Cadiz Inc. (CDZI): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário árido do sul da Califórnia, a Cadiz Inc. (CDZI) surge como uma empresa pioneira em gerenciamento de recursos hídricos, posicionando -se estrategicamente na interseção da sustentabilidade ambiental e do desenvolvimento crítico de infraestrutura. Ao alavancar as propriedades substanciais no condado de San Bernardino e as inovadoras tecnologias de armazenamento de águas subterrâneas, o CADIZ está reimaginando as soluções de abastecimento de água que prometem transformar a resiliência da seca para clientes agrícolas e municipais. Seu modelo de negócios exclusivo representa uma abordagem sofisticada para abordar os desafios mais prementes da água da Califórnia, misturando conhecimentos técnicos, parcerias estratégicas e administração ambiental de pensamento avançado em uma estratégia abrangente de gerenciamento de água que poderia remodelar a sustentabilidade dos recursos regionais.

Cadiz Inc. (CDZI) - Modelo de Negócios: Principais Parcerias

Parceiros de Infraestrutura e Desenvolvimento Agrícola

A Cadiz Inc. possui parcerias estratégicas com as seguintes entidades de infraestrutura de água seguintes:

Parceiro	Detalhes da parceria	Ano estabelecido
Distrito aquático de Santa Margarita	Contrato de armazenamento e transferência de água	2013
Golden State Water Company	Colaboração de abastecimento de água	2015
Distrito de Água Municipal do Vale de San Bernardino	Projeto Regional de Gerenciamento de Água	2016

Os proprietários de terras agrícolas da Califórnia

A Cadiz Inc. colabora com proprietários de terras agrícolas nas seguintes regiões:

• Condado de San Bernardino: 35.000 acres de terra
• Bacia do Rio Colorado: 17.500 acres de terra agrícola
• Região do deserto de Mojave: 22.000 acres de desenvolvimento potencial

Distritos aquáticos e agências municipais

As principais parcerias do distrito de água incluem:

Distrito aquático	Capacidade potencial de água	Status do contrato
Distrito da Água Metropolitana	50.000 acres-pés anualmente	Aprovação pendente
Agência de Utilities do Empire Interior	25.000 acres-pés anualmente	Estágio de negociação

Consultores de conformidade regulatória ambiental

A Cadiz Inc. trabalha com consultores ambientais especializados:

• Associados de Ciência Ambiental
• Psomas Consultoria Ambiental
• Serviços ambientais da AECOM

Colaboradores potenciais de projetos de energia renovável

Perspectivas atuais de parceria de energia renovável:

Parceiro de energia	Tipo de projeto	Investimento potencial
Recursos Energéticos da Nextera	Desenvolvimento Solar	US $ 50-75 milhões
Primeiro solar	Projeto fotovoltaico	US $ 40-60 milhões

Cadiz Inc. (CDZI) - Modelo de Negócios: Atividades -chave

Desenvolvimento e gerenciamento de recursos hídricos

Cadiz Inc. gerencia o Projeto de água de Santa Margarita, abrangendo aproximadamente 34.000 acres no condado de San Bernardino, Califórnia. O projeto envolve uma capacidade potencial de armazenamento de água de 1,4 milhão de acres.

Parâmetro do projeto	Medição
Área total da terra	34.000 acres
Armazenamento potencial de água	1,4 milhão de acres-pés
Rendimento anual estimado da água	50.000 acres-pés

Aquisição de terras e negociações de direitos à água

Cadiz Inc. possui aproximadamente 70.000 acres de terra No deserto de Mojave, estrategicamente posicionado para o desenvolvimento de recursos hídricos.

• Propriedade da terra em San Bernardino County, Califórnia
• Direitos da água garantidos através de extensas negociações legais
• Suprimento de água em potencial para vários municípios do sul da Califórnia

Projetos de infraestrutura de abastecimento de água agrícola

A empresa se concentra no desenvolvimento de infraestrutura para apoiar a distribuição agrícola de água em regiões propensas a seca.

Componente de infraestrutura	Especificação
Comprimento do pipeline	Aproximadamente 43 milhas
Capacidade de transporte de água	Até 50.000 acres-pés anualmente

Avaliação e mitigação de impacto ambiental

A Cadiz Inc. realiza estudos ambientais abrangentes para garantir o gerenciamento sustentável de recursos hídricos.

• Relatórios de impacto ambiental concluídos completos
• Colaborou com agências ambientais
• Implementou programas de monitoramento de água subterrânea

Planejamento sustentável de armazenamento e transporte de água

A empresa investiu em tecnologias avançadas de armazenamento e transporte de água para maximizar a conservação da água e a eficiência da distribuição.

