Global Water Resources Reports First Quarter 2025 Results
Global Water Resources (NASDAQ: GWRS) reported its Q1 2025 financial results, with total revenue increasing 7.3% to $12.5 million, driven by organic connection growth and increased consumption. The company saw a 4.3% increase in active service connections to 65,163 and a 24.2% rise in water consumption to 0.84 billion gallons. However, net income decreased 14.5% to $0.6 million ($0.02 per share).
The company strengthened its capital position by raising $30.8 million through a public stock offering and increasing its revolving credit facility from $15 million to $20 million. GWRS filed rate case applications for GW-Santa Cruz and GW-Palo Verde utilities, seeking a $6.5 million net revenue increase. The ACC approved GW-Farmers' rate case, expected to generate a $1.1 million annual revenue increase.
Global Water Resources (NASDAQ: GWRS) ha comunicato i risultati finanziari del primo trimestre 2025, con un incremento del fatturato totale del 7,3% a 12,5 milioni di dollari, trainato dalla crescita organica delle connessioni e dall'aumento dei consumi. L'azienda ha registrato un aumento del 4,3% delle connessioni attive, raggiungendo 65.163 e un incremento del 24,2% nel consumo d'acqua, pari a 0,84 miliardi di galloni. Tuttavia, l'utile netto è diminuito del 14,5%, attestandosi a 0,6 milioni di dollari (0,02 dollari per azione).
La società ha rafforzato la propria posizione patrimoniale raccogliendo 30,8 milioni di dollari tramite un'offerta pubblica di azioni e aumentando la linea di credito revolving da 15 a 20 milioni di dollari. GWRS ha presentato richieste di revisione tariffaria per le utility GW-Santa Cruz e GW-Palo Verde, puntando a un aumento netto dei ricavi di 6,5 milioni di dollari. L'ACC ha approvato la revisione tariffaria per GW-Farmers, che dovrebbe generare un incremento annuo dei ricavi di 1,1 milioni di dollari.
Global Water Resources (NASDAQ: GWRS) informó sus resultados financieros del primer trimestre de 2025, con un aumento de los ingresos totales del 7,3% hasta 12,5 millones de dólares, impulsado por el crecimiento orgánico de conexiones y un mayor consumo. La empresa experimentó un incremento del 4,3% en conexiones activas de servicio, alcanzando 65,163, y un aumento del 24,2% en el consumo de agua, llegando a 0,84 mil millones de galones. Sin embargo, el ingreso neto disminuyó un 14,5%, situándose en 0,6 millones de dólares (0,02 dólares por acción).
La compañía fortaleció su posición de capital al recaudar 30,8 millones de dólares mediante una oferta pública de acciones y aumentar su línea de crédito revolvente de 15 a 20 millones de dólares. GWRS presentó solicitudes de revisión tarifaria para las utilidades GW-Santa Cruz y GW-Palo Verde, buscando un aumento neto de ingresos de 6,5 millones de dólares. La ACC aprobó la revisión tarifaria de GW-Farmers, que se espera genere un aumento anual de ingresos de 1,1 millones de dólares.
Global Water Resources (NASDAQ: GWRS)는 2025년 1분기 재무 실적을 발표하며, 총 매출이 7.3% 증가하여 1,250만 달러를 기록했다고 밝혔습니다. 이는 유기적 연결 성장과 소비 증가에 힘입은 결과입니다. 회사는 활성 서비스 연결이 4.3% 증가하여 65,163건에 달했으며, 물 소비량은 24.2% 증가하여 8억 4천만 갤런에 이르렀습니다. 그러나 순이익은 14.5% 감소하여 60만 달러(주당 0.02달러)를 기록했습니다.
