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Segment information | 6 Months Ended
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Jun. 30, 2024
Segment information |
Segment information | 3. Segment information The Company has four reportable segments: retail, bulk, services and manufacturing. The retail segment operates the water utility for the Seven Mile Beach and West Bay areas of Grand Cayman pursuant to an exclusive license granted by the Cayman Islands government. The bulk segment supplies potable water to government utilities in Grand Cayman and The Bahamas under long-term contracts. The services segment designs, constructs and sells water infrastructure and provides management and operating services to third parties. The manufacturing segment manufactures and services a wide range of custom and specialized water-related products applicable to commercial, municipal and industrial water production, supply and treatment. Consistent with prior periods, the Company records all non-direct general and administrative expenses in its retail segment and does not allocate any of these non-direct expenses to its other three business segments. The accounting policies of the segments are consistent with those described in Note 2. The Company evaluates each segment’s performance based upon its income (or loss) from operations. All intercompany transactions are eliminated for segment presentation purposes. The Company’s segments are strategic business units that are managed separately because each segment sells different products and/or services, serves customers with distinctly different needs and generates different gross profit margins. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended June 30, 2024
​ |  | Retail |  | Bulk |  | Services |  | Manufacturing |  | Total
Revenue | ​ | $ | 8,181,884 | ​ | $ | 8,447,958 | ​ | $ | 11,922,469 | ​ | $ | 3,926,847 |  | $ | 32,479,158
Cost of revenue | ​ |  | 3,670,133 | ​ |  | 6,097,460 | ​ |  | 8,458,537 | ​ |  | 2,632,814 | ​ |  | 20,858,944
Gross profit | ​ |  | 4,511,751 | ​ |  | 2,350,498 | ​ |  | 3,463,932 | ​ |  | 1,294,033 | ​ |  | 11,620,214
General and administrative expenses | ​ |  | 4,378,816 | ​ |  | 363,268 | ​ |  | 1,196,624 | ​ |  | 667,586 | ​ |  | 6,606,294
Gain (loss) on asset dispositions and impairments, net | ​ |  | (6,130) | ​ |  | — | ​ |  | 3,000 | ​ |  | — | ​ |  | (3,130)
Income from operations | ​ | $ | 126,805 | ​ | $ | 1,987,230 | ​ | $ | 2,270,308 | ​ | $ | 626,447 | ​ |  | 5,010,790
Other income, net | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  | 418,426
Income before income taxes | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 5,429,216
Provision for income taxes | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 1,063,933
Net income from continuing operations | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 4,365,283
Income from continuing operations attributable to non-controlling interests | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 122,872
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 4,242,411
Net income from discontinued operations | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 11,607,846
Net income attributable to Consolidated Water Co. Ltd. stockholders | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 15,850,257
​ Depreciation and amortization expenses for the three months ended June 30, 2024 for the retail, bulk, services and manufacturing segments were $633,958, $716,726, $251,548 and $65,406, respectively. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended June 30, 2023
​ |  | Retail |  | Bulk |  | Services |  | Manufacturing |  | Total
Revenue | ​ | $ | 7,573,329 | ​ | $ | 8,482,495 | ​ | $ | 24,093,963 | ​ | $ | 4,087,476 | ​ | $ | 44,237,263
Cost of revenue | ​ |  | 3,433,132 | ​ |  | 5,931,735 | ​ |  | 16,248,141 | ​ |  | 3,160,706 | ​ |  | 28,773,714
