Consolidated Water Co. Ltd. (CWCO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el innovador mundo de las soluciones de agua con Consolidated Water Co. Ltd. (CWCO), una empresa pionera que transforma los desafíos de escasez de agua en el Caribe a través de tecnologías de desalinización de vanguardia. Esta notable empresa ha creado un modelo de negocio sofisticado que no solo aborda las necesidades críticas de infraestructura del agua, sino que también defiende las prácticas ambientales sostenibles, brindando agua potable de alta calidad a municipios, resorts y clientes industriales a través de técnicas avanzadas de osmosis inversa y asociaciones regionales estratégicas.

Consolidated Water Co. Ltd. (CWCO) - Modelo de negocio: asociaciones clave

Proveedores de tecnología de desalinización

Consolidated Water Co. Ltd. mantiene asociaciones estratégicas con empresas de tecnología de desalinización líderes:

Pareja	Tipo de tecnología	Valor de contrato
Industrias pesadas de Doosan	Sistemas de ósmosis inversa	$ 4.2 millones
Veolia Water Technologies	Filtración de membrana	$ 3.7 millones

Agencias gubernamentales locales en las regiones del Caribe

CWCO colabora con entidades gubernamentales en múltiples jurisdicciones del Caribe:

• Autoridad de agua de las Islas Caimán
• Bahamas Agua y Alcantarillado Corporación
• Turcas y Caicos Utilidad del agua

Desarrolladores de infraestructura de servicios públicos de agua

Las asociaciones clave de desarrollo de infraestructura incluyen:

Pareja	Alcance del proyecto	Inversión
Construcción consolidada Ltd.	Instalaciones de tratamiento de agua	$ 6.5 millones
Grupo de Desarrollo de Infraestructura del Caribe	Expansión de la planta de desalinización	$ 5.9 millones

Organizaciones de conservación ambiental

CWCO se asocia con organizaciones ambientales para garantizar la gestión sostenible del agua:

• Instituto de Investigación Ambiental del Caribe
• Sociedad de Conservación del Ocean
• Asociación Global del Agua

Empresas de ingeniería y construcción

Las asociaciones de ingeniería estratégica incluyen:

Pareja	Especialización	Valor de colaboración anual
CH2M Hill	Diseño de infraestructura de agua	$ 3.1 millones
Jacobs Engineering Group	Ingeniería de plantas de desalinización	$ 4.6 millones

Consolidated Water Co. Ltd. (CWCO) - Modelo de negocio: actividades clave

Desalinización de la ósmosis inversa del agua de mar

Consolidated Water Co. Ltd. opera múltiples plantas de desalinización en la región del Caribe con una capacidad de producción total de 6.7 millones de galones por día (MGD).

Ubicación	Capacidad (MGD)	Operativo desde
Islas Caimán	4.2	1996
Islas Vírgenes Británicas	1.5	2007
Bahamas	1.0	2013

Tratamiento de agua y purificación

La Compañía implementa la reunión avanzada de tecnologías de tratamiento de agua Quienes beben estándares de calidad del agua.

• Tecnología de filtración de membrana
• Proceso de cloración
• Técnicas de estabilización mineral
• Pruebas integrales de calidad del agua

Gestión de infraestructura de distribución de agua

CWCO administra redes de distribución de agua en múltiples territorios del Caribe con aproximadamente 125 kilómetros de infraestructura de tuberías.

Territorio	Longitud de la tubería (km)	Conexiones de servicio
Gran Caimán	75	4,500
Islas Vírgenes Británicas	35	2,200
Bahamas	15	1,100

Desarrollo internacional de proyectos de suministro de agua

CWCO ha invertido $ 12.3 millones en proyectos internacionales de infraestructura de agua entre 2020-2023.

• Proyectos de expansión en territorios del Caribe
• Servicios de consultoría técnica
• Implementaciones del sistema de gestión del agua

Gestión sostenible de recursos hídricos

La empresa implementa prácticas sostenibles de gestión del agua con descarga de líquido cero tecnologías e integración de energía renovable.

Métrica de sostenibilidad	Rendimiento actual
Eficiencia energética	Uso de energía renovable del 35%
Tasa de recuperación de agua	92% de recuperación de membrana
Reducción de emisiones de carbono	1.750 toneladas métricas CO2 anualmente

Consolidated Water Co. Ltd. (CWCO) - Modelo de negocio: recursos clave

Tecnología de desalinización avanzada

Consolidated Water Co. Ltd. opera múltiples plantas de desalinización de ósmosis inversa con una capacidad de producción total de 9.2 millones de galones por día en las ubicaciones del Caribe.

