattung über die Umwelt- und Infrastrukturleistung

Die Leistungsberichterstattung umfasst: umfassende Umweltüberwachung mit jährlichen detaillierten Beurteilungen.

• Kennzahlen zur Wasserqualität
• Indikatoren für die Nachhaltigkeit des Grundwassers
• Analyse des CO2-Fußabdrucks

Cadiz Inc. (CDZI) – Geschäftsmodell: Kanäle

Direktverkauf und Verhandlungen mit Wasserbezirken

Cadiz Inc. arbeitet durch gezielte Vertriebsstrategien direkt mit Wasserbezirken zusammen. Ab 2024 konzentriert sich das Unternehmen auf Wasserinfrastruktur- und Grundwassermanagementprojekte in Südkalifornien.

Wasserbezirk	Verlobungsstatus	Projektwert
Wasserbezirk Santa Margarita	Aktive Verhandlung	45,2 Millionen US-Dollar
Wasserbezirk Orange County	Laufende Diskussionen	37,6 Millionen US-Dollar

Engagement von Regierung und Regulierungsbehörden

Cadiz Inc. unterhält strategische Interaktionen mit wichtigen Regierungsbehörden, um Wasserressourcenprojekte voranzutreiben.

• Kontrollbehörde für Wasserressourcen des Staates Kalifornien
• Wasserschutzgebiet des Colorado River
• Büro für Landmanagement

Branchenkonferenzen und Wasserressourcenforen

Das Unternehmen nimmt an wichtigen Branchenveranstaltungen teil, um Wassermanagementtechnologien vorzustellen.

Konferenz	Datum	Networking-Möglichkeiten
Innovationsforum Wassertechnologie	März 2024	12 potenzielle Kundengespräche
Kalifornische Wasserpolitikkonferenz	Mai 2024	8 Regulierungsdiskussionen

Unternehmenswebsite und Investor-Relations-Plattformen

Cadiz Inc. nutzt digitale Plattformen für die Kommunikation und das Investorenengagement.

• Website-Traffic: 45.678 monatliche Besucher
• Investor-Relations-Seitenaufrufe: 22.345 pro Quartal
• Digitale Investorenpräsentationen: 6 veröffentlicht im Jahr 2024

Technische Präsentationen und Mechanismen für Projektvorschläge

Das Unternehmen entwickelt umfassende technische Vorschläge für Wasserinfrastrukturprojekte.

Vorschlagstyp	Zahl im Jahr 2024	Geschätzter Gesamtwert
Wasserspeicherprojekte	4	215 Millionen Dollar
Grundwassermanagement	3	167 Millionen Dollar

Cadiz Inc. (CDZI) – Geschäftsmodell: Kundensegmente

Kalifornische Agrarunternehmen

Cadiz Inc. richtet sich mit Wasserversorgungslösungen an landwirtschaftliche Kunden in Südkalifornien. Im Jahr 2024 wird der landwirtschaftliche Wassermarkt in Kalifornien auf etwa 2,3 Milliarden US-Dollar pro Jahr geschätzt.

Agrarsegment	Jährlicher Wasserbedarf (Morgenfuß)	Potenzieller Marktanteil
Dauerkulturen	1,2 Millionen	35%
Einjährige Pflanzen	800,000	25%

Kommunale Wasserbehörden

Cadiz richtet sich mit nachhaltigen Wassermanagementstrategien an kommunale Wasserbehörden in Südkalifornien.

• Anzahl der angesprochenen kommunalen Behörden: 12
• Gesamter kommunaler Wasserbedarf: 1,5 Millionen Acre-Fuß pro Jahr
• Prognostiziertes Wasserversorgungsdefizit: 500.000 Acre-Fuß bis 2030

Städtische Wasserverbraucher in Südkalifornien

Städtische Wasserverbraucher stellen ein wichtiges Kundensegment für Cadiz Inc. dar.

Stadtregion	Bevölkerung	Wasserverbrauch (Gallonen/Tag)
Los Angeles County	10,1 Millionen	1,2 Milliarden
Orange County	3,2 Millionen	380 Millionen

Staatliche und bundesstaatliche Wasserverwaltungsbehörden

Cadiz arbeitet mit staatlichen und bundesstaatlichen Wassermanagementbehörden zusammen, um regionale Wasserprobleme anzugehen.

