AG˹ٷ

STOCK TITAN

Consolidated Water Reports Second Quarter 2025 Results

Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags

Consolidated Water (NASDAQ:CWCO) reported strong Q2 2025 results with total revenue increasing 3% to $33.6 million. Net income from continuing operations reached $5.2 million ($0.32 per diluted share), up from $4.2 million ($0.26 per diluted share) in Q2 2024.

Key segment performance included retail revenue up 6% to $8.6 million, manufacturing revenue increasing 33% to $5.2 million, and O&M services revenue growing 17% to $8.3 million. The company's financial position strengthened with cash and cash equivalents of $112.2 million and working capital of $137.4 million.

Notable operational highlights include a 7% increase in retail water sales in Grand Cayman, advancement of the $204 million Hawaii desalination plant project, and a significant 27.3% increase in quarterly dividend to $0.14 per share.

Consolidated Water (NASDAQ:CWCO) ha registrato un solido secondo trimestre 2025: i ricavi totali sono saliti del 3% a 33,6 milioni di dollari. L'utile netto dalle attività in funzionamento è stato di 5,2 milioni di dollari (0,32 USD per azione diluita), rispetto a 4,2 milioni di dollari (0,26 USD per azione diluita) nel secondo trimestre 2024.

Per segmento, i ricavi retail sono aumentati del 6% a 8,6 milioni, i ricavi da produzione sono cresciuti del 33% a 5,2 milioni e i ricavi dei servizi O&M sono saliti del 17% a 8,3 milioni. La posizione finanziaria si è rafforzata con disponibilità liquide per 112,2 milioni di dollari e un capitale circolante di 137,4 milioni di dollari.

Tra gli aspetti operativi più rilevanti: le vendite al dettaglio d'acqua a Grand Cayman sono aumentate del 7%, il progetto di dissalazione alle Hawaii da 204 milioni di dollari ha registrato progressi e il dividendo trimestrale è stato aumentato del 27,3%, portandosi a 0,14 USD per azione.

Consolidated Water (NASDAQ:CWCO) presentó sólidos resultados en el segundo trimestre de 2025: los ingresos totales subieron un 3% hasta 33,6 millones de dólares. La utilidad neta de las operaciones continuas fue de 5,2 millones de dólares (0,32 USD por acción diluida), frente a 4,2 millones de dólares (0,26 USD por acción diluida) en el 2T de 2024.

Por segmento: los ingresos minoristas aumentaron un 6% hasta 8,6 millones, los ingresos de manufactura crecieron un 33% hasta 5,2 millones y los servicios de O&M aumentaron un 17% hasta 8,3 millones. La posición financiera se fortaleció con efectivo y equivalentes por 112,2 millones de dólares y un capital de trabajo de 137,4 millones de dólares.

Entre los hitos operativos: las ventas minoristas de agua en Grand Cayman subieron un 7%, avanzó el proyecto de desalación en Hawái por 204 millones de dólares y el dividendo trimestral se incrementó un 27,3%, hasta 0,14 USD por acción.

Consolidated Water (NASDAQ:CWCO)� 2025� 2분기� 총매출이 3% 증가� 3,360� 달러($33.6 million)� 견조� 실적� 발표했습니다. 계속영업에서� 순이익은 520� 달러($5.2 million)(주당 희석 0.32달러)�, 2024� 2분기� 420� 달러(주당 희석 0.26달러)에서 증가했습니다.

부문별로는 소매 매출� 6% 증가� 860� 달러, 제조 매출� 33% 증가� 520� 달러, O&M(운영·유지보수) 서비� 매출� 17% 증가� 830� 달러� 기록했습니다. 현금 � 현금성자산은 1�1,220� 달러($112.2 million), 운전자본은 1�3,740� 달러($137.4 million)� 재무 상태가 강화되었습니�.

주요 운영 하이라이트로� 그랜드케이맨� 소매 급수량이 7% 증가� �, 2�400� 달러($204 million) 규모� 하와� 해수담수� 프로젝트가 진전� �, 분기 배당� 27.3% 인상되어 주당 0.14달러가 � � 등이 있습니다.

