Recursos Hídricos Globales, Inc. (GWRS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En los áridos paisajes de Arizona, Global Water Resources, Inc. (GWRS) surge como un jugador fundamental en la gestión de servicios de agua, transformando el complejo desafío de la escasez de agua en una oportunidad de negocio estratégica. Al aprovechar la infraestructura innovadora, las soluciones sostenibles y las tecnologías avanzadas, GWRS ha creado un modelo de negocio integral que no solo garantiza servicios de agua confiables, sino que también aborda las necesidades ambientales y comunitarias críticas en las regiones con estragos en el agua. Su enfoque único entrea con experiencia tecnológica, asociaciones estratégicas y servicios centrados en el cliente para redefinir la gestión de recursos hídricos en un ecosistema desafiante.

Global Water Resources, Inc. (GWRS) - Modelo de negocios: asociaciones clave

Municipios y gobiernos locales en las áreas de servicio de agua de Arizona

Global Water Resources, Inc. se asocia con múltiples municipios en Arizona, incluyendo:

Municipio	Vía de Servício	Detalles de la asociación
Arroyo	Valle de San Tan	Servicios de agua y aguas residuales
Gilbert	Valle del Sureste	Gestión de infraestructura
Maricopa	Condado de pinal	Operaciones de servicios de agua

Empresas de ingeniería y construcción para el desarrollo de infraestructura

Las asociaciones clave de desarrollo de infraestructura incluyen:

• Negro & Timón
• CH2M Hill
• Jacobs Engineering Group

Proveedores de tecnología de tratamiento de agua

Las asociaciones tecnológicas implican:

Proveedor de tecnología	Tecnología específica	Año de implementación
Xylem Inc.	Sistemas de filtración avanzados	2022
Evoqua Water Technologies	Tratamiento de membrana	2023

Agencias reguladoras ambientales

Asociaciones de cumplimiento regulatorio con:

• Departamento de Calidad Ambiental de Arizona
• Agencia de Protección Ambiental (EPA)
• Autoridad de Finanzas de Infraestructura de Agua de Arizona

Desarrolladores inmobiliarios en regiones de servicio

Las asociaciones de desarrollo estratégico incluyen colaboraciones con:

Revelador	Ubicación del proyecto	Alcance del servicio de agua
Pulte Homes	Valle de San Tan	Infraestructura de agua integral
Casas de Lennar	Arroyo	Integración del servicio de servicios públicos

Global Water Resources, Inc. (GWRS) - Modelo de negocio: actividades clave

Gestión de servicios públicos de agua y aguas residuales

Global Water Resources administra los servicios de agua y aguas residuales en 7 sistemas de servicios públicos regulados en Arizona, atendiendo a aproximadamente 55,000 clientes. La compañía opera en municipios como Buckeye, Goodyear, Surprise y Peoria.

Vía de Servício	Número de sistemas de servicios públicos	Base de clientes
Arizona	7	55,000

Mantenimiento y expansión de la infraestructura

En 2022, Global Water invirtió $ 20.3 millones en mejoras de capital y desarrollo de infraestructura. La compañía mantiene más de 600 millas de tuberías de agua y aguas residuales.

• Inversión de capital: $ 20.3 millones (2022)
• Red de tuberías: más de 600 millas
• Centrarse en la modernización de la infraestructura de agua

Programas de conservación y sostenibilidad del agua

La compañía implementa estrategias de conservación del agua dirigidas al 15% de reducción del uso del agua por cliente. El uso reciclado de agua representa 3,2 millones de galones por día en sus áreas de servicio.

Objetivo de conservación	Volumen de agua reciclada
15% de reducción	3.2 millones de galones/día

Monitoreo de cumplimiento regulatorio

Global Water Resources mantiene 100% Cumplimiento con el Departamento de Normas de Calidad Ambiental de Arizona. La compañía realiza más de 50,000 pruebas de calidad del agua anualmente.

• Cumplimiento regulatorio: 100%
• Pruebas anuales de calidad del agua: más de 50,000

Servicio al cliente y gestión de facturación

La Compañía procesa aproximadamente 660,000 transacciones de facturación de clientes anualmente con una tasa de adopción de pago digital del 72%.

