Cadiz Inc Financials
This page shows Cadiz Inc (CDZIP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Cadiz Inc has an operating margin of -242.0%, meaning the company retains $-242 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -1051.7% the prior year.
Cadiz Inc's revenue surged 382.6% year-over-year to $9.6M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Cadiz Inc has a moderate D/E ratio of 1.67. This balance of debt and equity financing earns a leverage score of 49/100.
Cadiz Inc's current ratio of 1.79 indicates adequate short-term liquidity, earning a score of 52/100. The company can meet its near-term obligations, though with limited headroom.
While Cadiz Inc generated -$21.5M in operating cash flow, capex of $934K consumed most of it, leaving -$22.5M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Cadiz Inc passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Cadiz Inc generates $0.69 in operating cash flow (-$21.5M OCF vs -$31.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Cadiz Inc earns $-3.0 in operating income for every $1 of interest expense (-$23.2M vs $7.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Cadiz Inc generated $9.6M in revenue in fiscal year 2024. This represents an increase of 382.6% from the prior year.
Cadiz Inc's EBITDA was -$22.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 11.9% from the prior year.
Cadiz Inc generated -$22.5M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 15.9% from the prior year.
Cadiz Inc reported -$31.1M in net income in fiscal year 2024. This represents an increase of 1.0% from the prior year.
Cadiz Inc held $17.3M in cash against $56.7M in long-term debt as of fiscal year 2024.
Cadiz Inc had 75M shares outstanding in fiscal year 2024. This represents an increase of 13.0% from the prior year.
Cadiz Inc's gross margin was 24.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 69.0 percentage points from the prior year.
Cadiz Inc's operating margin was -242.0% in fiscal year 2024, reflecting core business profitability. This is up 809.8 percentage points from the prior year.
Cadiz Inc's net profit margin was -324.1% in fiscal year 2024, showing the share of revenue converted to profit. This is up 1255.3 percentage points from the prior year.
Cadiz Inc invested $934K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 83.9% from the prior year.
CDZIP Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.1M+0.6% | $4.1M+39.7% | $3.0M-37.8% | $4.8M+47.3% | $3.2M+528.5% | $513K-54.2% | $1.1M+63.9% | $684K |
| Cost of Revenue | $3.0M+13.1% | $2.7M+28.2% | $2.1M-31.5% | $3.0M+25.9% | $2.4M+182.7% | $852K-15.1% | $1.0M-28.5% | $1.4M |
| Gross Profit | $1.1M-22.4% | $1.5M+66.8% | $876K-49.0% | $1.7M+110.7% | $815K+340.4% | -$339K-389.7% | $117K+116.2% | -$721K |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $5.7M-17.4% | $6.9M-14.5% | $8.1M+0.9% | $8.0M+52.3% | $5.3M-16.3% | $6.3M+33.3% | $4.7M+7.0% | $4.4M |
| Operating Income | -$4.9M+15.3% | -$5.8M+23.3% | -$7.5M-13.7% | -$6.6M-39.0% | -$4.8M+31.4% | -$6.9M-41.6% | -$4.9M+9.9% | -$5.4M |
| Interest Expense | $2.2M+11.4% | $2.0M-5.2% | $2.1M+3.0% | $2.0M-1.3% | $2.0M+5.3% | $1.9M-0.9% | $1.9M+48.4% | $1.3M |
| Income Tax | N/A | N/A | N/A | $3K0.0% | $3K+50.0% | $2K-33.3% | $3K0.0% | $3K |