Consolidated Water (NASDAQ:CWCO) a publié de solides résultats pour le 2e trimestre 2025 : le chiffre d'affaires total a augmenté de 3 % pour atteindre 33,6 millions de dollars. Le bénéfice net des activités poursuivies s'est élevé à 5,2 millions de dollars (0,32 USD par action diluée), contre 4,2 millions de dollars (0,26 USD par action diluée) au T2 2024.

Par segment : les ventes au détail ont augmenté de 6 % pour s'établir à 8,6 millions, la production a progressé de 33 % pour atteindre 5,2 millions et les services O&M ont crû de 17 % à 8,3 millions. La situation financière s'est renforcée avec des liquidités de 112,2 millions de dollars et un fonds de roulement de 137,4 millions de dollars.

Points opérationnels notables : les ventes d'eau au détail à Grand Cayman ont augmenté de 7 %, le projet d'usine de dessalement à Hawaï d'un montant de 204 millions de dollars a progressé, et le dividende trimestriel a été relevé de 27,3 % à 0,14 USD par action.

Consolidated Water (NASDAQ:CWCO) meldete starke Ergebnisse für das 2. Quartal 2025: der Gesamtumsatz stieg um 3 % auf 33,6 Millionen US-Dollar. Der Nettogewinn aus fortgeführten Geschäftsbereichen belief sich auf 5,2 Millionen US-Dollar (0,32 USD je verwässerter Aktie) gegenüber 4,2 Millionen US-Dollar (0,26 USD je verwässerter Aktie) im 2. Quartal 2024.

Wesentliche Segmentergebnisse: Einzelhandelserlöse stiegen um 6 % auf 8,6 Millionen, Produktion/Manufacturing legte um 33 % auf 5,2 Millionen zu und O&M‑Dienstleistungen wuchsen um 17 % auf 8,3 Millionen. Die finanzielle Lage verbesserte sich mit Zahlungsmitteln und Zahlungsmitteläquivalenten von 112,2 Millionen US-Dollar sowie einem Working Capital von 137,4 Millionen US-Dollar.

Betriebliche Highlights: Der Einzelhandelswasserverkauf auf Grand Cayman stieg um 7 %, das Entsalzungsprojekt auf Hawaii im Umfang von 204 Millionen US-Dollar wurde vorangetrieben, und die Quartalsdividende wurde um 27,3 % auf 0,14 USD je Aktie erhöht.

Positive
  • Net income from continuing operations increased 23% to $0.32 per diluted share
  • Manufacturing revenue grew 33% with improved gross margins
  • O&M services revenue increased 17% to $8.3 million
  • Retail water sales volume increased 7% in Grand Cayman
  • Quarterly dividend increased 27.3% to $0.14 per share
  • Strong financial position with $112.2 million in cash and equivalents
  • $204 million Hawaii desalination project advancing on schedule
Negative
  • Bulk revenue decreased 2% to $8.3 million
  • Services segment construction revenue decreased by $1.2 million
  • Design and consulting revenue decreased by $0.5 million
  • Total revenue for first half 2025 decreased 7% year-over-year

Insights

CWCO reported solid Q2 results with EPS growth of 23% despite modest 3% revenue growth, showing improving operational efficiency.

Consolidated Water delivered a solid performance in Q2 2025, with total revenue increasing 3% to $33.6 million while earnings per share from continuing operations grew 23% to $0.32 compared to $0.26 in Q2 2024. This disproportionate growth in profitability versus revenue highlights improving operational efficiency across the business.

The company's diversified business model is functioning effectively, with strong performance in retail (+6% revenue) and manufacturing (+33% revenue) offsetting modest declines in bulk (-2%) and services (-4%) segments. Particularly impressive was the 17% growth in recurring operations and maintenance revenue to $8.3 million, demonstrating CWCO's success in building stable, high-margin revenue streams.