회사는 공개 주식 발행을 통해 3,080만 달러를 조달하고, 회전 신용 한도를 1,500만 달러에서 2,000만 달러로 늘려 자본 구조를 강화했습니다. GWRS는 GW-Santa Cruz와 GW-Palo Verde 유틸리티의 요금 인상 신청서를 제출했으며, 순수익 650만 달러 증가를 목표로 하고 있습니다. ACC는 GW-Farmers의 요금 인상을 승인했으며, 이는 연간 110만 달러의 수익 증가를 기대하고 있습니다.
Global Water Resources (NASDAQ : GWRS) a publié ses résultats financiers du premier trimestre 2025, avec une augmentation du chiffre d'affaires total de 7,3 % à 12,5 millions de dollars, portée par une croissance organique des connexions et une consommation accrue. L'entreprise a enregistré une hausse de 4,3 % des connexions de service actives, atteignant 65 163 ainsi qu'une augmentation de 24,2 % de la consommation d'eau à 0,84 milliard de gallons. Cependant, le bénéfice net a diminué de 14,5 % pour s'établir à 0,6 million de dollars (0,02 dollar par action).
L'entreprise a renforcé sa position financière en levant 30,8 millions de dollars grâce à une offre publique d'actions et en augmentant sa facilité de crédit renouvelable de 15 à 20 millions de dollars. GWRS a déposé des demandes de révision tarifaire pour les services GW-Santa Cruz et GW-Palo Verde, visant une augmentation nette des revenus de 6,5 millions de dollars. La ACC a approuvé la révision tarifaire de GW-Farmers, qui devrait générer une augmentation annuelle des revenus de 1,1 million de dollars.
Global Water Resources (NASDAQ: GWRS) meldete seine Finanzergebnisse für das erste Quartal 2025 mit einem Gesamtumsatzanstieg von 7,3 % auf 12,5 Millionen US-Dollar, angetrieben durch organisches Wachstum bei den Anschlusszahlen und erhöhten Verbrauch. Das Unternehmen verzeichnete einen Anstieg der aktiven Serviceanschlüsse um 4,3 % auf 65.163 sowie einen Anstieg des Wasserverbrauchs um 24,2 % auf 0,84 Milliarden Gallonen. Der Nettogewinn sank jedoch um 14,5 % auf 0,6 Millionen US-Dollar (0,02 US-Dollar je Aktie).
Das Unternehmen stärkte seine Kapitalbasis durch die Beschaffung von 30,8 Millionen US-Dollar durch eine öffentliche Aktienemission und die Erhöhung seiner revolvierenden Kreditfazilität von 15 auf 20 Millionen US-Dollar. GWRS reichte Anträge auf Tariferhöhungen für die Versorgungsunternehmen GW-Santa Cruz und GW-Palo Verde ein und strebt eine Netto-Umsatzerhöhung von 6,5 Millionen US-Dollar an. Die ACC genehmigte den Tarifantrag von GW-Farmers, der voraussichtlich eine jährliche Umsatzsteigerung von 1,1 Millionen US-Dollar bringen wird.
- Revenue increased 7.3% to $12.5 million
- Active service connections grew 4.3% to 65,163
- Water consumption increased 24.2% to 0.84 billion gallons
- Strengthened capital position with $30.8 million from stock offering
- Credit facility increased from $15M to $20M with extended maturity
- Rate case approval for GW-Farmers to generate $1.1M additional annual revenue
- Filed rate cases for potential $6.5M revenue increase for GW-Santa Cruz and GW-Palo Verde
- Net income decreased 14.5% to $0.6 million ($0.02 per share vs $0.03)
- Operating expenses increased 8.3% to $11.2 million
- Single-family permits decreased 41.5% in City of Maricopa
- Other expense increased due to lower Buckeye growth premiums
Insights
Global Water posts mixed Q1 with 7.3% revenue growth but 14.5% profit decline amid infrastructure investments and strong capital position.