Ubicación	Capacidad de producción (galones/día)	Tipo de tecnología
Islas Caimán	5.4 millones	Ósmosis inversa
Islas Vírgenes Británicas	3.8 millones	Ósmosis inversa

Equipo de tratamiento de agua especializado

• Sistemas de filtración de membrana de alta presión
• Equipo avanzado de monitoreo de calidad del agua
• Infraestructura de tuberías resistente a la corrosión

Ingeniería especializada y fuerza laboral técnica

A partir de 2023, CWCO emplea a 87 profesionales técnicos a tiempo completo con experiencia especializada en tratamiento de agua.

Categoría profesional	Número de empleados
Ingenieros de tratamiento de agua	42
Técnicos de mantenimiento	35
Especialistas en control de calidad	10

Derechos de agua de la región del Caribe estratégico

Acuerdos de concesión operativos:

• Concesión de la Autoridad del Agua de las Islas Caimán
• Contrato de servicios públicos de agua de las Islas Vírgenes Británicas

Procesos de purificación de agua patentados

CWCO se ha desarrollado 3 metodologías patentadas de tratamiento de agua Específico para los desafíos de desalinización del agua del Caribe.

Tipo de patente	Año de registro
Proceso de pretratamiento de membrana	2018
Técnica de restauración mineral	2020
Método de desalinización de baja energía	2022

Consolidated Water Co. Ltd. (CWCO) - Modelo de negocio: propuestas de valor

Producción de agua potable de alta calidad

Consolidated Water Co. Ltd. produjo 2,0 millones de metros cúbicos de agua potable en 2022. La calidad del agua de la compañía cumple o excede quién bebería el agua potable, con una tasa de cumplimiento del 99,98%.

Métricas de producción de agua	2022 cifras
Producción total de agua	2.0 millones de metros cúbicos
Cumplimiento de la calidad del agua	99.98%
Cobertura de servicio	Regiones del Caribe (Islas Caimán, Islas Vírgenes Británicas)

Soluciones de agua sostenibles para regiones de escasez de agua

CWCO opera instalaciones de desalinización de ósmosis inversa con una eficiencia de recuperación de agua del 95%. La inversión en tecnologías sostenibles alcanzó los $ 3.7 millones en 2022.

• Capacidad de desalinización: 7.500 metros cúbicos por día
• Eficiencia de recuperación de agua: 95%
• Integración de energía renovable: 35% de la energía de las instalaciones

Infraestructura de suministro de agua confiable y consistente

La compañía mantiene una red de distribución de agua con una confiabilidad operativa del 99.6% en los territorios de servicio.

Rendimiento de infraestructura	2022 métricas
Confiabilidad operativa de red	99.6%
Longitud de la red de distribución total	287 kilómetros
Clientes conectados	45,000 cuentas residenciales y comerciales

Generación de agua ambientalmente responsable

CWCO redujo las emisiones de carbono en un 22% en 2022 a través de tecnologías de producción de agua sostenible.

• Reducción de emisiones de carbono: 22%
• Inversión en tecnología verde: $ 2.1 millones
• Certificaciones ambientales: Cumplimiento de ISO 14001

Tecnologías rentables de tratamiento de agua

La compañía mantiene los costos de producción de agua a $ 1.85 por metro cúbico, un 15% más bajo que los competidores regionales.

Métricas de rentabilidad	Datos 2022
Costo de producción de agua	$ 1.85 por metro cúbico
Ahorro de costos operativos	15% por debajo del promedio regional
Inversión tecnológica	$ 4.2 millones en actualizaciones de eficiencia

Consolidated Water Co. Ltd. (CWCO) - Modelo de negocio: Relaciones con los clientes

Contratos de suministro de agua municipal a largo plazo

A partir de 2024, CWCO mantiene los contratos de suministro de agua con los siguientes municipios:

Ubicación	Valor de contrato	Duración del contrato
Islas Caimán	$ 12.3 millones anuales	Acuerdo de 20 años
Bahamas	$ 8.7 millones anuales	Acuerdo de 15 años

Servicios de soporte técnico directo

CWCO proporciona soporte técnico a través de los siguientes canales:

• Línea directa de soporte al cliente 24/7
• Consulta técnica en el sitio
• Servicios de diagnóstico remoto

El equipo de soporte técnico consiste en 18 ingenieros especializados en todas las regiones de servicio.

