CADIZ INC

Cadiz Inc. (CDZI) operates as a comprehensive water solutions provider with a diversified portfolio of land, water, pipeline, and water filtration assets strategically positioned in Southern California. The company maintains its website at http://www.cadizinc.com and serves public and private water systems, government agencies, and commercial businesses across the southwestern United States.

The company's core operations center on the Cadiz Property, comprising approximately 46,000 acres in San Bernardino County's Mojave Desert, underlain by a substantial aquifer system estimated to contain 30 to 50 million acre-feet of groundwater storage. Cadiz holds permits to conserve 2.5 million acre-feet of water supply over fifty years, averaging 50,000 acre-feet annually, and possesses capacity to store up to one million acre-feet of imported water through its Mojave Groundwater Bank project.

The company operates through two primary segments: land and water resources, and water filtration technology. The land and water resources segment encompasses agricultural operations currently farming approximately 1,000 acres of grain crops, primarily alfalfa, and manages water supply and storage development activities. The water filtration segment operates through wholly owned subsidiary ATEC Water Systems, LLC, which manufactures modular vertical steel tank filtration systems for removal of contaminants including iron, manganese, arsenic, chromium-6, nitrates, and PFAS. ATEC generated record revenues of $14.5 million in 2025, compared to $7.9 million in 2024, and has constructed more than 500 filtration systems across the United States, Canada, and Asia.

Cadiz owns 220 miles of the Northern Pipeline, a former natural gas conveyance facility being converted for water transport, and holds rights to develop the Southern Pipeline within an existing railroad right-of-way. The company established Mojave Water Infrastructure Company LLC as a special purpose entity to finance and develop project infrastructure, with capital commitments including a $51 million convertible loan facility from Lytton Rancheria of California and targeted $400 million in private equity investment.

As of December 31, 2025, Cadiz employed 31 full-time employees, with 22 based at ATEC operations. The company's development activities remain subject to extensive regulatory oversight and permitting requirements from federal, state, and local authorities.