The balance sheet remains exceptionally strong with $112.2 million in cash and $137.4 million in working capital. This substantial financial flexibility positions the company well for future growth opportunities while supporting the recently announced 27.3% dividend increase to $0.14 per share.

Looking at segment performance, the manufacturing division showed remarkable improvement with revenue jumping 33% and gross margin expanding by six percentage points. Management highlighted their Nuclear Quality Assurance certification as creating opportunities in the revitalized nuclear power industry. Meanwhile, the company's $204 million Hawaii desalination project continues advancing with the pilot test phase complete and construction expected to begin early next year.

The quarter's only negative was the year-over-year comparison in total net income, which showed a significant decrease from $15.9 million ($0.99 per share) to $5.1 million ($0.32 per share). However, this decline was entirely due to a one-time $12.1 million gain from discontinued operations in Mexico recognized in Q2 2024, rather than any deterioration in the core business.

GEORGE TOWN, Cayman Islands, Aug. 11, 2025 (GLOBE NEWSWIRE) -- . (NASDAQ Global Select Market: CWCO), a leading designer, builder and operator of advanced water supply and treatment plants, reported results for the second quarter ended June 30, 2025. All comparisons are to the same prior year period unless otherwise noted.

Consolidated Water will hold a conference call at 11:00 a.m. Eastern time tomorrow to discuss the results (see dial-in information below).

Second Quarter 2025 Financial Summary

  • Total revenue increased 3% to $33.6 million.
  • Retail revenue increased 6% to $8.6 million on higher sales volumes.
  • Bulk revenue decreased 2% to $8.3 million.
  • Services revenue decreased by 4% to $11.4 million due to a $1.2 million decrease in construction revenue and a $0.5 million decrease in design and consulting revenue. These decreases were partially offset by a $1.2 million increase in operations and maintenance (O&M) revenue which increased 17% to $8.3 million.
  • Manufacturing revenue increased by 33% to $5.2 million.
  • Net income from continuing operations attributable to company stockholders totaled $5.2 million or $0.32 per diluted share, compared to $4.2 million or $0.26 per diluted share in the second quarter of 2024.
  • Including discontinued operations, net income attributable to company stockholders totaled $5.1 million or $0.32 per diluted share, compared to $15.9 million or $0.99 per diluted share in the second quarter of 2024.
  • Cash and cash equivalents increased to $112.2 million and working capital increased to $137.4 million as of June 30, 2025.

Second Quarter Operational Highlights

  • Retail water sold by the company’s Grand Cayman water utility increased 7% due to significantly less rainfall on Grand Cayman during this past quarter compared to the second quarter of 2024 and to a lesser extent ongoing population growth and increased business activity within the company’s service area.
  • The company’s client approved the pilot test reports and recommendations for its $204 million project to design, construct, operate and maintain a 1.7 million gallon per day seawater desalination plant in Kalaeloa, Hawaii. This significant project milestone helps pave the way to begin construction once all permits have been obtained.
  • Completed the expansion of its West Bay seawater desalination plant to meet growing demand for water in its Grand Cayman service area. The expansion added an additional 1 million gallons per day of desalinated water production capacity.
  • Increased its quarterly cash dividend and declared a dividend of $0.14 per share for the third quarter of 2025. This third quarter dividend of $0.14 per share represented an increase of 27.3% from the second quarter 2025 dividend of $0.11 per share.

Management Commentary

“All four of our business segments performed well this past quarter with revenue growth of 6% in our retail segment and 33% in our manufacturing segment compared to the same period last year,� commented Consolidated Water CEO, Rick McTaggart. “Services segment revenue from recurring O&M contracts increased by 17%, which partially offset decreases in construction revenue and design and consulting revenue. While bulk segment revenue decreased slightly this past quarter due to lower fuel passthrough charges, bulk profitability increased in dollar terms and gross profit percentage due to lower costs of revenue.

“Our diversified water business model � spanning regulated utility operations, O&M services and manufacturing � continues to serve the company and its shareholders well, with our consolidated revenue increasing by 3% and our fully diluted earnings per share from continuing operations increasing 23% compared to the same period in 2024.