Transacciones de facturación anuales	Adopción de pago digital
660,000	72%

Global Water Resources, Inc. (GWRS) - Modelo de negocios: recursos clave

Infraestructura de tratamiento y distribución de agua

A partir de 2024, Global Water Resources opera 16 instalaciones de tratamiento de agua en Arizona. Valor de activos de infraestructura total: $ 189.3 millones. Gasto anual de capital para mantenimiento y expansión de infraestructura: $ 12.7 millones.

Tipo de infraestructura	Unidades totales	Capacidad (millones de galones por día)
Plantas de tratamiento de agua	16	45.6
Instalaciones de tratamiento de aguas residuales	11	38.2
Tuberías de distribución de agua	1,247 millas	N / A

Derechos de agua patentados en Arizona

Portafolio total de derechos de agua: 47,900 acres-pie anual. Valor de mercado estimado de los derechos del agua: $ 76.5 millones.

Experiencia técnica en gestión del agua

Composición de la fuerza laboral técnica:

• Total de empleados con experiencia en gestión del agua: 127
• Empleados con títulos avanzados: 42
• Años promedio de experiencia en la industria: 14.6 años

Tecnologías avanzadas de medición y monitoreo

Inversión en infraestructura tecnológica: $ 8.2 millones en 2023. Implementación del medidor inteligente: 98.6% de las conexiones de servicio.

Tipo de tecnología	Unidades totales	Inversión anual
Medidores de agua inteligentes	36,742	$ 3.6 millones
Sistemas de monitoreo remoto	16	$ 2.1 millones
Plataformas de análisis de datos	3	$ 2.5 millones

Fuerza laboral calificada especializada en servicios de agua

Fuerza laboral total: 237 empleados. Desglose de roles especializados:

• Especialistas en tratamiento de agua: 64
• Profesionales de ingeniería: 41
• Gestión de operaciones: 32
• Servicio al cliente: 58
• Soporte administrativo: 42

Global Water Resources, Inc. (GWRS) - Modelo de negocio: propuestas de valor

Servicio de agua confiable y consistente en regiones áridas

Global Water Resources atiende a 5 municipios en Arizona, brindando servicios de agua a aproximadamente 55,000 personas en 27 millas cuadradas. La compañía administra 14 sistemas de agua y aguas residuales en el área metropolitana de Phoenix.

Métrico de servicio	Cantidad
Conexiones totales de agua	20,285
Conexiones de aguas residuales	18,720
Agua anual entregada	3.200 millones de galones

Soluciones sostenibles de gestión del agua

La compañía se centra en las estrategias de reciclaje de agua y conservación en las regiones de escasez de agua.

• Uso de agua recuperado: 1.100 millones de galones anuales
• Tasa de reutilización del agua: 65% del agua total procesada
• Reducción de la extracción de agua subterránea: 40% en comparación con la gestión tradicional del agua

Inversión y modernización de infraestructura

Gasto de capital para mejoras de infraestructura de agua en 2023: $ 12.4 millones.

Categoría de inversión de infraestructura	Monto de la inversión
Actualización de instalaciones de tratamiento de agua	$ 5.6 millones
Reemplazo de la tubería	$ 4.2 millones
Tecnología de medición inteligente	$ 2.6 millones

Administración ambiental

Los recursos hídricos globales mantienen los estrictos estándares de cumplimiento ambiental y sostenibilidad.

• Cero violaciones ambientales en los últimos 5 años
• Reducción de emisiones de carbono: 22% desde 2018
• Eficiencia energética en el tratamiento del agua: mejora del 35%

Servicios de servicios de agua rentables

El rendimiento financiero demuestra la prestación de servicios rentable.

