Global Water Resources, Inc. (GWRS): Business Model Canvas [Jan-2025 Mise à jour]

Dans les paysages arides de l'Arizona, Global Water Resources, Inc. (GWRS) émerge comme un acteur pivot dans la gestion des services publics de l'eau, transformant le défi complexe de la rareté de l'eau en une opportunité commerciale stratégique. En tirant parti de l'infrastructure innovante, des solutions durables et des technologies avancées, GWRS a conçu un modèle commercial complet qui assure non seulement des services d'eau fiables, mais répond également aux besoins essentiels de l'environnement et de la communauté dans les régions contractées par l'eau. Leur approche unique entrelace l'expertise technologique, les partenariats stratégiques et les services centrés sur le client pour redéfinir la gestion des ressources en eau dans un écosystème difficile.

Global Water Resources, Inc. (GWRS) - Modèle commercial: partenariats clés

Municipalités et gouvernements locaux en Arizona

Global Water Resources, Inc. s'associe à plusieurs municipalités à travers l'Arizona, notamment:

Municipalité	Aire de service	Détails du partenariat
Queen Creek	Vallée de San Tan	Services d'eau et d'eaux usées
Gilbert	Vallée du sud-est	Gestion des infrastructures
Maricopa	Comté de Pinal	Opérations utilitaires de l'eau

Entreprises d'ingénierie et de construction pour le développement des infrastructures

Les partenariats clés de développement des infrastructures comprennent:

• Noir & Veatch
• Colline CH2M
• Jacobs Engineering Group

Fournisseurs de technologies de traitement de l'eau

Les partenariats technologiques impliquent:

Fournisseur de technologie	Technologie spécifique	Année de mise en œuvre
Xylem Inc.	Systèmes de filtration avancés	2022
Evoqua Water Technologies	Traitement de la membrane	2023

Agences de réglementation environnementale

Partenariat de conformité réglementaire avec:

• Arizona Department of Environmental Quality
• Agence de protection de l'environnement (EPA)
• Arizona Water Infrastructure Finance Authority

Développeurs immobiliers dans les régions de service

Les partenariats de développement stratégique comprennent des collaborations avec:

Promoteur	Emplacement du projet	Portée du service de l'eau
Pulte Homes	Vallée de San Tan	Infrastructure d'eau complète
Maisons de Lennar	Queen Creek	Intégration des services de services publics

Global Water Resources, Inc. (GWRS) - Modèle d'entreprise: activités clés

Gestion des services publics d'eau et des eaux usées

Global Water Resources gère les services d'eau et d'eaux usées dans 7 systèmes de services publics réglementés en Arizona, desservant environ 55 000 clients. La société opère dans des municipalités, notamment Buckeye, Goodyear, Surprise et Peoria.

Aire de service	Nombre de systèmes utilitaires	Clientèle
Arizona	7	55,000

Maintenance et expansion des infrastructures

En 2022, Global Water a investi 20,3 millions de dollars dans les améliorations des capitaux et le développement des infrastructures. La société maintient plus de 600 miles de pipelines d'eau et d'eaux usées.

• Investissement en capital: 20,3 millions de dollars (2022)
• Réseau de pipeline: 600+ miles
• Concentrez-vous sur la modernisation des infrastructures d'eau

Programmes de conservation de l'eau et de durabilité

La société met en œuvre des stratégies de conservation de l'eau ciblant 15% de réduction de l'utilisation de l'eau par client. La consommation d'eau recyclée représente 3,2 millions de gallons par jour dans leurs zones de service.

Cible de conservation	Volume d'eau recyclée
Réduction de 15%	3,2 millions de gallons / jour

Surveillance de la conformité réglementaire

Les ressources mondiales en eau maintient Compliance à 100% avec l'Arizona Department of Environmental Quality Standards. La société effectue plus de 50 000 tests de qualité de l'eau chaque année.

• Conformité réglementaire: 100%
• Tests annuels de qualité de l'eau: 50 000+

Service client et gestion de facturation

La société traite environ 660 000 transactions de facturation des clients par an avec un taux d'adoption de paiement numérique de 72%.

Transactions de facturation annuelles	Adoption des paiements numériques
660,000	72%

Global Water Resources, Inc. (GWRS) - Modèle d'entreprise: Ressources clés

Infrastructure de traitement de l'eau et de distribution

En 2024, les ressources en eau mondiales exploitent 16 installations de traitement de l'eau dans l'Arizona. Valeur totale de l'actif d'infrastructure: 189,3 millions de dollars. Dépenses en capital annuelles pour la maintenance et l'expansion des infrastructures: 12,7 millions de dollars.