| Net Income | -$7.1M+8.5% | -$7.7M+19.4% | -$9.6M-11.2% | -$8.6M-27.0% | -$6.8M+23.4% | -$8.9M-29.5% | -$6.8M-1.4% | -$6.8M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CDZIP Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $128.0M-6.1% | $136.4M-6.3% | $145.6M+8.2% | $134.5M+19.5% | $112.6M-4.7% | $118.1M0.0% | $118.1M+10.0% | $107.4M |
| Current Assets | $11.7M-44.3% | $21.0M-31.2% | $30.6M+18.6% | $25.8M+114.8% | $12.0M-30.3% | $17.2M-29.8% | $24.5M+206.0% | $8.0M |
| Cash & Equivalents | $4.4M-66.5% | $13.2M-38.8% | $21.6M+24.7% | $17.3M+419.9% | $3.3M-67.1% | $10.1M-47.4% | $19.2M+326.7% | $4.5M |
| Inventory | $2.8M-7.2% | $3.0M-1.3% | $3.1M+1.1% | $3.0M-30.5% | $4.3M-3.4% | $4.5M+63.2% | $2.8M+30.9% | $2.1M |
| Accounts Receivable | $3.6M-10.8% | $4.1M-17.7% | $5.0M+8.3% | $4.6M+41.4% | $3.2M+100.3% | $1.6M+2.4% | $1.6M+74.9% | $904K |
| Goodwill | $5.7M0.0% | $5.7M0.0% | $5.7M0.0% | $5.7M0.0% | $5.7M0.0% | $5.7M0.0% | $5.7M0.0% | $5.7M |
| Total Liabilities | $100.3M-0.5% | $100.8M-0.7% | $101.5M+1.0% | $100.5M+9.4% | $91.9M+1.5% | $90.5M+1.8% | $88.9M+31.9% | $67.4M |
| Current Liabilities | $9.3M-19.5% | $11.6M-17.1% | $14.0M-2.9% | $14.4M+62.9% | $8.8M-3.0% | $9.1M+6.3% | $8.6M+46.9% | $5.8M |
| Long-Term Debt | $59.8M+1.9% | $58.8M+1.8% | $57.7M+1.8% | $56.7M+1.8% | $55.7M+1.8% | $54.7M+0.9% | $54.2M+43.8% | $37.7M |
| Total Equity | $27.7M-22.0% | $35.6M-19.2% | $44.0M+29.7% | $34.0M+64.1% | $20.7M-24.9% | $27.6M-24.7% | $36.6M-8.4% | $40.0M |
| Retained Earnings | -$682.4M-1.0% | -$675.4M+1.7% | -$687.0M-1.6% | -$676.1M-1.5% | -$666.2M-1.2% | -$658.1M-1.6% | -$648.0M-1.3% | -$639.9M |
CDZIP Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$7.0M-417.0% | -$1.4M+62.8% | -$3.6M+41.3% | -$6.2M-15.3% | -$5.4M+23.7% | -$7.1M-145.8% | -$2.9M+48.0% | -$5.5M |
| Capital Expenditures | $450K-90.0% | $4.5M+250.0% | $1.3M+212.9% | $412K+649.1% | $55K-80.4% | $281K+51.1% | $186K-90.6% | $2.0M |
| Free Cash Flow | -$7.5M-27.2% | -$5.9M-18.9% | -$4.9M+25.5% | -$6.6M-21.7% | -$5.4M+25.9% | -$7.3M-140.1% | -$3.1M+59.2% | -$7.5M |
| Investing Cash Flow | -$450K+90.0% | -$4.5M+28.3% | -$6.3M-850.0% | -$662K-1103.6% | -$55K+80.4% | -$281K-51.1% | -$186K+90.6% | -$2.0M |
| Financing Cash Flow | -$1.3M+47.3% | -$2.5M-114.8% | $16.8M-19.2% | $20.8M+1660.9% | -$1.3M+24.4% | -$1.8M-109.9% | $17.8M+1456.4% | -$1.3M |
| Dividends Paid | $1.3M+1.8% | $1.3M-1.8% | $1.3M+1.8% | $1.3M-1.8% | $1.3M+1.8% | $1.3M-1.8% | $1.3M+1.8% | $1.3M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CDZIP Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.3%-8.1pp | 35.4%+5.8pp | 29.6%-6.5pp | 36.1%+10.9pp | 25.3%+91.4pp | -66.1%-76.5pp | 10.4%+115.9pp | -105.4% |
| Operating Margin | -118.0%+22.0pp | -140.0%+115.0pp | -255.0%-115.5pp | -139.5%+8.4pp | -147.9%+1206.7pp | -1354.6%-916.8pp | -437.8%+358.2pp | -796.0% |
| Net Margin | -170.4%+16.9pp | -187.3%+137.4pp | -324.8%-143.2pp | -181.6%+29.1pp | -210.7%+1518.7pp | -1729.4%-1118.4pp | -611.1%+376.5pp | -987.6% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -5.5%+0.2pp | -5.7%+0.9pp | -6.6%-0.2pp | -6.4%-0.4pp | -6.0%+1.5pp | -7.5%-1.7pp | -5.8%+0.5pp | -6.3% |
| Current Ratio | 1.26-0.6 | 1.81-0.4 | 2.19+0.4 | 1.79+0.4 | 1.36-0.5 | 1.89-1.0 | 2.86+1.5 | 1.37 |
