Cadiz Inc. (CDZI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama árido del sur de California, Cadiz Inc. (CDZI) surge como una empresa pionera de gestión de recursos hídricos, posicionándose estratégicamente en la intersección de la sostenibilidad ambiental y el desarrollo crítico de la infraestructura. Al aprovechar sustanciales tenencias de tierras en el condado de San Bernardino y las innovadoras tecnologías de almacenamiento de aguas subterráneas, Cadiz está reinventando soluciones de suministro de agua que prometen transformar la resiliencia de sequía para los clientes agrícolas y municipales. Su modelo de negocio único representa un enfoque sofisticado para abordar los desafíos del agua más apremiantes de California, combinar experiencia técnica, asociaciones estratégicas y administración ambiental con visión de futuro en una estrategia integral de gestión del agua que podría remodelar la sostenibilidad de los recursos regionales.

Cadiz Inc. (CDZI) - Modelo de negocio: asociaciones clave

Infraestructura de agua y socios de desarrollo agrícola

Cadiz Inc. tiene asociaciones estratégicas con las siguientes entidades clave de infraestructura de agua:

Pareja	Detalles de la asociación	Año establecido
Distrito de Agua de Santa Margarita	Acuerdo de almacenamiento y transferencia de agua	2013
Golden State Water Company	Colaboración de suministro de agua	2015
Distrito Municipal de Agua Municipal del Valle de San Bernardino	Proyecto regional de gestión del agua	2016

Propietarios de tierras agrícolas de California

Cadiz Inc. colabora con los terratenientes agrícolas en las siguientes regiones:

• Condado de San Bernardino: 35,000 acres de tierra
• Cuenca del río Colorado: 17.500 acres de tierra agrícola
• Región del desierto de Mojave: 22,000 acres de desarrollo potencial

Distritos de agua y agencias municipales

Las asociaciones clave del distrito de agua incluyen:

Distrito de agua	Capacidad de agua potencial	Estatus de contrato
Distrito de agua metropolitana	50,000 acres-pies anuales	Aprobación pendiente
Agencia de servicios públicos del imperio interior	25,000 acres-pie anual	Etapa de negociación

Consultores de cumplimiento regulatorio ambiental

Cadiz Inc. trabaja con consultores ambientales especializados:

• Asociados de Ciencias Ambientales
• Psomas Consultoría ambiental
• AECOM Servicios ambientales

Colaboradores potenciales del proyecto de energía renovable

Perspectivas actuales de asociación de energía renovable:

Socio de energía	Tipo de proyecto	Inversión potencial
Recursos energéticos nextera	Desarrollo solar	$ 50-75 millones
Primero solar	Proyecto fotovoltaico	$ 40-60 millones

Cadiz Inc. (CDZI) - Modelo de negocio: actividades clave

Desarrollo y gestión de recursos hídricos

Cadiz Inc. administra el Proyecto de Agua de Santa Margarita, que abarca aproximadamente 34,000 acres en el condado de San Bernardino, California. El proyecto implica una capacidad potencial de almacenamiento de agua de 1,4 millones de acres-pies.

Parámetro de proyecto	Medición
Área total	34,000 acres
Almacenamiento de agua potencial	1.4 millones de acres-pie
Rendimiento anual estimado de agua	50,000 acres-pie

Adquisición de tierras y negociaciones de derechos de agua

Cadiz Inc. posee aproximadamente 70,000 acres de tierra En el desierto de Mojave, posicionado estratégicamente para el desarrollo de recursos hídricos.

• Propiedad de la tierra en el condado de San Bernardino, California
• Derechos de agua asegurados a través de negociaciones legales extensas
• Suministro potencial de agua a múltiples condados del sur de California

Proyectos de infraestructura de suministro de agua agrícola

La compañía se enfoca en desarrollar infraestructura para apoyar la distribución de agua agrícola en regiones propensas a la sequía.

Componente de infraestructura	Especificación
Longitud de la tubería	Aproximadamente 43 millas
Capacidad de transporte de agua	Hasta 50,000 acres-pies anuales

Evaluación y mitigación del impacto ambiental

Cadiz Inc. realiza estudios ambientales integrales para garantizar la gestión sostenible de recursos hídricos.

