Consolidated Water Co. Ltd. (CWCO): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde innovant des solutions d'eau avec Consolidated Water Co. Ltd. (CWCO), une entreprise pionnière transformant les défis de la pénurie d'eau dans les Caraïbes grâce à des technologies de dessalement de pointe. Cette entreprise remarquable a conçu un modèle commercial sophistiqué qui répond non seulement aux besoins critiques de l'infrastructure aquatique, mais champions également des pratiques environnementales durables, offrant de l'eau potable de haute qualité aux municipalités, aux stations balnéaires et aux clients industriels grâce à des techniques d'osmose inverse avancées et à des partenariats régionaux stratégiques.

Consolidated Water Co. Ltd. (CWCO) - Modèle d'entreprise: Partenariats clés

Fournisseurs de technologies de dessalement

Consolidated Water Co. Ltd. maintient des partenariats stratégiques avec les principales entreprises technologiques de dessalement:

Partenaire	Type de technologie	Valeur du contrat
Doosan Heavy Industries	Systèmes d'osmose inversés	4,2 millions de dollars
Veolia Water Technologies	Filtration membranaire	3,7 millions de dollars

Agences gouvernementales locales dans les régions des Caraïbes

CWCO collabore avec des entités gouvernementales à travers plusieurs juridictions des Caraïbes:

• Cayman Islands Water Authority
• Bahamas Water and Swerage Corporation
• Utilitaire d'eau Turcs et Caicos

Développeurs d'infrastructures de l'utilitaire de l'eau

Les partenariats clés de développement des infrastructures comprennent:

Partenaire	Portée du projet	Investissement
Consolidated Construction Ltd.	Installations de traitement de l'eau	6,5 millions de dollars
Groupe de développement des infrastructures des Caraïbes	Expansion de la plante de dessalement	5,9 millions de dollars

Organisations de conservation de l'environnement

CWCO s'associe aux organisations environnementales pour assurer une gestion durable de l'eau:

• Institut de recherche environnementale des Caraïbes
• Société de conservation des océans
• Partenariat mondial de l'eau

Entreprises d'ingénierie et de construction

Les partenariats d'ingénierie stratégique comprennent:

Partenaire	Spécialisation	Valeur de collaboration annuelle
Colline CH2M	Conception d'infrastructures d'eau	3,1 millions de dollars
Jacobs Engineering Group	Ingénierie des usines de dessalement	4,6 millions de dollars

Consolidated Water Co. Ltd. (CWCO) - Modèle d'entreprise: Activités clés

Désalination de l'osmose inverse de l'eau de mer

Consolidated Water Co. Ltd. exploite plusieurs usines de dessalement dans la région des Caraïbes avec une capacité de production totale de 6,7 millions de gallons par jour (MGD).

Emplacement	Capacité (MGD)	Opérationnel depuis
Îles Caïmans	4.2	1996
Îles Vierges britanniques	1.5	2007
Bahamas	1.0	2013

Traitement et purification de l'eau

La société met en œuvre des technologies avancées de traitement de l'eau Qui buvant des normes de qualité de l'eau.

• Technologie de filtration membranaire
• Processus de chloration
• Techniques de stabilisation minérale
• Test complet de la qualité de l'eau

Gestion des infrastructures de distribution d'eau

CWCO gère les réseaux de distribution d'eau sur plusieurs territoires des Caraïbes avec environ 125 kilomètres d'infrastructure de pipeline.

Territoire	Longueur du pipeline (km)	Connexions de service
Grand Caïmman	75	4,500
Îles Vierges britanniques	35	2,200
Bahamas	15	1,100

Développement du projet international d'approvisionnement en eau

CWCO a investi 12,3 millions de dollars dans des projets internationaux d'infrastructure hydrique entre 2020-2023.

• Projets d'expansion dans les territoires des Caraïbes
• Services de conseil technique
• Implémentations du système de gestion de l'eau

Gestion durable des ressources en eau

La société met en œuvre des pratiques de gestion durable de l'eau avec décharge liquide zéro technologies et intégration des énergies renouvelables.

Métrique de la durabilité	Performance actuelle
Efficacité énergétique	35% de consommation d'énergie renouvelable
Taux de récupération de l'eau	Récupération de la membrane à 92%
Réduction des émissions de carbone	1 750 tonnes de CO2 par an

Consolidated Water Co. Ltd. (CWCO) - Modèle d'entreprise: Ressources clés

Technologie de dessalement avancée

Consolidated Water Co. Ltd. exploite plusieurs usines de dessalement d'osmose inverse d'une capacité de production totale de 9,2 millions de gallons par jour entre les caribéens.

