NASDAQ$CDZI
Cadiz Inc · Q3 2025 earnings
Q3 2025 earnings · · Before market open · Investor relations
Briefing
Cadiz reported a net loss in Q3 2025 despite strong revenue growth from its ATEC Water Systems subsidiary.
Cadiz delivered increased quarterly revenue driven by ATEC system shipments but continued to operate at a loss as it invested in major water infrastructure projects.
- Revenue rose to $4.1 million in Q3 2025, up from $3.2 million a year ago.
- Net loss increased to $7.1 million from $6.8 million in Q3 2024.
- ATEC Water Systems doubled shipments year-over-year and achieved a 50% gross margin.
- Initial construction funding secured through a $51 million convertible loan from Lytton Rancheria.
Headline financials
Revenue & EPS history
Cadiz · Revenue · Quarterly
$4.1M
Revenue by segment
Cadiz · $1.27M total across 1 segment · Q1 2026
- Water Filtration Technology$1.27M—100.0%
Forward guidance
Cadiz expects to finalize major financing and regulatory steps in Q4 2025 to begin construction of its Mojave Groundwater Bank in 2026.
Tailwinds
- Tribal funding from Lytton secures initial construction capital.
- EPCOR MOU sets stage for water sales and pipeline co-investment.
- Federal MOU with Bureau of Reclamation supports strategic positioning.
- ATEC continues to demonstrate strong market demand and profit margin growth.
- Equity financing diligence nearing completion with private infrastructure investors.
Headwinds
- Net and operating losses persist despite revenue growth.
- Delays in project financing due to government shutdown impacts.
- Uncertainty remains around completion timing for funding agreements.
- Heavy capital requirements still pending for project construction.
- Hydrogen development in early stages with permitting expected in 2026.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2025
+0.9%
Avg return
Earnings day
+3.6%
Avg return
5 days after
+2.6%
Avg return
30 days after
48%
19 / 40 earnings
Positive
+13.4%
Q3 2016
Best reaction
-5.6%
Q3 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.9% | -8.1% | — | |
| Q4 2025 | -1.4% | -0.2% | -8.9% | |
| Q3 2025 | +5.0% | +36.7% | +23.3% | |
| Q2 2025 | +1.7% | -1.7% | +10.4% | |
| Q1 2025 | -1.8% | +10.5% | +9.5% | |
| Q3 2024 | -4.4% | -2.1% | +19.8% | |
| Q2 2024 | -3.3% | +7.3% | +4.0% | |
| Q1 2024 | +11.6% | +23.9% | +24.3% | |
| Q4 2023 | +10.0% | +3.8% | -13.5% | |
| Q3 2023 | +0.0% | -2.0% | +7.2% | |
| Q2 2023 | +0.5% | -7.9% | -2.6% | |
| Q1 2023 | -0.7% | +12.1% | +6.2% | |
| Q4 2022 | -1.2% | -14.2% | -0.2% | |
| Q3 2022 | +8.1% | +13.3% | +23.2% | |
| Q2 2022 | +7.4% | +24.9% | -17.7% | |
| Q1 2022 | -4.0% | -6.0% | +4.5% | |
| Q4 2021 | +2.3% | +0.9% | -9.9% | |
| Q3 2021 | -5.6% | -5.9% | -36.3% | |
| Q2 2021 | +6.4% | +7.8% | -23.7% | |
| Q1 2021 | -1.7% | +4.1% | +9.0% | |
| Q4 2020 | +3.3% | +6.3% | +22.5% | |
| Q3 2020 | -0.7% | +5.5% | +6.4% | |
| Q2 2020 | +0.9% | +1.0% | +2.7% | |
| Q1 2020 | +1.0% | -3.4% | +5.7% | |
| Q4 2019 | -3.3% | -6.1% | +26.3% | |
| Q3 2019 | -0.4% | -0.5% | -4.9% | |
| Q2 2019 | +2.7% | +2.7% | -2.3% | |
| Q1 2019 | +0.3% | +3.5% | -0.8% | |
| Q4 2018 | -4.3% | -0.9% | +1.6% | |
| Q3 2018 | -0.5% | -0.3% | -10.5% | |
| Q2 2018 | -3.4% | -5.7% | -13.4% | |
| Q1 2018 | +3.2% | +2.8% | -3.6% | |
| Q4 2017 | +0.4% | -0.7% | -3.6% | |
| Q3 2017 | +0.0% | +1.1% | +3.4% | |
| Q2 2017 | -1.6% | -2.4% | -6.0% | |
| Q1 2017 | -0.6% | +1.6% | -9.0% | |
| Q4 2016 | +0.7% | +0.7% | +4.2% | |
| Q3 2016 | +13.4% | +24.6% | +44.4% | |
| Q2 2016 | +1.6% | +12.4% | +8.2% | |
| Q2 2010 | -2.8% | — | — |
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