“As previously communicated, the performance of our manufacturing segment has greatly improved and stabilized over the past couple of years. This was evident this past quarter with manufacturing revenue increasing 33% and gross margin improving by six percentage points. A meaningful part of our manufacturing revenue is generated by water purification equipment we fabricate for the nuclear power industry. We are Nuclear Quality Assurance (NQA-1) certified by two large nuclear industry players and are very encouraged by the revitalized interest in nuclear power solutions for the U.S. We expect our unique manufacturing qualifications to create opportunities for continued growth in our manufacturing business.

“Our 1.7 million gallons per day seawater desalination plant in Hawaii continued to advance in accordance with the schedule. As previously disclosed, in April, our client, the Honolulu Board of Water Supply, approved and accepted our pilot test report and recommendations -- achieving a critical milestone for the project. In July, we submitted our 90% design for the project and are currently addressing comments from our client’s consultants. Provided all permitting milestones are achieved, we expect to commence construction of the plant early next year.�

Q2 2025 Financial Results

Revenue totaled $33.6 million, increasing 3% from $32.5 million in the second quarter of 2024. The increase was due to increases of $456,000 in the retail segment and $1.3 million in the manufacturing segment. This increase was partially offset by decreases of $173,000 in the bulk segment and $474,000 in the services segment.

Retail revenue increased due to a 7% increase in the volume of water sold.

The decrease in bulk segment revenue was due to a decline in energy-related revenue in the Bahamas operations.

The decrease in services segment revenue was primarily due to plant construction revenue decreasing from $4.0 million in the second quarter of 2024 to $2.8 million in the second quarter of 2025. The decrease was a result of a $1.0 million decrease in revenue recognized for the Hawaii project due to the completion of the pilot plant testing phase of the project, which resulted in a decrease in project expenditures pending commencement of the construction phase of the project.

Services segment revenue generated under O&M contracts totaled $8.3 million in the second quarter of 2025, an increase of 17% from the second quarter of 2024. The increase was a result of incremental revenue generated by both PERC and REC.

Manufacturing segment revenue increased by $1.3 million, or 33%, to $5.2 million, as compared to $3.9 million in the second quarter of 2024.

Gross profit for 2025 was $12.8 million (38.2% of total revenue), as compared to $11.6 million (35.8% of total revenue) in the second quarter of 2024. The increase was due to increases in retail and manufacturing revenue, as well as decreased cost of revenue for the bulk segment. The increase in gross profit was partially offset by a decrease in gross profit for the services segment.

Net income from continuing operations attributable to Consolidated Water stockholders for the second quarter of 2025 was $5.2 million, or $0.32 per diluted share, compared to net income of $4.2 million, or $0.26 per diluted share, in the second quarter of 2024.

Including discontinued operations, net income attributable to Consolidated Water stockholders for the second quarter of 2025 was $5.1 million or $0.32 per diluted share, compared to net income of $15.9 million, or $0.99 per diluted share, in the second quarter of 2024. The decrease was due to discontinued operations, as the company recognized a gain on sale of the land and documentation for the discontinued project in Mexico totaling $12.1 million in the second quarter of 2024.

Cash and cash equivalents totaled $112.2 million as of June 30, 2025, with working capital of $137.4 million and stockholders� equity of $216.6 million.

First Half 2025 Financial Results

Revenue for the first half of 2025 was $67.3 million, a decrease of 7% from $72.2 million in the same year-ago period. The decrease was due to decreases of $7.8 million in the services segment and $104,000 in the bulk segment. This decrease was partially offset by increases of $1.2 million in the retail segment and $1.8 million in the manufacturing segment.

Retail revenue increased due to a 10% increase in the volume of water sold.

The decrease in bulk segment revenue was partly due to a decline in energy-related revenue in the Bahamas operations.

The decrease in services segment revenue was primarily due to plant construction revenue decreasing from $13.4 million in the first half of 2024 to $5.0 million in the first half of 2025 primarily as a result of two construction projects that were completed in the first half of 2024. Construction revenue recognized on the Hawaii contract also declined by $2.1 million in 2025 due to the completion of the pilot plant testing phase of the project.