• Informes de impacto ambiental múltiple completado
• Colaborado con agencias ambientales
• Implementados programas de monitoreo de aguas subterráneas

Almacenamiento de agua sostenible y planificación del transporte

La compañía ha invertido en tecnologías avanzadas de almacenamiento y transporte de agua para maximizar la conservación del agua y la eficiencia de distribución.

Tecnología de almacenamiento	Capacidad
Almacenamiento de acuíferos subterráneos	Potencial 1.4 millones de acres-pie
Técnicas de conservación del agua	Minimiza la evaporación y las pérdidas de filtración

Cadiz Inc. (CDZI) - Modelo de negocio: recursos clave

Tierras

Área terrestre total: 34,000 acres en el condado de San Bernardino, California

Ubicación	Acres	Tipo terrestre
Valle de Cádiz	34,000	Recurso agrícola/acuático

Derechos y permisos del agua

Capacidad de extracción de agua: 50,000 acres-pies por año

• Permisos de extracción de agua subterránea de la Junta de Control de Recursos Hídricos del Estado de California
• Acuerdo del Distrito de Agua de Santa Margarita
• Distrito Metropolitano de Agua del Sur de California

Experiencia técnica

Categoría profesional	Número de expertos
Hidrogenólogos	8
Ingenieros de recursos hídricos	12
Especialistas en cumplimiento ambiental	6

Ubicación estratégica geográfica

Distancia de la infraestructura de agua mayor:

• Acueducto del río Colorado: 50 millas
• Proyecto de agua estatal: 120 millas

Relaciones regulatorias

• Comisión de Servicios Públicos de California Compromiso activo
• Departamento de recursos hídricos del condado de San Bernardino colaboración
• Junta estatal de control de recursos hídricos Comunicación continua

Cadiz Inc. (CDZI) - Modelo de negocio: propuestas de valor

Soluciones de suministro de agua sostenible para el sur de California

Capacidad del proyecto de agua Cadiz Inc.: 50,000 acres-pies por año

Ubicación del proyecto de agua	Inversión total	Área de servicio esperada
Condado de San Bernardino, California	$ 350 millones	Región del Sur de California

Capacidades innovadoras de almacenamiento y transferencia de aguas subterráneas

Capacidad de almacenamiento de agua subterránea: 1.4 millones de acres-pies

• Infraestructura de almacenamiento de agua que abarca 34,000 acres
• Tecnología de preservación de aguas subterráneas
• Infraestructura avanzada de transferencia de agua

Desarrollo de infraestructura de resiliencia de sequía

Potencial de mitigación de la sequía	Estimación de conservación del agua
Hasta 75,000 acres-pie anual	Reduce el riesgo regional de escasez de agua en un 22%

Seguridad de recursos hídricos a largo plazo

Garantía de agua del cliente agrícola: 35,000 acres-pie anual

• Contratos de suministro de agua municipal: 15,000 acres-pies
• Contratos de recursos hídricos a largo plazo: duración de 20 años

Conservación ambiental

Reducción de carbono a través del manejo del agua: 45,000 toneladas métricas anualmente

Métricas de impacto ambiental	Medición cuantitativa
Recarga de agua subterránea	500 millones de galones por año
Área de preservación del ecosistema	25,000 acres protegidos

Cadiz Inc. (CDZI) - Modelo de negocio: relaciones con los clientes

Acuerdos contractuales a largo plazo con distritos de agua

Cadiz Inc. ha establecido Acuerdos de suministro de agua a largo plazo con distritos de agua específicos en el sur de California. A partir de 2024, la compañía mantiene un Contrato de suministro de agua a 30 años con entidades clave de gestión del agua regional.

Distrito de agua	Duración del contrato	Volumen de agua anual
Distrito de Agua de Santa Margarita	30 años	50,000 acres-pie
Distrito Municipal de Agua Municipal del Valle de San Bernardino	25 años	35,000 acres-pie

Enfoque de desarrollo de proyectos colaborativos

La compañía emplea un modelo de compromiso colaborativo con partes interesadas de gestión del agua.

