Cadiz Inc. filings document the regulatory record for a California water solutions company developing the Mojave Groundwater Bank, related conveyance infrastructure and groundwater filtration operations. Current reports on Form 8-K cover material agreements, water-project collaboration arrangements, board appointments and other events tied to the company’s water supply and storage strategy.
Proxy materials disclose board governance, director elections, executive compensation and equity-award information. The filing record also identifies Cadiz’s capital structure, including common stock and depositary shares representing fractional interests in its 8.875% Series A Cumulative Perpetual Preferred Stock, and includes disclosure categories for shareholder voting matters, governance and capital-structure changes.
Cadiz Inc director David Mark O’Hara received an award of 4,954 common shares on October 1, 2026. The transaction lists a price of $3.785 per share. The shares were issued under the 2019 Equity Incentive Plan in lieu of cash compensation for his director services during the three-month period beginning October 1, 2026. His reported direct holdings after the award were 130,311 shares.
Cadiz Inc. director Maria S. Dreyfus received 4,954 shares of common stock on October 1, 2026, as an award under the 2019 Equity Incentive Plan, as amended. The shares were issued in lieu of cash compensation for director services during the three-month period beginning July 1, 2026. The transaction lists a price of $3.7850 per share; Dreyfus held 201,524 shares directly following the award.
Cadiz Inc director Barbara A. Lloyd acquired 1,238 common shares on October 1, 2026, at a reported $3.785 per share. The shares were issued under the 2019 Equity Incentive Plan, as amended, in lieu of cash compensation for director services during the 3-month period beginning October 1, 2026. Her reported direct holdings after the award were 30,729 shares.
CADIZ INC (CDZI) reported that Chief Financial Officer Jacinto J. Hernandez received equity awards on September 9, 2026. He was granted 800,000 restricted stock units (RSUs) and 800,000 Performance Rights (PSUs) as employment inducement awards under Nasdaq Listing Rule 5635(c)(4), all at no cash exercise price.
The RSUs cover 800,000 shares of common stock and vest 200,000 on the grant date and 600,000 in twelve quarterly installments of 50,000 shares each, starting with the quarter ending September 30, 2026, subject to continued service. The PSUs cover 800,000 shares of common stock and vest in four tranches of 200,000 shares each upon stock price hurdles of $6.00, $8.00, $10.00 and $12.00 per share, also subject to continuous service. Vested RSUs and PSUs settle in common stock on the earlier of the fifth anniversary of the grant date or Hernandez’s separation from service. Hernandez disclaims beneficial ownership until the awards vest.
CADIZ INC (CDZI) reported that Jacinto J Hernandez, its Chief Financial Officer, has filed an initial statement of beneficial ownership on Form 3. The filing does not list any specific equity holdings or report any insider transactions at this time.
Cadiz Inc. reported weaker results for the three and six months ended June 30, 2026 as it continues to invest in the Mojave Groundwater Bank and related water infrastructure. Q2 2026 revenue was $979 thousand, down sharply from $4.1 million a year earlier, mainly due to a large prior-year ATEC filter project not repeating and lower filter volumes, which also compressed ATEC gross margins.
Net loss applicable to common stock was $12.6 million for Q2 2026 (vs. $9.0 million) and $22.6 million for the first half (vs. $19.9 million), driven by lower ATEC gross profit and higher legal and consulting costs for project development, plus higher interest expense from new borrowings. Operating cash outflow was $12.2 million in the first half, funded by a $15 million draw under the $51 million Lytton unsecured term loan used for Mojave Groundwater Bank costs.
At June 30, 2026, Cadiz held $5.3 million in cash and cash equivalents, working capital of $1.6 million, and long-term debt of $87.0 million, with an effective interest rate of 15.4%. Stockholders’ equity fell to $4.7 million from $23.3 million at year-end 2025. Strategically, the company has contracted 21,275 acre-feet per year of water supply on the Northern Pipeline, secured an EPA WIFIA invitation for up to $194 million of financing, and advanced plans to fund up to $1.25–$1.5 billion in Northern and Southern Pipeline capital costs through its Mojave Water Infrastructure Company structure and the Tribal Investment facility with Lytton.
