Consolidated Water Reports Full Year 2025 Results
Rhea-AI Summary
Consolidated Water (NASDAQ:CWCO) reported full-year 2025 results with $132.1M revenue, a 1% decline, and $18.6M net income from continuing operations ($1.16 diluted EPS). Gross margin rose to 37% (+2.6 ppts). Cash and cash equivalents increased to $123.8M with working capital of $141.9M.
Operational highlights include record retail volume of 1.09 billion gallons, completion of Kalaeloa desalination design, awarded ~$15.6M of U.S. construction projects, a 27.3% dividend increase to $0.14 quarterly, and three independent director appointments.
Positive
- Gross margin improved by 2.6 percentage points to 37%
- Manufacturing gross margin increased 4.6 percentage points to 34.8%
- Awarded $15.6M of construction projects expected to generate revenue primarily in 2026
- Quarterly dividend increased 27.3% to $0.14 per share beginning Q3 2025
- Cash position strengthened to $123.8M with working capital of $141.9M
Negative
- Services segment construction revenue declined by $5.1M year-over-year
- Construction revenue on the Hawaii project fell by $2.9M due to pilot completion
- Net income including discontinued operations fell from $28.2M in 2024 to $18.3M in 2025
- Permitting delay for Kalaeloa project deferred expected construction revenue into future periods
News Market Reaction – CWCO
On the day this news was published, CWCO declined 9.39%, reflecting a notable negative market reaction. Argus tracked a trough of -11.1% from its starting point during tracking. Our momentum scanner triggered 13 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $57M from the company's valuation, bringing the market cap to $551M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CWCO was down 0.37% pre-news. Water peers were mixed: YORW, ARTNA and MSEX declined (-0.47% to -2.89%), while CDZI and ARIS posted small gains. This points to stock-specific factors rather than a unified sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 10 | Quarterly earnings | Positive | +7.7% | Q3 2025 revenue and EPS grew with strong segment performance and cash. |
| Aug 11 | Quarterly earnings | Positive | +8.7% | Q2 2025 revenue and net income rose, with notable segment and cash growth. |
| May 12 | Quarterly earnings | Negative | +5.4% | Q1 2025 revenue and EPS declined due to completed construction projects. |
| Mar 17 | Annual results | Negative | -6.7% | Full-year 2024 revenue and earnings fell sharply after large project completions. |
| Nov 14 | Quarterly earnings | Negative | +4.7% | Q3 2024 revenue and EPS dropped as construction activity normalized lower. |
Earnings releases have often triggered meaningful moves, with several positive reactions even when results were mixed or revenue declined, indicating active trading around financial updates.
Over the last five earnings cycles, CWCO has shown active share-price responses to financial updates. In 2024, full-year results highlighted a sharp revenue and earnings decline, while through 2025 quarterly reports showed more balanced trends: modest revenue growth in later quarters, strong cash positions above $100M, and continued progress on the large Hawaii desalination project. Today’s full-year 2025 report extends that narrative of steady balance-sheet strength, segment mix shifts away from large construction spikes, and ongoing dividend growth.
Historical Comparison
Across the last five earnings-related releases, CWCO’s stock moved an average of 3.95%, underscoring that investors typically react meaningfully to financial updates like this full-year 2025 report.
Earnings headlines show a transition from 2023’s construction-driven peak, through a sharp reset in 2024, to steadier 2025 quarters with improving cash, rising recurring revenues, and ongoing progress on the Hawaii desalination project.
Market Pulse Summary
The stock moved -9.4% in the session following this news. A negative reaction despite elements of earnings stability would fit past patterns where the stock sometimes diverged from headline fundamentals. In 2025, total revenue dipped while net income from continuing operations and the dividend increased, and management flagged permitting delays on the Hawaii project. Any sharp decline would need to be viewed against reliance on large contracts, the mix shift away from prior construction peaks, and license and customer concentration risks.
Key Terms
seawater reverse osmosis desalination technical
seawater desalination technical
AI-generated analysis. Not financial advice.
GEORGE TOWN, Cayman Islands, March 16, 2026 (GLOBE NEWSWIRE) -- Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading designer, builder and operator of advanced water treatment plants, reported results for the year ended December 31, 2025. All comparisons are to the same prior year period unless otherwise noted.
