Consolidated Water Co. Ltd. (CWCO): Business Model Canvas [Dec-2025 Updated]

You're looking for the real engine behind Consolidated Water Co. Ltd. (CWCO)'s stability, and honestly, after two decades analyzing utilities, their strength is defintely their four-pillar revenue structure. As of late 2025, they aren't just a utility; they're a complex operator, pulling in $130.8 million in trailing twelve months revenue by balancing bulk water sales, regulated retail service on Grand Cayman, specialized O&M services, and equipment manufacturing. This diversification-from long-term government contracts to their Aerex segment-is what makes their model resilient. Dive into the full Business Model Canvas below to see exactly how they structure these distinct value chains and manage costs like high energy for desalination.

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

Long-term contracts with government water authorities in the Caribbean form a bedrock for Consolidated Water Co. Ltd. (CWCO)'s Bulk Water Operations.

• Cayman Water Company, a subsidiary, received a new concession from the Cayman Islands government granting continued exclusive rights to produce and supply potable water on Grand Cayman.
• Bulk Water Operations in the Cayman Islands and The Bahamas supply approximately 20 million US gallons per day (USMGD) of potable water to public (government) and private entities.
• The Water & Sewage Corporation in the Bahamas made significant payments on delinquent accounts receivable, resulting in a $12.5 million decrease in accounts receivable balances for Consolidated Water Bahamas in Q3 2025, bringing the balance to $16.8 million as of September 30, 2025.

The expansion into the U.S. market involves significant design-build and long-term operations partnerships.

Project Partner Type	Project/Client Example	Value/Term
U.S. Municipal Client	Honolulu Board of Water Supply (Hawaii)	$204 million design-build-operate project
U.S. Municipal Client (Hawaii O&M)	Honolulu Board of Water Supply (Hawaii)	20-year Operations and Maintenance (O&M) agreement plus two five-year extension options
Caribbean Government Authority	Cayman Islands Government	New Water Production and Supply Concession

Strategic engineering and construction firms are engaged for project execution, particularly for the major U.S. entry.

• The Hawaii seawater desalination plant project is a design-build-operate contract.
• Construction on the Hawaii project is expected to commence early 2026.
• Consolidated Water Co. Ltd. anticipates improved design/build services revenue in the second half of 2025 from three smaller projects under contract, valued at approximately $20 million combined.

Partnerships with desalination technology providers are inherent in the company's core competency of using advanced Reverse Osmosis systems.

Caribbean Facility	Technology Application	Daily Production Capacity
Grand Cayman Plants (3)	Seawater Reverse Osmosis	Approximately 4 million gallons per day
Hawaii Plant	Seawater Desalination	1.7 million gallon per day

U.S.-based O&M services are delivered through subsidiaries, which represent key partnerships for recurring revenue streams.

• O&M recurring revenue for the Services Segment totaled $7.7 million in the third quarter of 2025.
• O&M recurring revenue increased 17% to $8.3 million in the second quarter of 2025.
• U.S.-based O&M contracts managed by the PERC Water subsidiary contributed meaningfully to revenue increases.

Local utility partners, such as the Bahamas Water and Sewerage Corporation, are central to the Bulk Water segment operations in that region.

The relationship with the Bahamas Water & Sewage Corporation involved significant payment activity in Q3 2025.

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

You're looking at the core engine of Consolidated Water Co. Ltd. (CWCO) as of late 2025-the things they absolutely must do well to keep the lights on and grow. It's a mix of running a utility, building big projects, and making specialized gear.

Operating and maintaining water/wastewater treatment facilities (O&M)

This is the recurring revenue backbone, often through subsidiaries like PERC Water and the newer REC. They are actively growing this area. For the three months ended September 30, 2025, the operations and maintenance (O&M) revenue hit $7.7 million, which was up 3% year-over-year. Looking at the first nine months of 2025, the O&M revenue totaled $23.7 million, marking a 9% increase from the same period in 2024. This growth comes from incremental revenue generated by both PERC and REC.

Designing and constructing new desalination and water reuse plants

This is the project-based, lumpy part of the business, but it's showing a strong rebound. Construction revenue in the third quarter of 2025 was $6.4 million, a massive 50% jump compared to the $4.3 million recognized in the third quarter of 2024. For the first nine months of 2025, construction revenue stood at $11.4 million. Plus, they recently secured two new construction projects in Colorado (a drinking water plant expansion) and California (a wastewater recycling plant), valued in total at approximately $15.6 million, with revenue expected to land mostly in 2026.

Manufacturing specialized water treatment equipment (Aerex)

The manufacturing segment, which includes Aerex Industries Inc., is also seeing positive momentum. In Q3 2025, manufacturing revenue was $4.7 million, a 7% increase over the prior year's third quarter. For the first nine months of 2025, this segment brought in $15.7 million. Honestly, they are reinvesting here too; projected liquidity requirements for the rest of 2025 include about $266,000 for new equipment for the Aerex manufacturing facility.

Regulated retail water distribution on Grand Cayman

This is the core utility operation where they have exclusive rights. Retail revenue in the third quarter of 2025 was $7.8 million, a 2% increase. The volume of water sold actually jumped 6% in Q3 2025, driven by drier weather and more customer connections. To give you a sense of the demand, retail water sold in the first quarter of 2025 had already increased by 13%.