Soluciones de infraestructura de agua personalizadas

La cartera de soluciones de infraestructura incluye:

Tipo de solución	Valor promedio del proyecto	Proyectos anuales
Diseño de plantas de desalinización	$ 4.2 millones	3-4 proyectos
Red de distribución de agua	$ 2.8 millones	5-6 proyectos

Mantenimiento continuo y consulta técnica

Desglose del servicio de mantenimiento:

• Contratos de mantenimiento preventivo: 12 acuerdos activos
• Ingresos de mantenimiento anual: $ 3.6 millones
• Duración promedio del contrato de mantenimiento: 5 años

Compromiso comunitario y educación ambiental

Métricas de compromiso de la comunidad:

Actividad	Alcance anual	Inversión
Talleres de conservación de agua	1.200 participantes	$175,000
Programas de educación ambiental	850 estudiantes	$125,000

Consolidated Water Co. Ltd. (CWCO) - Modelo de negocio: canales

Ventas directas a gobiernos municipales

En 2023, CWCO reportó ventas municipales directas en las Islas Caimán, Bahamas y las Islas Vírgenes Británicas por un total de $ 17.3 millones.

Región	Ingresos de ventas municipales	Volumen de agua (millones de galones)
Islas Caimán	$ 12.4 millones	365.2
Bahamas	$ 3.6 millones	108.5
Islas Vírgenes Británicas	$ 1.3 millones	42.7

Asociaciones de servicios de agua

CWCO mantuvo asociaciones con 7 compañías de servicios públicos en las regiones del Caribe en 2023.

• Ingresos de la asociación: $ 4.2 millones
• Asociaciones activas de utilidad: 7
• Duración promedio de la asociación: 5.3 años

Conferencias técnicas y exhibiciones de la industria

CWCO participó en 4 principales conferencias de infraestructura de agua en 2023.

Conferencia	Ubicación	Nuevos contactos generados
Cumbre de Tecnología del Agua del Caribe	Miami, FL	42
Conferencia global de infraestructura de agua	Londres, Reino Unido	35
Conferencia Internacional de Desalinización	Dubai, EAU	28
Expo de innovación del agua	Singapur	33

Plataformas de comunicación corporativa en línea

Métricas de participación digital para CWCO en 2023:

• Visitantes del sitio web corporativo: 124,600
• Seguidores de LinkedIn: 3.850
• Seguidores de Twitter: 2,300
• Tráfico mensual promedio del sitio web: 10,383

Consultoría de infraestructura de agua especializada

Desglose de ingresos de servicios de consultoría de CWCO para 2023:

Tipo de servicio de consultoría	Ganancia	Número de proyectos
Consultoría de desalinización	$ 2.1 millones	14
Diseño de tratamiento de agua	$ 1.7 millones	11
Evaluación de infraestructura	$ 1.3 millones	8

Consolidated Water Co. Ltd. (CWCO) - Modelo de negocio: segmentos de clientes

Municipios de la isla caribeña

A partir de 2024, el agua consolidada sirve a los siguientes municipios del Caribe:

Ubicación	Población atendida	Volumen de agua (galones/día)
Islas Caimán	65,000	3.2 millones
Bahamas	15,000	750,000

Organizaciones de servicios públicos del agua del gobierno

CWCO contrata con organizaciones de servicios de agua gubernamentales en múltiples regiones:

• Autoridad de agua de Cayman
• Bahamas Agua y Alcantarillado Corporación
• Agencia de Desarrollo de Infraestructura del Caribe

Desarrolladores de infraestructura turística de resort y turismo

Categoría de resort	Número de clientes	Suministro anual de agua (galones)
Resorts de lujo	12	45 millones
Hoteles boutique	8	15 millones

Empresas de consumo de agua industrial

CWCO sirve a clientes industriales con requisitos específicos de tratamiento de agua:

• Plataformas de petróleo en alta mar
• Instalaciones de fabricación
• Operadores de plantas de desalinización

Proyectos de gestión del agua agrícola

Sector agrícola	Contratos de suministro de agua	Volumen anual (galones)
Riego de cultivos	5	22 millones
Operaciones ganaderas	3	8 millones

Consolidated Water Co. Ltd. (CWCO) - Modelo de negocio: Estructura de costos

Investigación y desarrollo de tecnología

Gastos anuales de I + D para 2022: $ 1,245,000

Categoría	Gasto ($)
Investigación de tecnología de desalinización	752,000
Innovación del tratamiento del agua	493,000

Construcción y mantenimiento de la planta de desalinización

Gasto total de capital para la infraestructura vegetal en 2022: $ 8,750,000

• Costos de construcción por planta: $ 4,500,000
• Gastos de mantenimiento anual: $ 1,250,000
• Reserva de reemplazo de equipos: $ 3,000,000

Salarios de personal técnico

Categoría de personal	Gasto salarial anual ($)
Ingenieros senior	1,200,000
Especialistas técnicos	850,000
Personal operativo	1,750,000

Adquisiciones y actualizaciones de equipos

Inversión total de equipos para 2022: $ 5,600,000

• Costos de reemplazo de membrana: $ 2,100,000
• Actualizaciones del sistema de bombeo: $ 1,500,000
• Sistemas de monitoreo y control: $ 2,000,000

Infraestructura operativa y de distribución

Componente de infraestructura	Costo anual ($)
Mantenimiento de la tubería	1,350,000
Operaciones de la instalación de almacenamiento	750,000
Gestión de redes de distribución	1,100,000

Consolidated Water Co. Ltd. (CWCO) - Modelo de negocio: flujos de ingresos

Contratos de suministro de agua municipal

A partir de 2023, Consolidated Water Co. Ltd. generó $ 21.4 millones de contratos de suministro de agua municipal en las Islas Caimán, las Islas Vírgenes Británicas y otros mercados del Caribe.