Consolidated Water will hold a conference call at 11:00 a.m. Eastern time tomorrow to discuss the results (see dial-in information below).
2025 Financial Summary
- Total revenue decreased
1% to$132.1 million . - Retail revenue increased
6% to$33.6 million . - Bulk revenue decreased
1% to$33.5 million . - Services revenue decreased by
9% to$46.3 million primarily due to a decline in construction revenue. - Manufacturing revenue increased by
6% to$18.7 million . - Net income from continuing operations attributable to company stockholders totaled
$18.6 million or$1.16 per diluted share, compared to$17.9 million or$1.12 per diluted share in 2024. - Including discontinued operations, net income attributable to company stockholders totaled
$18.3 million or$1.14 per diluted share, compared to$28.2 million or$1.77 per diluted share in 2024. - Cash and cash equivalents increased to
$123.8 million and working capital increased to$141.9 million as of December 31, 2025.
2025 Operational Highlights
- Retail water sold by the company’s Grand Cayman water utility increased
8.3% to a record volume of 1.09 billion gallons. The increase was due to increased customer connections and significantly less rainfall on Grand Cayman during the year. - CW-Bahamas supplied to the WSC under long-term supply agreements approximately 4.8 billion gallons of water produced from two seawater reverse osmosis desalination plants in Nassau, New Providence. This is consistent with the 4.8 billion gallons supplied in 2024.
- The company was awarded two water treatment plant construction projects, including a
$3.9 million drinking water plant expansion in Colorado and an$11.7 million wastewater recycling plant in California. The revenue attributable to these projects is expected to be realized primarily in 2026, and the combined value of these projects totals approximately$15.6 million . - Completed
100% design of the 1.7 million gallon per day seawater desalination plant in Kalaeloa, Hawaii for the Honolulu Board of Water Supply (BWS). In addition, the company received confirmation from BWS that the company is able to produce water that is a “reasonable match” to the quality of BWS’s current water supply and that the company is able to produce water that causes “no detrimental impact” to the BWS water system or their customers’ assets. These significant project milestones help pave the way to begin construction once all permits have been issued. - Completed the expansion of the West Bay seawater desalination plant to meet growing demand for water in the company’s Grand Cayman service area. The expansion added an additional 1 million gallons per day of desalinated water production capacity.
- Received a new concession from the Cayman Islands government that granted the company’s Grand Cayman water utility continued exclusive rights to produce and supply potable water within its service area and resumed discussions with the utility regulator for a new operating license. The existing operating license remains in effect until a new one is granted.
- Appointed three new independent directors, Kim Adamson, Maria Elena Giner, and Gerónimo Gutiérrez Fernández, effective October 1, 2025.
Dividend Increase
In June 2025, the company increased its quarterly dividend by
Management Commentary
“Our retail, bulk and manufacturing revenues and operating incomes in 2025 were consistent with our expectations,” commented Consolidated Water CEO, Rick McTaggart. “However, our services revenue from continuing operations did not meet our expectations due to a permitting delay related to our 1.7 million gallon per day seawater desalination plant project in Kalaeloa, Hawaii. We believe that this type of delay is common for the complex, multi-agency permitting process required for a project of this scale and is not due to any failures on the part of Consolidated Water. We have achieved all other major project milestones and continue to work closely with the Honolulu Board of Water Supply and regulatory authorities to advance the permitting process and mitigate schedule impacts.
“Although our services segment revenue was less than expected, total revenue on a consolidated basis was relatively consistent from the previous year. In addition, our gross margin improved across all segments — up 2.6 percentage points on a consolidated basis — and our consolidated net income from continuing operations increased
“The continued strength of the Cayman Islands economy and historically low rainfall in our exclusive utility service area on Grand Cayman resulted in our retail segment revenue increasing about
“While bulk segment revenue decreased less than
“Our services segment revenue decreased
“The decrease in services segment construction and consulting revenue was partially offset by a
“During the year, our manufacturing segment continued to improve its performance. Manufacturing revenue grew by
“In the fourth quarter of 2025, we completed
“Our construction service segment revenue is anticipated to remain below the record achieved in 2023 until the initiation of construction of the desalination project in Hawaii. However, as we move through the year ahead, we believe our diversified business segments will continue to deliver improved results to shareholders. This includes the continued growth in retail water business in Grand Cayman; the long-term, stable recurring revenue from our Caribbean-based bulk water business; and the growth potential of our U.S.-based manufacturing, design-build and O&M businesses. As the global demand for clean water continues to grow, our strong balance sheet enables us to move quickly on desalination and water infrastructure opportunities in the Caribbean and North America as well as any potential strategic acquisitions or partnerships.”
