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Note 2 - Reportable Segments
 3 Months Ended
Mar. 31, 2025
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 Mojave Groundwater Bank (supply, storage and conveyance), and agricultural operations. The Company’s second operating segment is its Water Filtration Technology business, consisting of ATEC Water Systems LLC (“ATEC”), which provides innovative water filtration solutions for impaired or contaminated groundwater sources. The Chief Operating Decision-Maker for our Land and Water Resources segment is the Chief Executive Officer of Cadiz Inc. and for the Water Filtration Technology segment is the Chief Executive Officer of ATEC.   

 

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)/income information consisted of the following for the three months ended March 31, 2025 and 2024:

 

  

Three Months Ended March 31, 2025

 

(in thousands)

 

Land and Water

Resources

  

Water Filtration

Technology

  

Total

 
             

Revenues

  565   2,389   2,954 
             

Costs and expenses:

            

Cost of sales

  499   1,579   2,078 

General and administrative

  7,397   710   8,107 

Depreciation

  295   7   302 
             

Total costs and expenses

  8,191   2,296   10,487 
             

Operating (loss) income

 $(7,626) $93  $(7,533)

 

  

Three Months Ended March 31, 2024

 

(in thousands)

 

Land and Water

Resources

  

Water Filtration

Technology

  

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)

 

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

 

  

March 31,

2025

  

December 31,

2024

 

Operating Segment:

        

Water and Land Resources

 $134,635  $123,786 

Water Filtration Technology

  10,941   10,708 
  $145,576  $134,494 

 

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

 

  

March 31,

2025

  

December 31,

2024

 

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, 2025

 
  

Water and Land

Resources

  

Water Filtration

Technology

  

Total

 
            

Land and land improvements

 $33,069  $-  $33,069 

Water programs

  30,955   -  30,955 

Pipeline

  22,102   -  22,102 

Buildings

  1,805   -  1,805 

Leasehold improvements, furniture and fixtures

  1,605   8  1,613 

Machinery and equipment

  3,907   247  4,154 

Construction in progress

  9,277   6  9,283      
   102,720   261  102,981 

Less accumulated depreciation

  (10,691)  (185) (10,876)
  $92,029  $76 $92,105 

 

 

  

December 31, 2024

 
  

Water and Land

Resources

  

Water Filtration

Technology

  

Total

 
            

Land and land improvements

 $33,069  $-  $33,069 

Water programs

  29,383   -  29,383 

Pipeline

  22,100   -  22,100 

Buildings

  1,805   -  1,805 

Leasehold improvements, furniture and fixtures

  1,605   4  1,609 

Machinery and equipment

  3,870   247  4,117 

Construction in progress

  6,851   6  6,857      
   98,683   257  98,940 

Less accumulated depreciation

  (10,397)  (181) (10,578)
  $88,286  $76 $88,362