Global Water Resources delivered a 7.3% revenue increase to
Despite top-line growth, net income decreased
Two significant rate case developments will bolster future revenue: the approved GW-Farmers rate case (adding
The balance sheet has been significantly strengthened through strategic financial moves. Cash increased dramatically from
This capital position supports both the
While the Phoenix metro housing market showed quarterly permit declines (
PHOENIX, May 14, 2025 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), a pure-play water resource management company, reported results for the first quarter ended March 31, 2025. All comparisons are to the same year-ago period unless otherwise noted. The company will hold a conference call at 1:00 p.m. Eastern time tomorrow to discuss the results (see dial-in information below).
Q1 2025 Financial Highlights
- Total revenue increased
7.3% to$12.5 million , primarily due to organic connection growth and increased consumption. - Net income decreased
14.5% to$0.6 million or$0.02 per share from$0.7 million or$0.03 per share. - Adjusted EBITDA, a non-GAAP term, increased
4.4% to$5.6 million (see definition of adjusted EBITDA and its reconciliation to GAAP, below). - Cash and cash equivalents totaled
$31.5 million at March 31, 2025, increasing from$9.0 million at December 31, 2024. - Raised net proceeds of
$30.8 million from a public offering of common stock. - Declared three monthly cash dividends of
$0.02 533 per common share or$0.30 396 per common share on an annualized basis.
Q1 2025 Operational Highlights
- Total active service connections at March 31, 2025 increased
4.3% to 65,163. - Water consumption increased
24.2% to 0.84 billion gallons. - Invested
$15.2 million in infrastructure projects to support existing utilities and continued growth. - Filed general rate case applications related to Global Water – Santa Cruz Water Company, Inc. (GW-Santa Cruz) and Global Water – Palo Verde Utilities Company, Inc. (GW-Palo Verde), requesting a net increase to their annual revenues of
$6.5 million . A procedural schedule has been set, with testimony and a hearing expected to commence in the fourth quarter of 2025.
Subsequent Events
- On April 22, 2025, the Arizona Corporation Commission (ACC) approved the general rate case application filed by Global Water – Farmers Water Company, Inc. (GW-Farmers). The new rates are expected to generate an approximately
$1.1 million increase in annual revenue once fully phased in. GW-Farmers will implement the rate increase in three stages, beginning on May 1, 2025. - Extended maturity date of revolving credit facility to May 18, 2027 and increased principal amount available for borrowing from
$15 million to$20 million .
Management Commentary
“In Q1 2025, we continued to increase our top-line primarily due to organic growth in active water and wastewater connections and increased consumption,” commented Global Water Resources president and CEO, Ron Fleming.
“We believe we can maintain solid revenue growth in the quarters and years to come as we reflect appropriate rate increases on top of our organic growth, which together support the potential for strong net income growth.
“In March, we filed general rate case applications for our GW-Santa Cruz and GW-Palo Verde utilities that marked an important milestone in our efforts to enhance services for our customers and support the residential and commercial growth in Pinal County. The application requests an approximate
“Then in April, we received approval of our GW-Farmers general rate case, which started with
“We believe these results are driven by our specialized Total Water Management approach that reduces demand on scarce non-renewable water sources and costly renewable water supplies in a manner that ensures sustainability and greatly benefits our regional communities—both environmentally and economically.
“To further support our integrated approach to water management, during the quarter we appointed Robert Kuta, a widely respected industry veteran with a strong record of achievement. His diverse executive skill set has already enhanced our organizational performance. In coordination with our exceptional existing team, Rob is developing infrastructure and environmental programs designed to benefit our growing communities while ensuring we maintain compliance as our top mandate.”
Mike Liebman, Global Water Resources CFO, stated: “In preparation for further growth and expansion, we strengthened our capital resources during the quarter by extending our revolving credit facility to May 2027 and increasing the amount available for borrowing from
“Together, these transactions brought our capital resources to approximately
Fleming continued: “On the acquisition front, we anticipate completing our previously announced plan to acquire seven water systems from the City of Tucson in mid-2025. The acquisition would expand our service area in Pima County by approximately 2,200 water service connections. Meanwhile, we will consider other potential acquisitions within the Arizona Sun Corridor that could benefit from our highly effective Total Water Management.