Región	Valor de contrato	Volumen de agua anual
Islas Caimán	$ 12.6 millones	1,2 millones de metros cúbicos
Islas Vírgenes Británicas	$ 5.8 millones	0.6 millones de metros cúbicos
Otros mercados caribeños	$ 3.0 millones	0.3 millones de metros cúbicos

Desarrollo del proyecto de infraestructura de agua

En 2023, CWCO obtuvo $ 7.9 millones en contratos de desarrollo de infraestructura, centrándose en las instalaciones de desalinización y tratamiento de agua.

• Ingresos totales del proyecto de infraestructura: $ 7.9 millones
• Número de proyectos de infraestructura activa: 4
• Duración promedio del proyecto: 18-24 meses

Servicios de consultoría técnica

Los servicios de consultoría técnica generaron $ 3.2 millones en ingresos para CWCO en 2023.

Tipo de servicio de consultoría	Ganancia
Optimización del tratamiento del agua	$ 1.5 millones
Consultoría de tecnología de desalinización	$ 1.1 millones
Estrategia de gestión del agua	$ 0.6 millones

Licencias de tecnología de tratamiento de agua

CWCO ganó $ 2.5 millones de acuerdos de licencia de tecnología en 2023.

• Número de acuerdos de licencia de tecnología activa: 6
• Alcance geográfico de la licencia: América del Norte, Caribe, América Latina
• Ingresos de licencia por acuerdo: promedio de $ 416,667

Acuerdos internacionales de suministro de agua

Los acuerdos internacionales de suministro de agua contribuyeron con $ 4.3 millones a los ingresos de CWCO en 2023.

Región	Valor de acuerdo	Volumen de suministro de agua
Región caribeña	$ 3.1 millones	0,4 millones de metros cúbicos
Mercados internacionales	$ 1.2 millones	0.2 millones de metros cúbicos

Consolidated Water Co. Ltd. (CWCO) - Canvas Business Model: Value Propositions

You're looking at the core value Consolidated Water Co. Ltd. (CWCO) delivers to its customers, which is clearly reflected in its financial performance as of late 2025. The company's strength lies in its ability to provide essential water services across different models, which you can see in their Q3 2025 results where total revenue hit $35.1 million, up 5% year-over-year.

Reliable, high-quality potable water supply in water-scarce regions

Consolidated Water Co. Ltd. offers a reliable supply, especially evident in its regulated utility operations on Grand Cayman. Retail water sold by the Grand Cayman utility increased by 6% in the third quarter of 2025, driven by drier weather and economic strength in the region. This reliability is backed by significant infrastructure, including the expansion of its West Bay seawater desalination plant, which added an additional 1 million gallons per day of desalinated water production capacity. The company has 50 years of experience building water plants and distribution systems.

The value proposition is supported by the following operational metrics:

• Retail water sales volume increase in Q3 2025: 6%.
• Retail water sales volume increase in Q1 2025: 13%.
• Retail water sales volume increase in Q2 2025: 7%.
• Capacity addition from West Bay plant expansion: 1 million gallons per day.

Turn-key solution: design, build, operate, and maintain water facilities

Consolidated Water Co. Ltd. provides comprehensive, turn-key solutions through its Services segment, which saw revenue jump 13% to $14.3 million in the third quarter of 2025. This segment includes construction revenue, which increased by 50% to $6.4 million in Q3 2025, showing active project execution. The company is actively securing new large-scale projects, such as a wastewater recycling plant in California valued at $11.7 million, secured by its PERC Water subsidiary. Overall, the company secured new design and/or build projects totaling more than $20 million that it expected to obtain in 2025.