2025 Financial Results
Revenue totaled
Retail revenue increased due to an
The slight decrease in bulk segment revenue was due to a decline in energy-related revenue in the Bahamas operations.
The decrease in services segment revenue was primarily due to plant construction revenue decreasing from
Services segment revenue generated under O&M contracts totaled
Manufacturing segment revenue increased by
Gross profit for 2025 was
Net income from continuing operations attributable to Consolidated Water stockholders in 2025 was
Including discontinued operations, net income attributable to Consolidated Water stockholders in 2025 was
Cash and cash equivalents totaled
2025 Segment Results
| Year Ended December 31, 2025 | |||||||||||||||||||||||
| Retail | Bulk | Services | Manufacturing | Corporate | Total | ||||||||||||||||||
| Revenue | $ | 33,587,952 | $ | 33,481,307 | $ | 46,312,325 | $ | 18,691,784 | $ | — | $ | 132,073,368 | |||||||||||
| Cost of revenue | 14,593,693 | 22,470,197 | 34,449,844 | 12,180,824 | — | 83,694,558 | |||||||||||||||||
| Gross profit | 18,994,259 | 11,011,110 | 11,862,481 | 6,510,960 | — | 48,378,810 | |||||||||||||||||
| General and administrative expenses | 3,734,676 | 1,614,759 | 7,885,756 | 2,102,759 | 14,778,378 | 30,116,328 | |||||||||||||||||
| Gain on asset dispositions, net | 40,578 | — | 52,131 | 5,000 | — | 97,709 | |||||||||||||||||
| Income (loss) from operations | 15,300,161 | 9,396,351 | 4,028,856 | 4,413,201 | (14,778,378 | ) | 18,360,191 | ||||||||||||||||
| Interest income | 171,351 | 772,514 | 839,190 | 3 | 886,982 | 2,670,040 | |||||||||||||||||
| Interest expense | — | — | (4,420 | ) | — | — | (4,420 | ) | |||||||||||||||
| Income (loss) from affiliates | — | — | — | (29,354 | ) | 257,240 | 227,886 | ||||||||||||||||
| Other | 71,262 | (9,322 | ) | 69,735 | 344 | (581 | ) | 131,438 | |||||||||||||||
| Other income (loss), net | 242,613 | 763,192 | 904,505 | (29,007 | ) | 1,143,641 | 3,024,944 | ||||||||||||||||
| Income (loss) before income taxes | 15,542,774 | 10,159,543 | 4,933,361 | 4,384,194 | (13,634,737 | ) | 21,385,135 | ||||||||||||||||
| Provision for income taxes | — | — | 1,132,590 | 1,026,316 | 5,742 | 2,164,648 | |||||||||||||||||
| Net income (loss) from continuing operations | 15,542,774 | 10,159,543 | 3,800,771 | 3,357,878 | (13,640,479 | ) | 19,220,487 | ||||||||||||||||
| Income from continuing operations attributable to non-controlling interests | — | 593,179 | — | — | — | 593,179 | |||||||||||||||||
| Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | $ | 15,542,774 | $ | 9,566,364 | $ | 3,800,771 | $ | 3,357,878 | $ | (13,640,479 | ) | 18,627,308 | |||||||||||
| Net loss from discontinued operations | (290,635 | ) | |||||||||||||||||||||
| Net income attributable to Consolidated Water Co. Ltd. stockholders | $ | 18,336,673 | |||||||||||||||||||||
| Year Ended December 31, 2024 | ||||||||||||||||||||||
| Retail | Bulk | Services | Manufacturing | Corporate | Total | |||||||||||||||||
| Revenue | $ | 31,741,343 | $ | 33,673,387 | $ | 50,956,489 | $ | 17,595,414 | $ | — | $ | 133,966,633 | ||||||||||
| Cost of revenue | 14,199,088 | 23,360,360 | 38,511,535 | 12,271,202 | — | 88,342,185 | ||||||||||||||||
