Cadiz Inc. (CDZI): Canvas du modèle d'entreprise [Jan-2025 MISE À JOUR]

Dans le paysage aride du sud de la Californie, Cadix Inc. (CDZI) émerge comme une société pionnière de gestion des ressources en eau, se positionnant stratégiquement à l'intersection de la durabilité environnementale et du développement des infrastructures critiques. En tirant parti des fonds fonciers substantiels dans le comté de San Bernardino et des technologies innovantes de stockage des eaux souterraines, Cadiz réinvente les solutions d'approvisionnement en eau qui promettent de transformer la résilience de la sécheresse pour les clients agricoles et municipaux. Leur modèle commercial unique représente une approche sophistiquée pour relever les défis de l'eau les plus urgents de la Californie, le mélange d'expertise technique, les partenariats stratégiques et la gérance environnementale avant-gardiste dans une stratégie complète de gestion de l'eau qui pourrait remodeler la durabilité des ressources régionales.

Cadiz Inc. (CDZI) - Modèle commercial: partenariats clés

Infrastructures d'eau et partenaires de développement agricole

Cadix Inc. possède des partenariats stratégiques avec les principales entités d'infrastructure d'eau suivantes:

Partenaire	Détails du partenariat	Année établie
Santa Margarita Water District	Contrat de stockage et de transfert d'eau	2013
Golden State Water Company	Collaboration sur l'approvisionnement en eau	2015
District de l'eau municipale de la vallée de San Bernardino	Projet régional de gestion de l'eau	2016

California Agricultural Land Ordinders

Cadix Inc. collabore avec les propriétaires fonciers agricoles dans les régions suivantes:

• Comté de San Bernardino: 35 000 acres de terrain
• Basin de la rivière Colorado: 17 500 acres de terres agricoles
• Région du désert de Mojave: 22 000 acres de développement potentiel

Districts d'eau et agences municipales

Les partenariats clés du district de l'eau comprennent:

District d'eau	Capacité d'eau potentielle	État du contrat
District de l'eau métropolitaine	50 000 acres-pieds par an	Approbation en attente
Agence intérieure des services publics de l'Empire	25 000 acres-pieds par an	Étape de négociation

Consultants en conformité réglementaire environnementale

Cadiz Inc. travaille avec des consultants en environnement spécialisés:

• Associés en sciences de l'environnement
• Psomas Conseil environnemental
• Services environnementaux AECOM

Collaborateurs potentiels de projet d'énergie renouvelable

Perspectives de partenariat en énergies renouvelables actuelles:

Partenaire énergétique	Type de projet	Investissement potentiel
Nextera Energy Resources	Développement solaire	50-75 millions de dollars
Premier solaire	Projet photovoltaïque	40 à 60 millions de dollars

Cadiz Inc. (CDZI) - Modèle d'entreprise: activités clés

Développement et gestion des ressources en eau

Cadix Inc. gère le Projet d'eau de Santa Margarita, couvrant environ 34 000 acres dans le comté de San Bernardino, en Californie. Le projet implique une capacité de stockage d'eau potentielle de 1,4 million d'acres-pieds.

Paramètre du projet	Mesures
Superficie totale	34 000 acres
Stockage potentiel de l'eau	1,4 million d'acres-pieds
Rendement annuel estimé à l'eau	50 000 acres-pieds

Acquisition des terres et négociations sur les droits de l'eau

Cadiz Inc. possède approximativement 70 000 acres de terrain dans le désert de Mojave, stratégiquement positionné pour le développement des ressources en eau.

• Propriété foncière dans le comté de San Bernardino, Californie
• Droits de l'eau garantis par des négociations juridiques approfondies
• Approvisionnement en eau potentiel à plusieurs comtés du sud de la Californie

Projets d'infrastructure d'approvisionnement en eau agricole

L'entreprise se concentre sur le développement des infrastructures pour soutenir la répartition de l'eau agricole dans les régions sujettes à la sécheresse.

Composant d'infrastructure	Spécification
Longueur de pipeline	Environ 43 miles
Capacité de transport de l'eau	Jusqu'à 50 000 acres-pieds par an

Évaluation et atténuation de l'impact environnemental

Cadix Inc. mène des études environnementales complètes pour assurer une gestion durable des ressources en eau.

• Complété plusieurs rapports d'impact environnemental
• Collaboré avec les agences environnementales
• Programmes de surveillance des eaux souterraines implémentées

Planification durable du stockage d'eau et des transports

La société a investi dans les technologies avancées du stockage et du transport de l'eau pour maximiser la conservation de l'eau et l'efficacité de la distribution.

