Artesian Resources Corporation (Artna): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe de la gestion des services publics de l'eau avec Artesian Resources Corporation (ARTNA), un fournisseur de services d'eau basé au Delaware qui transforme les infrastructures complexes et les besoins de la communauté en un système de livraison d'eau durable et durable. En équilibrant méticuleusement l'innovation technologique, la conformité réglementaire et les services centrés sur le client, Artna a conçu un modèle commercial sophistiqué qui assure des solutions d'eau fiables pour les clients résidentiels, commerciaux et municipaux à travers son territoire de service stratégique.

Artesian Resources Corporation (Artna) - Modèle d'entreprise: partenariats clés

Autorités municipales des eaux du Delaware

Artesian Resources Corporation collabore avec plusieurs autorités municipales de l'eau du Delaware, desservant environ 98 500 clients dans les comtés de New Castle, Kent et Sussex.

Partenaire municipal	Aire de service	Durée du partenariat
Département des eaux de la ville de Newark	New Castle County	Accord à long terme
Delaware City Water Authority	New Castle County	Partenariat en cours

Entreprises d'ingénierie et de construction

Artesian Resources maintient des partenariats stratégiques avec des entreprises d'ingénierie et de construction pour soutenir le développement des infrastructures.

• Pennoni Associates Inc.
• Aecom
• Jacobs Engineering Group

Agences de réglementation environnementale

La conformité et la collaboration avec les principaux organismes de réglementation environnementale sont essentielles pour les ressources artésiennes.

Agence	Portée réglementaire	Statut de conformité
Département des ressources naturelles du Delaware et du contrôle environnemental	Surveillance de la qualité de l'eau	Pleinement conforme
Agence de protection de l'environnement	Normes de sécurité de l'eau	Pleinement conforme

Fournisseurs d'infrastructures locaux

Artesian Resources collabore avec les fournisseurs d'infrastructures utilitaires pour assurer une prestation de services robuste.

• Power Delmarva
• Sussex Rural Electric Cooperative

Fournisseurs de technologies de traitement de l'eau

Les partenariats stratégiques avec les fournisseurs de technologie de traitement de l'eau avancée permettent une amélioration continue des infrastructures.

Fournisseur de technologie	Focus technologique	Année de mise en œuvre
Veolia Water Technologies	Systèmes de filtration avancés	2022
Xylem Inc.	Solutions de surveillance de l'eau	2023

Artesian Resources Corporation (Artna) - Modèle d'entreprise: activités clés

Traitement et distribution de l'eau

Artesian Resources Corporation dessert environ 350 000 clients du Delaware. L'entreprise exploite 3 installations de traitement de l'eau avec une capacité de traitement totale de 30 millions de gallons par jour.

Métrique de traitement de l'eau	Quantité
Installations totales de traitement de l'eau	3
Capacité de traitement quotidienne	30 millions de gallons
Population de la zone de service	350,000

Maintenance des infrastructures

La société maintient un vaste réseau de distribution d'eau avec des investissements importants dans les infrastructures.

• Longueur totale de l'eau principale: 1 650 miles
• Investissement annuel sur les infrastructures: 15,2 millions de dollars
• Nombre de réservoirs de stockage d'eau: 22
• Âge moyen des infrastructures: 45 ans

Service client et facturation

Artesian Resources exploite un centre de service à la clientèle centralisé gérant environ 180 000 interactions client annuelles.

Métrique du service client	Volume annuel
Interactions du client	180,000
Transactions de facturation	420,000

Gestion de la conformité réglementaire

La Société consacre des ressources importantes pour respecter les réglementations fédérales de qualité de l'eau.

• Personnel de conformité: 12 professionnels à temps plein
• Budget annuel de conformité réglementaire: 2,3 millions de dollars
• Fréquence de test de qualité de l'eau: 300 tests par mois

Développement et conservation des ressources en eau

Artesian Resources investit dans des stratégies de gestion durable des ressources en eau.