Emplacement	Capacité de production (gallons / jour)	Type de technologie
Îles Caïmans	5,4 millions	Osmose inversée
Îles Vierges britanniques	3,8 millions	Osmose inversée

Équipement de traitement de l'eau spécialisé

• Systèmes de filtration à membrane haute pression
• Équipement de surveillance de la qualité de l'eau avancée
• Infrastructure de tuyauterie résistante à la corrosion

Ingénierie qualifiée et main-d'œuvre technique

En 2023, CWCO emploie 87 professionnels techniques à temps plein ayant une expertise spécialisée sur le traitement de l'eau.

Catégorie professionnelle	Nombre d'employés
Ingénieurs de traitement de l'eau	42
Techniciens de maintenance	35
Spécialistes du contrôle de la qualité	10

Droits d'eau de la région des Caraïbes stratégiques

Accords de concession opérationnelle:

• Concession de la Cayman Islands Water Authority
• Contrat d'utilité de l'eau des îles Vierges britanniques

Processus de purification de l'eau propriétaire

CWCO a développé 3 méthodologies de traitement de l'eau brevetées Spécifique aux défis de dessalement de l'eau des Caraïbes.

Type de brevet	Année d'inscription
Processus de prétraitement de la membrane	2018
Technique de restauration minérale	2020
Méthode de dessalement de faible énergie	2022

Consolidated Water Co. Ltd. (CWCO) - Modèle d'entreprise: propositions de valeur

Production d'eau potable de haute qualité

Consolidated Water Co. Ltd. a produit 2,0 millions de mètres cubes d'eau potable en 2022. La qualité de l'eau de l'entreprise répond ou dépasse les normes d'eau potable, avec un taux de conformité de 99,98%.

Métriques de la production d'eau	2022 chiffres
Production totale d'eau	2,0 millions de mètres cubes
Conformité de la qualité de l'eau	99.98%
Couverture de service	Régions des Caraïbes (îles Caïmans, îles Vierges britanniques)

Solutions d'eau durables pour les régions de scarce d'eau

CWCO exploite des installations de dessalement d'osmose inverse avec une efficacité de récupération de l'eau à 95%. L'investissement dans des technologies durables a atteint 3,7 millions de dollars en 2022.

• Capacité de dessalement: 7 500 mètres cubes par jour
• Efficacité de récupération de l'eau: 95%
• Intégration d'énergie renouvelable: 35% de la puissance de l'installation

Infrastructure d'approvisionnement en eau fiable et cohérente

La société maintient un réseau de distribution d'eau avec une fiabilité opérationnelle de 99,6% entre les territoires de service.

Performance d'infrastructure	2022 métriques
Fiabilité opérationnelle du réseau	99.6%
Longueur totale du réseau de distribution	287 kilomètres
Clients connectés	45 000 comptes résidentiels et commerciaux

Génération d'eau responsable de l'environnement

Le CWCO a réduit les émissions de carbone de 22% en 2022 grâce à des technologies de production d'eau durable.

• Réduction des émissions de carbone: 22%
• Investissement technologique vert: 2,1 millions de dollars
• Certifications environnementales: conforme ISO 14001

Technologies de traitement de l'eau rentables

La société maintient les coûts de production d'eau à 1,85 $ par mètre cube, 15% inférieurs aux concurrents régionaux.

Métriques de rentabilité	2022 données
Coût de la production d'eau	1,85 $ par mètre cube
Économies de coûts opérationnels	15% en dessous de la moyenne régionale
Investissement technologique	4,2 millions de dollars en améliorations d'efficacité

Consolidated Water Co. Ltd. (CWCO) - Modèle d'entreprise: relations avec les clients

Contrats d'approvisionnement en eau municipale à long terme

En 2024, CWCO maintient les contrats d'approvisionnement en eau avec les municipalités suivantes:

Emplacement	Valeur du contrat	Durée du contrat
Îles Caïmans	12,3 millions de dollars par an	Accord de 20 ans
Bahamas	8,7 millions de dollars par an	Accord de 15 ans

Services de support technique direct

CWCO fournit un support technique via les canaux suivants:

• Hotline de support client 24/7
• Consultation technique sur place
• Services de diagnostic à distance

L'équipe de support technique se compose de 18 ingénieurs spécialisés dans toutes les régions de service.