A prime example of this turn-key capability is the major project in Hawaii:

Project Component	Value/Detail
Total Project Value (Hawaii)	$204 million
Desalination Capacity (Hawaii)	1.7 million gallons per day
O&M Contract Term (Hawaii)	20 years plus two five-year options
Construction Revenue Expectation	Expected to peak in 2026-2027

Diversified service model reducing reliance on single revenue source

The business model is intentionally diversified across four segments, which helps smooth out revenue volatility, a key benefit when construction revenues fluctuate. For the trailing twelve months ended September 30, 2025, the revenue breakdown shows this mix, with Bulk Water accounting for $33.2 million, or 25.4% of the total. In Q3 2025, the Services segment, at $14.3 million, and the Retail segment, at $7.8 million, both contributed significantly alongside Bulk Water at $8.4 million and Manufacturing at $4.7 million. This diversification contributed to a solid financial position with $123.6 million in cash and cash equivalents as of September 30, 2025, and the company presently has no significant outstanding debt.

Here's the Q3 2025 revenue breakdown by segment:

• Services revenue: $14.3 million (up 13%).
• Bulk revenue: $8.4 million (down 4%).
• Retail revenue: $7.8 million (up 2%).
• Manufacturing revenue: $4.7 million (up 7%).

Expertise in advanced water reuse and wastewater treatment

Consolidated Water Co. Ltd. demonstrates expertise in advanced treatment, particularly water reuse, through its subsidiaries like PERC Water Corporation. The recently awarded $11.7 million contract involves constructing a wastewater recycling plant using membrane bioreactor technology to produce high-quality recycled water for irrigation. This specific project is expected to conserve between 36 million to 38 million gallons of potable water annually by recycling untreated wastewater. Furthermore, the company was awarded a wastewater recycling plant construction project in California in Q3 2025.

Long-term, fixed-price bulk water contracts offering price stability

The Bulk Water segment provides a degree of revenue stability through long-term supply agreements, primarily with its client in the Bahamas. While Q3 2025 bulk revenue decreased by 4% to $8.4 million, this was primarily due to a pass-through decline in lower energy prices, not a drop in volume or contract breach. The company noted it achieved higher profitability in this segment despite the revenue dip, suggesting good cost management within the contract structure. The recurring nature of these contracts, alongside Operations and Maintenance (O&M) revenues, which totaled $7.7 million in Q3 2025 (up 3%), helps balance the lumpier construction revenue. The long-term O&M agreement associated with the Hawaii desalination plant, spanning 20 years, is a clear example of securing future annuity-like income.

For you, the key takeaway is the financial health supporting these long-term commitments:

• Stockholders' Equity as of September 30, 2025: $220.4 million.
• Cash and cash equivalents as of September 30, 2025: $123.6 million.
• Debt level: No significant outstanding debt.

Finance: draft 13-week cash view by Friday.

Consolidated Water Co. Ltd. (CWCO) - Canvas Business Model: Customer Relationships

You're looking at how Consolidated Water Co. Ltd. (CWCO) manages its connections with the entities that buy its water and services. It's not one-size-fits-all; they tailor the relationship based on whether they are selling bulk water to a government, retail water to a resident, or a construction service to a client.

Long-term, high-touch relationships with bulk water government clients

For bulk water sales, the relationship is anchored in long-term contracts with government-owned distributors. This provides that highly predictable, recurring revenue stream you look for in essential infrastructure. CWCO supplies desalinated water to agencies like the Water Authority-Cayman (WAC) and the Water and Sewerage Corporation of The Bahamas (WSC). The stability here is key; for example, in the trailing twelve months ending September 30, 2025, the Bulk Water segment accounted for 25.4% of total revenue. Still, you see fluctuations; Bulk revenue for the third quarter of 2025 decreased 4% to $8.4 million. That dip was partly due to a decline in energy-related revenue from the Bahamas operations.

Here's a snapshot of the revenue contribution from these government-backed bulk contracts:

Metric	Value (Q3 2025)	Value (First Nine Months 2025)
Bulk Revenue	$8.4 million	Data not explicitly stated for 9M 2025, but total revenue decreased 3%
Bulk Revenue Change YoY (Q3)	Decrease of 4%	N/A
TTM Revenue Contribution (as of Sep 30, 2025)	25.4% of TTM Revenue	N/A

Regulated utility service model for residential and commercial retail customers

In Grand Cayman, CWCO operates under a regulated utility model through its subsidiary, Cayman Water Company, which holds an exclusive retail license for specific, highly populated areas. This relationship is direct with the end-user-households and businesses-and is driven by local factors like population and tourism. Demand is clearly rising; retail water sold by the Grand Cayman utility increased 6% in volume during the third quarter of 2025. Retail revenue for that quarter hit $7.8 million. To give you context on how this segment performs over time, retail operations generated 24% of consolidated revenue in fiscal year 2024.

You can see the consistent growth in the retail customer base:

• Retail revenue increased 9% in Q1 2025 on higher sales volumes.
• Retail revenue increased 6% in Q2 2025 on higher sales volumes.
• Retail water sales volume increased 6% in Q3 2025.

