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Note 2 - Reportable Segments
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 2 – REPORTABLE SEGMENTS

 

The Company currently operates in two reportable segments based upon its organizational structure and the way in which its operations are managed and evaluated. The Company’s largest segment is Land and Water Resources, which comprises all activities regarding its properties in the eastern Mojave Desert including pre-revenue development of the Water Project (supply, storage and conveyance), and agricultural operations. The Company’s second operating segment is its Water Filtration Technology business, ATEC Water Systems LLC (“ATEC”) which provides innovative water filtration solutions for impaired or contaminated groundwater sources. The Company acquired the assets of ATEC Systems, Inc. in November 2022 into its new subsidiary ATEC.  There were no intersegment sales during the quarters ended March 31, 2024 or 2023.

 

We evaluate our performance based on segment operating (loss). Interest expense, income tax expense and losses related to equity method investments are excluded from the computation of operating (loss) for the segments. Segment net revenue, segment operating expenses and segment operating (loss) information consisted of the following for the three months ended March 31, 2024 and 2023:

 

  

Three Months Ended March 31, 2024

 

(in thousands)

 

Land and Water

Resources

  

Water Filtration

Technology

  

Total

 
             

Revenues

 $636  $485  $1,121 
             

Total revenues

  636   485   1,121 
             

Costs and expenses:

            

Cost of sales

  660   344   1,004 

General and administrative

  4,480   250   4,730 

Depreciation

  282   13   295 
             

Total costs and expenses

  5,422   607   6,029 
             

Operating loss

 $(4,786) $(122) $(4,908)

 

  

Three Months Ended March 31, 2023

 

(in thousands)

 

Land and Water

Resources

  

Water Filtration

Technology

  

Total

 
             

Revenues

 $130  $-  $130 
             

Total revenues

  130   -   130 
             

Costs and expenses:

            
Cost of sales  22   -   22 

General and administrative

  3,767   164   3,931 

Depreciation

  278   51   329 
             

Total costs and expenses

  4,067   215   4,282 
             

Operating loss

 $(3,937) $(215) $(4,152)

 

Cadiz Inc.

 

Assets by operating segment are as follows (dollars in thousands):

 

  

March 31,

2024

  

December 31,

2023

 

Operating Segment:

        

Water and Land Resources

 $119,013  $101,946 

Water Filtration Technology

  6,494   5,428 
  $125,507  $107,374 

 

Goodwill by operating segment is as follows (dollars in thousands):

 

  

March 31,

2024

  

December 31,

2023

 

Operating Segment:

        

Water and Land Resources

 $3,813  $3,813 

Water Filtration Technology

  1,901   1,901 
  $5,714  $5,714 

 

Property, plant, equipment and water programs consist of the following (dollars in thousands):

 

  

March 31, 2024

 
  

Water and Land

Resources

  

Water Filtration

Technology

 
         

Land and land improvements

 $32,357  $- 

Water programs

  29,242   - 

Pipeline

  22,097   - 

Buildings

  1,730   - 

Leasehold improvements, furniture and fixtures

  1,606   4 

Machinery and equipment

  3,737   210 

Construction in progress

  5,731   - 
   96,500   214 

Less accumulated depreciation

  (9,520)  (149)
  $86,980  $65 

 

 

Cadiz Inc.

 

  

December 31, 2023

 
  

Water and Land

Resources

  

Water Filtration

Technology

 
         

Land and land improvements

 $32,357  $- 

Water programs

  29,209   - 

Pipeline

  22,096   - 

Buildings

  1,730   - 

Leasehold improvements, furniture and fixtures

  1,605   4 

Machinery and equipment

  3,719   210 

Construction in progress

  5,664   - 
   96,380   214 

Less accumulated depreciation

  (9,238)  (139)
  $87,142  $75