Consolidated Water (NASDAQ: CWCO) Q2 2026 profit dips as manufacturing slows

Q: How did Consolidated Water (CWCO) perform financially in Q2 2026?

Consolidated Water reported Q2 2026 revenue of $32.9 million , down from $33.6 million a year earlier, and net income attributable to stockholders of $3.9 million , or $0.24 per diluted share, compared with $5.1 million and $0.32 per share.

Q: What were Consolidated Water (CWCO) segment trends in Q2 2026?

In Q2 2026, bulk revenue rose to $9.9 million and services revenue was $11.6 million , while manufacturing revenue fell to $2.7 million . Retail revenue was stable at $8.7 million , with rate increases offsetting lower water volumes.

Q: What major projects and orders did Consolidated Water (CWCO) highlight?

The company received a limited notice to proceed on a $204 million Kalaeloa, Hawaii desalination project and announced Florida municipal equipment purchase orders totaling about $10.1 million , plus a California O&M contract expected to generate roughly $4.5 million over three years.

Q: What is Consolidated Water’s (CWCO) financial position as of June 30, 2026?

As of June 30, 2026, the company held $132.6 million in cash and cash equivalents, working capital of $144.6 million , and stockholders’ equity of $225.6 million , with minimal long‑term debt reported on the balance sheet.

Q: How did first-half 2026 results for Consolidated Water (CWCO) compare to 2025?

For the first half of 2026, revenue was $62.8 million versus $67.3 million a year earlier. Net income attributable to stockholders was $7.7 million , or $0.48 per diluted share, compared with $9.9 million , or $0.62 , in the first half of 2025.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Consolidated Water Co. Ltd. reported second quarter 2026 revenue of $32.9 million, down from $33.6 million a year earlier, as a roughly 49% drop in manufacturing revenue outweighed growth in other segments. Gross profit declined to $11.0 million (33% margin) from $12.8 million (38% margin). Net income attributable to stockholders was $3.9 million, or $0.24 per diluted share, compared with $5.1 million, or $0.32, in the prior-year quarter.

Retail revenue was flat as higher rates to a major non‑potable customer offset lower volumes from wetter weather. Bulk revenue rose to $9.9 million, driven by higher energy pass-through charges in The Bahamas and new Cat Island plants. Services revenue held steady overall, with construction revenue up sharply to $5.3 million while operations and maintenance revenue declined as two PERC contracts expired.

Manufacturing revenue fell to $2.7 million from $5.2 million on fewer new orders, pressuring margins. Management highlighted a limited notice to proceed on a $204 million Kalaeloa, Hawaii desalination project, $10.1 million of new Florida equipment orders, and expects manufacturing revenue to improve. Cash and cash equivalents were $132.6 million with stockholders’ equity of $225.6 million as of June 30, 2026.

Positive

Strong balance sheet with $132.6 million in cash and cash equivalents and $225.6 million of stockholders’ equity as of June 30, 2026 provides financial flexibility.
Major growth project: limited notice to proceed on a $204 million Kalaeloa, Hawaii desalination plant expected to meaningfully contribute to future revenue and earnings.
Segment growth: bulk revenue up to $9.9 million with bulk gross profit increasing 27%, and services construction revenue up 89% to $5.3 million in Q2 2026.
New order momentum: approximately $10.1 million in Florida municipal equipment purchase orders and a three‑year California O&M contract expected to generate about $4.5 million in revenue.

Negative

Profitability decline: Q2 2026 net income attributable to stockholders fell to $3.9 million from $5.1 million, with diluted EPS down to $0.24 from $0.32.
Revenue and margin pressure: Q2 2026 revenue declined to $32.9 million from $33.6 million, and gross margin decreased from 38% to 33% year over year.
Manufacturing weakness: manufacturing segment revenue dropped about 49% year over year in Q2 2026 to $2.7 million, and first‑half manufacturing revenue fell 63% to $4.1 million.
Earnings softening year to date: first‑half 2026 net income attributable to stockholders declined to $7.7 million from $9.9 million, with diluted EPS at $0.48 versus $0.62.

Filing Explained

The August 10 disclosure is furnished rather than filed, and its share tables show expanded authorization without reporting a completed offering.

This August 10, 2026 Form 8-K reports the company’s second-quarter results under Item 2.02; Form 8-Ks report specified material events.

The company says the results are furnished, rather than filed, and are not incorporated into other SEC filings unless explicitly incorporated.