Solutions d'infrastructure d'eau personnalisées

Le portefeuille de solutions d'infrastructure comprend:

Type de solution	Valeur moyenne du projet	Projets annuels
Conception de la plante de dessalement	4,2 millions de dollars	3-4 projets
Réseau de distribution d'eau	2,8 millions de dollars	5-6 projets

Entretien continu et consultation technique

Répartition du service de maintenance:

• Contrats de maintenance préventive: 12 accords actifs
• Revenus de maintenance annuelle: 3,6 millions de dollars
• Durée du contrat de maintenance moyen: 5 ans

Engagement communautaire et éducation environnementale

Métriques d'engagement communautaire:

Activité	Portée annuelle	Investissement
Ateliers de conservation de l'eau	1 200 participants	$175,000
Programmes d'éducation environnementale	850 étudiants	$125,000

Consolidated Water Co. Ltd. (CWCO) - Modèle d'entreprise: canaux

Ventes directes aux gouvernements municipaux

En 2023, CWCO a rapporté des ventes municipales directes dans les îles Caïmans, les Bahamas et les îles Vierges britanniques totalisant 17,3 millions de dollars.

Région	Revenus de vente municipale	Volume d'eau (millions de gallons)
Îles Caïmans	12,4 millions de dollars	365.2
Bahamas	3,6 millions de dollars	108.5
Îles Vierges britanniques	1,3 million de dollars	42.7

Partenariats des services publics de l'eau

CWCO a maintenu des partenariats avec 7 sociétés de services publics dans toutes les régions des Caraïbes en 2023.

• Revenus de partenariat: 4,2 millions de dollars
• Partenariats de services publics actifs: 7
• Durée du partenariat moyen: 5,3 ans

Conférences techniques et expositions de l'industrie

CWCO a participé à 4 grandes conférences d'infrastructures aquatiques en 2023.

Conférence	Emplacement	Nouveaux contacts générés
Sommet de la technologie de l'eau des Caraïbes	Miami, FL	42
Conférence mondiale des infrastructures sur l'eau	Londres, Royaume-Uni	35
Conférence internationale de dessalement	Dubaï, EAU	28
Exposition de l'innovation dans l'eau	Singapour	33

Plateformes de communication d'entreprise en ligne

Métriques d'engagement numérique pour CWCO en 2023:

• Visiteurs du site Web de l'entreprise: 124 600
• LinkedIn adepte: 3 850
• Twitter abonnés: 2 300
• Trajet mensuel moyen du site Web: 10 383

Conseil d'infrastructures d'eau spécialisés

La répartition des revenus des services de conseil de CWCO pour 2023:

Type de service de conseil	Revenu	Nombre de projets
Conseil de dessalement	2,1 millions de dollars	14
Conception du traitement de l'eau	1,7 million de dollars	11
Évaluation des infrastructures	1,3 million de dollars	8

Consolidated Water Co. Ltd. (CWCO) - Modèle d'entreprise: segments de clientèle

Municipalités de l'île des Caraïbes

En 2024, l'eau consolidée dessert les municipalités des Caraïbes suivantes:

Emplacement	Population a servi	Volume d'eau (gallons / jour)
Îles Caïmans	65,000	3,2 millions
Bahamas	15,000	750,000

Organisations du gouvernement des services publics de l'eau

CWCO contracte avec les organisations gouvernementales des services publics de l'eau dans plusieurs régions:

• Cayman Water Authority
• Bahamas Water and Swerage Corporation
• Agence de développement des infrastructures des Caraïbes

Développeurs d'infrastructures de villégiature et de tourisme

Catégorie de la station	Nombre de clients	Approvisionnement en eau annuel (gallons)
Stations de luxe	12	45 millions
Hôtels de boutique	8	15 millions

Entreprises de consommation d'eau industrielle

CWCO dessert les clients industriels ayant des exigences spécifiques de traitement de l'eau:

• Plates-formes d'huile offshore
• Installations de fabrication
• Opérateurs d'usine de dessalement

Projets de gestion de l'eau agricole

Secteur agricole	Contrats d'approvisionnement en eau	Volume annuel (gallons)
Irrigation des cultures	5	22 millions
Opérations de bétail	3	8 millions