Type d'infrastructure	Total des unités	Capacité (millions de gallons par jour)
Plantes de traitement de l'eau	16	45.6
Installations de traitement des eaux usées	11	38.2
Pipelines de distribution de l'eau	1 247 miles	N / A

Droits de l'eau propriétaire en Arizona

Portfolio total des droits de l'eau: 47 900 acres-pieds par an. Valeur marchande estimée des droits de l'eau: 76,5 millions de dollars.

Expertise technique en gestion de l'eau

Composition technique de la main-d'œuvre:

• Total des employés avec une expertise en gestion de l'eau: 127
• Employés titulaires de diplômes avancés: 42
• Années moyennes d'expérience de l'industrie: 14,6 ans

Technologies avancées de mesure et de surveillance

Investissement infrastructure technologique: 8,2 millions de dollars en 2023. Déploiement de compteur intelligent: 98,6% des connexions de service.

Type de technologie	Total des unités	Investissement annuel
Compteurs d'eau intelligents	36,742	3,6 millions de dollars
Systèmes de surveillance à distance	16	2,1 millions de dollars
Plateformes d'analyse de données	3	2,5 millions de dollars

Main-d'œuvre qualifiée spécialisée dans les services d'eau

Total de la main-d'œuvre: 237 employés. Répartition des rôles spécialisés:

• Spécialistes du traitement de l'eau: 64
• Professionnels d'ingénierie: 41
• Gestion des opérations: 32
• Service client: 58
• Support administratif: 42

Global Water Resources, Inc. (GWRS) - Modèle d'entreprise: propositions de valeur

Service d'eau fiable et cohérent dans les régions arides

Global Water Resources sert 5 municipalités en Arizona, fournissant des services d'eau à environ 55 000 personnes sur 27 miles carrés. La société gère 14 systèmes d'eau et d'eaux usées dans la zone métropolitaine de Phoenix.

Métrique de service	Quantité
Connexions totales d'eau	20,285
Connexions des eaux usées	18,720
L'eau annuelle livrée	3,2 milliards de gallons

Solutions de gestion durable de l'eau

L'entreprise se concentre sur les stratégies de recyclage et de conservation de l'eau dans les régions de la scarce d'eau.

• Utilisation de l'eau récupérée: 1,1 milliard de gallons par an
• Taux de réutilisation de l'eau: 65% de l'eau totale transformée
• Réduction de l'extraction des eaux souterraines: 40% par rapport à la gestion traditionnelle de l'eau

Investissement et modernisation des infrastructures

Dépenses en capital pour les améliorations des infrastructures aquatiques en 2023: 12,4 millions de dollars.

Catégorie d'investissement dans l'infrastructure	Montant d'investissement
Amélioration des installations de traitement de l'eau	5,6 millions de dollars
Remplacement du pipeline	4,2 millions de dollars
Technologie de mesure intelligente	2,6 millions de dollars

Gérance environnementale

Les ressources mondiales en eau maintient des normes strictes de conformité environnementale et de durabilité.

• Zéro violations environnementales au cours des 5 dernières années
• Réduction des émissions de carbone: 22% depuis 2018
• Efficacité énergétique dans le traitement de l'eau: amélioration de 35%

Services de services publics d'eau rentables

La performance financière démontre une prestation de services rentable.

Métrique financière	Valeur 2023
Revenus totaux	36,7 millions de dollars
Dépenses d'exploitation	24,5 millions de dollars
Revenu net	8,2 millions de dollars
Marge opérationnelle	22.3%

Global Water Resources, Inc. (GWRS) - Modèle d'entreprise: relations clients

Systèmes de support client direct

Global Water Resources maintient un centre de service client dédié avec les mesures opérationnelles suivantes:

Canal de support	Volume de contact annuel	Temps de réponse moyen
Support téléphonique	42 573 interactions client	8,2 minutes
Assistance par e-mail	18 246 demandes de messagerie électronique	Fenêtre de résolution 24h / 24

Facturation en ligne et portail client

Statistiques d'engagement de la plate-forme numérique:

• 87,3% des clients inscrits sur le portail en ligne
• 64,2% des paiements de factures traités numériquement
• Taux de téléchargement des applications mobiles: 42 500 utilisateurs actifs

