CADIZ (CDZI) Company Report

Cadiz Inc. reported $4.1 million in total revenue for Q3 2025 and a $7.1 million net loss, while year-to-date revenue reached $11.2 million, up 131% year-over-year.
The company secured $51 million in construction financing from Lytton Rancheria of California for the Mojave Groundwater Bank, which will convert into an ownership interest in Mojave Water Infrastructure Company (MWI).
Cadiz is in the final stages of diligence with private infrastructure investors for up to $400 million in equity capital for MWI to fund the Mojave Groundwater Bank's construction, with completion expected in Q4 2025 and construction in 2026.
The ATEC Water Systems subsidiary demonstrated strong growth, with Q3 2025 revenue of $4.0 million, a 42% increase year-over-year, and a gross margin of 50%, marking its second consecutive quarter of operating profit.
Cadiz executed a Memorandum of Understanding with EPCOR for the purchase and sale of 25,000 AFY of water supply via the Southern Pipeline, with EPCOR also expected to contribute capital toward its construction.

Nov 13, 2025, 4:15 PM

Cadiz Inc. Secures $51 Million Investment for Mojave Groundwater Bank

CDZI

New Projects/Investments

Debt Issuance

Cadiz Inc. executed a definitive agreement with Lytton Rancheria of California on October 27, 2025, securing up to $51 million in financing for its Mojave Groundwater Bank project.
This unsecured term loan, bearing a fixed interest rate of 8% per annum, represents the first tranche of up to approximately $450 million in total equity capital being raised for the project.
Cadiz will issue 600,000 shares of common stock as a commitment fee at closing and an additional 25,000 shares of common stock per $1 million funded as a funding fee.
Initial proceeds of approximately $15 million are expected to reimburse the Company for Project development expenses and fund equipment deposits for construction anticipated in 2026.

Oct 28, 2025, 12:50 PM

Cadiz secures $51 million investment for Mojave Groundwater Bank

CDZI

New Projects/Investments

Debt Issuance

Convertible Preferred Issuance

Cadiz Inc. has executed a definitive agreement with Lytton Rancheria of California for up to $51 million in capital, representing the first tranche of financing for its Mojave Groundwater Bank project.
This $51 million loan is convertible into membership interests in Mojave Water Infrastructure Company, LLC (MWI), with initial proceeds of approximately $15 million expected to reimburse Cadiz for project development expenses.
In connection with the agreement, Cadiz will issue 600,000 shares of common stock as a commitment fee at closing, and an additional 25,000 shares for every $1 million funded on each draw.
Cadiz is also completing diligence with private equity investors for up to an additional $400 million in equity investment into MWI, contributing to a total target of approximately $450 million in equity capital for the project.

Oct 28, 2025, 12:30 PM

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