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Cadiz Inc. director Barbara A. Lloyd reported receiving 817 shares of common stock on January 2, 2026 at a price of $5.74 per share. These shares were issued under the company’s 2019 Equity Incentive Plan, as amended, in lieu of cash compensation for her services as a director during the three-month period beginning January 1, 2026. After this grant, she beneficially owned 21,345 Cadiz common shares in direct form.
Cadiz Inc. director Maria S. Dreyfus reported receiving 3,267 shares of common stock of Cadiz Inc. as of January 2, 2026. The shares were issued at a value of $5.74 per share under the company’s 2019 Equity Incentive Plan, as amended, in lieu of cash compensation for her services as a director during the three-month period beginning January 1, 2026. After this stock award, she beneficially owns 182,294 shares of Cadiz Inc. common stock, held directly.
Cadiz Inc. (CDZI) reported Q3 2025 results with total revenue of $4.15 million, up from $3.22 million a year ago, driven by stronger ATEC water filtration sales. The quarter recorded a net loss of $7.07 million and an operating loss of $4.90 million. ATEC posted improved gross margins (49.6%) as higher filter shipments spread fixed costs, while Land and Water Resources remained in pre-revenue development.
For the nine months ended September 30, 2025, revenue was $11.23 million versus $4.86 million in 2024, with a net loss of $24.40 million. Cash and cash equivalents were $4.43 million as of September 30, 2025; operating cash use was $12.01 million year-to-date. Long-term debt was $59.84 million, and the company paid $1.27 million in quarterly dividends on its 8.875% Series A preferred. Cadiz raised equity via registered direct offerings in November 2024 and March 2025.
Subsequent event: on October 27, 2025, Cadiz entered the Lytton Agreement, enabling draws of up to $51 million as an unsecured term loan at 8% to fund the Mojave Groundwater Bank, with a potential conversion into a right to 51% of storage cash flows if fully funded.
Cadiz Inc. entered a definitive agreement with Lytton Rancheria for an unsecured term loan of up to $51,000,000 at 8% to fund development and construction activities for the Mojave Groundwater Bank ahead of a larger project financing. Draws are permitted from October 27, 2025 through April 30, 2027, with an initial draw of $15,000,000 expected. Interest is payable quarterly and may be settled in cash or, by mutual agreement, in common shares.
At the initial closing of the broader project financing, Lytton may elect to convert the loan into a right to receive 51% of storage cash flows, then contribute that right to Mojave Water Infrastructure Company, LLC for equity on the same economic terms as other investors. The loan matures 66 months from the effective date and may be extended up to 60 months if principal remains outstanding. Cadiz will issue commitment fee and funding fee shares, to be registered under its effective Form S-3 via a prospectus supplement. This tranche aligns with the Company’s plan to raise approximately $450 million of equity capital through MWI.
Cadiz Inc. is registering up to 1,875,000 shares of common stock as “Fee Shares” to be issued to a tribal investor pursuant to a credit agreement. These shares are part of the consideration for an unsecured term loan facility of up to $51,000,000 with Lytton Rancheria of California. The company will not receive cash proceeds from issuing the Fee Shares and will bear the related registration expenses.
The Fee Shares comprise 600,000 commitment shares and 25,000 shares per each $1,000,000 of loan disbursement, registered under Cadiz’s shelf on Form S-3. Shares outstanding were 82,085,079 as of October 24, 2025, and would be 83,960,079 after this offering. Delivery of shares is expected on or about October 27, 2025. Cadiz’s stock trades on Nasdaq as CDZI; the closing price was $5.24 on October 24, 2025. The company highlights risk factors related to future equity issuances and stock price volatility.
Cadiz Inc. reported a Form 4 showing that CFO Stanley E. Speer received awards on 10/06/2025 totaling 285,000 restricted stock units (RSUs) and an additional 141,600 common shares underlying RSUs recorded as acquired the same day. The RSUs include time-based vesting for 141,600 shares: 50,000 vesting on 12/31/2025 and eight equal quarterly installments of 11,450 across the fiscal 2026–2027 quarters, contingent on continued employment.
Separately, 285,000 performance-based RSUs vest only after specified project milestones tied to the Northern and Southern Pipeline initiatives, including CEQA review completion, project financing closing, issuance of a Federal right-of-way permit, cumulative water purchase agreements measured in acre-feet per year (AFY), storage agreements, CEQA/NEPA review for storage, and first delivery of water under binding agreements. Following the reported transactions, Mr. Speer beneficially owns 258,785 shares.
Barbara A. Lloyd, a director of Cadiz Inc. (CDZI), was issued 1,056 shares of Common Stock on 10/01/2025 at a per-share price of $4.44. These shares were granted under the 2019 Equity Incentive Plan and were issued in lieu of cash compensation for director services covering the three-month period beginning October 1, 2025. After this issuance Ms. Lloyd beneficially owns 20,528 shares, held directly. The Form 4 was signed on 10/02/2025.
Maria S. Dreyfus, a director of Cadiz Inc. (CDZI), received 4,223 shares of common stock as equity compensation. The shares were issued under the company's 2019 Equity Incentive Plan in lieu of cash for director services covering the three-month period beginning 10/01/2025, at a reported price of $4.44 per share. After this issuance the reporting person beneficially owned 179,027 shares on a direct basis. The Form 4 reports this insider acquisition and identifies the transaction code as an award for services.
Cadiz Inc. reported that on September 25, 2025, the U.S. Bureau of Reclamation, Fenner Valley Water Authority, and Fenner Gap Mutual Water Company, which is managed by Cadiz, entered into a legally non-binding Memorandum of Understanding to study the company’s proposed Mojave Groundwater Bank project in San Bernardino County, California. The collaboration will focus on sharing data, tools, and research about potential water augmentation and aquifer storage, including whether conserved water from the project could be delivered to Lake Mead via an exchange or augmentation into the Colorado River Aqueduct.
The studies are intended to support federal and state efforts to address drought, declining reservoir levels, and the need for additional water storage and resiliency in Southern California and the Lower Colorado River Basin. The parties will finalize the scope of work and a cost-sharing agreement, and the MOU will run for an initial five-year term with automatic five-year renewals unless terminated in writing.