“Our service areas in Arizona's Sun Corridor continued to show signs of new development during the first quarter, however single-family permits decreased by 135 or
“We also see our organic connection growth being driven by Arizona’s strong economic outlook. By 2032, Arizona is expected to add 478,000 jobs over 2022 levels, with an annual growth rate of
“As we progress through 2025, we will remain focused on bringing the benefits of consolidation, regionalization and proactive environmental stewardship to the communities we serve. Given the market’s current positive outlook and the strong financial foundation we have laid, we believe we are well positioned for continued growth throughout the remainder of the year.”
Financial Summary
Revenue
| Three Months Ended | Favorable (Unfavorable) | |||||||||
| March 31, | 2025 vs. 2024 | |||||||||
| 2025 | 2024 | $ | % | |||||||
| Water service | $ | 5,980 | $ | 5,226 | $ | 754 | 14.4 | % | ||
| Wastewater and recycled water service | 6,477 | 6,384 | 93 | 1.5 | % | |||||
| Total regulated revenue | 12,457 | 11,610 | 847 | 7.3 | % | |||||
| Total revenue | $ | 12,457 | $ | 11,610 | $ | 847 | 7.3 | % | ||
The increase in regulated revenue for the first quarter of 2025 was primarily attributable to the organic growth in active water and wastewater connections, increased water and recycled water consumption and higher rates for GW-Saguaro, resulting from the GW-Saguaro general rate case, effective July 2024. The increased consumption was predominantly driven by the increase in active connections and higher usage from irrigation, construction and commercial customers.
Operating Expenses
| Three Months Ended | Favorable (Unfavorable) | ||||||||||
| March 31, | 2025 vs. 2024 | ||||||||||
| 2025 | 2024 | $ | % | ||||||||
| Personnel costs - operations and maintenance | $ | 1,340 | $ | 1,293 | $ | (47 | ) | (3.6)% | |||
| Utilities, chemicals and repairs | 1,032 | 791 | (241 | ) | (30.5)% | ||||||
| Other operations and maintenance expenses | 1,315 | 1,200 | (115 | ) | (9.6)% | ||||||
| Total operations and maintenance expense | 3,687 | 3,284 | (403 | ) | (12.3)% | ||||||
| Personnel costs - general and administrative | 2,195 | 2,201 | 6 | ||||||||
| Professional fees | 467 | 451 | (16 | ) | (3.5)% | ||||||
| Other general and administrative expenses | 1,525 | 1,473 | (52 | ) | (3.5)% | ||||||
| Total general and administrative expense | 4,187 | 4,125 | (62 | ) | (1.5)% | ||||||
| Depreciation and amortization | 3,328 | 2,934 | (394 | ) | (13.4)% | ||||||
| Total operating expenses | $ | 11,202 | $ | 10,343 | $ | (859 | ) | (8.3)% | |||
Operations and Maintenance
Higher utilities, chemicals and repairs were primarily due to increased quantities of chemicals and power purchased to operate pumps and other related equipment as a result of increased consumption.
The increase in other operations and maintenance expenses was primarily driven by higher contract IT and labor services as a result of contracts that began in the fourth quarter of 2024.
General and Administrative
General and administrative expenses were up slightly by approximately
Depreciation and Amortization
The increase for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 was substantially attributable to an increase in depreciable fixed assets as well as additional amortization from new leased vehicles and office space in the three months ended March 31, 2025 compared to the same period in the prior year.