Revenue generated under operations and maintenance contracts totaled $16.0 million in the first half of 2025, an increase of 13% from the first half of 2024. The increase was a result of incremental revenue generated by both PERC and REC.

Manufacturing segment revenue increased by $1.8 million to $11.0 million as compared to $9.2 million in the first half of 2024.

Gross profit for 2025 was $25.1 million (37.3% of total revenue), as compared to $25.5 million (35.3% of total revenue) in the first half of 2024. The decrease was due to a decrease in services segment gross profit of $2.8 million primarily as a result of the decrease in construction revenue. The decrease in gross profit was partially offset by an increase in gross profit for the retail, bulk and manufacturing segments.

Net income from continuing operations attributable to Consolidated Water stockholders for the first half of 2025 was $10.1 million, or $0.63 per diluted share, compared to net income of $11.2 million, or $0.70 per diluted share, in the first half of 2024.

Including discontinued operations, net income attributable to Consolidated Water stockholders for the first half of 2025 was $9.9 million or $0.62 per diluted share, compared to net income of $22.3 million or $1.40 per diluted share in the first half of 2024. The decrease was due to discontinued operations, as the company recognized a gain on sale of the land and documentation for the discontinued project in Mexico totaling $12.1 million in the year-ago period.

Second Quarter 2025 Segment Results

Three Months Ended June30,2025
RetailBulkServicesManufacturingCorporateTotal
Revenue$8,638,026$8,274,816$11,448,202$5,230,035$$33,591,079
Cost of revenue3,775,7585,738,9078,056,8833,187,54620,759,094
Gross profit4,862,2682,535,9093,391,3192,042,48912,831,985
General and administrative expenses985,617394,7501,993,042530,5523,676,2777,580,238
Gain on asset dispositions and impairments, net84031,17732,017
Income (loss) from operations3,877,4912,141,1591,429,4541,511,937(3,676,277)5,283,764
Interest income45,049227,470261,3351223,133756,988
Interest expense(1,185)(1,185)
Income (loss) from affiliates(259)52,53852,279
Other7,3956,942(1,996)90(331)12,100
Other income (loss), net52,444234,412258,154(168)275,340820,182
Income (loss) before income taxes3,929,9352,375,5711,687,6081,511,769(3,400,937)6,103,946
Provision for income taxes414,180381,627795,807
Net income (loss) from continuing operations3,929,9352,375,5711,273,4281,130,142(3,400,937)5,308,139
Income from continuing operations attributable to non-controlling interests129,378129,378
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders$3,929,935$2,246,193$1,273,428$1,130,142$(3,400,937)5,178,761
Net loss from discontinued operations(82,556)
Net income attributable to Consolidated Water Co. Ltd. stockholders$5,096,205


Three Months Ended June30,2024
RetailBulkServicesManufacturingCorporateTotal
Revenue$8,181,884$8,447,958$11,922,469$3,926,847$$32,479,158
Cost of revenue3,670,1336,097,4608,458,5372,632,81420,858,944
Gross profit4,511,7512,350,4983,463,9321,294,03311,620,214
General and administrative expenses781,706363,2681,196,624667,5863,597,1106,606,294
Gain (loss) on asset dispositions and impairments, net(6,130)3,000(3,130)
Income (loss) from operations3,723,9151,987,2302,270,308626,447(3,597,110)5,010,790
Interest income50,825213,393116,623112380,854
Interest expense(31,123)(2,315)(33,438)
Income from affiliate48,79748,797
Other15,6806,46810116(61)22,213
Other income, net35,382219,861114,31811748,748418,426
Income (loss) before income taxes3,759,2972,207,0912,384,626626,564(3,548,362)5,429,216
Provision for income taxes593,438144,752325,7431,063,933
Net income (loss) from continuing operations3,759,2972,207,0911,791,188481,812(3,874,105)4,365,283
Income from continuing operations attributable to non-controlling interests122,872122,872
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders$3,759,297$2,084,219$1,791,188$481,812$(3,874,105)4,242,411
Net income from discontinued operations11,607,846
Net income attributable to Consolidated Water Co. Ltd. stockholders$15,850,257