| Gross profit | 17,542,255 | 10,313,027 | 12,444,954 | 5,324,212 | — | 45,624,448 | ||||||||||||||||
| General and administrative expenses | 3,263,593 | 1,564,975 | 6,055,409 | 2,456,807 | 14,196,652 | 27,537,436 | ||||||||||||||||
| Gain on asset dispositions, net | 2,286 | — | 2,714 | — | 192,786 | 197,786 | ||||||||||||||||
| Income (loss) from operations | 14,280,948 | 8,748,052 | 6,392,259 | 2,867,405 | (14,003,866 | ) | 18,284,798 | |||||||||||||||
| Interest income | 198,180 | 865,584 | 458,732 | 4 | 571,690 | 2,094,190 | ||||||||||||||||
| Interest expense | (93,368 | ) | — | (8,409 | ) | — | (70 | ) | (101,847 | ) | ||||||||||||
| Income from affiliates | — | — | — | 16,701 | 252,754 | 269,455 | ||||||||||||||||
| Other | 78,647 | 39,625 | (5,634 | ) | 11,993 | 7,247 | 131,878 | |||||||||||||||
| Other income, net | 183,459 | 905,209 | 444,689 | 28,698 | 831,621 | 2,393,676 | ||||||||||||||||
| Income (loss) before income taxes | 14,464,407 | 9,653,261 | 6,836,948 | 2,896,103 | (13,172,245 | ) | 20,678,474 | |||||||||||||||
| Provision for income taxes | — | — | 1,528,398 | 672,040 | 18,076 | 2,218,514 | ||||||||||||||||
| Net income (loss) from continuing operations | 14,464,407 | 9,653,261 | 5,308,550 | 2,224,063 | (13,190,321 | ) | 18,459,960 | |||||||||||||||
| Income from continuing operations attributable to non-controlling interests | — | 577,590 | — | — | — | 577,590 | ||||||||||||||||
| Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | $ | 14,464,407 | $ | 9,075,671 | $ | 5,308,550 | $ | 2,224,063 | $ | (13,190,321 | ) | 17,882,370 | ||||||||||
| Net income from discontinued operations | 10,355,184 | |||||||||||||||||||||
| Net income attributable to Consolidated Water Co. Ltd. stockholders | $ | 28,237,554 | ||||||||||||||||||||
| Year Ended December 31, 2023 | ||||||||||||||||||||||
| Retail | Bulk | Services | Manufacturing | Corporate | Total | |||||||||||||||||
| Revenue | $ | 30,158,051 | $ | 34,595,058 | $ | 97,966,650 | $ | 17,491,474 | $ | — | $ | 180,211,233 | ||||||||||
| Cost of revenue | 13,891,229 | 24,128,132 | 66,797,762 | 13,467,005 | — | 118,284,128 | ||||||||||||||||
| Gross profit | 16,266,822 | 10,466,926 | 31,168,888 | 4,024,469 | — | 61,927,105 | ||||||||||||||||
| General and administrative expenses | 2,978,164 | 1,737,264 | 4,271,808 | 1,838,284 | 13,926,846 | 24,752,366 | ||||||||||||||||
| Gain (loss) on asset dispositions, net | (21,716 | ) | 12,720 | — | 2,233 | (349 | ) | (7,112 | ) | |||||||||||||
| Income (loss) from operations | 13,266,942 | 8,742,382 | 26,897,080 | 2,188,418 | (13,927,195 | ) | 37,167,627 | |||||||||||||||
| Interest income | 181,468 | 362,422 | 151,706 | 4 | 808 | 696,408 | ||||||||||||||||
| Interest expense | (123,867 | ) | — | (21,417 | ) | — | — | (145,284 | ) | |||||||||||||
| Income from affiliate | — | — | — | — | 169,728 | 169,728 | ||||||||||||||||
| Other | 93,795 | 10,793 | 1,024 | 2,020 | (171 | ) | 107,461 | |||||||||||||||
| Other income, net | 151,396 | 373,215 | 131,313 | 2,024 | 170,365 | 828,313 | ||||||||||||||||
| Income (loss) before income taxes | 13,418,338 | 9,115,597 | 27,028,393 | 2,190,442 | (13,756,830 | ) | 37,995,940 | |||||||||||||||