Other Expense
Other expense totaled
Net Income
Net income decreased
Adjusted EBITDA
Adjusted EBITDA increased
Dividend Policy
The company recently declared a monthly cash dividend of
Business Strategy
Global Water's near-term growth strategy involves increasing service connections, improving operating efficiencies, and increasing utility rates as approved by the ACC. The company plans to continue aggregating water and wastewater utilities through strategic acquisitions and entity consolidation, which is expected to enable the company and its customers to realize the benefits of consolidation, regionalization, and environmental stewardship.
Connection Rates
As of March 31, 2025, active service connections increased by 2,712 or
Arizona’s Growth Corridor: Positive Population and Economic Trends
The company continued to experience organic growth as evidenced by its year-over-year organic increase in active connections (i.e., exclusive of acquisition related growth) of
A significant contributor to the organic growth is the affordability of housing options in and around the City of Maricopa as compared to Phoenix. Redfin reported the median sale price of a home in March 2025 for the City of Maricopa was approximately
Conference Call
Global Water Resources will hold a conference call tomorrow to discuss its first quarter of 2025 results, including a question-and-answer period.
Date: Thursday, May 15, 2025
Time: 1:00 p.m. Eastern time (10:00 a.m. Pacific time)
Toll-free dial-in number: 1-833-816-1435
International dial-in number: 1-412-317-0527
Conference ID: 10199311
Webcast (live and replay): here
The conference call webcast is also available via a link in the Investors section of the company’s website at www.gwresources.com.
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 to the call, please contact CMA at 1-949-432-7566.
A replay of the call will be available after 4:00 p.m. Eastern time on the same day through May 29, 2025.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 10199311
About Global Water Resources
Global Water Resources, Inc. is a leading water resource management company that owns and operates 32 systems which provide water, wastewater, and recycled water service. The company’s service areas are located primarily in growth corridors around metropolitan Phoenix and Tucson. Global Water recycles over 1 billion gallons of water annually with 18.1 billion gallons recycled since 2004.
The company has been recognized for its highly effective implementation of Total Water Management (TWM). TWM is an integrated approach to managing the entire water cycle that involves owning and operating water, wastewater and recycled water utilities within the same geographic area in order to maximize the beneficial use of recycled water. It enables smart water management programs such as remote metering infrastructure and other advanced technologies, rate designs, and incentives that result in real conservation. TWM helps protect water supplies in water-scarce areas experiencing population growth.
Global Water has received numerous industry awards, including national recognition as a ‘Utility of the Future Today’ for its superior water reuse practices by a national consortium of water and conservation organizations led by the Water Environment Federation (WEF). The company also received Cityworks’ Excellence in Departmental Practice Award for demonstrating leadership and creativity in applying public asset management strategies to daily operations and long-term planning.
To learn more, visit www.gwresources.com.
Use of Non-GAAP Measures
This press release contains certain financial measures that are not recognized measures under accounting principles generally accepted in the United States of America (“GAAP”), including EBITDA and adjusted EBITDA. EBITDA is defined for the purposes of this press release as net income before interest, income taxes, depreciation, and amortization. Adjusted EBITDA is defined as EBITDA excluding the gain or loss related to (i) nonrecurring events; (ii) restricted stock expense related to awards made to employees and the board of directors and (iii) disposal of assets, as applicable.
