Global Water Resources (GWRS) Company Report

Global Water Resources reported Q3 2025 total revenue of $15.5 million, an 8.4% increase from Q3 2024, with net income of $1.7 million or $0.06 per diluted share, and Adjusted EBITDA of $7.8 million, a 5% decrease.
The company closed the Tucson acquisition in July 2025, adding approximately 2,200 connections and $7.7 million in rate base, expected to generate around $1.5 million in annual revenue. Total active service connections increased 6.6% to 68,130 as of September 30, 2025.
Progress continues on the Santa Cruz Water Company and Palo Verde Utilities Company rate cases, with an additional $4.3 million annual rate increase proposed and under consideration, with an expected completion by mid-2026.
Significant growth drivers include the new "Ag to Urban" water legislation and the approved full funding for the Highway 347 expansion, which is estimated to begin construction in fiscal year 2026 and is expected to further boost growth in the City of Maricopa.

Nov 13, 2025, 6:00 PM

Global Water Resources Reports Q3 2025 Results

GWRS

Earnings

M&A

New Projects/Investments

Global Water Resources reported total revenue increased 8.4% to $15.5 million for the third quarter of 2025 and 7.0% to $42.2 million for the nine months ended September 30, 2025, driven primarily by the acquisition of seven water systems from Tucson Water, organic connection growth, and higher rates.
Net income decreased to $1.7 million ($0.06 per share) for Q3 2025 and $3.9 million ($0.15 per share) for the nine months ended September 30, 2025, mainly due to increased depreciation and net interest expense from the company's capital improvement plan, and lower Buckeye growth premiums.
Adjusted EBITDA decreased 5.0% to $7.8 million in the third quarter of 2025, but remained consistent at $20.4 million for the nine months ended September 30, 2025.
The company's total active service connections increased 6.6% to 68,130 as of September 30, 2025.
Global Water Resources completed the acquisition of seven water systems from Tucson Water and received $13.1 million from a private placement offering of common stock.

Nov 12, 2025, 9:41 PM

Global Water Resources Reports Third Quarter 2025 Results

GWRS

Earnings

M&A

Dividends

Global Water Resources reported a total revenue increase of 8.4% to $15.5 million for the third quarter of 2025 and 7.0% to $42.2 million for the nine months ended September 30, 2025, primarily driven by the recent acquisition of seven water systems from Tucson Water, organic connection growth, and higher rates.
Net income decreased to $1.7 million or $0.06 per share for Q3 2025 and $3.9 million or $0.15 per share for the nine months ended September 30, 2025, primarily reflecting increased depreciation expense and net interest expense from capital improvement plans, and declining Buckeye growth premiums.
Adjusted EBITDA decreased 5.0% to $7.8 million in the third quarter of 2025 but remained consistent at $20.4 million for the nine months ended September 30, 2025.
Total active service connections increased 6.6% to 68,130 as of September 30, 2025, largely due to new connections from the acquisition of seven water systems and organic growth, with $14.2 million invested in infrastructure projects.
The company received approximately $13.1 million from a private placement offering of common stock and declared monthly cash dividends of $0.02533 per common share.

Nov 12, 2025, 9:30 PM

Global Water Resources, Inc. provides update on rate case applications and differing recommendations

GWRS

Legal Proceedings

Guidance Update

Global Water Resources, Inc.'s subsidiaries filed rate case applications on March 5, 2025, requesting a net annual revenue increase of approximately $6.5 million and an adjusted rate base of approximately $164.6 million.
On October 1, 2025, the ACC Staff recommended a net annual revenue decrease of approximately $7.1 million and an adjusted rate base of approximately $78.7 million, while RUCO recommended a net annual revenue increase of approximately $3.0 million and an adjusted rate base of approximately $156.6 million.
The Company and ACC Staff agreed to begin settlement discussions as early as the week of October 20, 2025, with a hearing scheduled for December 15, 2025, and a final decision anticipated in the first half of 2026.
An unfavorable outcome in the rate case could have a material adverse impact on the Company’s financial condition, results of operations, and cash flows.

Oct 16, 2025, 9:26 PM

Global Water Resources, Inc. completes $13.1 million private placement of common stock

GWRS

Global Water Resources, Inc. (GWRS) entered into a Securities Purchase Agreement on September 30, 2025, for a private placement of its common stock.
The company issued an aggregate of 1,270,572 shares of common stock at a purchase price of $10.30 per share.
The total aggregate purchase price for these shares was $13,086,906.96, or approximately $13.1 million.
Purchasers included Levine Investments Limited Partnership and Andrew M. Cohn, both of whom are connected to the company's board of directors and are significant stockholders.

Oct 6, 2025, 9:18 PM

Global Water Resources Discusses Tucson Acquisition, Organic Growth, and Arizona Business Boom

GWRS

New Projects/Investments

M&A

Revenue Acceleration/Inflection

The recent Tucson acquisition, closed in early July, is integrating smoothly and is projected to add $1.5 million in annualized revenue with a 5% rate increase scheduled for next year.
Despite a slowdown in permits, organic connection growth remains robust at just under 4% year-to-date, and 2025 capital expenditures are planned to be higher than previous years.
The company anticipates continued strong growth from significant regional investments, including Taiwan Semiconductor Manufacturing Company's additional $100 billion commitment and Mayo Clinic's $1.9 billion campus expansion, driving long-term demand.
Development in the Southwest service area is progressing well, with 800 active connections as of Q2 2025 and a projected 4,500 customers at full build-out across three communities.
New legislation in Arizona allows for the conversion of agricultural water rights to residential use, a key long-term catalyst given that farming consumes approximately three times more water than homes, thereby enhancing the company's assured water supply.