Programmes d'engagement communautaire

Type de programme	Participation annuelle	Investissement communautaire
Ateliers de conservation de l'eau	1 237 participants	127 500 $ alloués
Programmes d'éducation scolaire	22 écoles engagées	85 300 $ investis

Communication transparente sur les services d'eau

Répartition des canaux de communication:

• Rapports annuels de qualité de l'eau distribués: 98 765 ménages
• Réunions de divulgation publique: 6 événements par an
• Indice de transparence du site Web: accessibilité de l'information à 94%

Conseils personnalisés de conservation de l'eau

Service d'orientation	Client portée	Impact de l'épargne
Plans de conservation personnalisés	3 745 clients résidentiels	17,6% de réduction moyenne de l'eau
Recommandations de compteur intelligent	2 890 installations	12,3% d'amélioration de l'efficacité

Global Water Resources, Inc. (GWRS) - Modèle commercial: canaux

Portail de service client en ligne

Global Water Resources maintient un portail de service à la clientèle en ligne avec les spécifications suivantes:

Trafic de site Web (2023)	412 563 visiteurs uniques
Transactions de paiement de factures en ligne	87% du total des paiements des clients
Accessibilité du portail	Disponible 24/7

Application mobile

Caractéristiques de l'application mobile et statistiques d'utilisation:

• Count de téléchargement d'applications (2023): 68 245
• Utilisateurs actifs mensuels: 42 500
• Évaluations de l'App Store: 4.3 / 5 (iOS et Android)

Centres d'assistance client directs

Emplacements de support total	3 centres de service à la clientèle physiques
Interactions annuelles du client	127 890 contacts des clients directs
Temps de réponse moyen	47 minutes

Emplacements de facturation physique et de paiement

Détails de l'infrastructure de paiement:

• Emplacements de paiement total: 12 sites physiques
• Méthodes de paiement acceptées: espèces, chèque, carte de crédit
• Volume de paiement en personne: 13% du total des transactions

Événements de sensibilisation communautaire

Événements communautaires annuels	24 événements
Total des participants (2023)	8 765 membres de la communauté
Types d'événements	Ateliers de conservation de l'eau, programmes scolaires

Global Water Resources, Inc. (GWRS) - Modèle d'entreprise: segments de clientèle

Consommateurs d'eau résidentiels

En 2023, les ressources en eau mondiales servent environ 55 000 connexions résidentielles à travers l'Arizona.

Aire de service	Connexions résidentielles totales	Utilisation mensuelle moyenne de l'eau
Région métropolitaine de Phoenix	42,500	7 200 gallons par ménage
Autres régions de l'Arizona	12,500	6 800 gallons par ménage

Clients commerciaux et industriels

Global Water Resources fournit des services d'eau à 1 250 clients commerciaux et industriels.

• Établissements de vente au détail: 450 clients
• Installations de fabrication: 350 clients
• Complexes de bureau: 250 clients
• Autres entités commerciales: 200 clients

Entités gouvernementales municipales

La société dessert 12 entités gouvernementales municipales en Arizona.

Municipalité	Type de service d'eau	Valeur du contrat annuel
Queen Creek	Gestion complète de l'eau	1,2 million de dollars
Vallée de San Tan	Infrastructure d'eau	$850,000

Promoteurs immobiliers

Global Water Resources soutient 35 projets de développement immobilier actifs en 2023.

• Développements de la communauté résidentielle: 22 projets
• Développements à usage mixte: 8 projets
• Communautés planifiées par la maîtrise: 5 projets

Entreprises agricoles

La société gère les services d'eau pour 45 clients agricoles en Arizona.

Secteur agricole	Nombre de clients	Utilisation annuelle moyenne de l'eau
Agriculture des cultures	28	1,5 million de gallons
Opérations de bétail	12	750 000 gallons
Agriculture spécialisée	5	400 000 gallons

Global Water Resources, Inc. (GWRS) - Modèle d'entreprise: Structure des coûts

Maintenance et mises à niveau des infrastructures

En 2023, Global Water Resources, Inc. a déclaré un total de dépenses en capital de 22,8 millions de dollars pour l'entretien et les mises à niveau des infrastructures. La répartition des investissements des infrastructures de la société comprend:

Catégorie d'infrastructure	Montant d'investissement ($)
Remplacement des infrastructures d'eau	12,400,000
Réhabilitation de pipeline	6,750,000
Mises à niveau de l'installation de traitement	3,650,000