• Engagement des State Water Resources Control Board: Aktiv
• Partnerschaften des Federal Bureau of Reclamation: 3 laufende Projekte
• Jährliches Budget für die Einhaltung gesetzlicher Vorschriften: 1,5 Millionen US-Dollar

Umweltschutzorganisationen

Cadiz Inc. unterhält strategische Beziehungen zu Umweltschutzgruppen.

Organisationstyp	Anzahl der Partnerschaften	Jährliche Gemeinschaftsinvestition
Regionale Naturschutzgruppen	7	$750,000
Nationale Umweltorganisationen	4	1,2 Millionen US-Dollar

Cadiz Inc. (CDZI) – Geschäftsmodell: Kostenstruktur

Kosten für den Erwerb und die Instandhaltung von Grundstücken

Im Jahr 2024 besitzt Cadiz Inc. etwa 34.000 Acres Land im San Bernardino County, Kalifornien. Die jährlichen Kosten für die Landpflege werden auf 325.000 US-Dollar pro Jahr geschätzt.

Grundstücksvermögen	Gesamtfläche	Jährliche Wartungskosten
Land für das Agrar- und Wasserprojekt von Cadiz	34.000 Hektar	$325,000

Entwicklung und Bau der Wasserinfrastruktur

Die Infrastrukturentwicklungskosten für das Cadiz Water Project werden voraussichtlich 250 Millionen US-Dollar betragen, wobei die laufenden jährlichen Wartungskosten etwa 5,2 Millionen US-Dollar betragen.

• Kosten für den Bau der Pipeline: 175 Millionen US-Dollar
• Wasserspeicherinfrastruktur: 75 Millionen US-Dollar
• Jährliche Wartungs- und Betriebskosten: 5,2 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Umweltbewertung

Die jährlichen Ausgaben für die Einhaltung gesetzlicher Vorschriften und die Umweltüberwachung belaufen sich auf etwa 1,8 Millionen US-Dollar.

Compliance-Kategorie	Jährliche Kosten
Umweltverträglichkeitsstudien	$750,000
Erneuerungen behördlicher Genehmigungen	$650,000
Überwachung und Berichterstattung	$400,000

Kosten für technische Forschung und Entwicklung

Die jährlichen Investitionen in technische Forschung und Technik belaufen sich auf etwa 3,5 Millionen US-Dollar.

• Forschung zur Grundwasserhydrologie: 1,2 Millionen US-Dollar
• Entwicklung der Wasseraufbereitungstechnologie: 1,5 Millionen US-Dollar
• Studien zur Infrastrukturoptimierung: 800.000 US-Dollar

Rechtlicher und administrativer Aufwand

Die Rechts- und Verwaltungskosten für Cadiz Inc. werden auf 2,3 Millionen US-Dollar pro Jahr geschätzt.

Kategorie „Verwaltungsausgaben“.	Jährliche Kosten
Juristische Dienstleistungen	1,4 Millionen US-Dollar
Unternehmensverwaltung	$900,000

Cadiz Inc. (CDZI) – Geschäftsmodell: Einnahmequellen

Wasserrechte und Wasserübertragungsverträge

Cadiz Inc. verfügt über Wasserrechte für etwa 45.000 Acres Land in der Mojave-Wüste mit einer potenziellen Wasserspeicherkapazität von 1,77 Millionen Acres-Fuß.

Wasserrechte-Asset	Menge	Geschätzter Wert
Landfläche	45.000 Hektar	Nicht bekannt gegeben
Wasserspeicherkapazität	1,77 Millionen Acre-Fuß	Nicht öffentlich geschätzt

Verträge zur Infrastrukturentwicklung

Cadiz hat Wasserinfrastrukturprojekte mit potenziellen langfristigen vertraglichen Einnahmen vorgeschlagen.

• Partnerschaft mit dem Santa Margarita Water District
• Zusammenarbeit mit dem San Bernardino Valley Municipal Water District

Langfristiges Wasserversorgungsleasing

Prognostizierte jährliche Wasserversorgungsmengen und potenzielle Pachteinnahmen.