Métrica financiera	Valor 2023
Ingresos totales	$ 36.7 millones
Gastos operativos	$ 24.5 millones
Lngresos netos	$ 8.2 millones
Margen operativo	22.3%

Global Water Resources, Inc. (GWRS) - Modelo de negocios: relaciones con los clientes

Sistemas directos de atención al cliente

Global Water Resources mantiene un centro de servicio al cliente dedicado con las siguientes métricas operativas:

Canal de soporte	Volumen de contacto anual	Tiempo de respuesta promedio
Soporte telefónico	42,573 interacciones con los clientes	8.2 minutos
Soporte por correo electrónico	18,246 consultas por correo electrónico	Ventana de resolución de 24 horas

Facturación en línea y portal de clientes

Estadísticas de participación de la plataforma digital:

• 87.3% de los clientes registrados en el portal en línea
• 64.2% de los pagos de facturas procesadas digitalmente
• Tasa de descarga de la aplicación móvil: 42,500 usuarios activos

Programas de participación comunitaria

Tipo de programa	Participación anual	Inversión comunitaria
Talleres de conservación de agua	1.237 participantes	$ 127,500 asignados
Programas de educación escolar	22 escuelas comprometidas	$ 85,300 invertidos

Comunicación transparente sobre los servicios de agua

Desglose del canal de comunicación:

• Informes anuales de calidad del agua distribuidos: 98,765 hogares
• Reuniones de divulgación pública: 6 eventos por año
• Índice de transparencia del sitio web: 94% de accesibilidad de información

Guía personalizada de conservación del agua

Servicio de orientación	Alcance del cliente	Impacto en el ahorro de agua
Planes de conservación personalizados	3.745 clientes residenciales	17.6% Reducción promedio de agua
Recomendaciones de medidores inteligentes	2,890 instalaciones	12.3% de mejora de la eficiencia

Global Water Resources, Inc. (GWRS) - Modelo de negocios: canales

Portal de servicio al cliente en línea

Global Water Resources mantiene un portal de servicio al cliente en línea con las siguientes especificaciones:

Tráfico del sitio web (2023)	412,563 visitantes únicos
Transacciones de pago de facturas en línea	87% de los pagos totales del cliente
Accesibilidad de portal	Disponible 24/7

Aplicación móvil

Características de la aplicación móvil y estadísticas de uso:

• Conteo de descarga de la aplicación (2023): 68,245
• Usuarios activos mensuales: 42,500
• Calificaciones de la tienda de aplicaciones: 4.3/5 (iOS y Android)

Centros directos de atención al cliente

Ubicaciones de soporte total	3 centros de servicio al cliente físico
Interacciones anuales del cliente	127,890 contactos directos del cliente
Tiempo de respuesta promedio	47 minutos

Facturación física y ubicaciones de pago

Detalles de la infraestructura de pago:

• Ubicaciones de pagos totales: 12 sitios físicos
• Métodos de pago aceptados: efectivo, cheque, tarjeta de crédito
• Volumen de pago en persona: 13% de las transacciones totales

Eventos de divulgación comunitaria

Eventos comunitarios anuales	24 eventos
Total de los participantes (2023)	8.765 miembros de la comunidad
Tipos de eventos	Talleres de conservación de agua, programas escolares

Global Water Resources, Inc. (GWRS) - Modelo de negocios: segmentos de clientes

Consumidores de agua residencial

A partir de 2023, Global Water Resources atiende a aproximadamente 55,000 conexiones residenciales en Arizona.

Vía de Servício	Conexiones residenciales totales	Uso promedio de agua mensual
Área metropolitana de Phoenix	42,500	7,200 galones por hogar
Otras regiones de Arizona	12,500	6.800 galones por hogar

Clientes comerciales e industriales

Global Water Resources brinda servicios de agua a 1.250 clientes comerciales e industriales.

• Establecimientos minoristas: 450 clientes
• Instalaciones de fabricación: 350 clientes
• Complejos de oficina: 250 clientes
• Otras entidades comerciales: 200 clientes

Entidades gubernamentales municipales

La compañía atiende a 12 entidades gubernamentales municipales en Arizona.

Municipio	Tipo de servicio de agua	Valor anual del contrato
Arroyo	Gestión del agua completa	$ 1.2 millones
Valle de San Tan	Infraestructura de agua	$850,000

Desarrolladores inmobiliarios

Global Water Resources apoya 35 proyectos de desarrollo inmobiliario activo en 2023.