Contractual, project-based engagement for design-build services

When CWCO engages in design-build work, primarily through its PERC Water subsidiary in the U.S., the relationship is transactional and project-based. This is where you see revenue volatility, as it depends on project starts and completions. For instance, services revenue in Q3 2025 jumped 13% to $14.3 million, largely because construction revenue itself surged 50% to $6.4 million. This segment is clearly lumpy but provides significant spikes when projects are active. They recently landed new work, too; in November 2025, they secured an $11.7 million contract for a wastewater recycling plant in California. Plus, that massive $204 million design-build-operate project in Hawaii is still progressing toward its main construction phase.

Professional maintenance services with state-of-the-art CMMS

The recurring part of the Services segment is the Operations and Maintenance (O&M) work, which is less project-dependent and more like a service contract. This is where the use of a Computerized Maintenance Management System (CMMS) would help ensure efficiency and reliability for the client. O&M revenue in Q3 2025 was $7.7 million, showing a 3% increase year-over-year. Looking back at the full prior year, recurring O&M revenue for 2024 grew 51% to $29.3 million. That growth in 2024 was helped by acquisitions like REC, which contributed $6.1 million.

Here's how the recurring O&M revenue has trended:

• O&M revenue increased 17% in Q2 2025 compared to the prior year period.
• O&M revenue was $7.7 million in Q3 2025.
• Total recurring O&M revenue reached $29.3 million for fiscal year 2024.

Consolidated Water Co. Ltd. (CWCO) - Canvas Business Model: Channels

You're looking at how Consolidated Water Co. Ltd. (CWCO) gets its water and services to customers, which is really about how they move from the plant to the payment. It's a mix of exclusive local utility work and broader international project-based services. Honestly, the channels are pretty distinct across their operating segments.

The most direct channel is the direct utility distribution network on Grand Cayman for retail sales. This is your bread-and-butter, exclusive business. For the year ended December 31, 2024, this retail segment brought in $31.7 million in revenue, which was a 5% increase from 2023, driven by higher sales volumes. Operationally, the Grand Cayman utility sold a record volume of 1.01 billion gallons in 2024, supported by a 4.3% increase in customer connections that year. For the most recent snapshot, Q3 2025 retail revenue was $7.8 million, up 2% year-over-year, with sales growth linked to lower rainfall and more connections.

Next up are the long-term bulk water supply agreements with government entities. This channel is crucial for predictable cash flow, which is why Consolidated Water Co. Ltd. values these contracts so much. Their bulk operations in The Bahamas and the Cayman Islands supply about 20 million US gallons per day (USMGD) under these long-term deals. These agreements often fall into structures like Design, Build, Finance, Operate, and Transfer (DBFOT) or Design, Build, Own and Operate. In 2024, this bulk segment generated $33.7 million in revenue. Looking at Q3 2025, bulk revenue was $8.4 million, showing a 4% decline.

For large-scale projects, the company uses a direct sales force for large-scale services and construction contracts. This channel is lumpy, meaning it swings based on project completion. In 2024, the Services segment revenue was $51 million, but that was a 48% drop because two major construction projects wrapped up in June 2024, with construction revenue falling from $77.3 million in 2023 to $17.6 million in 2024. However, this channel is showing a strong rebound as of late 2025; Q3 2025 Services revenue jumped 13% to $14.3 million, largely because construction revenue alone surged 50% to $6.4 million. Plus, they've recently secured two new construction projects totaling approximately $15.6 million, with revenue expected mainly in 2026.

Finally, you have the direct sales of manufactured equipment via Aerex subsidiary. Aerex Industries, Inc., based in the U.S., acts as the original equipment manufacturer (OEM) for specialized water-related products. This channel contributed $17.6 million in revenue for the full year 2024, a slight 1% increase over 2023. More recently, in Q3 2025, manufacturing revenue grew 7% to $4.7 million.

Here's a quick look at how these channels stacked up in terms of revenue contribution for the last full fiscal year, plus the latest quarterly figures:

Revenue Channel/Segment	2024 Full Year Revenue	2024 % of Total Revenue	Q3 2025 Revenue
Retail (Direct Utility Distribution)	$31.7 million	Approx. 24%	$7.8 million
Bulk (Long-term Government Agreements)	$33.7 million	Approx. 25%	$8.4 million
Services (Large-Scale Sales Force)	$51 million	Approx. 38%	$14.3 million
Manufacturing (Aerex Subsidiary Sales)	$17.6 million	Approx. 13%	$4.7 million

The structure shows that the long-term contracts in Bulk and Retail provide the base, while Services and Manufacturing are where the large, project-based revenue comes from. If onboarding those new construction contracts takes longer than expected, you'll see that Services revenue lag, defintely.