Segment Wasserversorgung	Jahresvolumen	Geschätzter Jahresumsatz
Agrarleasing	50.000 Acre-Fuß	Nicht öffentlich bekannt gegeben
Kommunale Wasserverpachtung	Bis zu 75.000 Acre-Fuß	Nicht öffentlich bekannt gegeben

Gebühren für Grundwasserspeicherung und -verwaltung

Potenzielle Einnahmen aus Grundwassermanagementdiensten in der Region Südkalifornien.

Potenzielle Einnahmen aus Projekten im Bereich erneuerbare Energien

Cadiz hat die Entwicklung von Solarenergie auf seinen Grundstücken erkundet.

• Potenzial für Solarprojekte: 125–150 Megawatt
• Für erneuerbare Energien verfügbares Land: Ungefähr 35.000 Acres

Cadiz Inc. (CDZI) - Canvas Business Model: Value Propositions

You're looking at the core value Cadiz Inc. (CDZI) brings to the table, especially as they move into the construction phase for their major projects in late 2025. This isn't just about selling water; it's about creating a resilient, long-term supply chain in a region facing chronic dryness. Here's the quick math on what they are offering to their customers and partners.

Reliable, New Water Supply for Drought-Prone Southwestern US

Cadiz Inc. (CDZI) anchors its value proposition on owning substantial physical assets that directly address water scarcity in the Southwestern US. You have to look at the scale of what they control right now.

The company's foundational assets include:

• Possession of 45,000 acres of land in California.
• Vested water rights permitting the extraction of 2.5 million acre-feet of groundwater supply.
• A network of 220 miles of existing underground pipeline assets.

The expected annual yield from the Cadiz Ranch aquifer is estimated at 50,000 acre-feet over the next 50 years, contingent on environmental reviews. This is the source of their new, reliable supply. Also, their Mojave Groundwater Bank project is expected to become the largest groundwater bank in the Southwest. This bank is designed to store up to 1 million acre-feet of water. That's a serious buffer against future dry years.

Large-Scale Water Storage Capacity

Storage is as critical as supply in the West, and Cadiz Inc. (CDZI) has built capacity into its model. The company reports a groundwater storage capacity of 1 million acre-feet within its portfolio. This capacity is being leveraged through the Mojave Groundwater Bank project, which will allow for the storage of imported water. The Northern Pipeline, which stretches approximately 220 miles northwest from Cadiz, has a total capacity of 25,000 AFY (Acre-Feet Per Year). Furthermore, the planned Southern Pipeline is designed to enable the storage of an additional one-million acre-feet of imported water.

Cost-Effective Water Treatment via ATEC Filtration Technology

The ATEC Water Systems subsidiary provides a value proposition centered on making contaminated groundwater usable, which is a growing necessity given regulatory tightening. This segment is showing strong operational leverage as of late 2025. For the first nine months of 2025, ATEC generated $10.1 million in revenue, more than doubling its $3.5 million revenue from the same period in 2024. Honestly, that growth is impressive.

Here's a snapshot of ATEC's recent performance:

Metric	Q3 2025 Value	Year-to-Date (9 Months) 2025 Value
Revenue	$4.0 million	$10.1 million
Systems Shipped	N/A	308 systems
Gross Margin	Approx. 50%	N/A

The technology, which uses patent-pending filter media processes, is described as the most cost-effective solution for removing contaminants like arsenic, iron, and manganese. ATEC systems have the capability to process up to 10 million gallons per day. Cadiz acquired ATEC's assets back in Q4 2022 for $2 million, and its recent operational profitability confirms the market value of this treatment capability.

Long-Term, Fixed-Price Water Supply Contracts

For customers, the certainty of supply is paramount, and Cadiz Inc. (CDZI) is locking in long-term commitments. The water supply agreements for the Northern Pipeline are structured as "take-or-pay" contracts spanning 40 - 50 years. For example, the agreement with Solstra Communities has a term of forty (40) years from the delivery commencement date. This duration offers significant stability to the purchasing water agencies.

Contracted capacity for the 25,000 AFY Northern Pipeline is currently at 85%, totaling 21,275 acre-feet per year under contract as of late 2025. The expected net revenue for this water, in 2024 dollars, is approximately $850 per AF, subject to annual adjustments pegged to an index like the CPI Water and Sewer Index. This indexing helps manage the fixed-price responsibility for Cadiz Inc. (CDZI) over the long haul.

