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Note 2 - Reportable Segments
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2025 and 2024:

 

  

Three Months Ended June 30, 2025

 

(in thousands)

 

Land and Water Resources

  

Water Filtration Technology

  

Total

 
             

Revenues

  431   3,695   4,126 
             

Costs and expenses:

            

Cost of sales

  614   2,051   2,665 

General and administrative

  5,750   1,185   6,935 

Depreciation

  294   9   303 
             

Total costs and expenses

  6,658   3,245   9,903 
             

Operating (loss) income

 $(6,227) $450  $(5,777)

 

 

  

Three Months Ended June 30, 2024

 

(in thousands)

 

Land and Water Resources

  

Water Filtration Technology

  

Total

 
             

Revenues

  350   163   513 
             

Costs and expenses:

            

Cost of sales

  679   173   852 

General and administrative

  5,917   388   6,305 

Depreciation

  292   13   305 
             

Total costs and expenses

  6,888   574   7,462 
             

Operating loss

 $(6,538) $(411) $(6,949)

 

 

  

Six Months Ended June 30, 2025

 

(in thousands)

 

Land and Water Resources

  

Water Filtration Technology

  

Total

 
             

Revenues

  996   6,084   7,080 
             

Costs and expenses:

            

Cost of sales

  1,113   3,630   4,743 

General and administrative

  13,147   1,895   15,042 

Depreciation

  589   16   605 
             

Total costs and expenses

  14,849   5,541   20,390 
             

Operating (loss) income

 $(13,853) $543  $(13,310)

 

 

  

Six Months Ended June 30, 2024

 

(in thousands)

 

Land and Water Resources

  

Water Filtration Technology

  

Total

 
             

Revenues

 $986  $648  $1,634 
             

Costs and expenses:

            

Cost of sales

  1,339   517   1,856 

General and administrative

  10,397   638   11,035 

Depreciation

  574   26   600 
             

Total costs and expenses

  12,310   1,181   13,491 
             

Operating loss

 $(11,324) $(533) $(11,857)

 

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

 

  

June 30,

2025

  

December 31,

2024

 

Operating Segment:

        

Water and Land Resources

 $124,954  $123,786 

Water Filtration Technology

  11,425   10,708 
  $136,379  $134,494 

 

 

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

 

  

June 30,

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):

 

  

June 30, 2025

 
  

Water and Land Resources

  

Water Filtration Technology

  

Total

 
             

Land and land improvements

 $33,089  $-  $33,089 

Water programs

  30,991   -   30,991 

Pipeline

  22,103   -   22,103 

Buildings

  1,805   -   1,805 

Leasehold improvements, furniture and fixtures

  1,616   8   1,624 

Machinery and equipment

  3,907   378   4,285 

Construction in progress

  9,871   12   9,883 
   103,382   398   103,780 

Less accumulated depreciation

  (10,985)  (190)  (11,175)
  $92,397  $208  $92,605 

 

 

  

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