Consolidated Water Reports Second Quarter 2026 Results
Rhea-AI Summary
Consolidated Water (NASDAQ: CWCO) reported second quarter 2026 revenue of $32.9 million, down 2% from 2025, as a 49% decline in manufacturing revenue to $2.7 million offset growth in retail, bulk and services. Gross profit fell to $11.0 million (33% margin) from $12.8 million (38% margin). Net income from continuing operations attributable to stockholders was $4.0 million, or $0.25 per diluted share, versus $5.2 million, or $0.32 per diluted share, a year earlier.
First half 2026 revenue declined 7% to $62.8 million, with net income from continuing operations of $7.9 million, or $0.49 per diluted share. Cash and cash equivalents reached $132.6 million and working capital $144.6 million. Operationally, the company secured a 25-year water concession in Grand Cayman, extended key O&M agreements, commissioned a second Cat Island plant, received a limited notice to proceed on a $204 million Hawaii desalination project, and announced $10.1 million of municipal equipment purchase orders in Florida.
Positive
- Bulk segment revenue up 20% to $9.9 million in Q2 2026
- Construction revenue in services up 89% to $5.3 million in Q2
- Cash and cash equivalents of $132.6 million and working capital of $144.6 million at June 30, 2026
- 25-year exclusive concession and utility license for Seven Mile Beach and West Bay, Grand Cayman
- Limited notice to proceed on $204 million Kalaeloa, Hawaii desalination project, with $6 million authorized for long-lead equipment
- Post-quarter $10.1 million municipal water treatment equipment purchase orders in Florida
Negative
- Total revenue decreased 2% to $32.9 million in Q2 2026
- Manufacturing segment revenue declined 49% to $2.7 million in Q2 2026
- Gross profit fell to $11.0 million (33% margin) from $12.8 million (38%) in Q2 2025
- Net income from continuing operations declined to $4.0 million ($0.25 per diluted share) from $5.2 million ($0.32) in Q2 2025
- First-half 2026 revenue decreased 7% to $62.8 million versus $67.3 million in 2025
- Services O&M contract revenue down 27% in Q2 2026 to $6.0 million due to contract expirations
News Explained
The Hawaii desalination project is at a limited notice-to-proceed stage: the client has authorized about
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 11 | Q1 earnings report | Negative | -7.7% | Revenue and manufacturing declines outweighed services growth and balance-sheet strength. |
| Mar 16 | Full-year earnings | Positive | -9.4% | Revenue declined despite higher margins, cash, earnings and operational project progress. |
| Nov 10 | Q3 earnings report | Positive | +7.7% | Revenue and net income increased alongside growth across retail, services and manufacturing. |
| Aug 11 | Q2 earnings report | Positive | +8.7% | Revenue and earnings increased, supported by retail, manufacturing and operations-and-maintenance growth. |
| May 12 | Q1 earnings report | Negative | +5.4% | Revenue and continuing-operations income declined despite growth in three operating segments. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings reactions were mixed despite an average 24-hour move of 0.94%, with negative Q1 and full-year results followed by declines.
Key Terms
desalination plant technical
non-potable technical
working capital financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
GEORGE TOWN, Cayman Islands, Aug. 10, 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 second quarter ended June 30, 2026. 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).
Second Quarter 2026 Financial Summary
- Total revenue decreased
2% to$32.9 million . - Retail revenue was relatively consistent at
$8.7 million , up0.3% . - Bulk revenue increased
20% to$9.9 million primarily due to a significant increase in energy-related revenue in the Bahamas operations and, to a lesser extent, revenue from two new seawater desalination plants on Cat Island, The Bahamas, commissioned in 2026. - Services revenue increased slightly by
1% to$11.6 million . - Manufacturing revenue decreased by
49% to$2.7 million primarily due to a decrease in the total dollar amount of new purchase orders. - Net income from continuing operations attributable to company stockholders totaled
$4.0 million or$0.25 per diluted share, compared to$5.2 million or$0.32 per diluted share in the second quarter of 2025. - Including discontinued operations, net income attributable to company stockholders totaled
$3.9 million or$0.24 per diluted share, compared to$5.1 million or$0.32 per diluted share in the second quarter of 2025. - Cash and cash equivalents increased to
$132.6 million , and working capital increased to$144.6 million as of June 30, 2026.