| Provision (benefit) for income taxes | — | — | 6,388,457 | 440,111 | (78,554 | ) | 6,750,014 | |||||||||||||||
| Net income (loss) from continuing operations | 13,418,338 | 9,115,597 | 20,639,936 | 1,750,331 | (13,678,276 | ) | 31,245,926 | |||||||||||||||
| Income from continuing operations attributable to non-controlling interests | — | 573,791 | — | — | — | 573,791 | ||||||||||||||||
| Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | $ | 13,418,338 | $ | 8,541,806 | $ | 20,639,936 | $ | 1,750,331 | $ | (13,678,276 | ) | 30,672,135 | ||||||||||
| Net loss from discontinued operations | (1,086,744 | ) | ||||||||||||||||||||
| Net income attributable to Consolidated Water Co. Ltd. stockholders | $ | 29,585,391 | ||||||||||||||||||||
Revenue earned by major geographic region was:
| Year ended December 31, | |||||||||
| 2025 | 2024 | 2023 | |||||||
| Cayman Islands | $ | 37,840,267 | $ | 37,137,424 | $ | 41,728,340 | |||
| The Bahamas | 29,298,791 | 29,675,947 | 31,221,633 | ||||||
| United States | 64,421,664 | 66,662,406 | 106,768,621 | ||||||
| Revenue earned from management services agreement with OC-BVI | 512,646 | 490,856 | 492,639 | ||||||
| $ | 132,073,368 | $ | 133,966,633 | $ | 180,211,233 | ||||
The following table presents the company’s revenue disaggregated by revenue source.
| Year Ended December 31, | ||||||||||
| 2025 | 2024 | 2023 | ||||||||
| Retail revenue | $ | 33,587,952 | $ | 31,741,343 | $ | 30,158,051 | ||||
| Bulk revenue | 33,481,307 | 33,673,387 | 34,595,058 | |||||||
| Services revenue | 46,312,325 | 50,956,489 | 97,966,650 | |||||||
| Manufacturing revenue | 18,691,784 | 17,595,414 | 17,491,474 | |||||||
| Total revenue | $ | 132,073,368 | $ | 133,966,633 | $ | 180,211,233 | ||||
Services revenue consists of the following:
| Year Ended December 31, | |||||||||
| 2025 | 2024 | 2023 | |||||||
| Construction revenue | $ | 13,470,641 | $ | 18,602,919 | $ | 77,306,704 | |||
| Operations and maintenance revenue | 32,075,046 | 29,307,405 | 19,368,365 | ||||||
| Design and consulting revenue | 766,638 | 3,046,165 | 1,291,581 | ||||||
| Total services revenue | $ | 46,312,325 | $ | 50,956,489 | $ | 97,966,650 | |||
Annual General Meeting of Shareholders
The company has set June 1, 2026 as the date of its Annual General Meeting of Shareholders to be held at 3:00 p.m. Cayman Islands time (4:00 p.m. EDT) at the Westin Grand Cayman Seven Mile Beach Resort & Spa, Seven Mile Beach, Grand Cayman, Cayman Islands. Holders of record of the company’s stock as of April 2, 2026 will be entitled to vote at the meeting.
Conference Call
Consolidated Water management will host a conference call tomorrow to discuss these results, followed by a question-and-answer period.
Date: Tuesday, March 17, 2026
Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time)
Toll-free dial-in number: 1-844-875-6913
International dial-in number: 1-412-317-6709
Conference ID: 1518479
Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you require any assistance connecting with the call, please contact Encore at 1-949-432-7450.
A replay of the call will be available after 1:00 p.m. Eastern time on the same day through March 24, 2026, as well as available for replay via the Investors section of the Consolidated Water website at www.cwco.com.