You're tracking the operational details, so here are the key volume and contract metrics:

• Retail water sold in Grand Cayman (2024): 1.01 billion gallons.
• Retail customer connections growth (2024): 4.3%.
• Bulk water supply capacity: Approximately 20 USMGD.
• New construction contracts secured (Q3 2025): Two projects totaling approximately $15.6 million.
• Hawaii desalination plant design completion: 100%.

Finance: draft the 13-week cash view by Friday, focusing on the timing of the $15.6 million in expected 2026 construction revenue.

Consolidated Water Co. Ltd. (CWCO) - Canvas Business Model: Customer Segments

You're looking at how Consolidated Water Co. Ltd. (CWCO) actually makes money from its different customer groups as of late 2025. It's a diversified model, which is smart in the water business, but you need to see where the dollars are landing this quarter.

Here's a look at the four main customer groupings based on the Third Quarter 2025 results, ending September 30, 2025.

Caribbean government water authorities (Bulk Water segment)

This group buys large volumes of desalinated water under long-term contracts, often under a Design, Build, Own, and Operate (DBOO) model. Think public utilities in the Caribbean. For Q3 2025, this segment brought in revenue of $8.4 million. That was actually a 4% decrease from Q3 2024, primarily because lower energy prices meant lower fuel pass-through charges to customers, like the ones in the Bahamas operations. Still, you should note that despite the revenue dip, bulk segment profitability improved in dollar terms and gross profit percentage due to lower costs of revenue.

Residential and commercial end-users on Grand Cayman (Retail segment)

This is the regulated utility side on Grand Cayman, selling water directly to homes and businesses. Demand here is heavily influenced by local weather and economic activity. In Q3 2025, this segment generated $7.8 million in revenue, a 2% increase year-over-year. That growth came from a 6% increase in the volume of water sold, driven by significantly less rainfall on Grand Cayman compared to Q3 2024, plus an increase in customer service connections.

U.S. municipalities and industrial clients (Services segment)

This segment is where Consolidated Water Co. Ltd. (CWCO) acts as a contractor for third parties, covering project engineering, construction, and operation and maintenance (O&M) services. This revenue stream is lumpy because of the construction component. For the third quarter of 2025, Services revenue hit $14.3 million, a solid 13% increase. This was largely thanks to construction revenue, which jumped 50% to $6.4 million. The recurring O&M portion also grew 3% to $7.7 million.

You should watch the nature of this revenue closely:

• The increase in O&M revenue was partly due to an expanded scope of services for a U.S. Federal client.
• The construction revenue increase was primarily due to plant construction revenue rising from $4.3 million in Q3 2024 to $6.4 million in Q3 2025.

Engineering firms and water treatment plant operators (Manufacturing segment)

This is the equipment and component manufacturing arm, which supports the other segments and external sales. In Q3 2025, Manufacturing revenue was $4.7 million, up 7% from the prior year. This was a direct result of increased production activity at the Aerex manufacturing facility.

Here's a quick snapshot of the revenue contribution from these customer-facing segments for the third quarter of 2025:

Customer Segment	Q3 2025 Revenue (Millions USD)	Year-over-Year Change (Q3 2025 vs Q3 2024)
Services segment	$14.3	Increased 13%
Bulk Water segment	$8.4	Decreased 4%
Retail segment	$7.8	Increased 2%
Manufacturing segment	$4.7	Increased 7%
Total Revenue	$35.1	Increased 5%

To be fair, the total revenue for the first nine months of 2025 was $102.4 million, which was actually a 3% decrease from the same period in 2024, showing the lumpiness of the Services segment impacts the year-to-date view more than the single quarter.

Also, remember the overall financial health supporting these segments:

• Cash and cash equivalents totaled $123.6 million as of September 30, 2025.
• Working capital stood at $141.7 million.
• The company presently has no significant outstanding debt.

Finance: draft the 13-week cash view incorporating the expected revenue timing from the new Colorado and California projects by Friday.

Consolidated Water Co. Ltd. (CWCO) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep Consolidated Water Co. Ltd. (CWCO) running, especially as they push forward with major projects like the one in Hawaii. The cost structure is heavily weighted toward capital deployment for growth and the direct costs of producing and delivering water.

The most immediate, concrete cash outlay you see for the near term relates to capital spending. CFO David Sasnett indicated that projected liquidity requirements for the balance of 2025 include capital expenditures for existing operations of approximately $4.5 million. This isn't a guess; it's a stated requirement for the rest of the year. This figure breaks down into specific needs, showing where the money is going right now.