Consolidated Water Co. Ltd. (CWCO) - Modèle d'entreprise: Structure des coûts

Recherche et développement technologiques

Dépenses annuelles de R&D pour 2022: 1 245 000 $

Catégorie	Dépenses ($)
Recherche technologique de dessalement	752,000
Innovation du traitement de l'eau	493,000

Construction et entretien des usines de dessalement

Total des dépenses en capital pour les infrastructures végétales en 2022: 8 750 000 $

• Coûts de construction par usine: 4 500 000 $
• Dépenses de maintenance annuelles: 1 250 000 $
• Réserve de remplacement de l'équipement: 3 000 000 $

Salaires du personnel technique

Catégorie de personnel	Dépenses salariales annuelles ($)
Ingénieurs seniors	1,200,000
Spécialistes techniques	850,000
Personnel opérationnel	1,750,000

Approvisionnement et mises à niveau de l'équipement

Investissement total d'équipement pour 2022: 5 600 000 $

• Coûts de remplacement de la membrane: 2 100 000 $
• Mises à niveau du système de pompage: 1 500 000 $
• Systèmes de surveillance et de contrôle: 2 000 000 $

Infrastructure opérationnelle et de distribution

Composant d'infrastructure	Coût annuel ($)
Maintenance des pipelines	1,350,000
Opérations des installations de stockage	750,000
Gestion du réseau de distribution	1,100,000

Consolidated Water Co. Ltd. (CWCO) - Modèle d'entreprise: Strots de revenus

Contrats municipaux d'approvisionnement en eau

En 2023, Consolidated Water Co. Ltd. a généré 21,4 millions de dollars à partir des contrats d'approvisionnement en eau municipaux à travers les îles Caïmans, les îles Vierges britanniques et d'autres marchés des Caraïbes.

Région	Valeur du contrat	Volume annuel de l'eau
Îles Caïmans	12,6 millions de dollars	1,2 million de mètres cubes
Îles Vierges britanniques	5,8 millions de dollars	0,6 million de mètres cubes
Autres marchés des Caraïbes	3,0 millions de dollars	0,3 million de mètres cubes

Développement du projet d'infrastructure d'eau

En 2023, CWCO a obtenu 7,9 millions de dollars de contrats de développement des infrastructures, en se concentrant sur les installations de dessalement et de traitement de l'eau.

• Revenus du projet d'infrastructure total: 7,9 millions de dollars
• Nombre de projets d'infrastructure actifs: 4
• Durée moyenne du projet: 18-24 mois

Services de conseil technique

Les services de conseil technique ont généré 3,2 millions de dollars de revenus pour CWCO en 2023.

Type de service de conseil	Revenu
Optimisation du traitement de l'eau	1,5 million de dollars
Conseil de technologie de dessalement	1,1 million de dollars
Stratégie de gestion de l'eau	0,6 million de dollars

Licence de technologie de traitement de l'eau

CWCO a gagné 2,5 millions de dollars des accords de licence technologique en 2023.

• Nombre d'accords de licence de technologie active: 6
• Port géographique des licences: Amérique du Nord, Caraïbes, Amérique latine
• Revenu des licences par accord: moyenne 416 667 $

Accords internationaux d'approvisionnement en eau

Les accords internationaux d'approvisionnement en eau ont contribué 4,3 millions de dollars aux revenus de CWCO en 2023.

Région	Valeur de l'accord	Volume d'approvisionnement en eau
Région des Caraïbes	3,1 millions de dollars	0,4 million de mètres cubes
Marchés internationaux	1,2 million de dollars	0,2 million de mètres cubes

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

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

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

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

The value proposition is supported by the following operational metrics:

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

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

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

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

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

Diversified service model reducing reliance on single revenue source

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

Here's the Q3 2025 revenue breakdown by segment:

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

Expertise in advanced water reuse and wastewater treatment

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

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

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

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

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

Finance: draft 13-week cash view by Friday.

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

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

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

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

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

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

Regulated utility service model for residential and commercial retail customers

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

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

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

Contractual, project-based engagement for design-build services

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Caribbean government water authorities (Bulk Water segment)

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

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

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

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

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

You should watch the nature of this revenue closely:

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

Engineering firms and water treatment plant operators (Manufacturing segment)

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

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

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

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

Also, remember the overall financial health supporting these segments:

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

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

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

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

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

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

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

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

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

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

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

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

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

Finance: draft 13-week cash view by Friday.

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

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

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

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

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

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

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

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