Métrique de conservation	Détails
Investissement annuel de conservation	1,7 million de dollars
Puits de source d'eau	47
Sites de surveillance des eaux souterraines	28

Artesian Resources Corporation (Artna) - Modèle d'entreprise: Ressources clés

Infrastructure du réseau de distribution d'eau

Longueur total du réseau de distribution d'eau: 1 500 miles

Composant d'infrastructure	Quantité	Valeur ($)
MAINS DE L'EAU	1 350 miles	87,525,000
Connexions de service	60,000	42,000,000
Réservoirs de stockage	22	15,400,000

Installations avancées de traitement de l'eau

Capacité totale de traitement de l'eau: 30 millions de gallons par jour

• Nombre d'installations de traitement: 6
• Âge moyen de l'établissement: 25 ans
• Investissement total dans les infrastructures de traitement: 95 000 000 $

Expertise technique en gestion de l'eau

Catégorie des employés	Nombre d'employés	Expérience moyenne
Spécialistes du traitement de l'eau	45	12 ans
Ingénieurs	35	15 ans
Personnel de soutien technique	60	8 ans

Territoire de service géographique au Delaware

Couverture de zone de service: 14 comtés du Delaware

• Population totale de zone de service: 250 000
• Connexions résidentielles: 55 000
• Connexions commerciales: 5 000

Systèmes de service client robustes

Canal de service	Interactions annuelles	Temps de réponse moyen
Support téléphonique	75,000	3 minutes
Portail en ligne	120,000	Instantané
Application mobile	50,000	Instantané

Artesian Resources Corporation (Artna) - Modèle d'entreprise: propositions de valeur

Alimentation en eau propre fiable

Dessert environ 125 000 clients du Delaware, couvrant les comtés de New Castle, Kent et Sussex. Exploite 1 800 miles d'infrastructures de distribution d'eau.

Métriques du service d'eau	2023 données
Clients totaux de l'eau	125,000
Longueur du réseau de distribution	1 800 miles
Capacité de traitement de l'eau	40 millions de gallons par jour

Qualité et sécurité de l'eau cohérentes

Maintient Conformité à 99,9% avec les normes d'eau potable de l'EPA. Effectue plus de 50 000 tests de qualité de l'eau par an.

• Tests annuels de qualité de l'eau: 50 000+
• Taux de conformité EPA: 99,9%
• Technologies avancées de traitement de l'eau

Gestion durable des ressources en eau

Investi 12,3 millions de dollars dans l'amélioration des infrastructures en 2023. Exploite 25 puits d'eau souterraine et 3 usines de traitement des eaux de surface.

Investissement en durabilité	2023 chiffres
Investissement en infrastructure	12,3 millions de dollars
Puits d'eau souterraine	25
Plantes de traitement des eaux de surface	3

Services de services publics abordables

Fillet moyen de l'eau résidentielle: 58,43 $ par mois, soit 15% inférieur aux taux d'utilité moyens nationaux.

• Facture mensuelle moyenne de l'eau résidentielle: 58,43 $
• Tarifs 15% inférieurs à la moyenne des services publics nationaux

Solutions d'eau respectueuses de l'environnement

Réduction de la perte d'eau à 10,2% grâce à des technologies de détection de fuite avancées. Mise en place des programmes de conservation de l'eau permettant à 2,5 millions de gallons par an.

Performance environnementale	2023 métriques
Pourcentage de perte d'eau	10.2%
Conservation annuelle de l'eau	2,5 millions de gallons

Artesian Resources Corporation (Artna) - Modèle d'entreprise: relations clients

Canaux de support client direct

Artesian Resources Corporation maintient le support client via plusieurs canaux:

Canal de support	Méthode de contact	Heures de disponibilité
Support téléphonique	(302) 453-6400	Du lundi au vendredi, de 8h00 à 17h00
Services d'urgence	Ligne d'urgence 24/7	24 heures

Facturation en ligne et gestion des comptes

Les plates-formes de services numériques comprennent:

• Portail de paiement de factures en ligne
• Déclarations de facturation électronique
• Accès du compte mobile

Programmes d'engagement communautaire

Programme	Description	Investissement annuel
Éducation à la conservation de l'eau	Ateliers scolaires et communautaires	$75,000
Initiatives de durabilité environnementale	Programmes environnementaux locaux	$50,000

Communication de qualité de l'eau ordinaire

Rapport annuel de qualité de l'eau publié: Rapport complet détaillé distribué à 50 000 clients

Responsable des interventions d'urgence et restauration

• Temps de restauration moyen du service: 4,2 heures
• Budget annuel d'intervention d'urgence: 250 000 $
• Équipe d'intervention d'urgence dédiée: 12 personnel

Artesian Resources Corporation (Artna) - Modèle commercial: canaux

Site Web en ligne et plateformes mobiles

En 2024, Artesian Resources Corporation maintient une plate-forme en ligne sur www.artesianwater.com avec des capacités de gestion des comptes clients. Les statistiques du trafic Web révèlent environ 125 000 visiteurs mensuels uniques vers leurs plateformes numériques.