Management believes that EBITDA and adjusted EBITDA are useful supplemental measures of our operating performance and provide our investors meaningful measures of overall corporate performance. EBITDA is also presented because management believes that it is frequently used by investment analysts, investors, and other interested parties as a measure of financial performance. Adjusted EBITDA is also presented because management believes that it provides our investors an additional measure of our recurring core business. However, non-GAAP measures do not have a standardized meaning prescribed by GAAP, and investors are cautioned that non-GAAP measures, such as EBITDA and adjusted EBITDA, should not be construed as an alternative to net income or loss or other income statement data (which are determined in accordance with GAAP) as an indicator of our performance or as a measure of liquidity and cash flows. Management's method of calculating EBITDA and adjusted EBITDA may differ materially from the method used by other companies and accordingly, may not be comparable to similarly titled measures used by other companies. A reconciliation of EBITDA and adjusted EBITDA to net income, the most comparable GAAP measure, is included in the schedules attached to this press release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release and the related conference call include certain forward-looking statements which reflect the company's expectations regarding future events. The forward-looking statements involve a number of assumptions, risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in the forward-looking statements. These forward-looking statements include, but are not limited to, statements about our strategies; expectations about future business plans, prospective performance, growth, and opportunities, including expected growth in and around metropolitan Phoenix and Tucson and the resulting potential for new service connections, as well as the anticipation of continued growth in active service connections in line with the projected increase in anticipated single-family housing permits; future financial performance; regulatory and ACC proceedings, decisions, and approvals, such as the anticipated benefits resulting from rate decisions, including any collective revenue increases due to new water and wastewater rates, as well as the outcome and timing of our rate cases and other applications with the ACC; our plans relating to future filings of our rate cases with the ACC; acquisition plans and our ability to complete additional acquisitions, including the anticipated acquisition of seven public water systems from the City of Tucson, the expected increase in active water service connections, and the anticipated timing of the consummation of such acquisition; population and growth projections; technologies, including expected benefits from implementing such technologies; revenues; metrics; operating expenses; trends relating to our industry, market, population and job growth, and housing permits; the adequacy of our water supply to service our current demand and growth for the foreseeable future; liquidity and capital resources; plans and expectations for capital expenditures; cash flows and uses of cash; dividends; depreciation and amortization; tax payments; our ability to repay indebtedness and invest in initiatives; the anticipated impact and resolutions of legal matters; the anticipated impact of new or proposed laws, including regulatory requirements, tax changes, and judicial decisions; the anticipated impact of accounting changes and other pronouncements; and other statements that are not historical facts, as well as statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", or the negative of these terms, or other words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to a number of risks, uncertainties, and assumptions, most of which are difficult to predict and many of which are beyond our control. Actual results may differ materially from these expectations due to changes in political, economic, business, market, regulatory, and other factors. Additional risks and uncertainties include, but are not limited to, whether all conditions precedent in the asset purchase agreement to acquire the seven public water systems from the City of Tucson will be satisfied and other risks to consummation of the acquisition, including circumstances that could give rise to the termination of the asset purchase agreement and the risk that the transaction will not be consummated without undue delay, cost or expense, or at all. Factors that may also affect future results are disclosed under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our filings with the Securities and Exchange Commission (the "SEC"), which are available at the SEC's website at www.sec.gov. This includes, but is not limited to, our most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings with the SEC. Accordingly, investors are cautioned not to place undue reliance on any forward-looking statements, which reflect management’s views as of the date hereof. We undertake no obligation to publicly update any forward-looking statement, except as required by law, whether as a result of new information, future developments or otherwise.