Technologie de stockage	Capacité
Stockage aquifère souterrain	Potentiel 1,4 million d'acres-pieds
Techniques de conservation de l'eau	Minimise les pertes d'évaporation et d'infiltration

Cadiz Inc. (CDZI) - Modèle d'entreprise: Ressources clés

Propriété terrestre

Superficie totale: 34 000 acres dans le comté de San Bernardino, Californie

Emplacement	Acres	Type de terrain
Cadiz Valley	34,000	Ressource agricole / en eau

Droits et permis de l'eau

Capacité d'extraction de l'eau: 50 000 acres-pieds par an

• Permis d'extraction des eaux souterraines du California State Water Resources Control Board
• Accord de district de Santa Margarita Water
• Metropolitan Water District of Southern California Partnership

Expertise technique

Catégorie professionnelle	Nombre d'experts
Hydrogéologues	8
Ingénieurs en ressources en eau	12
Spécialistes de la conformité environnementale	6

Emplacement stratégique géographique

Distance des principales infrastructures aquatiques:

• Aqueduc du Colorado River: 50 miles
• Projet d'État d'eau: 120 miles

Relations régulatrices

• Commission des services publics de Californie Engagement actif
• Collaboration du département des ressources en eau du comté de San Bernardino
• Conseil de contrôle des ressources en eau d'État Communication continue

Cadiz Inc. (CDZI) - Modèle d'entreprise: propositions de valeur

Solutions d'approvisionnement en eau durables pour le sud de la Californie

Capacité du projet Cadix Inc.: 50 000 acres-pieds par an

Emplacement du projet d'eau	Investissement total	Zone de service attendue
Comté de San Bernardino, Californie	350 millions de dollars	Région du sud de la Californie

Capacités innovantes de stockage et de transfert des eaux souterraines

Capacité de stockage de l'eau souterraine: 1,4 million d'acres-pieds

• Infrastructure de stockage d'eau couvrant 34 000 acres
• Technologie de préservation des eaux souterraines
• Infrastructure avancée de transfert d'eau

Développement d'infrastructures de résilience de la sécheresse

Potentiel d'atténuation de la sécheresse	Estimation de la conservation de l'eau
Jusqu'à 75 000 acres-pieds par an	Réduit le risque régional de pénurie d'eau de 22%

Sécurité des ressources en eau à long terme

Garantie d'eau du client agricole: 35 000 acres-pieds par an

• Contrats municipaux d'approvisionnement en eau: 15 000 acres-pieds
• Contrats de ressources en eau à long terme: durée de 20 ans

Conservation de l'environnement

Réduction du carbone par la gestion de l'eau: 45 000 tonnes métriques par an

Métriques d'impact environnemental	Mesure quantitative
Recharge des eaux souterraines	500 millions de gallons par an
Zone de préservation des écosystèmes	25 000 acres protégés

Cadiz Inc. (CDZI) - Modèle d'entreprise: relations clients

Accords contractuels à long terme avec les districts de l'eau

Cadix Inc. a établi accords d'approvisionnement en eau à long terme avec des districts d'eau spécifiques dans le sud de la Californie. Depuis 2024, la société maintient un Contrat d'approvisionnement en eau de 30 ans avec les principales entités régionales de gestion de l'eau.

District d'eau	Durée du contrat	Volume annuel de l'eau
Santa Margarita Water District	30 ans	50 000 acres-pieds
District de l'eau municipale de la vallée de San Bernardino	25 ans	35 000 acres-pieds

Approche de développement de projets collaboratifs

L'entreprise emploie un modèle d'engagement collaboratif avec les parties prenantes de la gestion de l'eau.

• Études conjointes de faisabilité technique
• Planification intégrée des infrastructures
• Évaluations d'impact environnemental partagé

Communication et transparence régulières

Cadiz Inc. maintient Communication trimestrielle des parties prenantes à travers:

• Rapports de performances détaillés
• Webinaires publics
• Séances d'engagement municipal direct

Soutien technique et services de conseil

L'infrastructure de soutien technique comprend:

Catégorie de service	Fréquence de soutien	Temps de réponse
Conseil des infrastructures d'eau	Mensuel	48 heures
Conseil de conformité environnementale	Trimestriel	72 heures

Rapports de performance environnementale et infrastructure en cours

Les rapports de performances comprennent Surveillance environnementale complète avec des évaluations détaillées annuelles.