Second Quarter 2026 Operational Highlights
- Received a 25-year exclusive water production and supply concession and water utility license to provide water to Seven Mile Beach and West Bay, two of the three most populated areas of Grand Cayman.
- Commissioned a seawater desalination plant on Cat Island, The Bahamas, bringing to two the total plants commissioned on the island in 2026. The plants supply potable water to the Water and Sewerage Corporation of The Bahamas.
- Received an extension of the operating and maintenance agreements for the Water Authority-Cayman’s North Sound and North Side Water Works plants in Grand Cayman from July 1, 2026, through March 31, 2027.
- Appointed Sachin Chawla to the new position of senior vice president, strategy and growth. He brings to Consolidated Water more than 25 years of water industry leadership experience spanning public and private sector businesses, including a deep background in large-scale desalination projects, public utility operations and complex project development.
Management Commentary
“In Q2, revenue grew across our retail, bulk and services segments, while manufacturing revenue fell by about half, reducing consolidated revenue by
“Retail revenue was relatively consistent despite slightly wetter weather, which contributed to a
“Bulk revenue increased
“Cost reductions lowered G&A expenses in the retail and bulk segments, contributing to income from operations growth in both segments. Services G&A expenses also decreased but were offset by higher cost of revenue due to a revenue mix this past quarter comprising a higher proportion of construction revenue and a lower proportion of higher-margin O&M, design and consulting revenue.
“Services revenue from O&M contracts declined by about
“Construction revenue increased
“In July, our client issued a limited notice to proceed for a
“Subsequent to the quarter, we announced the receipt of purchase orders totaling approximately
“Based on current backlog, we expect manufacturing revenue to improve in future periods. We are seeing a very active market for our products and services for the remainder of this year, particularly for municipal water projects in Florida. Our extensive experience manufacturing large-scale membrane-based water treatment systems, combined with our Ft. Pierce, Florida location, positions us well to capitalize on growth opportunities in the Florida market, which we believe will benefit 2026 and 2027 performance.
“We expect our diversified water solutions platform to continue driving growth and enhanced shareholder value. Our Grand Cayman retail operations, recurring Caribbean bulk water revenue, and expanding opportunities across U.S. manufacturing, design-build and O&M provide multiple avenues for sustained performance. Supported by a strong balance sheet, we believe we are well positioned to move decisively on desalination and water infrastructure opportunities across the Caribbean and North America, while also pursuing strategic acquisitions and partnerships that can further accelerate growth.”
Second Quarter 2026 Financial Results
Revenue totaled
Retail revenue remained consistent despite a
The increase in bulk segment revenue was primarily due to an increase in energy-related revenue in the Bahamas operations, and to a lesser extent from revenue earned from CW-Bahamas’ new plants on Cat Island, The Bahamas.
The increase in services segment revenue was primarily due to construction revenue that totaled
Manufacturing segment revenue decreased by
Gross profit for the second quarter of 2026 was
Net income from continuing operations attributable to Consolidated Water stockholders for the second quarter of 2026 was
Including discontinued operations, net income attributable to Consolidated Water stockholders for the second quarter of 2026 was
Cash and cash equivalents totaled
First Half 2026 Financial Results
Revenue for the first half of 2026 was
Retail revenue decreased due to a
The increase in bulk segment revenue was primarily due to an increase in energy-related revenue in the Bahamas operations and, to a lesser extent, from revenue earned from CW-Bahamas’ new plants on Cat Island, The Bahamas.