• Desarrollos de la comunidad residencial: 22 proyectos
• Desarrollos de uso mixto: 8 proyectos
• Comunidades planificadas maestras: 5 proyectos

Negocios agrícolas

La compañía administra los servicios de agua para 45 clientes agrícolas en Arizona.

Sector agrícola	Número de clientes	Uso anual promedio de agua
Cultivo de cultivos	28	1.5 millones de galones
Operaciones ganaderas	12	750,000 galones
Agricultura especializada	5	400,000 galones

Global Water Resources, Inc. (GWRS) - Modelo de negocio: Estructura de costos

Mantenimiento y actualizaciones de infraestructura

En 2023, Global Water Resources, Inc. reportó gastos de capital totales de $ 22.8 millones para mantenimiento y actualizaciones de infraestructura. El desglose de inversión de infraestructura de la compañía incluye:

Categoría de infraestructura	Monto de inversión ($)
Reemplazo de infraestructura de agua	12,400,000
Rehabilitación de tuberías	6,750,000
Actualizaciones de la instalación de tratamiento	3,650,000

Gastos de personal operativo

Los costos totales de personal para los recursos hídricos globales en 2023 fueron de $ 8.3 millones, con la siguiente asignación:

• Salarios del personal operativo: $ 5,600,000
• Beneficios y seguros: $ 1,750,000
• Capacitación y desarrollo: $ 350,000
• Gastos de reclutamiento: $ 600,000

Costos de tratamiento y distribución de agua

El tratamiento de agua y los gastos de distribución totalizaron $ 15.6 millones en 2023:

Componente de costos	Monto ($)
Suministros de tratamiento químico	3,200,000
Costos de energía para el procesamiento del agua	5,400,000
Mantenimiento de la red de distribución	4,600,000
Pruebas de calidad y monitoreo	2,400,000

Gastos de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para los recursos hídricos globales en 2023 fueron de $ 2.1 millones:

• Cumplimiento ambiental: $ 850,000
• Informes y documentación: $ 450,000
• Renovaciones de permisos: $ 350,000
• Servicios legales y de consultoría: $ 450,000

Inversiones de modernización de tecnología y sistema

Las inversiones en tecnología en 2023 ascendieron a $ 4.5 millones:

Categoría de inversión tecnológica	Monto ($)
Tecnología de medición inteligente	1,800,000
Sistemas de gestión de datos	1,200,000
Infraestructura de ciberseguridad	900,000
Herramientas de monitoreo digital	600,000

Global Water Resources, Inc. (GWRS) - Modelo de negocios: flujos de ingresos

Tarifas de servicio de agua residencial

A partir de 2023, Global Water Resources, Inc. generó $ 34.7 millones en ingresos por servicios de agua residencial. La factura promedio de agua residencial mensual para clientes de GWRS fue de $ 62.45.

Métrico	Valor
Ingresos residenciales totales	$ 34.7 millones
Factura residencial mensual promedio	$62.45
Número de conexiones residenciales	23,456

Cargos comerciales de servicios de agua

Los ingresos comerciales de servicios de agua para GWR en 2023 totalizaron $ 12.5 millones. La compañía atendió 1.845 cuentas de agua comercial.

Métrico	Valor
Ingresos comerciales totales en el agua	$ 12.5 millones
Número de cuentas comerciales	1,845
Ley de agua comercial mensual promedio	$563.22

Contratos de desarrollo de infraestructura

GWRS obtuvo $ 8.3 millones en contratos de desarrollo de infraestructura durante 2023. Estos contratos incluyeron expansiones del sistema de agua y proyectos de infraestructura municipal.

• Ingresos de desarrollo total de infraestructura: $ 8.3 millones
• Número de proyectos de infraestructura: 14
• Valor promedio del contrato: $ 592,857

Monetización de los derechos del agua

La monetización de los derechos del agua generó $ 3.2 millones en ingresos para los recursos hídricos globales en 2023.

Métrico	Valor
Ingresos totales de los derechos del agua	$ 3.2 millones
Número de transacciones de derechos de agua	6

Acuerdos de servicio municipal

Los acuerdos de servicio municipal contribuyeron con $ 5.6 millones a los ingresos de GWRS en 2023.