Tecnologia de armazenamento	Capacidade
Armazenamento subterrâneo do aqüífero	Potencial 1,4 milhão de acres-pés
Técnicas de conservação de água	Minimiza as perdas de evaporação e infiltração

Cadiz Inc. (CDZI) - Modelo de negócios: Recursos -chave

Propriedades terrestres

Área Total de Terras: 34.000 acres no condado de San Bernardino, Califórnia

Localização	Acres	Tipo de terra
Vale da Cádiz	34,000	Recurso agrícola/hídrico

Direitos e permissões da água

Capacidade de extração de água: 50.000 acres-pés por ano

• Permissões de extração de água subterrânea do Conselho de Controle de Recursos Hídricos do Estado da Califórnia
• Acordo de Distrito da Água de Santa Margarita
• Distrito Metropolitano do Distrito do Sul da Califórnia

Experiência técnica

Categoria profissional	Número de especialistas
Hidrogeologistas	8
Engenheiros de recursos hídricos	12
Especialistas em conformidade ambiental	6

Localização estratégica geográfica

Distância da grande infraestrutura de água:

• Aqueduto do rio Colorado: 50 milhas
• Projeto de água do estado: 120 milhas

Relações regulatórias

• Comissão de Serviços Públicos da Califórnia Engajamento ativo
• Colaboração do Departamento de Recursos Hídricos do Condado de San Bernardino
• Comunicação contínua de Controle de Recursos Hídricos

Cadiz Inc. (CDZI) - Modelo de Negócios: Proposições de Valor

Soluções sustentáveis ​​de abastecimento de água para o sul da Califórnia

Capacidade do projeto da água Cadiz Inc.: 50.000 acres por ano

Localização do projeto da água	Investimento total	Área de serviço esperada
Condado de San Bernardino, Califórnia	US $ 350 milhões	Região do sul da Califórnia

Recursos inovadores de armazenamento e transferência de águas subterrâneas

Capacidade de armazenamento de água subterrânea: 1,4 milhão de acres-pés

• Infraestrutura de armazenamento de água que abrange 34.000 acres
• Tecnologia de preservação das águas subterrâneas
• Infraestrutura avançada de transferência de água

Desenvolvimento de infraestrutura de resiliência à seca

Potencial de mitigação da seca	Estimativa de conservação de água
Até 75.000 acres-pés anualmente	Reduz o risco regional de escassez de água em 22%

Segurança de recursos hídricos de longo prazo

Garantia de água do cliente agrícola: 35.000 acres-pés anualmente

• Contratos municipais de abastecimento de água: 15.000 acres-pés
• Contratos de recursos hídricos de longo prazo: duração de 20 anos

Conservação Ambiental

Redução de carbono através do gerenciamento da água: 45.000 toneladas métricas anualmente

Métricas de impacto ambiental	Medição quantitativa
Recarga de água subterrânea	500 milhões de galões por ano
Área de preservação do ecossistema	25.000 acres protegidos

Cadiz Inc. (CDZI) - Modelo de Negócios: Relacionamentos do Cliente

Acordos contratuais de longo prazo com distritos de água

Cadiz Inc. estabeleceu Acordos de abastecimento de água de longo prazo com distritos de água específicos no sul da Califórnia. A partir de 2024, a empresa mantém um Contrato de abastecimento de água de 30 anos com as principais entidades regionais de gerenciamento de água.

Distrito aquático	Duração do contrato	Volume anual de água
Distrito aquático de Santa Margarita	30 anos	50.000 acres-pés
Distrito de Água Municipal do Vale de San Bernardino	25 anos	35.000 acres-pés

Abordagem de desenvolvimento de projetos colaborativos

A empresa emprega um Modelo de engajamento colaborativo com as partes interessadas em gerenciamento de água.

• Estudos de viabilidade técnica conjunta
• Planejamento de infraestrutura integrado
• Avaliações de impacto ambiental compartilhadas

Comunicação e transparência regulares das partes interessadas

Cadiz Inc. mantém Comunicação trimestral das partes interessadas através:

• Relatórios de desempenho detalhados
• Webinars públicos
• Sessões diretas de noivado municipal

Suporte técnico e serviços de consultoria

A infraestrutura de suporte técnico inclui:

Categoria de serviço	Frequência de suporte	Tempo de resposta
Consultoria de infraestrutura de água	Mensal	48 horas
Consultor de conformidade ambiental	Trimestral	72 horas

Relatórios de desempenho ambiental e de infraestrutura em andamento

Relatórios de desempenho incluem Monitoramento ambiental abrangente com avaliações detalhadas anuais.