Securing and executing large-scale, multi-year contracts like the $204 million Hawaii project

This massive project is a key future driver. The design of the $204 million seawater desalination plant for the Honolulu Board of Water Supply is now 100% complete as of Q3 2025. This project, which involves a 1.7 million gallon per day facility, is set to move into the construction phase, which management expects will be a major growth driver for the services segment in both 2026 and 2027. Once done, Consolidated Water Co. Ltd. has a contract to operate the plant under a 20-year O&M agreement, plus two five-year extension options.

Here's a quick look at how the revenue streams stacked up in the most recent quarter:

Revenue Source	Q3 2025 Amount	Year-over-Year Change (Q3)
Total Revenue	$35.1 million	Up 5%
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%

The services segment revenue growth was heavily influenced by construction, which saw a 50% increase to $6.4 million in Q3 2025.

Finance: draft 13-week cash view by Friday.

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

You're looking at the hard assets and financial muscle that power Consolidated Water Co. Ltd. (CWCO)'s operations. These aren't abstract concepts; they are tangible resources that generate revenue and secure future growth.

Advanced Desalination and Water Treatment Plant Infrastructure

The core of Consolidated Water Co. Ltd.'s physical assets lies in its established and developing water infrastructure across multiple jurisdictions. This includes a mix of existing operational plants and major, multi-year development projects.

The company's existing footprint includes:

• Operating desalination facilities in the Cayman Islands, The Bahamas, and the British Virgin Islands.
• Operating water treatment and reuse facilities within the United States.
• The Grand Cayman utility alone operates seven existing seawater reverse osmosis desalination plants.

A major near-term asset is the development in Hawaii. Consolidated Water Co. Ltd. is engaged in a $204 million design-build-operate project for a seawater desalination plant in Hawaii, which will have a capacity of 1.7 million gallons per day. As of late 2025, the design for this plant is reported as 100% complete, with construction anticipated to commence early in 2026. Furthermore, a new seawater reverse osmosis plant planned for George Town, Grand Cayman, is set to produce up to 2.64 million gallons of potable water per day.

Substantial Cash and Equivalents of $123.6 million as of Q3 2025

The balance sheet provides a strong foundation for near-term flexibility. As of September 30, 2025, Consolidated Water Co. Ltd. held $123.6 million in cash and cash equivalents. This liquidity is supported by a working capital position of $141.7 million and total stockholders' equity of $220.4 million. Importantly, the company presently carries no significant outstanding debt. Projected liquidity requirements for the remainder of 2025 include capital expenditures of approximately $4.5 million for existing operations.

Here's a quick look at the financial position as of the end of Q3 2025:

Financial Metric	Amount (as of 9/30/2025)
Cash and Cash Equivalents	$123.6 million
Working Capital	$141.7 million
Stockholders' Equity	$220.4 million
Projected 2025 Capex (Total)	Approx. $4.5 million

Specialized O&M Expertise Through Subsidiaries PERC Water and REC

Consolidated Water Co. Ltd. deploys specialized expertise in the U.S. market through its wholly-owned subsidiaries, PERC Water Corporation (PERC) and Ramey Environmental Compliance (REC). This structure allows for focused service delivery in water-stressed regions.

The operational footprint and contract history of these subsidiaries demonstrate this resource:

• REC, acquired for $4.2 million in cash, provides services to more than 100 water and wastewater treatment customers, primarily in Colorado.
• PERC secured an expanded contract in Southern California valued at $49.2 million over 10 years (plus two optional 5-year extensions) to operate and maintain two advanced water treatment facilities.
• PERC's expertise is in developing, designing, building, operating, and managing water infrastructure facilities in the Southwestern U.S.

Long-term, Exclusive Water Supply Contracts in Key Regions

The stability of Consolidated Water Co. Ltd.'s revenue is heavily reliant on long-term contractual arrangements, particularly in its Caribbean utility and bulk water segments. These contracts often include performance guarantees for quality and quantity.

Key contract types and examples include:

• The retail division on Grand Cayman operates under an exclusive license sanctioned by the Cayman Islands government.
• Bulk water sales in the Cayman Islands and The Bahamas are secured through long-term contracts, frequently structured as Design, Build, Own, and Operate (DBOO).
• The Hawaii desalination project includes a commitment to operate the facility under a 20-year operations and maintenance (O&M) agreement, with two five-year extension options.

Proprietary Manufacturing Facility for Water Treatment Components

The company maintains a manufacturing segment that produces specialized equipment and products used both internally and sold to external municipal and industrial clients, especially in the U.S. This capability is being actively expanded.

Details on the manufacturing resource include:

• Manufacturing segment revenue reached $4.7 million in Q3 2025, marking a 7% increase year-over-year.
• The company recently completed a 17,500 square foot manufacturing facility expansion.
• Projected capital expenditures for the balance of 2025 include $266,000 earmarked for new equipment for this manufacturing facility.
• The manufacturing arm, Aerex Industries, was awarded a contract to upgrade equipment at a 20 million gallons per day (MGD) Reverse Osmosis Water Treatment Plant in Florida.

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.