• Ingresos de acuerdo de servicio municipal total: $ 5.6 millones
• Número de contratos municipales: 9
• Valor de contrato municipal promedio: $ 622,222

Flujos de ingresos anuales totales: $ 64.3 millones

Global Water Resources, Inc. (GWRS) - Canvas Business Model: Value Propositions

Integrated Total Water Management (TWM) for water scarcity

Global Water Resources, Inc. employs its Total Water Management approach to reduce demand on scarce non-renewable water sources and costly renewable supplies, ensuring sustainability and economic benefit for communities. This approach has resulted in significant water savings over two decades.

• Saved over 10 billion gallons of water in the City of Maricopa over the last 20 years by using recycled water instead of groundwater.
• Using recycled water for outdoor uses has reduced fresh water use by 40%.
• Recycling is the only water source that grows as population does.

The company provides water, wastewater, and recycled water utility services across Pinal, Pima, and Maricopa Counties.

Reliable, high-quality water and wastewater utility service

The company focuses on providing safe and reliable service, supported by significant capital investment in infrastructure projects for existing utilities.

Metric	Value as of September 30, 2025	Comparison/Context
Total Active Service Connections	68,130	Increased 6.6% from September 30, 2024.
Organic Connection Growth Rate (Annualized)	3.5%	Exclusive of acquisition related growth as of September 30, 2025.
Water Consumption (Q3 2025)	1.3 billion gallons	Remained steady compared to the same prior year period.
Infrastructure Investment (Year-to-Date 2025)	$49.6 million	Invested into infrastructure improvements in existing utilities.

Sustainable water resource management in high-growth corridors

Global Water Resources, Inc. is strategically positioned in high-growth Arizona corridors, planning for future development while managing current resources sustainably. The company has joined with Cities, Indian Communities, and developers to plan over 300 square miles in Pinal County, with similar planning in western Maricopa County, projecting more than 500,000 homes someday.

Consolidation benefits leading to operational efficiencies

The growth strategy includes aggregating water and wastewater utilities through strategic acquisitions and entity consolidation to realize benefits of regionalization and environmental stewardship. The recent acquisition of seven water systems from Tucson Water in July 2025 is part of this strategy. This acquisition added 4,241 connections by September 30, 2025.

The company continues to pursue rate increases as approved by the Arizona Corporation Commission (ACC). The GW-Farmers rate case is expected to generate an approximately $1.1 million increase in annual revenue once fully phased in.

The company declared a monthly cash dividend of $0.02533 per common share, or $0.30396 on an annualized basis, and has raised its dividend for 10 consecutive years.

Global Water Resources, Inc. (GWRS) - Canvas Business Model: Customer Relationships

You're looking at the core of Global Water Resources, Inc.'s (GWRS) relationship with the people it serves, which is heavily dictated by regulation and direct utility management. It's a utility play, so the relationship is less about upselling and more about reliable service delivery under a regulatory framework.

Regulated, long-term monopoly service contracts

Global Water Resources, Inc. operates under the oversight of the Arizona Corporation Commission (ACC), which sets the terms for its service areas. These aren't typical competitive markets; they're regulated monopolies. The company owns and operates 39 systems that deliver water, wastewater, and recycled water service. The relationship is cemented by these long-term service agreements within specific geographic corridors in Pinal, Pima, and Maricopa Counties.

The regulatory environment directly impacts customer rates and service requirements. For instance, the rate case settlement for the Farmers Water Company, which was filed on January 10, 2025, proposed an annual revenue increase of approximately $1.1 million based on 2023 service connections. This increase is being phased in over three stages, with 50% starting on May 1, 2025. To give you a sense of scale, the company's two largest utilities, GW-Santa Cruz Water Company, Inc. and Palo Verde Utilities Company, Inc., which benefit from the new 'Ag-to-Urban' program legislation, collectively represent about 87% of the company's total active service connections.