The increase in services segment revenue was primarily due to construction revenue that totaled
Manufacturing segment revenue decreased by
Gross profit for the first half of 2026 was
Net income from continuing operations attributable to Consolidated Water stockholders for the first half of 2026 was
Including discontinued operations, net income attributable to Consolidated Water stockholders for the first half of 2026 was
Second Quarter 2026 Segment Results
| Three Months Ended June 30, 2026 | |||||||||||||||||||||
| Retail | Bulk | Services | Manufacturing | Corporate | Total | ||||||||||||||||
| Revenue | $ | 8,660,947 | $ | 9,934,060 | $ | 11,585,573 | $ | 2,689,782 | $ | — | $ | 32,870,362 | |||||||||
| Cost of revenue | 3,805,970 | 6,722,244 | 9,686,546 | 1,692,213 | — | 21,906,973 | |||||||||||||||
| Gross profit | 4,854,977 | 3,211,816 | 1,899,027 | 997,569 | — | 10,963,389 | |||||||||||||||
| General and administrative expenses | 899,499 | 340,147 | 1,474,321 | 519,072 | 4,009,983 | 7,243,022 | |||||||||||||||
| Gain (loss) on asset dispositions, net | 24,589 | — | (270 | ) | — | — | 24,319 | ||||||||||||||
| Income (loss) from operations | 3,980,067 | 2,871,669 | 424,436 | 478,497 | (4,009,983 | ) | 3,744,686 | ||||||||||||||
| Interest income | 28,819 | 184,812 | 245,179 | — | 186,775 | 645,585 | |||||||||||||||
| Interest expense | — | — | (237 | ) | — | (242 | ) | (479 | ) | ||||||||||||
| Income (loss) from affiliates | — | — | — | (429 | ) | 61,850 | 61,421 | ||||||||||||||
| Other | 17,203 | 6,222 | 384 | 90 | 213 | 24,112 | |||||||||||||||
| Other income (loss), net | 46,022 | 191,034 | 245,326 | (339 | ) | 248,596 | 730,639 | ||||||||||||||
| Income (loss) before income taxes | 4,026,089 | 3,062,703 | 669,762 | 478,158 | (3,761,387 | ) | 4,475,325 | ||||||||||||||
| Provision for income taxes | — | — | 164,460 | 103,286 | — | 267,746 | |||||||||||||||
| Net income (loss) from continuing operations | 4,026,089 | 3,062,703 | 505,302 | 374,872 | (3,761,387 | ) | 4,207,579 | ||||||||||||||
| Income from continuing operations attributable to non-controlling interests | — | 170,259 | — | — | — | 170,259 | |||||||||||||||
| Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | $ | 4,026,089 | $ | 2,892,444 | $ | 505,302 | $ | 374,872 | $ | (3,761,387 | ) | 4,037,320 | |||||||||
| Net loss from discontinued operations | (105,574 | ) | |||||||||||||||||||
| Net income attributable to Consolidated Water Co. Ltd. stockholders | $ | 3,931,746 | |||||||||||||||||||
| Three Months Ended June 30, 2025 | |||||||||||||||||||||
| Retail | Bulk | Services | Manufacturing | Corporate | Total | ||||||||||||||||
| Revenue | $ | 8,638,026 | $ | 8,274,816 | $ | 11,448,202 | $ | 5,230,035 | $ | — | $ | 33,591,079 | |||||||||
| Cost of revenue | 3,775,758 | 5,738,907 | 8,056,883 | 3,187,546 | — | 20,759,094 | |||||||||||||||
| Gross profit | 4,862,268 | 2,535,909 | 3,391,319 | 2,042,489 | — | 12,831,985 | |||||||||||||||
| General and administrative expenses | 985,617 | 394,750 | 1,993,042 | 530,552 | 3,676,277 | 7,580,238 | |||||||||||||||
| Gain on asset dispositions, net | 840 | — | 31,177 | — | — | 32,017 | |||||||||||||||
| Income (loss) from operations | 3,877,491 | 2,141,159 | 1,429,454 | 1,511,937 | (3,676,277 | ) | 5,283,764 | ||||||||||||||