Toll-free replay number: 1-855-669-9658
International replay number: 1-412-317-0088
Replay ID: 1518479
About Consolidated Water Co. Ltd.
Consolidated Water Co. Ltd. develops and operates advanced water treatment plants and water distribution systems. The company designs, constructs and operates seawater desalination facilities in the Cayman Islands, The Bahamas and the British Virgin Islands, and designs, constructs and operates water treatment and reuse facilities in the United States.
The company also manufactures and services a wide range of products and provides design, engineering, management, operating and other services applicable to commercial and municipal water production, supply and treatment, and industrial water and wastewater treatment.
For more information, visit cwco.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "intend", "expect", "should", "will" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to (i) continued acceptance of the company's products and services in the marketplace; (ii) changes in its relationships with the governments of the jurisdictions in which it operates; (iii) the outcome of its negotiations with the Cayman government regarding a new retail license agreement; (iv) the collection of its delinquent accounts receivable in the Bahamas; and (v) various other risks such as economic, operational, and industry-specific risks, as detailed in the company's periodic report filings with the Securities and Exchange Commission (“SEC”). For more information about risks and uncertainties associated with the company’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the company’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting the company’s Secretary at the company’s executive offices or at the “Investors – SEC Filings” page of the company’s website at ir.cwco.com/docs. Except as otherwise required by law, the company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Company Contact:
David W. Sasnett
Executive Vice President and CFO
Tel (954) 509-8200
Email Contact
Investor & Media Contact:
Ron Both or Grant Stude
Encore Investor Relations
Tel (949) 432-7450
Email Contact
| CONSOLIDATED WATER CO. LTD. CONSOLIDATED BALANCE SHEETS | |||||||
| December 31, | |||||||
| 2025 | 2024 | ||||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 123,788,390 | $ | 99,350,121 | |||
| Accounts receivable, net | 32,768,537 | 39,580,982 | |||||
| Inventory | 3,736,845 | 8,960,350 | |||||
| Prepaid expenses and other current assets | 5,927,675 | 5,112,183 | |||||
| Contract assets | 3,290,815 | 4,470,243 | |||||
| Current assets of discontinued operations | 124,630 | 272,485 | |||||
| Total current assets | 169,636,892 | 157,746,364 | |||||
| Property, plant and equipment, net | 55,151,758 | 52,432,282 | |||||
| Construction in progress | 6,695,656 | 5,143,717 | |||||
| Inventory, noncurrent | 5,563,142 | 5,338,961 | |||||
| Investment in affiliates | 1,186,849 | 1,504,363 | |||||
| Goodwill | 12,861,404 | 12,861,404 | |||||
| Intangible assets, net | 2,101,555 | 2,696,815 | |||||
| Operating lease right-of-use assets | 2,930,441 | 3,232,786 | |||||
| Other assets | 1,437,648 | 2,356,489 | |||||
| Total assets | $ | 257,565,345 | $ | 243,313,181 | |||
| LIABILITIES AND EQUITY | |||||||
| Current liabilities | |||||||
| Accounts payable, accrued expenses and other current liabilities | $ | 9,620,880 | $ | 9,057,179 | |||
| Accrued compensation | 3,039,142 | 3,336,946 | |||||
| Dividends payable | 2,285,317 | 1,780,841 | |||||
| Current maturities of operating leases | 661,047 | 634,947 | |||||
| Current portion of long-term debt | 47,549 | 126,318 | |||||
| Contract liabilities | 11,528,634 | 9,126,654 | |||||
| Deferred revenue | 248,719 | 365,879 | |||||
| Current liabilities of discontinued operations | 271,159 | 509,745 | |||||
| Total current liabilities | 27,702,447 | 24,938,509 | |||||
