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Note 2 - Reportable Segments
 9 Months Ended
Sep. 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 nine months ended September 30, 2025 and 2024:

 

  

Three Months Ended September 30, 2025

 

(in thousands)

 

Land and Water

Resources

  

Water Filtration

Technology

  

Total

 
             

Revenues

  115   4,034   4,149 
             

Costs and expenses:

            

Cost of sales

  985   2,030   3,015 

General and administrative

  4,730   996   5,726 

Depreciation

  295   9   304 
             

Total costs and expenses

  6,010   3,035   9,045 
             

Operating (loss) income

 $(5,895) $999  $(4,896)

 

  

Three Months Ended September 30, 2024

 

(in thousands)

 

Land and Water

Resources

  

Water Filtration

Technology

  

Total

 
             

Revenues

 $383  $2,841  $3,224 
             

Costs and expenses:

            

Cost of sales

  557   1,852   2,409 

General and administrative

  4,820   455   5,275 

Depreciation

  292   15   307 
             

Total costs and expenses

  5,669   2,322   7,991 
             

Operating income (loss)

 $(5,286) $519  $(4,767)

 

  

Nine Months Ended September 30, 2025

 

(in thousands)

 

Land and Water

Resources

  

Water Filtration

Technology

  

Total

 
             

Revenues

  1,111   10,118   11,229 
             

Costs and expenses:

            

Cost of sales

  2,098   5,660   7,758 

General and administrative

  17,877   2,891   20,768 

Depreciation

  884   25   909 
             

Total costs and expenses

  20,859   8,576   29,435 
             

Operating (loss) income

 $(19,748) $1,542  $(18,206)

 

  

Nine Months Ended September 30, 2024

 

(in thousands)

 

Land and Water

Resources

  

Water Filtration

Technology

  

Total

 
             

Revenues

 $1,369  $3,489  $4,858 
             

Costs and expenses:

            

Cost of sales

  1,896   2,369   4,265 

General and administrative

  15,217   1,093   16,310 

Depreciation

  866   41   907 
             

Total costs and expenses

  17,979   3,503   21,482 
             

Operating loss

 $(16,610) $(14) $(16,624)

 

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

 

  

September 30,

2025

  

December 31,

2024

 

Operating Segment:

        

Water and Land Resources

 $118,208  $123,786 

Water Filtration Technology

  9,798   10,708 
  $128,006  $134,494 

 

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

 

  

September 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):

 

  

September 30, 2025

 
  

Water and Land

Resources

  

Water Filtration

Technology

  

Total

 
             

Land and land improvements

 $33,089  $-  $33,089 

Water programs

  31,544   -   31,544 

Pipeline

  22,104   -   22,104 

Buildings

  1,805   -   1,805 

Leasehold improvements, furniture and fixtures

  1,616   8   1,624 

Machinery and equipment

  4,032   394   4,426 

Construction in progress

  10,512   47   10,559 
   104,702   449   105,151 

Less accumulated depreciation

  (11,280)  (196)  (11,476)
  $93,422  $253  $93,675 

 

  

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