| Interest income | 45,049 | 227,470 | 261,335 | 1 | 223,133 | 756,988 | |||||||||||||||
| Interest expense | — | — | (1,185 | ) | — | — | (1,185 | ) | |||||||||||||
| Income (loss) from affiliate | — | — | — | (259 | ) | 52,538 | 52,279 | ||||||||||||||
| Other | 7,395 | 6,942 | (1,996 | ) | 90 | (331 | ) | 12,100 | |||||||||||||
| Other income, net | 52,444 | 234,412 | 258,154 | (168 | ) | 275,340 | 820,182 | ||||||||||||||
| Income (loss) before income taxes | 3,929,935 | 2,375,571 | 1,687,608 | 1,511,769 | (3,400,937 | ) | 6,103,946 | ||||||||||||||
| Provision (benefit) for income taxes | — | — | 414,180 | 381,627 | — | 795,807 | |||||||||||||||
| Net income (loss) from continuing operations | 3,929,935 | 2,375,571 | 1,273,428 | 1,130,142 | (3,400,937 | ) | 5,308,139 | ||||||||||||||
| Income from continuing operations attributable to non-controlling interests | — | 129,378 | — | — | — | 129,378 | |||||||||||||||
| Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | $ | 3,929,935 | $ | 2,246,193 | $ | 1,273,428 | $ | 1,130,142 | $ | (3,400,937 | ) | 5,178,761 | |||||||||
| Net loss from discontinued operations | (82,556 | ) | |||||||||||||||||||
| Net income attributable to Consolidated Water Co. Ltd. stockholders | $ | 5,096,205 | |||||||||||||||||||
First Half Segment Results
| Six Months Ended June 30, 2026 | ||||||||||||||||||||||
| Retail | Bulk | Services | Manufacturing | Corporate | Total | |||||||||||||||||
| Revenue | $ | 17,238,005 | $ | 18,678,829 | $ | 22,836,917 | $ | 4,090,311 | $ | — | $ | 62,844,062 | ||||||||||
| Cost of revenue | 7,448,127 | 12,458,230 | 18,113,702 | 2,944,601 | — | 40,964,660 | ||||||||||||||||
| Gross profit | 9,789,878 | 6,220,599 | 4,723,215 | 1,145,710 | — | 21,879,402 | ||||||||||||||||
| General and administrative expenses | 1,802,106 | 744,370 | 3,260,317 | 1,004,980 | 7,850,317 | 14,662,090 | ||||||||||||||||
| Gain (loss) on asset dispositions, net | (52,165 | ) | — | 19,279 | — | — | (32,886 | ) | ||||||||||||||
| Income (loss) from operations | 7,935,607 | 5,476,229 | 1,482,177 | 140,730 | (7,850,317 | ) | 7,184,426 | |||||||||||||||
| Interest income | 75,052 | 362,319 | 485,054 | 1 | 370,387 | 1,292,813 | ||||||||||||||||
| Interest expense | — | — | (2,973 | ) | — | (242 | ) | (3,215 | ) | |||||||||||||
| Income (loss) from affiliates | — | — | — | (9,062 | ) | 122,092 | 113,030 | |||||||||||||||
| Other | 43,061 | 16,245 | 385 | 7,558 | 328 | 67,577 | ||||||||||||||||
| Other income (loss), net | 118,113 | 378,564 | 482,466 | (1,503 | ) | 492,565 | 1,470,205 | |||||||||||||||
| Income (loss) before income taxes | 8,053,720 | 5,854,793 | 1,964,643 | 139,227 | (7,357,752 | ) | 8,654,631 | |||||||||||||||
| Provision (benefit) for income taxes | — | — | 480,509 | (10,063 | ) | — | 470,446 | |||||||||||||||
| Net income (loss) from continuing operations | 8,053,720 | 5,854,793 | 1,484,134 | 149,290 | (7,357,752 | ) | 8,184,185 | |||||||||||||||
| Income from continuing operations attributable to non-controlling interests | — | 326,394 | — | — | — | 326,394 | ||||||||||||||||
| Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | $ | 8,053,720 | $ | 5,528,399 | $ | 1,484,134 | $ | 149,290 | $ | (7,357,752 | ) | 7,857,791 | ||||||||||
| Net loss from discontinued operations | (148,616 | ) | ||||||||||||||||||||