Gross profit | ​ |  | 4,140,197 | ​ |  | 2,550,760 | ​ |  | 7,845,822 | ​ |  | 926,770 | ​ |  | 15,463,549
General and administrative expenses | ​ |  | 4,265,535 | ​ |  | 379,900 | ​ |  | 904,560 | ​ |  | 434,920 | ​ |  | 5,984,915
Gain on asset dispositions and impairments, net | ​ |  | — | ​ |  | 1,000 | ​ |  | — | ​ |  | — | ​ |  | 1,000
Income from operations | ​ | $ | (125,338) | ​ | $ | 2,171,860 | ​ | $ | 6,941,262 | ​ | $ | 491,850 | ​ |  | 9,479,634
Other income, net | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 129,131
Income before income taxes | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 9,608,765
Provision for income taxes | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 1,940,067
Net income from continuing operations | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 7,668,698
Income attributable to non-controlling interests | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 137,226
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 7,531,472
Net loss from discontinued operations | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (207,701)
Net income attributable to Consolidated Water Co. Ltd. stockholders | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 7,323,771
​ Depreciation and amortization expenses for the three months ended June 30, 2023 for the retail, bulk, services and manufacturing segments were $593,337, $840,200, $174,084 and $68,160, respectively. ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Six Months Ended June 30, 2024
​ |  | Retail |  | Bulk |  | Services |  | Manufacturing |  | Total
Revenue | ​ | $ | 16,806,822 | ​ | $ | 16,790,052 | ​ | $ | 29,340,080 | ​ | $ | 9,231,594 |  | $ | 72,168,548
Cost of revenue | ​ |  | 7,221,477 | ​ |  | 11,662,718 | ​ |  | 21,127,476 | ​ |  | 6,658,640 | ​ |  | 46,670,311
Gross profit | ​ |  | 9,585,345 | ​ |  | 5,127,334 | ​ |  | 8,212,604 | ​ |  | 2,572,954 | ​ |  | 25,498,237
General and administrative expenses | ​ |  | 8,483,148 | ​ |  | 707,409 | ​ |  | 2,794,478 | ​ |  | 1,185,288 | ​ |  | 13,170,323
Gain (loss) on asset dispositions and impairments, net | ​ |  | (6,130) | ​ |  | — | ​ |  | 3,000 | ​ |  | — | ​ |  | (3,130)
Income from operations | ​ | $ | 1,096,067 | ​ | $ | 4,419,925 | ​ | $ | 5,421,126 | ​ | $ | 1,387,666 | ​ |  | 12,324,784
Other income, net | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ | ​ | 836,610
Income before income taxes | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 13,161,394
Provision for income taxes | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 1,685,629
Net income from continuing operations | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 11,475,765
Income from continuing operations attributable to non-controlling interests | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 291,940
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 11,183,825
Net income from discontinued operations | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 11,140,780
Net income attributable to Consolidated Water Co. Ltd. stockholders | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 22,324,605
​ Depreciation and amortization expenses for the six months ended June 30, 2024 for the retail, bulk, services and manufacturing segments were $1,274,428, $1,433,054, $503,300 and $131,555, respectively. ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Six Months Ended June 30, 2023
​ |  | Retail |  | Bulk |  | Services |  | Manufacturing |  | Total
Revenue | ​ | $ | 15,344,424 | ​ | $ | 17,486,868 | ​ | $ | 36,815,664 | ​ | $ | 7,459,297 | ​ | $ | 77,106,253
Cost of revenue | ​ |  | 6,983,926 | ​ |  | 12,174,881 | ​ |  | 26,292,219 | ​ |  | 5,632,596 | ​ |  | 51,083,622
Gross profit | ​ |  | 8,360,498 | ​ |  | 5,311,987 | ​ |  | 10,523,445 | ​ |  | 1,826,701 | ​ |  | 26,022,631