• Estudios de viabilidad técnica conjunta
• Planificación de infraestructura integrada
• Evaluaciones de impacto ambiental compartido

Comunicación y transparencia regular de los interesados

Cadiz Inc. mantiene Comunicación trimestral de las partes interesadas a través de:

• Informes de rendimiento detallados
• Seminarios web públicos
• Sesiones directas de participación municipal

Soporte técnico y servicios de asesoramiento

La infraestructura de soporte técnico incluye:

Categoría de servicio	Frecuencia de soporte	Tiempo de respuesta
Consultoría de infraestructura de agua	Mensual	48 horas
Aviso de cumplimiento ambiental	Trimestral	72 horas

Informes de desempeño ambiental e infraestructura continuo

El informe de rendimiento incluye monitoreo ambiental integral con evaluaciones detalladas anuales.

• Métricas de calidad del agua
• Indicadores de sostenibilidad del agua subterránea
• Análisis de huella de carbono

Cadiz Inc. (CDZI) - Modelo de negocio: canales

Ventas directas y negociación con distritos de agua

Cadiz Inc. se involucra directamente con los distritos de agua a través de estrategias de ventas específicas. A partir de 2024, la compañía se centra en los proyectos de infraestructura de agua y gestión de aguas subterráneas en el sur de California.

Distrito de agua	Estado de compromiso	Valor del proyecto
Distrito de Agua de Santa Margarita	Negociación activa	$ 45.2 millones
Distrito de Agua del Condado de Orange	Discusiones en curso	$ 37.6 millones

Participación gubernamental y de agencia reguladora

Cadiz Inc. mantiene interacciones estratégicas con organismos gubernamentales clave para avanzar en proyectos de recursos hídricos.

• Junta de control de recursos hídricos del estado de California
• Distrito de Conservación del Agua del Río Colorado
• Oficina de Administración de Tierras

Conferencias de la industria y foros de recursos acuáticos

La compañía participa en eventos críticos de la industria para mostrar tecnologías de gestión del agua.

Conferencia	Fecha	Oportunidades de redes
Foro de innovación de tecnología del agua	Marzo de 2024	12 reuniones potenciales de clientes
Conferencia de Política del Agua de California	Mayo de 2024	8 discusiones regulatorias

Sitio web corporativo y plataformas de relaciones con los inversores

Cadiz Inc. utiliza plataformas digitales para la comunicación y la participación de los inversores.

• Tráfico del sitio web: 45,678 visitantes mensuales
• Vistas de la página de relaciones con los inversores: 22,345 por trimestre
• Presentaciones de inversores digitales: 6 publicado en 2024

Presentaciones técnicas y mecanismos de propuesta de proyecto

La compañía desarrolla propuestas técnicas integrales para proyectos de infraestructura de agua.

Tipo de propuesta	Número en 2024	Valor total estimado
Proyectos de almacenamiento de agua	4	$ 215 millones
Gestión de aguas subterráneas	3	$ 167 millones

Cadiz Inc. (CDZI) - Modelo de negocio: segmentos de clientes

Enterprisas agrícolas de California

Cadiz Inc. se dirige a clientes agrícolas en el sur de California con soluciones de suministro de agua. A partir de 2024, el mercado agrícola del agua en California se valora en aproximadamente $ 2.3 mil millones anuales.

Segmento agrícola	Demanda anual de agua (acre-pies)	Cuota de mercado potencial
Cultivos permanentes	1.2 millones	35%
Cultivos anuales	800,000	25%

Agencias municipales de agua

Cádiz se dirige a las agencias municipales del agua en el sur de California con estrategias sostenibles de gestión del agua.

• Número de agencias municipales específicas: 12
• Demanda total de agua municipal: 1.5 millones de acres-pie anual
• Déficit de suministro de agua proyectado: 500,000 acres-pies para 2030

Southern California Urban Water Consumers

Los consumidores de agua urbana representan un segmento crítico de clientes para Cadiz Inc.

Región urbana	Población	Consumo de agua (galones/día)
Condado de Los Ángeles	10.1 millones	1.200 millones
Condado de Orange	3.2 millones	380 millones

Autoridades de gestión del agua estatales y federales

Cádiz colabora con entidades estatales y federales de gestión del agua para abordar los desafíos regionales del agua.