| Net income attributable to Consolidated Water Co. Ltd. stockholders | $ | 7,709,175 | ||||||||||||||||||||
| Six Months Ended June 30, 2025 | |||||||||||||||||||||
| Retail | Bulk | Services | Manufacturing | Corporate | Total | ||||||||||||||||
| Revenue | $ | 18,049,368 | $ | 16,686,532 | $ | 21,526,470 | $ | 11,044,094 | $ | — | $ | 67,306,464 | |||||||||
| Cost of revenue | 7,481,821 | 11,322,996 | 16,118,760 | 7,244,615 | — | 42,168,192 | |||||||||||||||
| Gross profit | 10,567,547 | 5,363,536 | 5,407,710 | 3,799,479 | — | 25,138,272 | |||||||||||||||
| General and administrative expenses | 1,774,429 | 740,831 | 4,188,380 | 1,194,630 | 7,405,927 | 15,304,197 | |||||||||||||||
| Gain on asset dispositions, net | 30,816 | — | 29,636 | — | — | 60,452 | |||||||||||||||
| Income (loss) from operations | 8,823,934 | 4,622,705 | 1,248,966 | 2,604,849 | (7,405,927 | ) | 9,894,527 | ||||||||||||||
| Interest income | 77,915 | 431,573 | 404,654 | 2 | 459,438 | 1,373,582 | |||||||||||||||
| Interest expense | — | — | (2,713 | ) | — | — | (2,713 | ) | |||||||||||||
| Income from affiliates | — | — | — | (34,263 | ) | 117,016 | 82,753 | ||||||||||||||
| Other | 35,703 | 21,875 | (1,960 | ) | 164 | (331 | ) | 55,451 | |||||||||||||
| Other income, net | 113,618 | 453,448 | 399,981 | (34,097 | ) | 576,123 | 1,509,073 | ||||||||||||||
| Income (loss) before income taxes | 8,937,552 | 5,076,153 | 1,648,947 | 2,570,752 | (6,829,804 | ) | 11,403,600 | ||||||||||||||
| Provision for income taxes | — | — | 378,287 | 627,637 | — | 1,005,924 | |||||||||||||||
| Net income (loss) from continuing operations | 8,937,552 | 5,076,153 | 1,270,660 | 1,943,115 | (6,829,804 | ) | 10,397,676 | ||||||||||||||
| Income from continuing operations attributable to non-controlling interests | — | 294,805 | — | — | — | 294,805 | |||||||||||||||
| Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | $ | 8,937,552 | $ | 4,781,348 | $ | 1,270,660 | $ | 1,943,115 | $ | (6,829,804 | ) | 10,102,871 | |||||||||
| Net income from discontinued operations | (215,637 | ) | |||||||||||||||||||
| Net income attributable to Consolidated Water Co. Ltd. stockholders | $ | 9,887,234 | |||||||||||||||||||
The following table presents the company’s revenue disaggregated by revenue source.
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||
| Retail revenue | $ | 8,660,947 | $ | 8,638,026 | $ | 17,238,005 | $ | 18,049,368 | |||
| Bulk revenue | 9,934,060 | 8,274,816 | 18,678,829 | 16,686,532 | |||||||
| Services revenue | 11,585,573 | 11,448,202 | 22,836,917 | 21,526,470 | |||||||
| Manufacturing revenue | 2,689,782 | 5,230,035 | 4,090,311 | 11,044,094 | |||||||
| Total revenue | $ | 32,870,362 | $ | 33,591,079 | $ | 62,844,062 | $ | 67,306,464 | |||
Services revenue consists of the following:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||
| Construction revenue | $ | 5,338,043 | $ | 2,825,935 | $ | 7,439,180 | $ | 5,044,167 | |||
| Operations and maintenance revenue | 6,044,002 | 8,255,408 | 14,932,460 | 15,980,704 | |||||||
| Design and consulting revenue | 203,528 | 366,859 | 465,277 | 501,599 | |||||||
| Total services revenue | $ | 11,585,573 | $ | 11,448,202 | $ | 22,836,917 | $ | 21,526,470 | |||
Conference Call
Consolidated Water management will host a conference call tomorrow to discuss these results, followed by a question-and-answer period.