Direct customer service and billing for utility accounts

The day-to-day relationship is managed through direct interaction for billing and service needs. You're dealing with utility accounts, not just a subscription. As of September 30, 2025, Global Water Resources, Inc. was managing 68,130 active service connections, marking a 6.6% increase from September 30, 2024. Even excluding the recent acquisition of seven water systems from Tucson Water, the organic growth in active connections was 3.5% as of that date. This means the direct service team is handling a growing base of customers who expect accurate monthly bills and responsive support. The company's focus on Total Water Management (TWM) also means customer processes are tied to conservation incentives and technology like remote metering infrastructure.

Here are some key operational metrics defining the customer base as of late 2025:

Metric	Value as of September 30, 2025	Context
Total Active Service Connections	68,130	Up 6.6% year-over-year
Organic Connection Growth (Y/Y)	3.5%	Excluding acquisition growth
Total Systems Operated	39	Water, wastewater, and recycled water
Q3 2025 Total Revenue	$15.5 million	Up 8.4% year-over-year

Monthly cash dividend program for shareholders

While this isn't a direct customer relationship, it's a critical relationship with the investor base, which often includes local stakeholders. Global Water Resources, Inc. maintains a commitment to returning capital monthly. For the dividend declared in November 2025, the monthly cash dividend was set at $0.02533 per common share. This translates to an annualized dividend rate of $0.30396 per share. The forward dividend yield was quoted at 3.50%. They've maintained this monthly payout frequency for at least 9 years.

The dividend schedule is precise, which is what shareholders expect. For example, the dividend declared on November 26, 2025, was payable on December 30, 2025, to holders of record as of December 16, 2025.

Customer assistance programs for affordability

To address affordability within their regulated service areas, Global Water Resources, Inc. partners with local agencies to offer assistance. This is a key part of their social license to operate. Qualifying residential customers can receive up to $350 per year per utility service through these programs. However, a customer who qualifies for more than one program will only receive benefits from one program per year. The Income Assistance Program, for instance, is for short-term relief, requiring household income to be at or below 300% of the Federal Poverty Level. They also offer specific temporary relief for furloughed workers and deployed service members. If you need to discuss payment structure directly, you can contact Customer Service at 866-940-1102 to explore payment plans.

Here's a quick look at the assistance structure:

• Maximum annual benefit per service: $350
• Income threshold for Income Assistance Program: $\le$ 300% of Federal Poverty Level
• Customer contact for payment plans: 866-940-1102
• Benefit limit: Only one program benefit per customer per year

The company defintely structures these programs to ensure essential service access while managing regulatory expectations.

Finance: draft 13-week cash view by Friday.

Global Water Resources, Inc. (GWRS) - Canvas Business Model: Channels

Global Water Resources, Inc. (GWRS) serves its customers through a multi-faceted channel strategy centered on its physical utility assets in Arizona and digital service interfaces.

Directly owned and operated utility systems in Arizona

Global Water Resources, Inc. (GWRS) operates its utility systems across growth corridors in the Phoenix and Tucson areas of Arizona. As of September 30, 2025, the company managed a total of 32 systems. The scale of these operations is reflected in the customer base and capital deployment.

The total active service connections across these systems reached 68,130 as of September 30, 2025. This represented a year-over-year increase of 6.6% at that date. For the nine months ended September 30, 2025, the company invested $49.6 million in infrastructure projects supporting these existing utilities and continued growth.

The following table summarizes key operational metrics for the directly operated utility systems as of the third quarter of 2025:

Metric	Value as of September 30, 2025	Comparison Point
Total Active Service Connections	68,130	Compared to 63,889 at September 30, 2024
Organic Connection Growth Rate (Annualized)	3.3%	Excluding the recent acquisition
Total Revenue (Q3 2025)	$15.5 million	Up 8.4% from Q3 2024
Infrastructure Investment (Nine Months Ended)	$49.6 million	For existing utilities and growth support
Monthly Cash Dividend Declared (Nov 2025)	$0.02533 per common share	Annualized rate of $0.30396 per share

The acquisition of seven water systems from Tucson Water was completed in July 2025, adding to the physical footprint.

Online customer portals for billing and service requests

The digital channel supports the customer base of over 68,130 active service connections as of September 30, 2025. The portal facilitates transactions for this customer base.