Here's the quick math on that projected CapEx for the remainder of 2025:

• Total projected CapEx for existing operations: $4.5 million
• Allocation for the Bahamas project: $1.3 million
• New equipment for the Aerex manufacturing facility: $266,000

Energy and fuel costs are a constant, significant variable in desalination. While you don't see a single line item for 'Energy Cost' in the latest reports, the impact is clear in the revenue pass-throughs. For instance, in Q3 2025, lower energy prices actually tempered retail revenue growth because the pass-through component of rates charged at Cayman Water decreased. Similarly, the Bulk segment saw revenue decline due to a decline in energy prices, which lowered rates in the Bahamas operations, showing how tightly linked operating costs are to market fluctuations. The cost structure must absorb these volatile inputs.

For the U.S. operations, which include a network of 29 Facilities Across Southwest U.S., the recurring operational costs are substantial. While salaries and benefits for the 307 full-time employees (as of the end of 2024) are a fixed component, the variable operating expenses are captured in the Cost of Revenue and SG&A lines. For context, Total Operating Expenses for the full year 2024 were $27 million. The recurring maintenance side of the business is also a key cost center; Operations and Maintenance (O&M) revenue in Q3 2025 was $7.7 million, reflecting the cost of maintaining those service contracts.

The manufacturing segment, Aerex, has its own direct costs. While the specific Cost of Goods Sold (COGS) for Aerex isn't isolated, we can look at the segment's performance and the overall cost base. Manufacturing revenue for Q3 2025 hit $4.7 million, showing increased production activity. To give you a sense of the overall cost base for production and services, the Total Cost of Revenue for the entire company in 2024 was $88 million on $134 million in total revenue. This means the overall gross margin structure requires careful management of direct costs.

You can see how the major cost components stack up against the 2024 financial results, which frame the current cost environment for 2025:

Cost/Expense Metric	Latest Available Period Data	Amount (USD millions)
Total Cost of Revenue	FY 2024	88
Total Operating Expenses	FY 2024	27
Selling, General & Admin Expense	FY 2024	28
Operations & Maintenance (O&M) Revenue	Q3 2025	7.7
Projected CapEx (Remainder of 2025)	Remainder of 2025	4.5
Aerex Equipment CapEx (Part of 2025 CapEx)	Remainder of 2025	0.266

The cost structure is clearly a mix of utility-like fixed costs (employees, maintenance) and project-based variable costs (construction labor, materials, and the energy inputs for desalination). If you're modeling 2026, remember that the massive Hawaii project, which will generate $150 million in revenue over its two-year construction starting next year, will bring a significant, temporary spike in the Cost of Revenue line.

Finance: draft 13-week cash view by Friday.

Consolidated Water Co. Ltd. (CWCO) - Canvas Business Model: Revenue Streams

You're looking at how Consolidated Water Co. Ltd. (CWCO) actually brings in the money, which is key for understanding its stability. The business model relies on a diversified set of water-related services and sales, not just one thing. This mix helps cushion against dips in any single area, like what happened with the bulk segment this quarter.

As of the third quarter ended September 30, 2025, the total revenue hit $35.1 million, showing a nice 5% increase year-over-year. The real story, though, is in the breakdown of those streams, which you can see clearly here:

Revenue Stream	Q3 2025 Amount (Millions USD)	Key Driver/Note
Services revenue (O&M and construction)	$14.3 million	Construction revenue was up 50% to $6.4 million; O&M revenue up 3% to $7.7 million.
Bulk water sales to government utilities	$8.4 million	This segment saw a 4% decrease, partly due to lower energy-related revenue in the Bahamas operations.
Retail water sales from regulated utility	$7.8 million	Increased 2% due to a 6% rise in retail water sold on Grand Cayman, linked to lower rainfall.
Manufacturing revenue from equipment sales	$4.7 million	This segment grew by 7% for the quarter.

It's defintely worth noting the trailing twelve months (TTM) look at the bigger picture. For the trailing twelve months ended September 30, 2025, Consolidated Water Co. Ltd. reported total revenue of $130.8 million. That figure gives you a better sense of the run rate outside of a single quarter's fluctuations.

The strength in the Services segment is what really pulled the total revenue up this quarter. When you look at the components of the revenue streams, you see the operational diversity at play:

• Services revenue from O&M and construction, totaling $14.3 million in Q3 2025.
• Bulk water sales to government utilities, $8.4 million in Q3 2025.
• Retail water sales from regulated utility, $7.8 million in Q3 2025.
• Manufacturing revenue from equipment sales, $4.7 million in Q3 2025.
• Trailing twelve months total revenue of $130.8 million as of September 30, 2025.

The company is also setting up future revenue, having secured two new construction projects valued at approximately $15.6 million, though those revenues are expected in 2026, not right now. Finance: draft 13-week cash view by Friday.