Date: Tuesday, August 11, 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
Participant web phone: click here
Conference ID: 4016150
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 August 18, 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: 4016150
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 forward-looking statements include, but are not limited to, statements regarding the anticipated construction schedule and completion of the Kalaeloa desalination facility; the effect of permitting delays on that schedule; the company’s and the Honolulu Board of Water Supply’s efforts to mitigate those delays; the company’s ability to perform its design, build, operate and maintain obligations with respect to the Kalaeloa facility, including the anticipated 20-year operating term and any exercise of the related extension options; and the company’s ability to design, fabricate and deliver the Florida purchase orders on the anticipated schedule, including by November 2027. These forward-looking 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 and clients of the jurisdictions in which it operates; (iii) the timing and outcome of permitting and other regulatory approvals affecting the Kalaeloa facility; (iv) the company’s ability to procure equipment and perform its contractual obligations on the anticipated timeline and budget, including with respect to the Kalaeloa facility and the Florida purchase orders; (v) the collection of its delinquent accounts receivable in The Bahamas; and (vi) 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. CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
| June 30, | December 31, | ||||
| 2026 | 2025 | ||||
| (Unaudited) | |||||
| ASSETS | |||||
| Current assets | |||||
| Cash and cash equivalents | $ | 132,629,006 | $ | 123,788,390 | |
| Accounts receivable, net | 28,627,416 | 32,768,537 | |||
| Inventory | 3,938,124 | 3,736,845 | |||
| Prepaid expenses and other current assets | 5,338,714 | 5,927,675 | |||
| Contract assets | 3,210,683 | 3,290,815 | |||
| Current assets of discontinued operations | 130,470 | 124,630 | |||
| Total current assets | 173,874,413 | 169,636,892 | |||
| Property, plant and equipment, net | 59,456,076 | 55,151,758 | |||
| Construction in progress | 4,084,969 | 6,695,656 | |||
| Inventory, noncurrent | 5,740,401 | 5,563,142 | |||
| Investment in affiliates | 1,110,504 | 1,186,849 | |||
| Goodwill | 12,861,404 | 12,861,404 | |||
| Intangible assets, net | 1,956,703 | 2,101,555 | |||
| Operating lease right-of-use assets | 2,744,138 | 2,930,441 | |||
| Other assets | 1,039,893 | 1,437,648 | |||
| Total assets | $ | 262,868,501 | $ | 257,565,345 | |
| LIABILITIES AND EQUITY | |||||
| Current liabilities | |||||
| Accounts payable, accrued expenses and other current liabilities | $ | 10,596,335 | $ | 9,620,880 | |
| Accrued compensation | 2,742,935 | 3,039,142 | |||
| Dividends payable | 2,281,679 | 2,285,317 | |||
| Current maturities of operating leases | 769,837 | 661,047 | |||
| Current portion of long-term debt | 13,110 | 47,549 | |||
| Contract liabilities | 12,407,026 | 11,528,634 | |||
| Deferred revenue | 104,847 | 248,719 | |||
| Current liabilities of discontinued operations | 319,693 | 271,159 | |||
| Total current liabilities | 29,235,462 | 27,702,447 | |||
| Long-term debt, noncurrent | 2,875 | 25,954 | |||
| Deferred tax liabilities | 554,290 | 707,444 | |||
| Noncurrent operating leases | 1,999,465 | 2,297,161 | |||
| Other liabilities | 78,000 | 153,000 | |||