Key digital channel activities include:

• Handling billing inquiries for 68,130 connections.
• Processing service requests across all Arizona service areas.
• Providing access to account information for customers in Pinal County and the Tucson area.

Local service centers and field operations teams

Field operations teams are responsible for maintaining the infrastructure that supports the 68,130 active service connections. These teams manage the assets that required $49.6 million in investment over the first nine months of 2025. The field teams support the 32 systems owned and operated by Global Water Resources, Inc. (GWRS).

Field operations metrics include:

• Managing infrastructure across multiple utility entities, including GW-Santa Cruz and Palo Verde Utility Company.
• Supporting operations following the integration of seven newly acquired water systems.
• Executing capital improvement plans, such as the investment of $20.2 million in Q2 2025 alone.

Global Water Resources, Inc. (GWRS) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Global Water Resources, Inc. (GWRS) as of the third quarter of 2025. The foundation of the business rests on serving end-users across its regulated water and wastewater systems, primarily in the growth corridors around metropolitan Phoenix and Tucson, Arizona. As of September 30, 2025, the company reported a total of 68,130 active service connections. This figure represents a 6.6% increase year-over-year from the 63,889 connections at September 30, 2024.

Here's a quick breakdown of where those connections come from, showing the impact of recent strategic moves:

Customer Segment Driver	Connection Count (Approximate)	Source/Context
Total Active Connections (Q3 2025)	68,130	As of September 30, 2025
Acquisition Contribution (Tucson Water)	2,200	Added from seven systems acquired in July 2025
Organic Growth (Year-over-Year)	Implied by 3.3% annualized growth rate (excluding acquisition)	Growth in existing service areas
Pima County Total (Post-Acquisition)	Approximately 7,200	Total customers in Pima County after Tucson Water systems integration

The largest portion of the customer base is the Residential customers segment. This group drives the majority of the 68,130 active connections reported at the end of Q3 2025. The company serves approximately 82,000 people across approximately 32,000 homes overall.

Next up, you have the Commercial and industrial businesses in service areas. While specific connection counts for this group aren't broken out separately from the total, they represent a key component of the utility service base alongside residential users. The company's focus on Total Water Management (TWM) and regional consolidation is designed to serve this diverse base more efficiently.

Growth in the customer base is heavily influenced by the Real estate developers driving organic connection growth. The company remains optimistic about this area, especially with Arizona's economic outlook supporting job growth of an expected 1.3% annually through 2033, which is more than three times the national average. Still, the near-term reality shows a pullback; for Q3 2025, the single-family dwelling unit market in the Phoenix Greater Metropolitan Statistical Area realized 4,724 building permits, a 29% decrease from Q3 of the prior year.

A significant recent addition to the customer roster comes from the Municipalities via acquired systems, like the Tucson acquisition. Global Water Resources, Inc. completed the acquisition of seven water systems from Tucson Water, the City of Tucson's water utility, in July 2025. This transaction added approximately 2,200 water service connections. The assets were acquired at a value equivalent to approximately 1.05 times the current rate base of approximately $7.7 million and are expected to generate about $1.5 million in revenue annually.

The customer segments are characterized by:

• Reliance on organic growth in Phoenix/Tucson corridors.
• Integration of acquired municipal systems for footprint expansion.
• Focus on consolidation to realize efficiency benefits.
• Exposure to cyclical new home construction permits.

Finance: draft 13-week cash view by Friday.

Global Water Resources, Inc. (GWRS) - Canvas Business Model: Cost Structure

The Cost Structure for Global Water Resources, Inc. is heavily weighted toward infrastructure maintenance and growth-related expenses, reflecting its utility nature and recent expansion activities. You see this clearly when looking at the year-to-date figures through September 30, 2025.

Capital expenditures (Capex) for infrastructure show a significant outlay to support existing utilities and continued growth, including the integration of recently acquired systems. For the first six months of 2025, capital expenditures totaled approximately $35.4 million (in thousands, for the six months ended June 30, 2025). This heavy reinvestment drives up related non-cash expenses.