First Half Segment Results

Six Months Ended June30,2025
RetailBulkServicesManufacturingCorporateTotal
Revenue$18,049,368$16,686,532$21,526,470$11,044,094$$67,306,464
Cost of revenue7,481,82111,322,99616,118,7607,244,61542,168,192
Gross profit10,567,5475,363,5365,407,7103,799,47925,138,272
General and administrative expenses1,774,429740,8314,188,3801,194,6307,405,92715,304,197
Gain on asset dispositions and impairments, net30,81629,63660,452
Income (loss) from operations8,823,9344,622,7051,248,9662,604,849(7,405,927)9,894,527
Interest income77,915431,573404,6542459,4381,373,582
Interest expense(2,713)(2,713)
Income (loss) from affiliates(34,263)117,01682,753
Other35,70321,875(1,960)164(331)55,451
Other income (loss), net113,618453,448399,981(34,097)576,1231,509,073
Income (loss) before income taxes8,937,5525,076,1531,648,9472,570,752(6,829,804)11,403,600
Provision for income taxes378,287627,6371,005,924
Net income (loss) from continuing operations8,937,5525,076,1531,270,6601,943,115(6,829,804)10,397,676
Income from continuing operations attributable to non-controlling interests294,805294,805
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders$8,937,552$4,781,348$1,270,660$1,943,115$(6,829,804)10,102,871
Net loss from discontinued operations(215,637)
Net income attributable to Consolidated Water Co. Ltd. stockholders$9,887,234


Six Months Ended June30,2024
RetailBulkServicesManufacturingCorporateTotal
Revenue$16,806,822$16,790,052$29,340,080$9,231,594$$72,168,548
Cost of revenue7,221,47711,662,71821,127,4766,658,64046,670,311
Gross profit9,585,3455,127,3348,212,6042,572,95425,498,237
General and administrative expenses1,548,404707,4092,794,4781,185,2886,934,74413,170,323
Gain (loss) on asset dispositions and impairments, net(6,130)3,000(3,130)
Income (loss) from operations8,030,8114,419,9255,421,1261,387,666(6,934,744)12,324,784
Interest income107,417417,713189,827237714,996
Interest expense(62,246)(4,693)(66,939)
Income from affiliate126,363126,363
Other36,27812,42861111,7761,09762,190
Other income, net81,449430,141185,74511,778127,497836,610
Income (loss) before income taxes8,112,2604,850,0665,606,8711,399,444(6,807,247)13,161,394
Provision for income taxes1,371,724313,9051,685,629
Net income (loss) from continuing operations8,112,2604,850,0664,235,1471,085,539(6,807,247)11,475,765
Income from continuing operations attributable to non-controlling interests291,940291,940
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders$8,112,260$4,558,126$4,235,147$1,085,539$(6,807,247)11,183,825
Net income from discontinued operations11,140,780
Net income attributable to Consolidated Water Co. Ltd. stockholders$22,324,605

The following table presents the Company’s revenue disaggregated by revenue source.

Three Months Ended June30,Six Months Ended June30,
2025202420252024
Retail revenue$8,638,026$8,181,884$18,049,368$16,806,822
Bulk revenue8,274,8168,447,95816,686,53216,790,052
Services revenue11,448,20211,922,46921,526,47029,340,080
Manufacturing revenue5,230,0353,926,84711,044,0949,231,594
Total revenue$33,591,079$32,479,158$67,306,464$72,168,548

Services revenue consists of the following:

Three Months Ended June30,Six Months Ended June30,
2025202420252024
Construction revenue$2,825,935$4,004,072$5,044,167$13,381,536
Operations and maintenance revenue8,255,4087,068,92215,980,70414,168,275
Design and consulting revenue366,859849,475501,5991,790,269
Total services revenue$11,448,202$11,922,469$21,526,470$29,340,080

Conference Call
Consolidated Water management will host a conference call tomorrow to discuss these results, followed by a question-and-answer period.