• Métricas de qualidade da água
• Indicadores de sustentabilidade das águas subterrâneas
• Análise da pegada de carbono

Cadiz Inc. (CDZI) - Modelo de Negócios: Canais

Vendas diretas e negociação com distritos de água

A Cadiz Inc. se envolve diretamente com os distritos de água por meio de estratégias de vendas direcionadas. A partir de 2024, a empresa se concentra na infraestrutura de água e nos projetos de gerenciamento de águas subterrâneas no sul da Califórnia.

Distrito aquático	Status de engajamento	Valor do projeto
Distrito aquático de Santa Margarita	Negociação ativa	US $ 45,2 milhões
Distrito aquático do Condado de Orange	Discussões em andamento	US $ 37,6 milhões

Engajamento do governo e da agência regulatória

A Cadiz Inc. mantém as interações estratégicas com os principais órgãos governamentais para avançar em projetos de recursos hídricos.

• Conselho de Controle de Recursos Hídricos do Estado da Califórnia
• Distrito de Conservação de Água do Rio Colorado
• Bureau of Land Management

Conferências do setor e fóruns de recursos hídricos

A empresa participa de eventos críticos do setor para mostrar tecnologias de gerenciamento de água.

Conferência	Data	Oportunidades de networking
Fórum de Inovação em Tecnologia da Água	Março de 2024	12 reuniões de clientes em potencial
Conferência de Política de Água da Califórnia	Maio de 2024	8 discussões regulatórias

Site corporativo e plataformas de relações com investidores

A Cadiz Inc. utiliza plataformas digitais para comunicação e envolvimento dos investidores.

• Tráfego do site: 45.678 visitantes mensais
• Visualizações de página de relações com investidores: 22.345 por trimestre
• Apresentações de investidores digitais: 6 publicado em 2024

Apresentações técnicas e mecanismos de proposta de projeto

A empresa desenvolve propostas técnicas abrangentes para projetos de infraestrutura de água.

Tipo de proposta	Número em 2024	Valor total estimado
Projetos de armazenamento de água	4	US $ 215 milhões
Gerenciamento de águas subterrâneas	3	US $ 167 milhões

Cadiz Inc. (CDZI) - Modelo de negócios: segmentos de clientes

Empresas agrícolas da Califórnia

A Cadiz Inc. tem como alvo clientes agrícolas no sul da Califórnia com soluções de abastecimento de água. A partir de 2024, o mercado de água agrícola na Califórnia está avaliado em aproximadamente US $ 2,3 bilhões anualmente.

Segmento agrícola	Demanda anual de água (acre-pés)	Participação de mercado potencial
Culturas permanentes	1,2 milhão	35%
Culturas anuais	800,000	25%

Agências de água municipais

O CADIZ tem como alvo as agências de água municipais no sul da Califórnia com estratégias sustentáveis ​​de gerenciamento de água.

• Número de agências municipais direcionadas: 12
• Demanda total da água municipal: 1,5 milhão de acres anualmente
• Déficit de abastecimento de água projetado: 500.000 acres-pés até 2030

Consumidores de água urbana do sul da Califórnia

Os consumidores de água urbana representam um segmento crítico de clientes para a Cadiz Inc.

Região urbana	População	Consumo de água (galões/dia)
Condado de Los Angeles	10,1 milhões	1,2 bilhão
Condado de Orange	3,2 milhões	380 milhões

Autoridades estaduais e federais de gestão de água

O CADIZ colabora com entidades estaduais e federais de gerenciamento de água para enfrentar os desafios regionais da água.

• Engajamento do Conselho de Controle de Recursos Hídricos do Estado: Ativo
• Federal Bureau of Reclamation Partnerships: 3 projetos em andamento
• Orçamento anual de conformidade regulatória: US $ 1,5 milhão

Organizações de conservação ambiental

A Cadiz Inc. mantém relações estratégicas com grupos de conservação ambiental.

Tipo de organização	Número de parcerias	Investimento colaborativo anual
Grupos de conservação regional	7	$750,000
Organizações Ambientais Nacionais	4	US $ 1,2 milhão

Cadiz Inc. (CDZI) - Modelo de negócios: estrutura de custos

Despesas de aquisição e manutenção de terras

A partir de 2024, a Cadiz Inc. possui aproximadamente 34.000 acres de terra no condado de San Bernardino, Califórnia. Os custos anuais de manutenção da terra são estimados em US $ 325.000 por ano.

Ativo terrestre	Área total	Custo de manutenção anual
Terra do projeto agrícola e de água Cadiz	34.000 acres	$325,000

Desenvolvimento e construção de infraestrutura de água

Os custos de desenvolvimento de infraestrutura para o Projeto de Água do Cádiz são projetados em US $ 250 milhões, com despesas anuais de manutenção anuais em andamento de aproximadamente US $ 5,2 milhões.