Depreciation and amortization expense directly reflects these increased fixed assets placed in service. For the nine months ended September 30, 2025, the depreciation and amortization expense was $10.200 million. This increase, year-over-year, is noted as a primary factor impacting GAAP profitability, even as Adjusted EBITDA remains resilient.

Operating expenses for the nine months ended September 30, 2025, totaled $35.420 million. This represents a year-to-date increase of approximately $4 million or 12.8% compared to the same period in 2024.

The breakdown of these operating costs includes personnel and other service provider expenses:

• Personnel costs increased by approximately $971,000 year-to-date 2025.
• Other operations and maintenance (O&M) and general and administrative (G&A) costs increased by approximately $1.2 million year-to-date 2025.

Here's a quick look at the key nine-month expenses through September 30, 2025 (amounts in thousands):

Cost Category	Nine Months Ended September 30, 2025
Total Operating Expenses	$35,420
Depreciation and Amortization	$10,200
Operations and Maintenance	$11,727
General and Administrative	$13,493

Financing costs include interest expense on long-term debt. For the nine months ended September 30, 2025, the interest expense was ($4.464 million). This is viewed against the balance sheet, where the net debt, accounting for cash and equivalents, stood at $116.803 million as of June 30, 2025.

Regulatory and legal compliance costs for rate cases are a recurring, though often non-cash or deferred, cost component. The company has active regulatory matters with the Arizona Corporation Commission (ACC) that impact its cost structure through associated legal and filing expenses, as well as the resulting regulatory assets and liabilities on the balance sheet. As of September 30, 2025, regulatory liabilities totaled $5.353 million. Furthermore, the company is seeking rate increases that, if approved, would generate significant annual revenue, such as a proposed $6.5 million net increase for GW-Santa Cruz and GW-Palo Verde utilities.

Global Water Resources, Inc. (GWRS) - Canvas Business Model: Revenue Streams

Regulated water and wastewater service fees from 68,130 connections.

As of September 30, 2025, total active service connections reached 68,130, representing a 6.6% increase compared to September 30, 2024 (63,889).

Total revenue for the third quarter of 2025 was $15.5 million, an 8.4% increase year-over-year. For the nine months ended September 30, 2025, total revenue was $42.2 million, up 7.0%.

Revenue is also driven by organic connection growth, increased consumption, and higher rates across utilities.

Revenue from approved rate increases:

• Revenue from GW-Farmers utility adding approximately $1.1 million in annual revenue once fully phased in.
• The GW-Farmers rate increase implementation stages: 50% effective May 1, 2025, 25% on November 1, 2025, and the final 25% on May 1, 2026.
• The Tucson Water systems adopted rate structure includes a 5% rate increase effective July 7, 2025, and another 5% increase scheduled for July 6, 2026.
• Rate case applications pending for GW-Santa Cruz and GW-Palo Verde utilities seeking a net revenue increase of $6.5 million.

Growth premiums and connection fees from new development contribute to revenue growth.

Buckeye growth premiums contributed an income of $0.5 million for the year ended December 31, 2024, offsetting other expenses. However, Buckeye growth premiums caused a lower income in the year-to-date period ending September 30, 2025, compared to the same period in 2024.

Acquisition revenue from the Tucson systems:

The acquisition of seven water systems from Tucson Water in July 2025 is expected to generate approximately $1.5 million in annual revenue.

This acquisition added approximately 2,200 water service connections. The assets were acquired at a value equivalent to approximately 1.05 times the current rate base of approximately $7.7 million.

The contribution of these revenue sources to the nine months ended September 30, 2025, total revenue of $42.2 million:

Revenue Source Component	Financial Impact/Metric
Regulated Service Fees (Base)	68,130 total active connections (9/30/2025)
GW-Farmers Rate Increase (Annualized Potential)	$1.1 million increase
Tucson Acquisition (Annualized Expectation)	$1.5 million expected annual revenue
Total Revenue (Nine Months Ended 9/30/2025)	$42.2 million

The company's total active service connections as of June 30, 2025, were 65,639.

For the second quarter of 2025, total revenue was $14.2 million.

The GW-Farmers utility served 3,494 active water connections as of the end of 2024.