Date: Tuesday, August 12, 2025
Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time)
Toll-free dial-in number: 1-844-875-6913
International dial-in number: 1-412-317-6709
Conference ID: 9065693

Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you require any assistance connecting with the call, please contact Encore at 1-949-432-7450.

A replay of the call will be available after 1:00 p.m. Eastern time on the same day through August 19, 2025, as well as available for replay via the Investors section of the Consolidated Water website at .

Toll-free replay number: 1-877-344-7529
International replay number: 1-412-317-0088
Replay ID: 9065693

About Consolidated Water Co. Ltd.
Consolidated Water Co. Ltd. develops and operates advanced water supply and treatment plants and water distribution systems. The company designs, constructs and operates seawater desalination facilities in the Cayman Islands, The Bahamas and the British Virgin Islands, and designs, constructs and operates water treatment and reuse facilities in the United States. The company has in progress a $204 million design-build-operate project for a seawater desalination plant in Hawaii.

The company also manufactures and services a wide range of products and provides design, engineering, management, operating and other services applicable to commercial and municipal water production, supply and treatment, and industrial water and wastewater treatment.

For more information, visit .

Cautionary Note Regarding Forward-Looking Statements

This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "intend", "expect", "should", "will" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to (i) continued acceptance of the company's products and services in the marketplace; (ii) changes in its relationships with the governments of the jurisdictions in which it operates; (iii) the outcome of its negotiations with the Cayman government regarding a new retail license agreement; (iv) the collection of its delinquent accounts receivable in the Bahamas; and (v) various other risks such as economic, operational, and industry-specific risks, as detailed in the company's periodic report filings with the Securities and Exchange Commission (“SEC�). For more information about risks and uncertainties associated with the company’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations� and “Risk Factors� sections of the company’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting the company’s Secretary at the company’s executive offices or at the “Investors � SEC Filings� page of the company’s website at ir.cwco.com/docs. Except as otherwise required by law, the company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Company Contact:
David W. Sasnett
Executive Vice President and CFO
Tel (954) 509-8200

Investor Relations Contact:
Ron Both or Grant Stude
Encore Investor Relations
Tel (949) 432-7557

CONSOLIDATED WATER CO.LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
June30,December31,
20252024
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents$112,246,599$99,350,121
Accounts receivable, net41,952,38239,580,982
Inventory6,211,1938,960,350
Prepaid expenses and other current assets3,542,0595,153,984
Contract assets5,759,0304,470,243
Current assets of discontinued operations123,625272,485
Total current assets169,834,888157,788,165
Property, plant and equipment, net53,746,79752,432,282
Construction in progress6,522,9365,143,717
Inventory, noncurrent5,593,9545,338,961
Investment in affiliates1,314,4161,504,363
Goodwill12,861,40412,861,404
Intangible assets, net2,368,6292,696,815
Operating lease right-of-use assets3,240,1123,190,985
Other assets2,020,4322,356,489
Total assets$257,503,568$243,313,181
LIABILITIES AND EQUITY
Current liabilities
Accounts payable, accrued expenses and other current liabilities$12,795,154$9,057,179
Accrued compensation2,809,3113,336,946
Dividends payable2,268,2561,780,841
Current maturities of operating leases681,140634,947
Current portion of long-term debt77,188126,318
Contract liabilities12,898,6669,126,654
Deferred revenue616,556365,879
Current liabilities of discontinued operations271,078509,745
Total current liabilities32,417,34924,938,509
Long-term debt, noncurrent45,30970,320
Deferred tax liabilities210,893
Noncurrent operating leases2,680,4702,630,812
Other liabilities153,000153,000
Total liabilities35,296,12828,003,534
Commitments and contingencies
Equity
Consolidated Water Co. Ltd. stockholders' equity
Redeemable preferred stock, $0.60 par value. Authorized 200,000 shares; issued and outstanding 49,844 and 44,004 shares, respectively29,90626,402
Class A common stock, $0.60 par value. Authorized 24,655,000 shares; issued and outstanding 15,916,685 and 15,846,345 shares, respectively9,550,0119,507,807
Class B common stock, $0.60 par value. Authorized 145,000 shares; none issued
Additional paid-in capital94,212,56893,550,905
Retained earnings112,771,198106,875,581
Total Consolidated Water Co. Ltd. stockholders' equity216,563,683209,960,695
Non-controlling interests5,643,7575,348,952
Total equity222,207,440215,309,647
Total liabilities and equity$257,503,568$243,313,181