| Debt-to-Equity | 2.16+0.5 | 1.65+0.3 | 1.31-0.4 | 1.67-1.0 | 2.69+0.7 | 1.98+0.5 | 1.48+0.5 | 0.94 |
| FCF Margin | -179.8%-37.6pp | -142.2%+24.8pp | -167.0%-27.6pp | -139.4%+29.4pp | -168.8%+1262.8pp | -1431.6%-1158.7pp | -272.9%+822.7pp | -1095.6% |
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Frequently Asked Questions
What is Cadiz Inc's annual revenue?
Cadiz Inc (CDZIP) reported $9.6M in total revenue for fiscal year 2024. This represents a 382.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Cadiz Inc's revenue growing?
Cadiz Inc (CDZIP) revenue grew by 382.6% year-over-year, from $2.0M to $9.6M in fiscal year 2024.
Is Cadiz Inc profitable?
No, Cadiz Inc (CDZIP) reported a net income of -$31.1M in fiscal year 2024, with a net profit margin of -324.1%.
What is Cadiz Inc's EBITDA?
Cadiz Inc (CDZIP) had EBITDA of -$22.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Cadiz Inc have?
As of fiscal year 2024, Cadiz Inc (CDZIP) had $17.3M in cash and equivalents against $56.7M in long-term debt.
What is Cadiz Inc's gross margin?
Cadiz Inc (CDZIP) had a gross margin of 24.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Cadiz Inc's operating margin?
Cadiz Inc (CDZIP) had an operating margin of -242.0% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Cadiz Inc's net profit margin?
Cadiz Inc (CDZIP) had a net profit margin of -324.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Cadiz Inc's free cash flow?
Cadiz Inc (CDZIP) generated -$22.5M in free cash flow during fiscal year 2024. This represents a 15.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Cadiz Inc's operating cash flow?
Cadiz Inc (CDZIP) generated -$21.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Cadiz Inc's total assets?
Cadiz Inc (CDZIP) had $134.5M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Cadiz Inc's capital expenditures?
Cadiz Inc (CDZIP) invested $934K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How many shares does Cadiz Inc have outstanding?
Cadiz Inc (CDZIP) had 75M shares outstanding as of fiscal year 2024.
What is Cadiz Inc's current ratio?
Cadiz Inc (CDZIP) had a current ratio of 1.79 as of fiscal year 2024, which is generally considered healthy.
What is Cadiz Inc's debt-to-equity ratio?
Cadiz Inc (CDZIP) had a debt-to-equity ratio of 1.67 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cadiz Inc's return on assets (ROA)?
Cadiz Inc (CDZIP) had a return on assets of -23.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Cadiz Inc's cash runway?
Based on fiscal year 2024 data, Cadiz Inc (CDZIP) had $17.3M in cash against an annual operating cash burn of $21.5M. This gives an estimated cash runway of approximately 10 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Cadiz Inc's Piotroski F-Score?
Cadiz Inc (CDZIP) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cadiz Inc's earnings high quality?
Cadiz Inc (CDZIP) has an earnings quality ratio of 0.69x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Cadiz Inc cover its interest payments?
Cadiz Inc (CDZIP) has an interest coverage ratio of -3.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Cadiz Inc?
Cadiz Inc (CDZIP) scores 40 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.