The balance sheet reports 49,800,000 authorized common shares at June 30, 2026, versus 24,800,000 at December 31, 2025, while issued and outstanding shares were 16,000,190 and 15,945,233, respectively; authorized shares are not issued shares.

Compared with December 31, the issued count is higher, but this disclosure does not identify the related transaction or provide completed-offering mechanics.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 Revenue: 32,870,362 Q2 2025 Revenue: 33,591,079 Q2 2026 Net Income Attributable to Stockholders: 3,931,746 +5 more

8 metrics

Q2 2026 Revenue 32,870,362 Revenue for the three months ended June 30, 2026 in dollars

Q2 2025 Revenue 33,591,079 Revenue for the three months ended June 30, 2025 in dollars

Q2 2026 Net Income Attributable to Stockholders 3,931,746 Net income attributable to Consolidated Water Co. Ltd. stockholders, Q2 2026

Q2 2026 Diluted EPS 0.24 Diluted earnings per share attributable to stockholders for Q2 2026

Cash and Cash Equivalents 132,629,006 Cash and cash equivalents as of June 30, 2026

Kalaeloa Project Value 204,000,000 Total value of the Kalaeloa, Hawaii desalination project

First-Half 2026 Revenue 62,844,062 Revenue for the six months ended June 30, 2026

Dividends Declared Q2 2026 0.14 Dividends declared per common and redeemable preferred share in Q2 2026

Key Terms

operations and maintenance revenue, contract assets, non-controlling interests, discontinued operations, +2 more

6 terms

operations and maintenance revenue financial

"Services revenue from O&M contracts declined by about $2.2 million"

contract assets financial

"Contract assets | $ 3,210,683 | $ 3,290,815"

Contract assets are amounts a company has earned by doing work or delivering goods under a customer agreement but has not yet billed or collected because certain contract conditions remain. Think of it as completed work sitting in a company’s toolbox waiting for an invoice trigger. For investors, growing contract assets signal future cash and revenue potential but also raise questions about timing, cash collection risk and the real strength of reported sales.

non-controlling interests financial

"Non-controlling interests | $ 5,355,211 | $ 5,028,817"

An ownership stake in a subsidiary held by outside shareholders rather than the parent company, representing the portion of that subsidiary’s assets and profits the parent does not control. For investors, it shows what part of consolidated earnings and equity belongs to others — like a roommate who owns part of a house — which affects how much value and profit per share are truly attributable to the parent company’s shareholders.

discontinued operations financial

"Net loss from discontinued operations | (105,574)"

Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.

deferred revenue financial

"Deferred revenue | 104,847 | 248,719"

Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.

forward-looking statements regulatory

"This press release includes statements that may constitute "forward-looking" statements"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Earnings Snapshot

Revenue Q2 2026 vs Q2 2025: 32,870,362 vs 33,591,079

Quarter and six months ended June 30, 2026

Revenue Q2 2026 vs Q2 2025 32,870,362 vs 33,591,079 Revenue decreased compared with the prior-year quarter.

Net income attributable to stockholders Q2 2026 vs Q2 2025 3,931,746 vs 5,096,205 Net income attributable to stockholders decreased year over year.

Diluted EPS Q2 2026 vs Q2 2025 0.24 vs 0.32 Diluted earnings per share declined from the prior-year quarter.

First-half 2026 revenue vs 2025 62,844,062 vs 67,306,464 First-half revenue was lower than the prior-year period.

First-half 2026 diluted EPS vs 2025 0.48 vs 0.62 First-half diluted EPS decreased compared with the prior year.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Understanding 8-K Material Events →

Available on EDGAR 08/10/2026 - 05:26 PM Accepted by SEC EDGAR 08/10/2026 - 05:26 PM

FAQ

How did Consolidated Water (CWCO) perform financially in Q2 2026?

Consolidated Water reported Q2 2026 revenue of $32.9 million, down from $33.6 million a year earlier, and net income attributable to stockholders of $3.9 million, or $0.24 per diluted share, compared with $5.1 million and $0.32 per share.

What were Consolidated Water (CWCO) segment trends in Q2 2026?

In Q2 2026, bulk revenue rose to $9.9 million and services revenue was $11.6 million, while manufacturing revenue fell to $2.7 million. Retail revenue was stable at $8.7 million, with rate increases offsetting lower water volumes.

How did manufacturing impact Consolidated Water (CWCO) results?