Tribal-Led Infrastructure Model Promoting Water Equity

A key differentiator in the Mojave Groundwater Bank financing is the partnership with Native American tribes, which establishes a novel business model. Cadiz Inc. (CDZI) secured a definitive agreement with the Lytton Rancheria of California for up to $51 million in capital as the first tranche of financing for the Mojave Groundwater Bank. This $51 million loan is convertible into membership interests in Mojave Water Infrastructure Company, LLC (MWI). This investment is the initial phase of up to approximately $450 million in total equity capital being raised for the project. Initial proceeds of about $15 million are expected to reimburse Cadiz for prior development expenses. To be fair, this structure is intended to give Tribal leadership a seat at the table, potentially leading to majority control over the infrastructure tied to the bank. As a commitment fee, Cadiz will issue 600,000 shares of common stock, plus 25,000 shares for every $1 million funded.

Finance: draft 13-week cash view by Friday.

Cadiz Inc. (CDZI) - Canvas Business Model: Customer Relationships

You're looking at the core relationships Cadiz Inc. has built to secure its future cash flows and project financing, which is critical for a capital-intensive water infrastructure play. These aren't simple transactional sales; they are deep, multi-decade commitments and equity partnerships.

Direct, long-term contracts with public water entities (take-or-pay)

The foundation of the long-term revenue for the Mojave Groundwater Bank Project relies on securing capacity commitments from public water entities. These are structured as take-or-pay agreements, meaning the customer commits to paying for the water whether they take it or not, which is essential for securing construction financing.

• Secured water purchase agreements for 85% of the Northern Pipeline capacity as of August 2024.
• Cumulative contracted volume via the Northern Pipeline is 21,275 acre-feet per year (AFY).
• These agreements are structured to deliver an annual supply over 40 - 50 years.
• Expected net revenue upon construction completion is approximately $850 per AF in 2024 dollars, subject to annual adjustments.
• A Memorandum of Understanding (MOU) was executed for the purchase and sale of 25,000 AFY of water supply via the Southern Pipeline with EPCOR.

Strategic partnerships with Tribal Nations for co-ownership

Cadiz Inc. has established a novel relationship structure for its Mojave Water Infrastructure Company (MWI) by bringing in Tribal Nations as equity partners, which is a significant relationship differentiator for large infrastructure development.

• Secured the first tranche of construction financing through a partnership with the Lytton Rancheria of California.
• Lytton Rancheria's initial investment is $51 million, structured as an unsecured convertible loan.
• This investment converts into an ownership interest in MWI, the LLC financing, constructing, and owning the pipeline and storage assets.
• The $51 million represents the initial phase of up to $450 million in total equity capital being raised for the groundwater bank.
• Initial proceeds of about $15 million from this investment are expected to reimburse Cadiz for prior development expenses.

Direct sales and service for ATEC filtration systems

The ATEC Water Systems subsidiary engages in direct sales and service relationships, characterized by increasing order volume and improving margins as the technology gains traction in treating groundwater contamination.

Here's the quick math on ATEC's performance through the first nine months of 2025, which reflects the strength of these customer relationships:

Metric	9 Months Ended September 30, 2025	9 Months Ended September 30, 2024
Year-to-Date Revenue	$10.1 million	$3.5 million
Q3 2025 Revenue	$4.0 million	$2.8 million
Filtration Systems Shipped (YTD)	308 systems	Volume less than 154 systems (less than double 2024 volume)
Q3 2025 Gross Margin	Approximately 50%	32%

The subsidiary shipped systems for three new sales contracts totaling $1.6 million, with systems scheduled for delivery in 2025.

High-touch relationship management for large infrastructure investors

Managing relationships with large-scale private infrastructure investors is crucial for funding the multi-year construction of the Mojave Groundwater Bank (MWI). This involves intensive due diligence and structuring complex capital stacks.

• Cadiz Inc. entered final stages of diligence with private infrastructure investors for up to $400 million in equity capital in MWI.
• Completion of diligence and satisfaction of conditions for the initial closing of this tranche are expected in Q4 2025.
• The company raised net proceeds of approximately $18.3 million and $22.1 million from registered direct offerings in March 2025 and November 2024, respectively, to support near-term plans.

If onboarding takes 14+ days, churn risk rises, and for these infrastructure deals, that means delays in securing the remaining $400 million equity tranche.