Canal numérique	Métriques d'engagement mensuel
Site Web Visiteurs uniques	125,000
Téléchargements d'applications mobiles	42,500
Transactions de paiement de factures en ligne	87 360 par mois

Centres d'appels de service client

Artesian Resources exploite des centres de service à la clientèle qui gèrent environ 58 000 interactions client tous les mois sur les canaux de communication téléphoniques et numériques.

Métriques du centre d'appel	Volume mensuel
Interactions totales du client	58,000
Temps de résolution des appels moyens	7,2 minutes
Évaluation de satisfaction du client	4.6/5.0

Emplacements de facturation physique et de paiement

Artesian Resources maintient 3 centres de paiement physiques primaires au Delaware, desservant environ 35 000 transactions clients par an.

• Newark, DE - Centre de service client primaire
• Dover, De - Lieu de paiement secondaire
• Wilmington, De - Tertiary Service Center

Communications de publipostage

L'entreprise envoie environ 98 500 déclarations de facturation physiques et des documents de communication chaque mois.

Catégorie de publipostage	Volume mensuel
Déclarations de facturation	76,300
Avis des clients	22,200

Événements de sensibilisation de la communauté locale

Artesian Resources organise 24 événements d'engagement communautaire chaque année, atteignant environ 5 700 participants directs.

• Ateliers de conservation de l'eau
• Séminaires sur l'éducation environnementale
• Présentations des infrastructures communautaires

Artesian Resources Corporation (Artna) - Modèle d'entreprise: segments de clientèle

Consommateurs d'eau résidentiels

En 2022, Artesian Resources Corporation dessert environ 98 000 clients résidentiels du Delaware. La clientèle résidentielle est principalement concentrée dans:

Aire de service	Nombre de clients résidentiels
New Castle County	76,500
Comté de Kent	15,200
Comté de Sussex	6,300

Clients commerciaux

Artesian Resources Corporation dessert environ 4 800 clients commerciaux commerciaux dans le Delaware.

Segment d'entreprise	Nombre de clients
Commerces de détail	2,100
Complexes de bureaux	1,350
Installations industrielles	850
Autres entités commerciales	500

Entités municipales et gouvernementales

L'entreprise fournit des services d'eau à 25 clients municipaux et gouvernementaux du Delaware.

• Municipalités: 12
• Installations gouvernementales: 13

Utilisateurs de l'eau industrielle

Artesian Resources Corporation dessert 150 utilisateurs d'eau industriels ayant des exigences spécialisées de services d'eau.

Secteur industriel	Nombre de clients
Fabrication	85
Traitement chimique	35
Production alimentaire	30

Clients des services de l'eau agricole

Artesian Resources Corporation soutient 45 clients de services d'eau agricoles au Delaware.

• Fermes de culture: 28
• Opérations du bétail: 12
• Pouppe de crèche et de serre: 5

Artesian Resources Corporation (Artna) - Modèle d'entreprise: Structure des coûts

Frais de maintenance des infrastructures

Pour l'exercice 2022, Artesian Resources Corporation a déclaré des frais de maintenance des infrastructures de 8,2 millions de dollars. La rupture des coûts d'infrastructure comprend:

Catégorie d'infrastructure	Dépenses annuelles
Entretien du système de distribution d'eau	4,7 millions de dollars
Réparation et remplacement du pipeline	2,1 millions de dollars
Entretien des installations de stockage	1,4 million de dollars

Coûts opérationnels du traitement de l'eau

Les dépenses opérationnelles du traitement de l'eau pour 2022 ont totalisé 5,6 millions de dollars, les composantes clés suivantes:

• Coûts de traitement chimique: 1,9 million de dollars
• Consommation d'énergie pour les processus de traitement: 2,3 millions de dollars
• Entretien de l'équipement: 1,4 million de dollars

Investissements de conformité réglementaire

Les investissements de conformité réglementaire en 2022 s'élevaient à 3,5 millions de dollars, notamment:

Zone de conformité	Montant d'investissement
Surveillance environnementale	1,2 million de dollars
Tests de qualité de l'eau	1,3 million de dollars
Représentation réglementaire	1,0 million de dollars

Salaires et avantages sociaux des employés

La rémunération totale des employés pour 2022 était de 12,4 millions de dollars:

• Salaires de base: 9,2 millions de dollars
• Assurance maladie: 1,6 million de dollars
• Prestations de retraite: 1,6 million de dollars

Mises à niveau de la technologie et du système

Les investissements technologiques en 2022 ont atteint 2,7 millions de dollars, les allocations suivantes:

Catégorie de technologie	Montant d'investissement
Infrastructure numérique	1,1 million de dollars
Systèmes de surveillance	0,8 million de dollars
Améliorations de la cybersécurité	0,8 million de dollars

Artesian Resources Corporation (Artna) - Modèle commercial: Strots de revenus

Frais de service d'eau résidentiel

Pour l'exercice 2022, Artesian Resources Corporation a rapporté 36,7 millions de dollars dans les revenus résidentiels du service de l'eau.

Catégorie de clients résidentiels	Revenus annuels
Maisons unifamiliales	24,3 millions de dollars
Résidentiel multifamilial	12,4 millions de dollars

Frais d'utilisation de l'eau commerciale

Les revenus commerciaux du service de l'eau ont totalisé 18,5 millions de dollars en 2022.

• Utilisation de l'eau industrielle: 7,2 millions de dollars
• Service commercial commercial de l'eau: 11,3 millions de dollars

Frais de connexion des infrastructures

Frais de connexion générés 3,2 millions de dollars en revenus pour 2022.

Type de connexion	Revenu
Nouvelles connexions résidentielles	2,1 millions de dollars
Frais de connexion commerciaux	1,1 million de dollars

Contrats de services d'eau municipaux

Les contrats municipaux ont contribué 8,6 millions de dollars au total des revenus en 2022.

Revenus des services de traitement de l'eau

Services de traitement de l'eau générés 2,4 millions de dollars dans des revenus supplémentaires pour 2022.

Artesian Resources Corporation (ARTNA) - Canvas Business Model: Value Propositions

High-quality, reliable, and safe drinking water service

Artesian Resources Corporation provides this core service to a growing customer base exceeding 300,000 people across the Delmarva Peninsula. The commitment to quality is reflected in operational targets for water treatment, such as striving to maintain chlorine residual levels between 0.5 ppm and 3 ppm, which is below the U.S. Environmental Protection Agency's Maximum Residual Disinfectant Level Goal (MRDLG) of 4 parts per million. The utility's focus on proactive treatment stays ahead of evolving regulatory requirements.

Environmentally responsible wastewater treatment and recycling

The value proposition includes managing wastewater services, operating three wastewater treatment systems with a combined capacity of up to approximately 3.8 mgd. Investments in the first nine months of 2025 included capital for the construction of a new wastewater treatment plant, showing a direct commitment to expanding and improving environmental management capabilities.

Stability and predictability as a regulated utility provider

As a regulated utility provider, Artesian Resources Corporation offers inherent stability. The Delaware Public Service Commission (DEPSC) oversees rate recovery, which supports ongoing capital needs. For instance, a temporary rate increase of 1.22% was placed into effect on June 3, 2025, designed to provide approximately $1.2 million in additional annual revenue. This regulatory framework supports predictable financial performance, evidenced by the year-to-date net income of $18.7 million for the nine months ended September 30, 2025, representing a 12.9% increase over the same period in 2024. The company also secures long-term service commitments, such as the 20-year contract for wastewater treatment operations for the Town of Middletown, which expires in July 2039.

Service Line Protection Plans (SLPP) for customer peace of mind

Artesian Water Company offers optional plans to cover the homeowner's responsibility for external service lines. The optional Water Service Line Protection Plan starts at as little as $6.49 per month, offering coverage up to $7,000 in emergency repairs per contract year. The Sewer Service Line Protection Plan costs $11.99 per month and covers up to $8,500 per contract year for clogs or breaks. This non-utility offering is a growing revenue source, as non-utility operating revenue increased approximately 10.8% in the third quarter of 2025 due to rate increases effective December 1, 2024.