CONSOLIDATED WATER CO.LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Three Months Ended June30,Six Months Ended June30,
2025202420252024
Revenue$33,591,079$32,479,158$67,306,464$72,168,548
Cost of revenue 20,759,09420,858,94442,168,19246,670,311
Gross profit12,831,98511,620,21425,138,27225,498,237
General and administrative expenses7,580,2386,606,29415,304,19713,170,323
Gain (loss) on asset dispositions and impairments, net32,017(3,130)60,452(3,130)
Income from operations5,283,7645,010,7909,894,52712,324,784
Other income (expense):
Interest income756,988380,8541,373,582714,996
Interest expense(1,185)(33,438)(2,713)(66,939)
Equity in the earnings of affiliates52,27948,79782,753126,363
Other12,10022,21355,45162,190
Other income, net820,182418,4261,509,073836,610
Income before income taxes6,103,9465,429,21611,403,60013,161,394
Provision for income taxes795,8071,063,9331,005,9241,685,629
Net income from continuing operations5,308,1394,365,28310,397,67611,475,765
Income from continuing operations attributable to non-controlling interests129,378122,872294,805291,940
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders5,178,7614,242,41110,102,87111,183,825
Net income (loss) from discontinued operations(82,556)11,607,846(215,637)11,140,780
Net income attributable to Consolidated Water Co. Ltd. stockholders$5,096,205$15,850,257$9,887,234$22,324,605
Basic earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders
Continuing operations$0.33$0.27$0.63$0.71
Discontinued operations(0.01)0.73(0.01)0.70
Basic earnings per share$0.32$1.00$0.62$1.41
Diluted earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders
Continuing operations$0.32$0.26$0.63$0.70
Discontinued operations0.73(0.01)0.70
Diluted earnings per share$0.32$0.99$0.62$1.40
Dividends declared per common and redeemable preferred shares$0.14$0.095$0.25$0.19
Weighted average number of common shares used in the determination of:
Basic earnings per share15,916,68515,829,12015,916,27815,829,024
Diluted earnings per share16,044,31115,983,67116,043,53215,984,154

FAQ

What were Consolidated Water's (CWCO) earnings per share in Q2 2025?

CWCO reported earnings of $0.32 per diluted share from continuing operations, compared to $0.26 in Q2 2024, representing a 23% increase.

How much did Consolidated Water's (CWCO) revenue grow in Q2 2025?

CWCO's total revenue grew 3% to $33.6 million in Q2 2025, driven by increases in retail and manufacturing segments.

What is the status of CWCO's Hawaii desalination plant project?

The $204 million Kalaeloa project achieved a significant milestone with client approval of pilot test reports. Construction is expected to begin in early 2026, pending permits.

How much did Consolidated Water (CWCO) increase its dividend in Q3 2025?

CWCO increased its quarterly dividend by 27.3% to $0.14 per share for Q3 2025, up from $0.11 in Q2 2025.

What is Consolidated Water's (CWCO) current cash position?

As of June 30, 2025, CWCO had $112.2 million in cash and cash equivalents with working capital of $137.4 million.
Consolidated Water

NASDAQ:CWCO

CWCO Rankings

CWCO Latest News

CWCO Latest SEC Filings

CWCO Stock Data

458.88M
14.92M
6.13%
70.09%
5.63%
Utilities - Regulated Water
Water Supply
Cayman Islands
GRAND CAYMAN