• Compromiso estatal de la junta de control de recursos hídricos: activo
• Asociaciones de la Oficina Federal de Recuperación: 3 proyectos en curso
• Presupuesto anual de cumplimiento regulatorio: $ 1.5 millones

Organizaciones de conservación ambiental

Cadiz Inc. mantiene relaciones estratégicas con grupos de conservación ambiental.

Tipo de organización	Número de asociaciones	Inversión colaborativa anual
Grupos de conservación regionales	7	$750,000
Organizaciones ambientales nacionales	4	$ 1.2 millones

Cadiz Inc. (CDZI) - Modelo de negocio: Estructura de costos

Gastos de adquisición y mantenimiento de tierras

A partir de 2024, Cadiz Inc. posee aproximadamente 34,000 acres de tierra en el condado de San Bernardino, California. Los costos anuales de mantenimiento de la tierra se estiman en $ 325,000 por año.

Activo terrestre	Superficie total	Costo de mantenimiento anual
Cádiz Tierra del Proyecto Agrícola y Agua	34,000 acres	$325,000

Desarrollo y construcción de infraestructura de agua

Los costos de desarrollo de infraestructura para el Proyecto Cadiz Water se proyectan en $ 250 millones, con gastos de mantenimiento anuales continuos de aproximadamente $ 5.2 millones.

• Costos de construcción de tuberías: $ 175 millones
• Infraestructura de almacenamiento de agua: $ 75 millones
• Mantenimiento anual y gastos operativos: $ 5.2 millones

Cumplimiento regulatorio y evaluación ambiental

Los gastos anuales de cumplimiento regulatorio y monitoreo ambiental totalizan aproximadamente $ 1.8 millones.

Categoría de cumplimiento	Costo anual
Estudios de impacto ambiental	$750,000
Renovaciones de permisos regulatorios	$650,000
Monitoreo e informes	$400,000

Investigación técnica e costos de ingeniería

La inversión anual en investigación técnica e ingeniería es de aproximadamente $ 3.5 millones.

• Investigación de hidrología de agua subterránea: $ 1.2 millones
• Desarrollo de tecnología de tratamiento de agua: $ 1.5 millones
• Estudios de optimización de infraestructura: $ 800,000

Gastos generales legales y administrativos

Los costos generales legales y administrativos para Cadiz Inc. se estiman en $ 2.3 millones anuales.

Categoría de gastos administrativos	Costo anual
Servicios legales	$ 1.4 millones
Administración corporativa	$900,000

Cadiz Inc. (CDZI) - Modelo de negocio: flujos de ingresos

Acuerdos de derechos de agua y transferencia de agua

Cadiz Inc. tiene derechos de agua para aproximadamente 45,000 acres de tierra en el desierto de Mojave, con una capacidad potencial de almacenamiento de agua de 1,77 millones de acres.

Activo de derechos de agua	Cantidad	Valor estimado
Área de tierra	45,000 acres	No revelado
Capacidad de almacenamiento de agua	1.77 millones de acres-pie	No valorado públicamente

Contratos de desarrollo de infraestructura

Cádiz ha propuesto proyectos de infraestructura de agua con posibles ingresos contractuales a largo plazo.

• Asociación del Distrito de Agua de Santa Margarita
• Colaboración del Distrito Municipal del Valle del Valle de San Bernardino

Arrendamiento de suministro de agua a largo plazo

Volúmenes anuales de suministro de agua proyectados e ingresos potenciales de arrendamiento.

Segmento de suministro de agua	Volumen anual	Ingresos anuales estimados
Arrendamiento agrícola	50,000 acres-pie	No revelado públicamente
Arrendamiento de agua municipal	Hasta 75,000 acres-pie	No revelado públicamente

Tarifas de almacenamiento y gestión de agua subterránea

Ingresos potenciales de los servicios de gestión de aguas subterráneas en la región del sur de California.

Ingresos potenciales del proyecto de energía renovable

Cádiz ha explorado el desarrollo de la energía solar en sus tenencias de tierras.

• Potencial del proyecto solar: 125-150 megavatios
• Tierra disponible para energía renovable: aproximadamente 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.