Company Contact:
Michael J. Liebman
CFO and SVP
Tel (480) 999-5104
mike.liebman@gwresources.com
Investor Relations:
Ron Both or Grant Stude
CMA Investor Relations
Tel (949) 432-7566
GWRS@cma.team
| GLOBAL WATER RESOURCES, INC. Condensed Consolidated Balance Sheets(unaudited) (in thousands, except share and per share amounts) | ||||||
| March 31, 2025 | December 31, 2024 | |||||
| Assets | ||||||
| Utility Plant | ||||||
| Utility Plant | $ | 535,355 | $ | 512,993 | ||
| Less accumulated depreciation | (157,110 | ) | (153,614 | ) | ||
| Net utility plant | 378,245 | 359,379 | ||||
| Current Assets | ||||||
| Cash and cash equivalents | 31,467 | 9,047 | ||||
| Accounts receivable, net of allowance for credit losses of | 3,300 | 3,233 | ||||
| Unbilled revenue | 3,206 | 3,109 | ||||
| Taxes, prepaid expenses and other current assets | 1,919 | 4,080 | ||||
| Total current assets | 39,892 | 19,469 | ||||
| Other Assets | ||||||
| Goodwill | 6,527 | 9,486 | ||||
| Intangible assets, net | 8,427 | 8,427 | ||||
| Regulatory assets | 7,023 | 4,032 | ||||
| Restricted cash | 1,708 | 2,109 | ||||
| Right-of-use assets | 2,017 | 2,157 | ||||
| Other noncurrent assets | 79 | 78 | ||||
| Total other assets | 25,781 | 26,289 | ||||
| Total Assets | $ | 443,918 | $ | 405,137 | ||
| Capitalization and Liabilities | ||||||
| Capitalization | ||||||
| Common stock, | $ | 272 | $ | 240 | ||
| Treasury stock, 345,921 and 344,978 shares at March 31, 2025 and December 31, 2024, respectively | (2 | ) | (2 | ) | ||
| Additional paid-in capital | 76,946 | 47,366 | ||||
| Retained earnings | — | — | ||||
| Total shareholders’ equity | 77,216 | 47,604 | ||||
| Long-term debt, net | 118,876 | 118,518 | ||||
| Total Capitalization | 196,092 | 166,122 | ||||
| Current Liabilities | ||||||
| Accounts payable | 3,823 | 2,051 | ||||
| Customer and meter deposits | 1,633 | 1,609 | ||||
| Long-term debt, current portion | 3,561 | 3,926 | ||||
| Leases, current portion | 911 | 871 | ||||
| Accrued expenses and other current liabilities | 15,796 | 13,801 | ||||
| Total current liabilities | 25,724 | 22,258 | ||||
| Other Liabilities | ||||||
| Long-term lease liabilities | 1,265 | 1,450 | ||||
| Deferred revenue - ICFA | 21,559 | 21,517 | ||||
| Regulatory liabilities | 5,372 | 5,386 | ||||
| Advances in aid of construction | 131,790 | 126,467 | ||||
| Contributions in aid of construction, net | 36,877 | 36,834 | ||||
| Deferred income tax liabilities, net | 9,860 | 9,698 | ||||
| Other noncurrent liabilities | 15,379 | 15,405 | ||||
| Total other liabilities | 222,102 | 216,757 | ||||
| Total Capitalization and Liabilities | $ | 443,918 | $ | 405,137 | ||
| GLOBAL WATER RESOURCES, INC. Condensed Consolidated Statements of Operations (unaudited) (in thousands, except share and per share amounts) | ||||||
| Three Months Ended March 31, | ||||||
| 2025 | 2024 | |||||
| Revenue | ||||||
| Water service | $ | 5,980 | $ | 5,226 | ||
| Wastewater and recycled water service | 6,477 | 6,384 | ||||
| Total revenue | 12,457 | 11,610 | ||||
| Operating Expenses | ||||||
| Operations and maintenance | 3,687 | 3,284 | ||||
| General and administrative | 4,187 | 4,125 | ||||
| Depreciation and amortization | 3,328 | 2,934 | ||||
| Total operating expenses | 11,202 | 10,343 | ||||
| Operating Income | 1,255 | 1,267 | ||||
| Other Income (Expense) | ||||||
| Interest income | 99 | 238 | ||||
| Interest expense | (1,478 | ) | (1,566 | ) | ||
| Other, net | 898 | 1,002 | ||||
| Total other expense | (481 | ) | (326 | ) | ||
| Income Before Income Taxes | 774 | 941 | ||||
| Income Tax Expense | (183 | ) | (250 | ) | ||