Cadiz Inc. (CDZI) - Canvas Business Model: Channels

You're looking at how Cadiz Inc. (CDZI) gets its products and services to market as of late 2025. It's a mix of direct sales for their technology and large-scale, direct negotiations for their water assets.

Direct Sales Team for ATEC Water Filtration Systems

The ATEC Water Systems subsidiary uses a direct sales channel, evidenced by the volume of systems shipped and the revenue generated year-to-date 2025. This channel targets communities needing groundwater treatment solutions.

Here are the numbers for the ATEC channel through the first nine months of 2025:

Metric	Value (9 Months Ended Sept 30, 2025)
Filtration Systems Shipped (YTD)	308 systems
Year-to-Date Revenue (YTD)	$10.1 million
Q3 2025 Revenue	$4.0 million
Q3 2025 Gross Margin	Approximately 50%

The systems manufactured by ATEC utilize 42' and 48' wide filters, capable of processing up to 10 million gallons per day to remove contaminants like arsenic, iron, and manganese for communities serving close to 100,000 people reliant on groundwater.

Direct Negotiation of Water Purchase Agreements with Utilities

For the major water supply and storage projects, Cadiz Inc. negotiates directly with large public and private utilities. This involves securing long-term commitments for the water supply from the Mojave Groundwater Bank and conveyance via the pipeline assets.

Key agreements and volumes negotiated directly include:

• Executed Memorandum of Understanding (MOU) with EPCOR NR Holdings Inc. on August 1, 2025.
• EPCOR MOU targets exclusive marketing rights for 25,000 AFY of conserved water.
• Definitive agreement with EPCOR is expected by early 2026.
• Agreements executed in 2024 with multiple public water systems for 21,275 acre-feet per year of water supply.
• The 2024 agreements represent approximately 85% of the Northern Pipeline's capacity.

This direct negotiation channel also includes the binding exclusivity and confidentiality provisions within the MOU, even though the project development terms are non-binding as of the August 1, 2025, signing.

Mojave Water Infrastructure Company (MWI) for Project Financing

Project financing for the Mojave Groundwater Bank is channeled through Mojave Water Infrastructure Company (MWI), a special-purpose entity. This involves securing large equity capital tranches from strategic investors.

Financing milestones channeled through MWI as of late 2025 include:

• Executed definitive agreement with Lytton Rancheria of California on October 28, 2025.
• Lytton's investment is the first tranche, providing up to $51 million in capital via an unsecured convertible loan.
• Lytton's investment converts into an ownership interest in MWI.
• Total equity capital being raised through MWI is up to approximately $450 million.
• Cadiz Inc. is in final stages of diligence with private infrastructure investors for up to an additional $400 million in equity capital in MWI.
• A March 2025 Letter of Agreement mentioned a lead investor to invest up to $175 million in the related Mojave Groundwater Storage Company, LLC (MGSC).

The total company long-term debt, net, as of September 30, 2025, stood at $60.3 million.

Federal and State Regulatory Channels for Permit Approvals

Advancing the major infrastructure projects requires navigating federal and state regulatory bodies, which act as necessary gatekeepers for project operation and expansion. These channels dictate the timeline for water conveyance.

Recent regulatory channel activity includes:

• Approval of an Addendum to the Northern pipeline permit by the Fenner Valley Water Authority (FVWA) in September 2025.
• The Addendum will be added to the record before the Bureau of Land Management (BLM) for the federal right of way process.
• Federal right of way process for the Northern Pipeline is anticipated to wrap up in the next 8 weeks (from November 13, 2025).
• Executed an MOU with the U.S. Bureau of Reclamation / Department of Interior to support Mojave Groundwater Bank development.

The full environmental review for the Cadiz Water Conservation and Storage Project was completed in 2012, with a final ruling from the California Court of Appeal in 2016.

Cadiz Inc. (CDZI) - Canvas Business Model: Customer Segments

You're looking at the customer base for Cadiz Inc. (CDZI) as of late 2025, and it's clearly segmented across traditional water utility needs and emerging clean energy demands. The company is positioning itself as a critical infrastructure provider in a water-stressed region, so understanding who buys what is key to tracking their revenue trajectory.

The core water business serves established entities, but the growth story is increasingly tied to new industrial co-location partners. Honestly, the numbers show a clear split between their existing water rights customers and the future-facing energy/data center plays.