Dépenses du personnel opérationnel

Les coûts totaux du personnel pour les ressources mondiales en eau en 2023 étaient de 8,3 millions de dollars, avec l'allocation suivante:

• Salaires du personnel opérationnel: 5 600 000 $
• Avantages et assurance: 1 750 000 $
• Formation et développement: 350 000 $
• Frais de recrutement: 600 000 $

Coûts de traitement et de distribution de l'eau

Les frais de traitement et de distribution de l'eau ont totalisé 15,6 millions de dollars en 2023:

Composant coût	Montant ($)
Supplies de traitement chimique	3,200,000
Coûts énergétiques pour le traitement de l'eau	5,400,000
Maintenance du réseau de distribution	4,600,000
Tests et surveillance de qualité	2,400,000

Frais de conformité réglementaire

Les coûts de conformité réglementaire pour les ressources mondiales en eau en 2023 étaient de 2,1 millions de dollars:

• Conformité environnementale: 850 000 $
• Rapports et documentation: 450 000 $
• Renouvellement des permis: 350 000 $
• Services juridiques et de conseil: 450 000 $

Investissements de la technologie et de la modernisation des systèmes

Les investissements technologiques en 2023 s'élevaient à 4,5 millions de dollars:

Catégorie d'investissement technologique	Montant ($)
Technologie de mesure intelligente	1,800,000
Systèmes de gestion des données	1,200,000
Infrastructure de cybersécurité	900,000
Outils de surveillance numérique	600,000

Global Water Resources, Inc. (GWRS) - Modèle d'entreprise: Strots de revenus

Frais de service d'eau résidentiel

En 2023, Global Water Resources, Inc. a généré 34,7 millions de dollars de revenus de services d'eau résidentiels. La facture mensuelle moyenne de l'eau résidentielle pour les clients GWRS était de 62,45 $.

Métrique	Valeur
Revenus résidentiels totaux	34,7 millions de dollars
Facture résidentielle mensuelle moyenne	$62.45
Nombre de connexions résidentielles	23,456

Frais de services publics commerciaux

Les revenus commerciaux des services publics de l'eau pour GWRS en 2023 ont totalisé 12,5 millions de dollars. L'entreprise a servi 1 845 comptes d'eau commerciaux.

Métrique	Valeur
Revenus de l'eau commerciale totale	12,5 millions de dollars
Nombre de comptes commerciaux	1,845
Facture mensuelle moyenne commerciale mensuelle	$563.22

Contrats de développement des infrastructures

Les GWR ont obtenu 8,3 millions de dollars de contrats de développement des infrastructures au cours de 2023. Ces contrats comprenaient des extensions du système d'eau et des projets d'infrastructure municipale.

• Revenus de développement total des infrastructures: 8,3 millions de dollars
• Nombre de projets d'infrastructure: 14
• Valeur du contrat moyen: 592 857 $

Monétisation des droits de l'eau

La monétisation des droits de l'eau a généré 3,2 millions de dollars de revenus pour les ressources mondiales en eau en 2023.

Métrique	Valeur
Revenu total des droits de l'eau	3,2 millions de dollars
Nombre de transactions sur les droits de l'eau	6

Accords de service municipal

Les accords de service municipal ont contribué 5,6 millions de dollars aux revenus GWRS en 2023.

• Revenu total des accords de service municipal: 5,6 millions de dollars
• Nombre de contrats municipaux: 9
• Valeur du contrat municipal moyen: 622 22 $

Total des sources de revenus annuelles: 64,3 millions de dollars

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

Integrated Total Water Management (TWM) for water scarcity

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

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

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

Reliable, high-quality water and wastewater utility service

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

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

Sustainable water resource management in high-growth corridors

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

Consolidation benefits leading to operational efficiencies

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

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

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

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

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

Regulated, long-term monopoly service contracts

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

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

Direct customer service and billing for utility accounts

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

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

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

Monthly cash dividend program for shareholders

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

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

Customer assistance programs for affordability

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

Here's a quick look at the assistance structure:

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

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

Finance: draft 13-week cash view by Friday.

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

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

Directly owned and operated utility systems in Arizona

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

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

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

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

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

Online customer portals for billing and service requests

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

Key digital channel activities include:

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

Local service centers and field operations teams

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

Field operations metrics include:

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

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

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

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

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

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

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

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

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

The customer segments are characterized by:

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

Finance: draft 13-week cash view by Friday.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Revenue from approved rate increases:

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

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

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

Acquisition revenue from the Tucson systems:

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

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

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

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

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

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

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