| Net Income | $ | 591 | $ | 691 | ||
| Basic earnings per common share | $ | 0.02 | $ | 0.03 | ||
| Diluted earnings per common share | $ | 0.02 | $ | 0.03 | ||
| Dividends declared per common share | $ | 0.08 | $ | 0.08 | ||
| Weighted average number of common shares used in the determination of: | ||||||
| Basic | 24,370,052 | 24,175,699 | ||||
| Diluted | 24,434,283 | 24,295,067 | ||||
| GLOBAL WATER RESOURCES, INC. Condensed Consolidated Statements of Cash Flows (unaudited) (in thousands) | ||||||
| Three Months Ended March 31, | ||||||
| 2025 | 2024 | |||||
| Cash Flows from Operating Activities: | ||||||
| Net income | $ | 591 | $ | 691 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Depreciation and amortization | 3,328 | $ | 2,934 | |||
| Share-based compensation | 174 | $ | 275 | |||
| Deferred income tax expense | 183 | $ | 252 | |||
| Allowance for equity funds used during construction | — | $ | — | |||
| Operating lease expense | 108 | $ | 90 | |||
| Other adjustments | (224 | ) | $ | 36 | ||
| Changes in assets and liabilities | ||||||
| Accounts receivable and other current assets | 1,967 | 714 | ||||
| Accounts payable and other current liabilities | 1,405 | 1,380 | ||||
| Other noncurrent assets | (67 | ) | (17 | ) | ||
| Other noncurrent liabilities | 12 | 1,713 | ||||
| Net cash provided by operating activities | 7,477 | 8,068 | ||||
| Cash Flows from Investing Activities: | ||||||
| Capital expenditures | (15,216 | ) | (5,761 | ) | ||
| Other cash flows used in investing activities | — | (4 | ) | |||
| Net cash used in investing activities | (15,216 | ) | (5,765 | ) | ||
| Cash Flows from Financing Activities: | ||||||
| Dividends paid | (1,841 | ) | (1,819 | ) | ||
| Advances and contributions in aid of construction | 725 | 372 | ||||
| Line of credit repayments | — | (2,315 | ) | |||
| Loan borrowings | — | 20,000 | ||||
| Issuance of common stock, net of issuance costs | 31,041 | — | ||||
| Financing costs of debt and equity transactions | (34 | ) | (370 | ) | ||
| Other financing activities | (133 | ) | (62 | ) | ||
| Net cash provided by financing activities | 29,758 | 15,806 | ||||
| Increase in cash, cash equivalents, and restricted cash | 22,019 | 18,109 | ||||
| Cash, cash equivalents, and restricted cash — Beginning of period | 11,156 | 4,763 | ||||
| Cash, cash equivalents, and restricted cash — End of period | $ | 33,175 | $ | 22,872 | ||
Supplemental disclosure of cash flow information:
| Three months ended March 31, | ||||
| 2025 | 2024 | |||
| Cash and cash equivalents | $ | 31,467 | $ | 20,655 |
| Restricted cash | 1,708 | 2,217 | ||
| Total cash, cash equivalents, and restricted cash | $ | 33,175 | $ | 22,872 |
A reconciliation of net income to EBITDA and Adjusted EBITDA for the three months ended March 31, 2025 and 2024 is as follows (in thousands):
| Three Months Ended March 31, | ||||||
| 2025 | 2024 | |||||
| Net Income | $ | 591 | $ | 691 | ||
| Income tax expense | 183 | 250 | ||||
| Interest income | (99 | ) | (238 | ) | ||
| Interest expense | 1,478 | 1,566 | ||||
| Depreciation and amortization | 3,328 | 2,934 | ||||
| EBITDA | 5,481 | 5,203 | ||||
| Loss on disposal of fixed assets | — | 2 | ||||
| Restricted stock expense | 162 | 198 | ||||
| EBITDA adjustments | 162 | 200 | ||||
| Adjusted EBITDA | $ | 5,643 | $ | 5,403 | ||
FAQ
What were GWRS's key financial results for Q1 2025?
How much additional revenue will GWRS generate from recent rate case approvals?
How did GWRS strengthen its capital position in Q1 2025?
What was GWRS's water consumption growth in Q1 2025?
What is the current dividend payment for GWRS stock?