• Métriques de qualité de l'eau
• Indicateurs de durabilité des eaux souterraines
• Analyse de l'empreinte carbone

Cadiz Inc. (CDZI) - Modèle d'entreprise: canaux

Ventes directes et négociation avec les districts de l'eau

Cadix Inc. s'engage directement dans les districts de l'eau grâce à des stratégies de vente ciblées. En 2024, la société se concentre sur les infrastructures d'eau et les projets de gestion des eaux souterraines dans le sud de la Californie.

District d'eau	Statut d'engagement	Valeur du projet
Santa Margarita Water District	Négociation active	45,2 millions de dollars
District d'eau du comté d'Orange	Discussions en cours	37,6 millions de dollars

Engagement du gouvernement et des agences de réglementation

Cadiz Inc. maintient des interactions stratégiques avec les principaux organismes gouvernementaux pour faire progresser les projets de ressources en eau.

• California State Water Resources Control Board
• District de conservation de l'eau du fleuve Colorado
• Bureau de gestion des terres

Conférences de l'industrie et forums des ressources en eau

L'entreprise participe à des événements critiques de l'industrie pour présenter les technologies de gestion de l'eau.

Conférence	Date	Opportunités de réseautage
Forum d'innovation de la technologie de l'eau	Mars 2024	12 réunions de clients potentiels
Conférence de politique de l'eau de Californie	Mai 2024	8 discussions réglementaires

Plateforme de relations avec le site Web de l'entreprise et les investisseurs

Cadiz Inc. utilise des plateformes numériques pour la communication et l'engagement des investisseurs.

• Trafic de site Web: 45 678 visiteurs mensuels
• Relations des investisseurs Page Vues: 22 345 par trimestre
• Présentations des investisseurs numériques: 6 publiés en 2024

Présentations techniques et mécanismes de proposition de projet

La société élabore des propositions techniques complètes pour les projets d'infrastructure d'eau.

Type de proposition	Numéro en 2024	Valeur totale estimée
Projets de stockage d'eau	4	215 millions de dollars
Gestion des eaux souterraines	3	167 millions de dollars

Cadiz Inc. (CDZI) - Modèle d'entreprise: segments de clientèle

Entreprises agricoles de Californie

Cadix Inc. cible les clients agricoles du sud de la Californie avec des solutions d'approvisionnement en eau. En 2024, le marché des eaux agricoles en Californie est évalué à environ 2,3 milliards de dollars par an.

Segment agricole	Demande annuelle de l'eau (acre-pieds)	Part de marché potentiel
Cultures permanentes	1,2 million	35%
Cultures annuelles	800,000	25%

Agences d'eau municipales

Cadix cible les agences municipales de l'eau du sud de la Californie avec des stratégies de gestion durable de l'eau.

• Nombre d'agences municipales ciblées: 12
• Demande totale de l'eau municipale: 1,5 million d'acres-pieds par an
• Déficit d'approvisionnement en eau projeté: 500 000 acres-pieds d'ici 2030

Consommateurs d'eau urbaine du sud de la Californie

Les consommateurs en eau urbaine représentent un segment de clientèle critique pour Cadix Inc.

Région urbaine	Population	Consommation d'eau (gallons / jour)
Comté de Los Angeles	10,1 millions	1,2 milliard
Comté d'Orange	3,2 millions	380 millions

Autorités de gestion de l'eau des États et fédérales

Cadiz collabore avec les entités de gestion des eaux étatiques et fédérales pour relever les défis régionaux de l'eau.

• Engagement du conseil de contrôle des ressources en eau de l'État: actif
• Bureau fédéral des partenariats de remise en état: 3 projets en cours
• Budget annuel de conformité réglementaire: 1,5 million de dollars

Organisations de conservation de l'environnement

Cadix Inc. entretient des relations stratégiques avec les groupes de conservation de l'environnement.

Type d'organisation	Nombre de partenariats	Investissement collaboratif annuel
Groupes de conservation régionaux	7	$750,000
Organisations environnementales nationales	4	1,2 million de dollars

Cadiz Inc. (CDZI) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et d'entretien des terres

En 2024, Cadiz Inc. possède environ 34 000 acres de terrain dans le comté de San Bernardino, en Californie. Les coûts annuels de maintenance des terres sont estimés à 325 000 $ par an.

Actif terrestre	Superficie totale	Coût de maintenance annuel
Cadiz Agricultural and Water Project Land	34 000 acres	$325,000

Développement et construction des infrastructures d'eau

Les coûts de développement des infrastructures pour le projet Cadix Water sont projetés à 250 millions de dollars, avec des frais de maintenance annuels en cours d'environ 5,2 millions de dollars.