| Long-term debt, noncurrent | 25,954 | 70,320 | |||||
| Deferred tax liabilities | 707,444 | 210,893 | |||||
| Noncurrent operating leases | 2,297,161 | 2,630,812 | |||||
| Other liabilities | 153,000 | 153,000 | |||||
| Total liabilities | 30,886,006 | 28,003,534 | |||||
| Commitments and contingencies | |||||||
| Equity | |||||||
| Consolidated Water Co. Ltd. stockholders' equity | |||||||
| Redeemable preferred stock, | 23,704 | 26,402 | |||||
| Common stock, | 9,567,140 | 9,507,807 | |||||
| Additional paid-in capital | 95,310,630 | 93,550,905 | |||||
| Retained earnings | 116,749,048 | 106,875,581 | |||||
| Total Consolidated Water Co. Ltd. stockholders' equity | 221,650,522 | 209,960,695 | |||||
| Non-controlling interests | 5,028,817 | 5,348,952 | |||||
| Total equity | 226,679,339 | 215,309,647 | |||||
| Total liabilities and equity | $ | 257,565,345 | $ | 243,313,181 | |||
| CONSOLIDATED WATER CO. LTD. CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||
| Year Ended December 31, | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Revenue | $ | 132,073,368 | $ | 133,966,633 | $ | 180,211,233 | ||||||
| Cost of revenue | 83,694,558 | 88,342,185 | 118,284,128 | |||||||||
| Gross profit | 48,378,810 | 45,624,448 | 61,927,105 | |||||||||
| General and administrative expenses | 30,116,328 | 27,537,436 | 24,752,366 | |||||||||
| Gain on asset dispositions, net | 97,709 | 197,786 | (7,112 | ) | ||||||||
| Income from operations | 18,360,191 | 18,284,798 | 37,167,627 | |||||||||
| Other income (expense): | ||||||||||||
| Interest income | 2,670,040 | 2,094,190 | 696,408 | |||||||||
| Interest expense | (4,420 | ) | (101,847 | ) | (145,284 | ) | ||||||
| Equity in the earnings of affiliates | 227,886 | 269,455 | 169,728 | |||||||||
| Other | 131,438 | 131,878 | 107,461 | |||||||||
| Other income, net | 3,024,944 | 2,393,676 | 828,313 | |||||||||
| Income before income taxes | 21,385,135 | 20,678,474 | 37,995,940 | |||||||||
| Provision for income taxes | 2,164,648 | 2,218,514 | 6,750,014 | |||||||||
| Net income from continuing operations | 19,220,487 | 18,459,960 | 31,245,926 | |||||||||
| Income from continuing operations attributable to non-controlling interests | 593,179 | 577,590 | 573,791 | |||||||||
| Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | 18,627,308 | 17,882,370 | 30,672,135 | |||||||||
| Net income (loss) from discontinued operations | (290,635 | ) | 10,355,184 | (1,086,744 | ) | |||||||
| Net income attributable to Consolidated Water Co. Ltd. stockholders | $ | 18,336,673 | $ | 28,237,554 | $ | 29,585,391 | ||||||
| Basic earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders | ||||||||||||
| Continuing operations | $ | 1.17 | $ | 1.13 | $ | 1.95 | ||||||
| Discontinued operations | (0.02 | ) | 0.65 | (0.07 | ) | |||||||
| Basic earnings per share | $ | 1.15 | $ | 1.78 | $ | 1.88 | ||||||
| Diluted earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders | ||||||||||||
| Continuing operations | $ | 1.16 | $ | 1.12 | $ | 1.93 | ||||||
| Discontinued operations | (0.02 | ) | 0.65 | (0.07 | ) | |||||||
| Diluted earnings per share | $ | 1.14 | $ | 1.77 | $ | 1.86 | ||||||
| Dividends declared per common and redeemable preferred shares | $ | 0.53 | $ | 0.41 | $ | 0.36 | ||||||
| Weighted average number of common shares used in the determination of: | ||||||||||||
| Basic earnings per share | 15,923,032 | 15,832,328 | 15,739,056 | |||||||||
| Diluted earnings per share | 16,008,063 | 15,935,962 | 15,865,897 | |||||||||
FAQ
What were Consolidated Water's (CWCO) full-year 2025 earnings and EPS?
Why did Consolidated Water (CWCO) say services revenue declined in 2025?
How does the Kalaeloa permitting delay affect Consolidated Water (CWCO) revenue timing?
What does Consolidated Water's (CWCO) dividend increase mean for shareholders?