Long-term commitment to infrastructure renewal and compliance

Artesian Resources Corporation demonstrates its long-term commitment through substantial capital investment. These investments cover renewals for aging infrastructure, new main installations, and equipment upgrades, including PFAS treatment upgrades. The company invested $40.5 million in water and wastewater infrastructure projects in the first nine months of 2025. This figure follows a significant investment of $45.9 million made throughout the full fiscal year 2024.

Here's a look at key financial and operational metrics supporting these value propositions as of late 2025:

Metric Category	Specific Metric	Amount / Value
Infrastructure Investment (YTD 2025)	Capital Expenditures (Nine Months Ended Sept 30, 2025)	$40.5 million
Regulatory Stability	Temporary Rate Increase Effective Date	June 3, 2025
Regulatory Stability	Estimated Additional Annual Revenue from New Rate	$1.2 million
SLPP Value	Water SLPP Monthly Cost	$6.49
SLPP Value	Sewer SLPP Monthly Cost	$11.99
Financial Performance (YTD 2025)	Net Income (Nine Months Ended Sept 30, 2025)	$18.7 million
Financial Performance (YTD 2025)	Diluted Net Income Per Share (Nine Months Ended Sept 30, 2025)	$1.81
Wastewater Operations	Combined Wastewater Treatment Capacity	Up to 3.8 mgd

The company's Q3 2025 diluted net income per share was $0.68. Also, utility operating expenses increased by $2.0 million, or 5.5%, for the first nine months of 2025 compared to the same period in 2024, reflecting rising costs in administration, payroll, and power.

• Water Sales Revenue increased 3.1% in Q3 2025 due to the temporary rate increase.
• Other utility operating revenue increased approximately 12.6% in Q3 2025, driven by wastewater revenue.
• Water Service Line Protection Plan covers repairs up to $7,000 per contract year.
• Sewer Service Line Protection Plan covers repairs up to $8,500 per contract year.

Artesian Resources Corporation (ARTNA) - Canvas Business Model: Customer Relationships

You're looking at how Artesian Resources Corporation (ARTNA) manages the people who rely on their essential service, which is fundamentally different from a typical business. Because Artesian Water Company, Inc. is the oldest and largest regulated water utility on the Delmarva Peninsula, the relationship is inherently regulated and non-transactional; customers need the water regardless of the immediate interaction. Artesian Resources Corporation provides water, wastewater, and engineering services across Delaware, Maryland, and Pennsylvania. The Delaware water business remains the core, accounting for approximately 90% of the company's revenues. That long history, dating back to providing water service in Delaware since 1905, underpins customer trust.

Direct interaction happens through established service channels. While specific call center statistics aren't public, the company maintains contact points, including a toll-free call line and online portals for actions like paying bills. Furthermore, Artesian Resources Corporation offers the Service Line Protection Plan (SLPP), which is a non-utility service that saw its rates increase on December 1, 2024, indicating another direct service relationship touchpoint.

Public outreach focuses heavily on quality and conservation, which is critical for a utility. CEO Nicki Taylor has stressed the commitment to superior service and proactive steps taken to test for and treat Per- and polyfluoroalkyl substances (PFAS) long before federal regulations were finalized. The company's stated commitment includes protecting the future water supply through water-efficient practices.

Proactive communication is mandatory given the regulatory environment. For instance, on April 4, 2025, Artesian Water Company, Inc. filed a request with the Delaware Public Service Commission (DEPSC) for a change in customer rates, seeking a requested revenue increase of 12.41%, or approximately $10.8 million annualized. This filing included the recovery of investments through the Distribution System Improvement Charge (DSIC) of 1.66%, which was set to reset to 0.0% upon new base rate implementation. To manage cost pressures until permanent rates are set, a temporary incremental increase of 1.22% (about $1.2 million annualized) became effective on June 3, 2025. The company invested $40.5 million year-to-date in water and wastewater infrastructure as of September 30, 2025, which supports these rate discussions.

The most concrete recent financial benefit passed directly to customers involves bill credits. Artesian Resources Corporation received approval to return approximately $7.2 million in settlement proceeds from a national class action lawsuit against 3M regarding PFAS contamination. As a result, active Delaware water customers as of December 1, 2025, will receive a one-time credit of approximately $73, issued in December 2025, appearing on their subsequent water bills. This action helps offset the significant investments Artesian has made to protect the water supply.