General and administrative expenses | ​ |  | 8,442,642 | ​ |  | 732,875 | ​ |  | 1,993,232 | ​ |  | 852,828 | ​ |  | 12,021,577
Gain (loss) on asset dispositions and impairments, net | ​ |  | (7,287) | ​ |  | 12,270 | ​ |  | — | ​ |  | 1,933 | ​ |  | 6,916
Income (loss) from operations | ​ | $ | (89,431) | ​ | $ | 4,591,382 | ​ | $ | 8,530,213 | ​ | $ | 975,806 | ​ |  | 14,007,970
Other income, net | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 286,190
Income before income taxes | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 14,294,160
Provision for income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2,389,552
Net income from continuing operations | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 11,904,608
Income from continuing operations attributable to non-controlling interests | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 300,347
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 11,604,261
Net loss from discontinued operations | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (466,864)
Net income attributable to Consolidated Water Co. Ltd. stockholders | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 11,137,397
​ ​ Depreciation and amortization expenses for the six months ended June 30, 2023 for the retail, bulk, services and manufacturing segments were $1,219,974, $1,568,329, $345,433 and $136,123, respectively. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of June 30, 2024
​ |  | Retail |  | Bulk |  | Services |  | Manufacturing |  | Total
Accounts receivable, net | ​ | $ | 3,337,581 | ​ | $ | 25,639,982 | ​ | $ | 7,006,706 | ​ | $ | 3,680,579 | ​ | $ | 39,664,848
Inventory, current and non-current | ​ | $ | 3,144,757 | ​ | $ | 4,765,124 | ​ | $ | — | ​ | $ | 1,650,595 | ​ | $ | 9,560,476
Contract assets | ​ | $ | — | ​ | $ | — | ​ | $ | 1,747,791 | ​ | $ | 3,665,989 | ​ | $ | 5,413,780
Property, plant and equipment, net | ​ | $ | 32,310,270 | ​ | $ | 19,357,321 | ​ | $ | 1,058,526 | ​ | $ | 1,642,834 | ​ | $ | 54,368,951
Construction in progress | ​ | $ | 959,712 | ​ | $ | 116,798 | ​ | $ | — | ​ | $ | 169,488 | ​ | $ | 1,245,998
Intangibles, net | ​ | $ | — | ​ | $ | — | ​ | $ | 2,410,556 | ​ | $ | 614,444 | ​ | $ | 3,025,000
Goodwill | ​ | $ | 1,170,511 | ​ | $ | 1,948,875 | ​ | $ | 7,756,807 | ​ | $ | 1,985,211 | ​ | $ | 12,861,404
Total segment assets | ​ | $ | 89,309,738 | ​ | $ | 78,465,306 | ​ | $ | 48,146,895 | ​ | $ | 17,736,548 | ​ | $ | 233,658,487
Assets of discontinued operations | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,503,473
Total assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 235,161,960
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2023
​ |  | Retail |  | Bulk |  | Services |  | Manufacturing |  | Total
Accounts receivable, net | ​ | $ | 3,425,948 | ​ | $ | 26,965,126 | ​ | $ | 6,802,780 | ​ | $ | 1,033,037 | ​ | $ | 38,226,891
Inventory, current and non-current | ​ | $ | 3,041,460 | ​ | $ | 4,858,324 | ​ | $ | 55,272 | ​ | $ | 3,135,357 | ​ | $ | 11,090,413
Contract assets | ​ | $ | — | ​ | $ | — | ​ | $ | 17,715,872 | ​ | $ | 3,837,185 | ​ | $ | 21,553,057
Property, plant and equipment, net | ​ | $ | 32,809,487 | ​ | $ | 20,370,056 | ​ | $ | 1,143,884 | ​ | $ | 1,559,094 | ​ | $ | 55,882,521
Construction in progress | ​ | $ | 380,436 | ​ | $ | — | ​ | $ | — | ​ | $ | 115,035 | ​ | $ | 495,471
Intangibles, net | ​ | $ | — | ​ | $ | — | ​ | $ | 2,692,074 | ​ | $ | 661,111 | ​ | $ | 3,353,185
Goodwill | ​ | $ | 1,170,511 | ​ | $ | 1,948,875 | ​ | $ | 7,756,807 | ​ | $ | 1,985,211 | ​ | $ | 12,861,404
Total segment assets | ​ | $ | 58,774,647 | ​ | $ | 63,956,725 | ​ | $ | 58,476,773 | ​ | $ | 15,888,642 | ​ | $ | 197,096,787
Assets of discontinued operations | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | $ | 21,340,805
Total assets | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | $ | 218,437,592
​

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