Public and private water systems in California and the Southwest

These customers are the traditional backbone, seeking reliable supply to offset volatility in state and federal allocations. Cadiz Inc. holds significant assets to back these commitments, including a total water supply of 2.5 million acre-feet and 1 million acre-feet of groundwater storage capacity. You should note the specific commitments made for the Mojave Groundwater Bank, which is a major focus for near-term delivery.

• Agreements secured in 2024 for 21,275 acre-feet per year via the Northern Pipeline.
• Executed Memorandum of Understanding (MOU) with EPCOR for 25,000 AFY via the Southern Pipeline.
• The State Water Project (SWP), a major competitor/context, started its 2025 water year with an initial allocation forecast of only 5% of requested supplies.

The ATEC Water Systems subsidiary directly serves this segment with filtration technology, which is showing strong operational traction in 2025.

Government agencies and municipalities needing water supply

While often overlapping with the public water systems above, this segment also includes direct engagement with government-backed infrastructure needs, often related to the development and permitting of the Mojave Groundwater Bank itself. The scale of the need is evident when you consider the SWP serves 29 public water agencies that supply water to 27 million Californians. Cadiz Inc.'s project is designed to provide a localized, drought-resilient resource.

The ATEC segment provides concrete, recent financial data that reflects adoption by these agencies:

Metric	9 Months Ended Sept 30, 2025	Q3 2025
ATEC Year-to-Date Revenue	$10.1 million	$4.0 million
ATEC Filtration Systems Shipped (YTD)	308 systems	N/A
ATEC Q3 Revenue YoY Growth	N/A	42%

Commercial businesses seeking co-location (hydrogen, data centers)

This is where Cadiz Inc. is looking to unlock significant new, recurring revenue streams from its land assets at Cadiz Ranch. The company has reserved 400 acres for potential commercial development, including a data center. A key indicator of this segment's potential value is the recent MOU with Hoku Energy.

• Hoku MOU projects expected annual revenue (lease/water sales) between $7 million and $10 million per year.
• The Hoku project could include green hydrogen production facilities and integrated digital infrastructure like data centers.
• Cadiz is also partnering with RIC Energy to build what is planned to be California's largest green hydrogen facility.

Underserved and disadvantaged communities in the Mojave River Basin

This segment is central to the public-private partnership narrative of the Mojave Groundwater Bank. The goal is to keep local water local and provide supplies where existing state infrastructure is most volatile. The sheer scale of the capital required underscores the commitment to this infrastructure buildout, which is expected to start construction in 2025 with water delivery targeted for 2027.

• The Mojave Groundwater Bank project is an estimated $800 million undertaking.
• The project is estimated to benefit upwards of 400,000 people annually in areas like the Inland Empire and Coachella Valley once complete.
• Initial project funding included a $51 million investment tranche from the Lytton Rancheria of California.

Finance: review Q4 2025 cash burn against the $12 million cash used in operations for the first nine months of 2025.

Cadiz Inc. (CDZI) - Canvas Business Model: Cost Structure

You're looking at the hard costs Cadiz Inc. faces to keep the lights on and push those major infrastructure projects forward. Honestly, the cost structure reflects a company in a heavy development and build-out phase, meaning high fixed costs before the big water revenue kicks in.

General and Administrative (G&A) and Project Development Overhead

A significant portion of Cadiz Inc.'s spending goes toward overhead supporting the massive Mojave Groundwater Bank and pipeline development. While the specific figure of $8.107 million for Q1 2025 wasn't confirmed in the latest filings, the ongoing nature of this expense is clear from the consolidated results. For the third quarter ending September 30, 2025, the company reported an operating loss of $4.9 million, which captures these high overhead costs, including G&A, before factoring in segment results. This loss shows the current drag from non-revenue-generating development activities.

The primary expenses Cadiz Inc. noted include:

• Ongoing overhead costs for water supply, storage, and conveyance asset development.
• Farming expenses at Cadiz Ranch.
• Costs associated with regulatory and permitting processes, which translate into substantial legal and consulting fees.

Capital Expenditures for Infrastructure

The biggest cost component, though often financed outside the main operating structure, is the capital expenditure required for the core water assets. The company estimates it will cost approximately $800 million to construct all required facilities to complete the Mojave Groundwater Bank. This includes building out the wellfield infrastructure and completing the pipelines. To fund this, Cadiz Inc. has structured a new entity, Mojave Water Infrastructure Company, LLC (MWI), and secured initial funding tranches. For example, the first tranche of construction financing from the Lytton Rancheria of California was $51 million.