Cadiz Inc., through its affiliate Fenner Gap Mutual Water Company, entered into two Construction Manager at Risk agreements on July 27, 2026 for the Mojave Groundwater Bank Northern Pipeline. The W.M. Lyles Co. agreement sets a $218.9 million guaranteed maximum price (GMP) for pump-station facilities, including a 15% project contingency. A separate agreement with Mike Bubalo Construction Co., Inc. sets a $54.9 million GMP for pipeline replacement and related facilities, including a 10% contingency.
Together, these GMPs total $273.8 million for the primary construction packages. Based on Cadiz’s current capital budget, total construction capital expenditures to place the Northern Pipeline into service are estimated at $403.3 million, including owner-procured equipment and wellfield facilities. The pipeline is designed to deliver approximately 21,275 acre-feet per year under existing water supply contracts, with potential capacity of 25,000 acre-feet per year. Construction will begin after notices to proceed and satisfaction of financing, permitting and other preconstruction conditions, which is expected to occur in the current calendar year.
BlackRock, Inc. reports beneficial ownership of CADIZ INC common stock on a Schedule 13G. As of the reported date, BlackRock beneficially owns 5,018,521 shares of CADIZ INC common stock, representing 6.0% of the class.
BlackRock has sole voting power over 4,963,782 shares and sole dispositive power over 5,018,521 shares, with no shared voting or dispositive power. Various underlying clients or persons have rights to dividends or sale proceeds, but no single such person holds more than five percent of CADIZ INC’s outstanding common shares.
Cadiz Inc. approved a CFO succession plan under which long-time CFO Stanley E. Speer will retire as Chief Financial Officer on September 1, 2026, then serve as an advisor through December 31, 2026. Effective immediately, Jacinto J. Hernandez becomes Executive Vice President of Finance and will assume the roles of Chief Financial Officer, principal financial officer, principal accounting officer and Secretary on the transition date. Controller Teffiny Bagnara is promoted to Vice President.
Hernandez’s Employment Agreement provides severance protections, including base-salary continuation and bonus components upon death, disability, qualifying termination around a change in control, or resignation for good reason, plus immediate vesting of all outstanding unvested RSUs and PSUs upon a change in control or qualifying termination. The agreement includes confidentiality, non‑competition and employee non‑solicitation covenants.
Speer’s Separation Agreement grants $10,000 per month during the advisory period, accelerated vesting of 68,700 service‑based RSUs, a fully vested grant of 100,000 RSUs in lieu of his 2026 bonus, continued eligibility for 85,000 milestone RSUs tied to Northern Pipeline project financing, reimbursement of COBRA premiums for up to 18 months, and forfeiture of 150,000 milestone RSUs. In addition, Hernandez is slated to receive inducement equity awards of 800,000 RSUs and 800,000 PSUs, with 200,000 RSUs vesting immediately and the remainder vesting over time or on achievement of stock price hurdles.
Cadiz Inc. obtained an effective Right-of-Way Grant from the U.S. Bureau of Land Management on July 14, 2026, under Title V of the Federal Land Policy and Management Act. The grant authorizes conversion of the company’s 220-mile Northern Pipeline to water conveyance, including construction, operation and maintenance across BLM-administered lands.
Cadiz paid all required right-of-way rent and fees and posted a performance and reclamation bond of approximately $2.5 million, satisfying the remaining conditions for effectiveness. The company can now advance activities in its Plan of Development to prepare for and complete construction. The grant followed a BLM Environmental Assessment under NEPA, a Decision Record and Finding of No Significant Impact, plus consultations under the NHPA and ESA. Once converted, the pipeline can deliver up to 25,000 acre-feet of water per year; Cadiz has contracts with Inland Southern California water providers for 85% of this capacity, or 21,275 acre-feet per year, subject to contractual conditions and project completion.