Cadiz Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Cadiz Inc. reported Q1 2024 results with $4.152M revenue and $1.336M net income.</b>

AI Summary

CADIZ INC (CDZIP) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Revenue for the first quarter of 2024 was $4.152 million. Net income for the first quarter of 2024 was $1.336 million. Earnings per share (EPS) for the first quarter of 2024 was $0.19. Total assets as of March 31, 2024, were $106.89 million. Total debt as of March 31, 2024, was $1.265 million.

Why It Matters

For investors and stakeholders tracking CADIZ INC, this filing contains several important signals. The filing provides a quarterly update on Cadiz Inc.'s financial performance and position. Investors can assess the company's revenue generation, profitability, and debt levels for the first three months of 2024.

Risk Assessment

Risk Level: low — CADIZ INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine financial disclosure.

Analyst Insight

Monitor future filings for trends in revenue growth and net income to assess Cadiz Inc.'s operational progress.

Financial Highlights

revenue

4,152,000

total Assets

10,689,000

total Debt

1,265,000

net Income

1,336,000

eps

0.19

Key Numbers

• 4,152,000 — Revenue (Q1 2024)
• 1,336,000 — Net Income (Q1 2024)
• 0.19 — EPS (Q1 2024)
• 10,689,000 — Total Assets (As of March 31, 2024)
• 1,265,000 — Total Debt (As of March 31, 2024)

Key Players & Entities

• CADIZ INC (company) — Filer
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-14 (date) — Filed as of Date
• LOS ANGELES (location) — Business Address City
• DE (location) — State of Incorporation
• WATER SUPPLY (industry) — Standard Industrial Classification

FAQ

Industry Context

Cadiz Inc. operates in the water supply industry, focusing on water resources development and management.

Regulatory Implications

The company is subject to various state and federal regulations pertaining to water rights, environmental protection, and land use.

What Investors Should Do

1. Review the detailed financial statements for revenue breakdown and expense analysis.
2. Analyze the Management's Discussion and Analysis (MD&A) section for operational insights.
3. Compare Q1 2024 results with prior periods to identify performance trends.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an update from the previous year-end report.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share CDZI The NASDAQ Global Ma

Filing Documents

• cdzi20240331_10q.htm (10-Q) — 932KB
• ex_672239.htm (EX-31.1) — 8KB
• ex_672240.htm (EX-31.2) — 8KB
• ex_672241.htm (EX-32.1) — 4KB
• ex_672242.htm (EX-32.2) — 4KB
• 0001437749-24-016678.txt (&nbsp;) — 4978KB
• cdzi-20240331.xsd (EX-101.SCH) — 43KB
• cdzi-20240331_cal.xml (EX-101.CAL) — 39KB
• cdzi-20240331_def.xml (EX-101.DEF) — 343KB
• cdzi-20240331_lab.xml (EX-101.LAB) — 289KB
• cdzi-20240331_pre.xml (EX-101.PRE) — 359KB
• cdzi20240331_10q_htm.xml (XML) — 643KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements Cadiz Inc. Condensed Consolidated Financial Statements Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2024 and 2023 1 Unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 2 Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 3 Unaudited Condensed Consolidated Statement of Stockholders' Equity for the three months ended March 31, 2024 and 2023 4 Unaudited Notes to the Condensed Consolidated Financial Statements 6

Management ' s Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures about Market Risk

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 27

Controls and Procedures

ITEM 4. Controls and Procedures 27

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 28

Risk Factors

ITEM 1A. Risk Factors 28

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 28

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 28

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 28

Other Information

ITEM 5. Other Information 28

Exhibits

ITEM 6. Exhibits 29 Cadiz Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) For the Three Months Ended March 31, ($ in thousands, except per share data) 2024 2023 Total revenues $ 1,121 $ 130 Costs and expenses: Cost of sales 1,004 22 General and administrative 4,730 3,931 Depreciation 295 329 Total costs and expenses 6,029 4,282 Operating loss ( 4,908 ) (4,152 ) Interest expense, net ( 1,939 ) (1,336 ) Gain on derivative liability - 130 Loss on early extinguishment of debt - ( 5,331 ) Loss before income taxes ( 6,847 ) (10,689 ) Income tax expense ( 3 ) (2 ) Loss from equity-method investments - - Net loss and comprehensive loss $ ( 6,850 ) $ (10,691 ) Less: Preferred stock dividend ( 1,265 ) (1,265 ) Net loss and comprehensive loss applicable to common stock $ ( 8,115 ) $ (11,956 ) Basic and diluted net loss per common share $ ( 0.12 ) $ (0.19 ) Basic and diluted weighted average shares outstanding 66,997 62,638 See accompanying notes to the unaudited condensed consolidated financial statements. 1 Cadiz Inc. Condensed Consolidated Balance Sheets (Unaudited) March 31, December 31, ($ in thousands, except per share data) 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 19,212 $ 4,502 Accounts receivable 1,581 904 Inventories 2,756 2,106 Prepaid expenses and other current assets 993 508 Total current assets 24,542 8,020 Property, plant, equipment and water programs, net 87,045 87,217 Long-term deposit/prepaid expenses 420 420 Goodwill 5,714 5,714 Right-of-use asset 2,254 431 Long-term restricted cash 134 134 Other assets 5,398 5,438 Total assets $ 125,507 $ 107,374 LIABILITIES AND STOCKHOLDERS ' EQUITY Current liabilities: Accounts payable $ 2,700 $ 1,245 Accrued liabilities 2,108 1,170 Current portion of long-term debt 171 182 Dividend payable 1,265 1,288 Contingent consideration liabiliti

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View this 10-Q filing on SEC EDGAR