| Total liabilities | 31,870,092 | 30,886,006 | |||
| Commitments and contingencies | |||||
| Equity | |||||
| Consolidated Water Co. Ltd. stockholders' equity | |||||
| Redeemable preferred stock, | 28,640 | 23,704 | |||
| Common stock, | 9,600,114 | 9,567,140 | |||
| Additional paid-in capital | 96,048,795 | 95,310,630 | |||
| Retained earnings | 119,965,649 | 116,749,048 | |||
| Total Consolidated Water Co. Ltd. stockholders' equity | 225,643,198 | 221,650,522 | |||
| Non-controlling interests | 5,355,211 | 5,028,817 | |||
| Total equity | 230,998,409 | 226,679,339 | |||
| Total liabilities and equity | $ | 262,868,501 | $ | 257,565,345 | |
| CONSOLIDATED WATER CO. LTD. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenue | $ | 32,870,362 | $ | 33,591,079 | $ | 62,844,062 | $ | 67,306,464 | |||||||
| Cost of revenue | 21,906,973 | 20,759,094 | 40,964,660 | 42,168,192 | |||||||||||
| Gross profit | 10,963,389 | 12,831,985 | 21,879,402 | 25,138,272 | |||||||||||
| General and administrative expenses | 7,243,022 | 7,580,238 | 14,662,090 | 15,304,197 | |||||||||||
| Gain (loss) on asset dispositions, net | 24,319 | 32,017 | (32,886 | ) | 60,452 | ||||||||||
| Income from operations | 3,744,686 | 5,283,764 | 7,184,426 | 9,894,527 | |||||||||||
| Other income (expense): | |||||||||||||||
| Interest income | 645,585 | 756,988 | 1,292,813 | 1,373,582 | |||||||||||
| Interest expense | (479 | ) | (1,185 | ) | (3,215 | ) | (2,713 | ) | |||||||
| Equity in the earnings of affiliates | 61,421 | 52,279 | 113,030 | 82,753 | |||||||||||
| Other | 24,112 | 12,100 | 67,577 | 55,451 | |||||||||||
| Other income, net | 730,639 | 820,182 | 1,470,205 | 1,509,073 | |||||||||||
| Income before income taxes | 4,475,325 | 6,103,946 | 8,654,631 | 11,403,600 | |||||||||||
| Provision for income taxes | 267,746 | 795,807 | 470,446 | 1,005,924 | |||||||||||
| Net income from continuing operations | 4,207,579 | 5,308,139 | 8,184,185 | 10,397,676 | |||||||||||
| Income from continuing operations attributable to non-controlling interests | 170,259 | 129,378 | 326,394 | 294,805 | |||||||||||
| Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | 4,037,320 | 5,178,761 | 7,857,791 | 10,102,871 | |||||||||||
| Net loss from discontinued operations | (105,574 | ) | (82,556 | ) | (148,616 | ) | (215,637 | ) | |||||||
| Net income attributable to Consolidated Water Co. Ltd. stockholders | $ | 3,931,746 | $ | 5,096,205 | $ | 7,709,175 | $ | 9,887,234 | |||||||
| Basic earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders | |||||||||||||||
| Continuing operations | $ | 0.25 | $ | 0.33 | $ | 0.49 | $ | 0.63 | |||||||
| Discontinued operations | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | |||||||
| Basic earnings per share | $ | 0.25 | $ | 0.32 | $ | 0.48 | $ | 0.62 | |||||||
| Diluted earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders | |||||||||||||||
| Continuing operations | $ | 0.25 | $ | 0.32 | $ | 0.49 | $ | 0.63 | |||||||
| Discontinued operations | (0.01 | ) | — | (0.01 | ) | (0.01 | ) | ||||||||
| Diluted earnings per share | $ | 0.24 | $ | 0.32 | $ | 0.48 | $ | 0.62 | |||||||
| Dividends declared per common and redeemable preferred shares | $ | 0.14 | $ | 0.14 | $ | 0.28 | $ | 0.25 | |||||||
| Weighted average number of common shares used in the determination of: | |||||||||||||||
| Basic earnings per share | 16,000,190 | 15,916,685 | 16,000,136 | 15,916,278 | |||||||||||
| Diluted earnings per share | 16,108,177 | 16,044,311 | 16,107,696 | 16,043,532 | |||||||||||