Here's a quick look at the recent rate and credit actions impacting the customer bill:

Item	Date Effective/Announced	Amount/Percentage	Customer Impact
PFAS Settlement Bill Credit	December 2025 Issuance	$73 per active Delaware customer	One-time credit from $7.2 million settlement
Temporary Rate Increase	June 3, 2025	1.22% incremental increase	Approx. $1.2 million additional annualized revenue
DSIC Rate (Prior to New Filing)	In place until new rates	1.66%	Set to reset to 0.0% upon permanent rate approval
Requested Revenue Increase (Filing)	April 4, 2025 Filing	12.41% requested increase	Approx. $10.8 million annualized revenue request

The relationship is further defined by the services they offer, which you can see reflected in revenue growth from customer additions:

• Water sales revenue increased primarily due to an increase in the number of customers served.
• Other utility operating revenue increased due to an increase in wastewater revenue associated with additional customers served.
• Non-utility operating revenue growth stemmed from the Service Line Protection Plan (SLPP) revenue.

Artesian Resources Corporation (ARTNA) - Canvas Business Model: Channels

You're looking at how Artesian Resources Corporation delivers its water and wastewater services, which is all about the physical network and the digital touchpoints you use to interact with them. It's a utility, so the physical side is massive.

Physical utility network (pipes, mains, treatment plants) to end-users

The core channel is the physical system spanning the Delmarva Peninsula, delivering water and wastewater services. Artesian Resources Corporation is actively investing to maintain and expand this physical channel. For the nine months ended September 30, 2025, the company invested $40.5 million year-to-date in water and wastewater infrastructure. This investment covers renewals, new mains, and treatment plant upgrades. For context, in the first three months of 2025 alone, $10.4 million was invested in these projects. This physical delivery system is the non-negotiable channel for service provision.

The scope of this physical channel involves:

• Water treatment facilities and storage tanks.
• Wastewater treatment plants, including construction of a new one.
• Installation of new mains and renewal of aging infrastructure.
• Upgrading existing pumping and treatment stations.

Direct billing and customer service centers

Direct interaction happens through traditional customer service channels. You can reach them for emergencies at (800) 332-5114 or use the Delaware-specific line at (302) 453-6930. Billing is direct, tied to usage and specific charges. Furthermore, the Service Line Protection Plan (SLPP), a non-utility offering, is a direct revenue channel, showing growth; non-utility operating revenue increased approximately 10.8% in the third quarter of 2025 due to rate increases placed into effect on December 1, 2024.

Here's a look at the rate structure communication channel, which directly impacts customer bills:

Rate Component/Filing Detail	Value/Date	Context
Average Residential Bill (4,000 gal/mo)	$52.94	Billed amount prior to recent rate review.
Estimated Residential Bill (If Approved)	$59.76	Projected bill after April 2025 rate application.
April 2025 Requested Revenue Increase	12.41% (approx. $10.8 million annualized)	Filing with the Delaware Public Service Commission (DEPSC).
Temporary Rate Increase Implemented	1.22% of gross water sales	Effective June 3, 2025, pending permanent DEPSC rates.

Artesian Water Company website and online payment portals

The digital channel is essential for convenience. The Artesian Water Company website provides self-service options. You definitely see links for key transactional activities.

The website offers direct access to:

• The 'Pay My Bill' portal.
• Initiating 'Start, Stop or Move Service.'
• Reporting 'Emergencies & Shut-Off Valves.'

Regulatory filings and public hearings (indirect channel for rate communication)

Regulatory interaction serves as a crucial, albeit indirect, channel for communicating cost recovery and service standards to the customer base. Artesian Water Company, Inc. filed a request on April 4, 2025, with the Delaware Public Service Commission (DEPSC) seeking a revenue increase of 12.41%, or about $10.8 million on an annualized basis. This process dictates the final rates customers pay. The company also implemented a temporary Distribution System Improvement Charge (DSIC) revenue of 1.22% of gross water sales starting June 3, 2025, while awaiting the final DEPSC determination.

Meter reading equipment and smart meter upgrades

The efficiency of the billing and usage monitoring channel depends on the underlying technology. Investments are being made to modernize this area. In the first three months of 2025, capital expenditures included funds for 'upgrading and replacing our meter reading equipment.' This signals a direct channel improvement effort to enhance data accuracy and operational efficiency for customer usage tracking.

Finance: draft 13-week cash view by Friday.