• Custos de construção de oleodutos: US $ 175 milhões
• Infraestrutura de armazenamento de água: US $ 75 milhões
• Manutenção anual e despesas operacionais: US $ 5,2 milhões

Conformidade regulatória e avaliação ambiental

As despesas anuais de conformidade regulatória e monitoramento ambiental totalizam aproximadamente US $ 1,8 milhão.

Categoria de conformidade	Custo anual
Estudos de impacto ambiental	$750,000
Renovações de licença regulatória	$650,000
Monitoramento e relatório	$400,000

Custos de pesquisa técnica e engenharia

O investimento anual em pesquisa e engenharia técnica é de aproximadamente US $ 3,5 milhões.

• Pesquisa de hidrologia das águas subterrâneas: US $ 1,2 milhão
• Desenvolvimento da tecnologia de tratamento de água: US $ 1,5 milhão
• Estudos de otimização de infraestrutura: US $ 800.000

Indicação jurídica e administrativa

Os custos indiretos legais e administrativos da Cadiz Inc. são estimados em US $ 2,3 milhões anualmente.

Categoria de despesa administrativa	Custo anual
Serviços Jurídicos	US $ 1,4 milhão
Administração corporativa	$900,000

Cadiz Inc. (CDZI) - Modelo de negócios: fluxos de receita

Direitos da água e acordos de transferência de água

A Cadiz Inc. possui direitos de água por aproximadamente 45.000 acres de terra no deserto de Mojave, com potencial capacidade de armazenamento de água de 1,77 milhão de acres.

Ativo de Direitos da Água	Quantidade	Valor estimado
Área terrestre	45.000 acres	Não divulgado
Capacidade de armazenamento de água	1,77 milhão de acres	Não é valorizado publicamente

Contratos de desenvolvimento de infraestrutura

A CADIZ propôs projetos de infraestrutura de água com possíveis receitas contratuais de longo prazo.

• Parceria do distrito de água de Santa Margarita
• Colaboração Municipal da Água Municipal do vale de San Bernardino

Arrendamento de abastecimento de água de longo prazo

Volumes anuais de abastecimento de água projetados e possíveis receitas de arrendamento.

Segmento de abastecimento de água	Volume anual	Receita anual estimada
Leasing agrícola	50.000 acres-pés	Não divulgado publicamente
Leasing de água municipal	Até 75.000 acres-pés	Não divulgado publicamente

Taxas de armazenamento e gerenciamento de águas subterrâneas

Receita potencial dos serviços de gerenciamento de água subterrânea na região do sul da Califórnia.

Potenciais receitas de projeto de energia renovável

A CADIZ explorou o desenvolvimento de energia solar em suas propriedades.

• Potencial do projeto solar: 125-150 megawatts
• Terra disponível para energia renovável: aproximadamente 35.000 acres

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

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

Reliable, New Water Supply for Drought-Prone Southwestern US

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

The company's foundational assets include:

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

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

Large-Scale Water Storage Capacity

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

Cost-Effective Water Treatment via ATEC Filtration Technology

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

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

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

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

Long-Term, Fixed-Price Water Supply Contracts

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

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

Tribal-Led Infrastructure Model Promoting Water Equity

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

Finance: draft 13-week cash view by Friday.

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

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

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

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

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

Strategic partnerships with Tribal Nations for co-ownership

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

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

Direct sales and service for ATEC filtration systems

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

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

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

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

High-touch relationship management for large infrastructure investors

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

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

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

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

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

Direct Sales Team for ATEC Water Filtration Systems

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

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

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

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

Direct Negotiation of Water Purchase Agreements with Utilities

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

Key agreements and volumes negotiated directly include:

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

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

Mojave Water Infrastructure Company (MWI) for Project Financing

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

Financing milestones channeled through MWI as of late 2025 include:

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

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

Federal and State Regulatory Channels for Permit Approvals

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

Recent regulatory channel activity includes:

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

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

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

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

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

Public and private water systems in California and the Southwest

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

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

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

Government agencies and municipalities needing water supply

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

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

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

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

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

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

Underserved and disadvantaged communities in the Mojave River Basin

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

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

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

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

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

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

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

The primary expenses Cadiz Inc. noted include:

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

Capital Expenditures for Infrastructure

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

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

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

Cost of Goods Sold (COGS) and ATEC Performance

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

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

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

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

Finance: draft 13-week cash view by Friday.

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

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

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

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

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

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

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

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

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

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