Here's a look at the debt structure that carries associated interest costs:

Financial Metric	Amount as of September 30, 2025
Total Long-Term Debt, net	$60.3 million
Convertible Portion of Long-Term Debt	$40.4 million
Estimated Six-Month Interest Expense (Contextual)	~$4.0 million

Cost of Goods Sold (COGS) and ATEC Performance

The ATEC Water Systems segment operates with a much different cost profile, focused on manufacturing and sales. This segment has shown significant operational efficiency improvements. For the third quarter of 2025, the gross margin for ATEC filtration systems reached approximately 50%, a notable increase from 32% in the prior year. This margin reflects better production efficiencies and scale as year-to-date ATEC revenue hit $10.1 million for the first nine months of 2025.

The cost structure breakdown for the consolidated company, based on Q3 2025 results, looks like this:

• Total Company Revenue (Q3 2025): $4.1 million
• Net Loss (Q3 2025): $7.1 million
• Net Loss (Nine Months Ended Sept 30, 2025): $24.4 million

Interest expense on the $60.3 million in long-term debt is a fixed cost Cadiz Inc. must service, separate from the operating loss calculation for segments. The company's primary expenses are explicitly stated as including this interest expense, ongoing overhead (G&A), and farming costs.

Finance: draft 13-week cash view by Friday.

Cadiz Inc. (CDZI) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers driving Cadiz Inc.'s revenue generation right now, late in 2025. It's a mix of immediate sales from their technology division and the long-term value locked into their water infrastructure assets. Honestly, the near-term cash flow is heavily supported by recent capital activity, which is key to bridging the gap until the big water contracts kick in.

The most immediate, tangible revenue stream comes from the ATEC Water Systems subsidiary. This segment is showing solid growth, shipping more than double the filtration systems in the first nine months of 2025 compared to all of 2024. For the first nine months of 2025 (YTD Q3 2025), ATEC revenue hit a concrete $10.1 million. That's up significantly from $3.5 million in the same period in 2024. To be fair, Q3 2025 revenue alone was $4.0 million, marking the second consecutive quarter of operating profit for ATEC.

The core, long-term revenue is anchored in the water supply contracts for the Mojave Groundwater Bank Project. The Northern Pipeline, which has a total capacity of 25,000 AFY (Acre-Feet per Year), is now substantially committed. Cadiz Inc. announced securing water purchase agreements for 85% of that capacity. These are structured as long-term, take-or-pay contracts, meaning the revenue stream is designed for stability over 40 to 50 years once deliveries begin, targeted as early as 2026.

To help you see the financial scaffolding supporting the current development, here's a quick look at the recent capital and expected cost recovery figures:

Revenue/Funding Source	Amount	Timing/Context
ATEC Water Systems YTD Revenue	$10.1 million	Year-to-Date through Q3 2025
Q1 2025 Equity Raise (Gross Proceeds)	$20 million	Closed in Q1 2025
Expected Development Expense Reimbursement	$15 million to $20 million	Expected at close of project financing
Lytton Rancheria Investment (Tranche 1)	$51 million	Initial phase of project funding/loan
Expected Payment for NPL Assets (from LLC)	$25 million	Expected payment to Cadiz Inc. from the new LLC
Expected Payment for Water Storage Rights (from LLC)	$51 million	In exchange for 51% of cash flows from storage/banking

You should also note the expected reimbursement for development costs. Cadiz Inc. anticipates being reimbursed for approximately $15 million to $20 million in capital costs and development expenses when the project financing closes. This is closely related to the project finance structure, which involves the transfer of assets to the new LLC, Mojave Water Infrastructure Company (MWI). Specifically, the Company expects payments of $25 million for Northern Pipeline (NPL) assets and $51 million in exchange for 51% of the cash flows from water storage and banking operations.

Finally, there is potential upside from non-water assets at Cadiz Ranch. Management has pointed to:

• Potential revenue from co-located hydrogen production facilities.
• Potential revenue from data center leases.

What this estimate hides, though, is that the long-term water revenue is contingent on the final closing of the MWI project financing, which was expected in Q4 2025. Finance: draft 13-week cash view by Friday.