Manufacturing weighed on results, with Q2 2026 manufacturing revenue of $2.7 million versus $5.2 million a year ago, and first‑half revenue of $4.1 million versus $11.0 million, reflecting fewer new purchase orders and reducing consolidated gross margin.

What major projects and orders did Consolidated Water (CWCO) highlight?

The company received a limited notice to proceed on a $204 million Kalaeloa, Hawaii desalination project and announced Florida municipal equipment purchase orders totaling about $10.1 million, plus a California O&M contract expected to generate roughly $4.5 million over three years.

What is Consolidated Water’s (CWCO) financial position as of June 30, 2026?

As of June 30, 2026, the company held $132.6 million in cash and cash equivalents, working capital of $144.6 million, and stockholders’ equity of $225.6 million, with minimal long‑term debt reported on the balance sheet.

How did first-half 2026 results for Consolidated Water (CWCO) compare to 2025?

For the first half of 2026, revenue was $62.8 million versus $67.3 million a year earlier. Net income attributable to stockholders was $7.7 million, or $0.48 per diluted share, compared with $9.9 million, or $0.62, in the first half of 2025.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

August 10, 2026

(Date of earliest event reported)

CONSOLIDATED WATER CO. LTD.

(Exact Name of Registrant as Specified in Charter)


Cayman Islands, B.W.I.	0-25248	98-0619652
(State or Other Jurisdiction of	(Commission File No.)	(IRS Employer Identification No.)
Incorporation)

Regatta Office Park

Windward Three, 4^th Floor

West Bay Road, P.O. Box 1114

Grand Cayman, KY1-1102

Cayman Islands

(Address of Principal Executive Offices)

(345) 945-4277

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, $0.60 par value	CWCO	The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 10, 2026, Consolidated Water Co. Ltd. (the “Company”) issued a press release announcing its results of operations for the second quarter ended June 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this report.

The information in this report, including the exhibit hereto, is being “furnished” in accordance with General Instruction B.2 of Form 8-K. As such, this information is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filings with the Securities and Exchange Commission unless it is explicitly so incorporated in such filings.

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.		Title

99.1		Press release issued by the Company on August 10, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	CONSOLIDATED WATER CO. LTD.

	By:	/s/ David W. Sasnett
	Name:	David W. Sasnett
	Title:	Executive Vice President & Chief Financial Officer

Date: August 10, 2026

Exhibit 99.1

Consolidated Water Reports Second Quarter 2026 Results

GEORGE TOWN, Grand Cayman, Cayman Islands, August 10, 2026 -- 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, up 0.3%.

●

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 2%,” said Consolidated Water CEO Rick McTaggart. “Manufacturing revenue declined due to a decline in the total dollar amount of new purchase orders for 2026 projects compared with last year, when a large late-2024 order benefited first-half revenue in 2025.

“Retail revenue was relatively consistent despite slightly wetter weather, which contributed to a 2% decline in the water volume we sold in Grand Cayman. The volume decline was offset by a base water rate increase for a major non-potable water customer resulting from the expiration of that customer’s concessionary water purchase agreement in May 2026.

“Bulk revenue increased 20% and gross profit increased 27%, primarily due to higher energy pass-through charges by CW-Bahamas driven by significantly higher energy costs. Revenue and gross profit also benefited from two new Cat Island desalination plants supplying potable water to the Water and Sewerage Corporation of The Bahamas.

“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 $2.2 million due to the expiration of PERC’s contracts with two customers in the first quarter of 2026. Lower O&M revenue was partially offset by a new municipal contract in southern California, awarded to PERC in November 2025, that is expected to generate approximately $4.5 million in revenue over the three-year contract term.

“Construction revenue increased $2.5 million, driven by two previously announced water treatment plant construction projects, specifically a $3.9 million drinking water plant expansion in Colorado, and an $11.7 million wastewater recycling plant in California. Both of these projects are scheduled to be completed this year.

“In July, our client issued a limited notice to proceed for a $204 million project to design, construct, operate and maintain a 1.7-million gallon-per-day seawater desalination plant in Kalaeloa, Hawaii. The notice authorizes approximately $6 million for procurement of long-lead equipment. Procuring long-lead

equipment at this stage should help reduce potential scheduling pressure and enable the project to move forward more efficiently once all of the required permits are in place. We continue to expect construction to start later this year and believe the project will significantly contribute to revenue and earnings growth in future periods.