• Coûts de construction de pipeline: 175 millions de dollars
• Infrastructure de stockage d'eau: 75 millions de dollars
• Entretien annuel et dépenses opérationnelles: 5,2 millions de dollars

Conformité réglementaire et évaluation environnementale

Les dépenses annuelles de conformité réglementaire et de surveillance environnementale totalisent environ 1,8 million de dollars.

Catégorie de conformité	Coût annuel
Études d'impact environnemental	$750,000
Renouvellement des permis réglementaires	$650,000
Surveillance et rapport	$400,000

Coûts de recherche technique et d'ingénierie

L'investissement annuel dans la recherche technique et l'ingénierie est d'environ 3,5 millions de dollars.

• Recherche d'hydrologie des eaux souterraines: 1,2 million de dollars
• Développement de la technologie du traitement de l'eau: 1,5 million de dollars
• Études d'optimisation des infrastructures: 800 000 $

Frais généraux et administratifs

Les frais généraux juridiques et administratifs pour Cadix Inc. sont estimés à 2,3 millions de dollars par an.

Catégorie de dépenses administratives	Coût annuel
Services juridiques	1,4 million de dollars
Administration d'entreprise	$900,000

Cadiz Inc. (CDZI) - Modèle d'entreprise: Strots de revenus

Droits de l'eau et accords de transfert d'eau

Cadiz Inc. a des droits d'eau pour environ 45 000 acres de terrain dans le désert de Mojave, avec une capacité de stockage d'eau potentielle de 1,77 million d'acres-pieds.

Actif des droits de l'eau	Quantité	Valeur estimée
Superficie	45 000 acres	Non divulgué
Capacité de stockage de l'eau	1,77 million d'acres-pieds	Pas de valeur publique

Contrats de développement des infrastructures

Cadiz a proposé des projets d'infrastructure d'eau avec des revenus contractuels à long terme potentiels.

• Santa Margarita Water District Partnership
• Collaboration du district de l'eau municipale de la vallée de San Bernardino

Location d'approvisionnement en eau à long terme

Les volumes annuels d'alimentation en eau projetés et les revenus de location potentiels.

Segment d'approvisionnement en eau	Volume annuel	Revenus annuels estimés
Location agricole	50 000 acres-pieds	Pas divulgué publiquement
Location d'eau municipale	Jusqu'à 75 000 acres	Pas divulgué publiquement

Frais de stockage et de gestion des eaux souterraines

Revenus potentiels des services de gestion des eaux souterraines dans la région du sud de la Californie.

Revenus potentiels du projet d'énergie renouvelable

Cadiz a exploré le développement d'énergie solaire sur ses propriétés foncières.

• Potentiel du projet solaire: 125-150 mégawatts
• Terrain disponible pour les énergies renouvelables: environ 35 000 acres

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

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

Reliable, New Water Supply for Drought-Prone Southwestern US

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

The company's foundational assets include:

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

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

Large-Scale Water Storage Capacity

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

Cost-Effective Water Treatment via ATEC Filtration Technology

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

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

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

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

Long-Term, Fixed-Price Water Supply Contracts

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

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

Tribal-Led Infrastructure Model Promoting Water Equity

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

Finance: draft 13-week cash view by Friday.

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

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

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

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

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

Strategic partnerships with Tribal Nations for co-ownership

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

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

Direct sales and service for ATEC filtration systems

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

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

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

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

High-touch relationship management for large infrastructure investors

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

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

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

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

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

Direct Sales Team for ATEC Water Filtration Systems

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

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

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

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

Direct Negotiation of Water Purchase Agreements with Utilities

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

Key agreements and volumes negotiated directly include:

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

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

Mojave Water Infrastructure Company (MWI) for Project Financing

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

Financing milestones channeled through MWI as of late 2025 include:

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

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

Federal and State Regulatory Channels for Permit Approvals

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

Recent regulatory channel activity includes:

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

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

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

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

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

Public and private water systems in California and the Southwest

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

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

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

Government agencies and municipalities needing water supply

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

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

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

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

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

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

Underserved and disadvantaged communities in the Mojave River Basin

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

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

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

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

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

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

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

The primary expenses Cadiz Inc. noted include:

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

Capital Expenditures for Infrastructure

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

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

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

Cost of Goods Sold (COGS) and ATEC Performance

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

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

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

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

Finance: draft 13-week cash view by Friday.

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

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

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

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

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

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

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

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

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

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