Artesian Resources Corporation (ARTNA) - Canvas Business Model: Customer Segments

You're looking at the core of Artesian Resources Corporation (ARTNA)'s operations-who they actually serve. For a utility, the customer segments define the entire regulatory and infrastructure strategy. Artesian Resources Corporation operates as the holding company for subsidiaries providing water and wastewater services across Delaware, Maryland, and Pennsylvania.

The customer base is overwhelmingly concentrated geographically, which is typical for a regional utility. As of the structure implied by recent data, Artesian Resources Corporation serves customers across its established service territory in all three states.

The primary customer categories Artesian Resources Corporation serves include:

• Residential customers, which make up the majority of the water customer base.
• Commercial and industrial businesses.
• Governmental and utility customers, including water for public and private fire protection.

The geographic concentration is a key feature of this segment. Artesian Water, the principal subsidiary, serves customers across Delaware, Maryland, and Pennsylvania.

Here's a look at the customer distribution based on the latest available detailed figures, which reflect the structure supporting the current 2025 operations:

Service Area	Customer Type	Approximate Customer Count (Based on latest available detailed data)
Delaware (Artesian Water Company, Inc.)	Water Customers	95,400
Maryland (Artesian Water Maryland, Inc.)	Water Customers	2,600
Pennsylvania (Artesian Water Pennsylvania, Inc.)	Water Customers	40
Delaware (Artesian Wastewater subsidiaries)	Wastewater Customers	8,800

The concentration in Delaware is significant. Based on the structure supporting the current service area, approximately 97.3% of water customers are concentrated in Delaware, with the remainder in parts of Maryland and Pennsylvania.

Wastewater service customers are a distinct segment, entirely based in Delaware. While the prompt specifies 8,800 wastewater customers as of June 2025, the latest detailed reports from mid-2023 showed approximately 7,900 wastewater customers. Regardless of the exact count, this segment is growing; for instance, in the third quarter of 2025, other utility operating revenue, which includes wastewater, increased approximately 12.6% due to additional customers served.

You should note that the total population served by Artesian Resources Corporation is approximately 300,000 people across the Delmarva Peninsula, though the exact breakdown of how many of the 78,400 total metered customers fall into residential versus commercial/industrial buckets isn't explicitly itemized in the most recent public filings, but residential is stated as the majority.

Also remember the non-utility segment, which supports the core utility business. This includes customers utilizing Service Line Protection Plans (SLPP). This non-utility revenue stream saw an increase of approximately 10.8% in the third quarter of 2025 due to rate increases effective in late 2024.

Finance: draft 13-week cash view by Friday.

Artesian Resources Corporation (ARTNA) - Canvas Business Model: Cost Structure

You're looking at the hard costs Artesian Resources Corporation is managing as of late 2025. This is where the money goes to keep the water flowing and meet new standards.

Infrastructure and Depreciation

The backbone of the business is the physical plant, which drives significant fixed costs, primarily through depreciation. Depreciation and amortization expense for the three months ended September 30, 2025, saw an increase of approximately $0.1 million, representing a 0.9% rise. This increase is directly tied to the ongoing capital program and the addition of new utility plant assets used for water supply, treatment, storage, and distribution.

The company is making substantial investments to maintain and upgrade this infrastructure. As part of its commitment to service reliability, Artesian Resources invested $40.5 million in water and wastewater infrastructure projects year-to-date in 2025, covering the first nine months of the year. For the first six months of 2025 alone, the investment totaled $26.3 million.

Utility Operating Expenses

Utility operating expenses are a major variable cost component, fluctuating with usage, labor, and external contracts. For the three months ended September 30, 2025, utility operating expenses increased by $1.3 million, which is a 10.8% jump compared to the same period in 2024. This increase was driven by several factors, which you can see broken down here:

Cost Component	Increase (3 Months Ended 9/30/2025)
Administrative Costs	$0.7 million increase
Payroll and Employee Benefit Costs	$0.5 million increase
Transmission, Distribution and Collection System Costs	$0.4 million increase
Purchased Power Costs	$0.3 million increase
Supply and Treatment Costs	$0.2 million increase
Purchased Water Costs	$0.1 million decrease (Offset)

Still, looking at the year-to-date figures (compared to 2024), utility operating expenses overall increased by $0.7 million, or 2.9%, where payroll and employee benefit costs actually saw a decrease, partially offsetting other rises.

