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Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Utility Plant $ 591,887 $ 512,993
Less accumulated depreciation (164,417) (153,614)
Net utility plant 427,470 359,379
Current Assets    
Cash and cash equivalents 15,255 9,047
Accounts receivable, net of allowance for credit losses of $178 and $163, respectively 3,768 3,233
Unbilled revenue 3,665 3,109
Taxes, prepaid expenses and other current assets 2,348 4,080
Total current assets 25,036 19,469
Other Assets    
Goodwill 6,511 9,486
Intangible assets, net 8,475 8,427
Regulatory assets 7,029 4,032
Restricted cash 2,320 2,109
Right-of-use assets, net 3,693 2,157
Other noncurrent assets 118 78
Total other assets 28,146 26,289
Total Assets 480,652 405,137
Capitalization    
Common stock, $0.01 par value, 60,000,000 shares authorized; 29,108,718 and 24,570,994 shares issued, respectively 286 240
Treasury stock, 358,453 and 344,978 shares, respectively (2) (2)
Additional paid-in capital 89,341 47,366
Retained earnings 0 0
Total shareholders’ equity 89,625 47,604
Long-term debt, net 116,797 118,518
Total Capitalization 206,422 166,122
Current Liabilities    
Accounts payable 933 2,051
Customer and meter deposits 1,649 1,609
Long-term debt, current portion 3,939 3,926
Leases, current portion 793 871
Accrued expenses and other current liabilities 13,891 13,801
Total current liabilities 21,205 22,258
Other Liabilities    
Revolver borrowings 6,850 0
Long-term lease liabilities 3,565 1,450
Deferred revenue - ICFA 22,527 21,517
Regulatory liabilities 5,353 5,386
Advances in aid of construction 153,507 126,467
Contributions in aid of construction, net 38,359 36,834
Deferred income tax liabilities, net 9,993 9,698
Other noncurrent liabilities 12,871 15,405
Total other liabilities 253,025 216,757
Commitments and contingencies (Refer to Note 17)
Total Capitalization and Liabilities $ 480,652 $ 405,137