“Subsequent to the quarter, we announced the receipt of purchase orders totaling approximately $10.1 million for municipal water treatment equipment in Florida. These purchase orders represent our largest municipal membrane equipment order and our largest horizontal cartridge filter order to date, demonstrating the strength and breadth of our manufacturing capabilities.

“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 $32.9 million, decreasing 2% from $33.6 million in the second quarter of 2025 The decrease was due to a $2.5 million decline in the manufacturing segment, partially offset by increases of $23,000 in the retail segment, $1.7 million in the bulk segment and $137,000 in the services segment.

Retail revenue remained consistent despite a 2% decrease in the volume of water sold. The decrease was offset by an increase in the rate charged and volume of water sold to a major non-potable water customer.

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 $5.3 million, up 89% from the second quarter of 2025. The increase in construction revenue was due to incremental revenue generated by a project in Colorado and a project in California. The increase in services segment revenue was partially offset by a decrease of revenue generated under O&M contracts that totaled $6.0 million for the second quarter of 2026, a decrease of 27% from the second quarter of 2025. The decrease in O&M revenue was due to the expiration of two PERC contracts.

Manufacturing segment revenue decreased by $2.5 million, or 49%, to $2.7 million, as compared to $5.2 million in the second quarter of 2025. The decrease was due to a decrease in the total dollar amount of new purchase orders.

Gross profit for the second quarter of 2026 was $11.0 million (33% of total revenue), as compared to $12.8 million (38% of total revenue) in the second quarter of 2025. The decrease was due to the decline in manufacturing revenue mentioned above.

Net income from continuing operations attributable to Consolidated Water stockholders for the second quarter of 2026 was $4.0 million, or $0.25 per diluted share, compared to net income of $5.2 million, or $0.32 per diluted share, in the second quarter of 2025.

Including discontinued operations, net income attributable to Consolidated Water stockholders for the second quarter of 2026 was $3.9 million or $0.24 per diluted share, compared to net income of $5.1 million, or $0.32 per diluted share, in the second quarter of 2025.

Cash and cash equivalents totaled $132.6 million as of June 30, 2026, with working capital of $144.6 million and stockholders’ equity of $225.6 million.

First Half 2026 Financial Results

Revenue for the first half of 2026 was $62.8 million, a decrease of 7% from $67.3 million in the same year-ago period. The decrease was due to decreases of $811,000 in the retail segment and $7.0 million in the manufacturing segment. These decreases were partially offset by increases of $2.0 million in the bulk segment and $1.3 million in the services segment.

Retail revenue decreased due to a 6.3% decrease in the volume of water sold. The decrease was attributable to significantly greater rainfall on Grand Cayman in 2026, as 2025 rainfall was well below historical norms.

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 $7.4 million, up 47% from the first half of 2025. The increase in construction revenue was due to incremental revenue generated by a project in Colorado and a project in California. The increase in services segment revenue was partially offset by a decrease of revenue generated under O&M contracts that totaled $14.9 million for the first half of 2026, a decrease of 7% from the first half of 2025. The decrease in O&M revenue was due to the expiration of two PERC contracts.

Manufacturing segment revenue decreased by $7.0 million, or 63%, to $4.1 million as compared to $11.0 million in the first half of 2025.

Gross profit for the first half of 2026 was $21.9 million (35% of total revenue), as compared to $25.1 million (37% of total revenue) in the first half of 2025. The decrease was primarily due to a decrease of $2.7 million in manufacturing segment gross profit and, to a lesser extent, decreases in the retail segment and the services segment gross profit. The decrease in gross profit was partially offset by an increase in gross profit for the bulk segment. The improvement in bulk segment gross profit reflects a $226,000 decrease in insurance expense for CW-Bahamas.

Net income from continuing operations attributable to Consolidated Water stockholders for the first half of 2026 was $7.9 million, or $0.49 per diluted share, compared to net income of $10.1 million, or $0.63 per diluted share, in the first half of 2025.

Including discontinued operations, net income attributable to Consolidated Water stockholders for the first half of 2026 was $7.7 million or $0.48 per diluted share, compared to net income of $9.9 million or $0.62 per diluted share in the first half of 2025.

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, $0.60 par value. Authorized 200,000 shares; issued and outstanding 47,734 and 39,507 shares, respectively		28,640		23,704
Common stock, $0.60 par value. Authorized 49,800,000 and 24,800,000 shares, respectively; issued and outstanding 16,000,190 and 15,945,233 shares, respectively		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

Source: View Original Filing on SEC EDGAR

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