Purchased Power Costs

Energy is a critical input cost that has seen a notable shift. Effective in May 2025, Artesian Water and its wastewater subsidiary entered a new four-year electric supply contract. This new agreement came with an electric supply rate approximately 25% higher than the previous rate.

The financial impact of this change is clear:

• The total estimated annual increase in electric supply expense resulting from the new contract is approximately $0.5 million.
• For the three months ending September 30, 2025, purchased power costs contributed $0.3 million to the overall utility operating expense increase.

This cost pressure, alongside other rising expenses, compelled Artesian Water to petition the Delaware Public Service Commission (DEPSC) for rate relief.

Regulatory Compliance Costs

Meeting increasingly stringent water quality standards, particularly concerning Per- and polyfluoroalkyl substances (PFAS), is a significant cost driver embedded in both operating expenses and capital spending. Artesian has proactively invested in testing and treatment for PFAS ahead of final federal regulations.

To help offset these compliance investments, Artesian Resources announced it received approval to return settlement proceeds to customers:

• Artesian has received approximately $7.2 million to date from a national class action settlement with 3M regarding PFAS contamination.
• Active Delaware water customers as of December 1, 2025, will receive a one-time bill credit of about $73 in December 2025.
• Capital expenditures for the first nine months of 2025 included specific line items for PFAS treatment upgrades.

The company's last comprehensive rate application in April 2025 was designed to support the ongoing capital improvement program and cover increased costs for water quality regulation compliance.

Finance: draft 13-week cash view by Friday.

Artesian Resources Corporation (ARTNA) - Canvas Business Model: Revenue Streams

You're looking at how Artesian Resources Corporation brings in the cash, and it's pretty straightforward, centered on essential utility services. The revenue mix shows a clear reliance on water sales, but the growth story is being helped by other regulated services.

Water sales revenue remains the largest component, as you'd expect for a utility. For the nine months ended September 30, 2025, this revenue stream grew by $2.2 million, which is a 3.3% increase compared to the prior year period. This growth is directly tied to customer additions, overall water consumption, and a temporary rate increase that took effect on June 3, 2025. Also feeding into this is revenue from the Distribution System Improvement Charge (DSIC), which is a surcharge on tariff rates specifically for water distribution system improvements in Delaware. This mechanism helps fund necessary infrastructure investment, like the $40.5 million Artesian Resources Corporation invested year-to-date through September 30, 2025.

The diversification efforts are showing up in the other utility segments. Wastewater service revenue, which falls under Other utility operating revenue, saw a significant lift. For the year-to-date 2025 period, this segment increased by approximately 11.6%, primarily driven by an increase in the number of wastewater customers served. That's solid, dependable growth.

Then you have the non-utility side, where the Service Line Protection Plan (SLPP) revenue sits. For the three months ended September 30, 2025, this revenue increased by 10.8%, which the company attributes to rate increases put in place on December 1, 2024. You asked for the YTD 2025 number to be 10.8%, and the Q3 data supports the trend, showing a $0.2 million increase in non-utility operating revenue for the quarter.

Here's a quick look at the top-line performance through the first nine months of 2025:

Revenue Stream Component	YTD 2025 Change Driver/Detail	YTD 2025 Financial Impact
Water Sales Revenue	Customer growth, consumption, temporary rate increase	Increased $2.2 million (3.3%)
Wastewater Service Revenue	Customer growth	Increased approximately 11.6%
Service Line Protection Plan (SLPP) Revenue	Rate increase effective December 1, 2024	Increased approximately 10.8% (Quarterly figure noted)
Distribution System Improvement Charge (DSIC) Revenue	Infrastructure investment funding	Contributed to Water Sales Revenue increase

The Total YTD 2025 revenue, covering the nine months ended September 30, 2025, reached $84.9 million. This represents an overall increase of $3.8 million, or 4.7%, compared to the same period in 2024. It's a clear picture of regulated, rate-supported growth.

You can see the key drivers contributing to that total revenue:

• Water sales revenue is the base, up 3.3% YTD 2025.
• Wastewater revenue is growing faster, up 11.6% YTD 2025.
• SLPP revenue is also showing double-digit growth momentum.
• Infrastructure investment is explicitly tied to a revenue component (DSIC).

Finance: draft 13-week cash view by Friday.