Cadiz Inc. Q2 2024: Revenue at $7.06M, Net Income $1.28M
Ticker: CDZIP · Form: 10-Q · Filed: Aug 13, 2024 · CIK: 727273
| Field | Detail |
|---|---|
| Company | Cadiz INC (CDZIP) |
| Form Type | 10-Q |
| Filed Date | Aug 13, 2024 |
| Risk Level | medium |
| Pages | 16 |
| Reading Time | 19 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: earnings, water-supply, financials
TL;DR
CADIZ Q2 REVENUE $7.06M, NET INCOME $1.28M. WATER SUPPLY BUSINESS.
AI Summary
Cadiz Inc. reported its Q2 2024 financial results, with total revenues reaching $7.06 million and net income at $1.28 million. For the six months ended June 30, 2024, the company generated $17.75 million in revenue and a net income of $2.55 million. The company's primary business is water supply, and it is incorporated in Delaware.
Why It Matters
This filing provides insight into Cadiz Inc.'s financial performance in the water supply sector, impacting investors and stakeholders interested in water infrastructure and resource management.
Risk Assessment
Risk Level: medium — The company operates in the water supply industry, which can be subject to regulatory, environmental, and project-specific risks.
Key Numbers
- $7.06B — Q2 2024 Revenue (Represents the total revenue generated in the second quarter of 2024.)
- $1.28B — Q2 2024 Net Income (Represents the net income for the second quarter of 2024.)
- $17.75B — Year-to-date Revenue (June 30, 2024) (Total revenue for the first six months of 2024.)
- $2.55B — Year-to-date Net Income (June 30, 2024) (Total net income for the first six months of 2024.)
Key Players & Entities
- CADIZ INC (company) — Filer
- 550 SOUTH HOPE STREET SUITE 2850 (location) — Business Address
- LOS ANGELES (location) — City
- CA (location) — State
- 90071 (location) — ZIP Code
- 213-271-1600 (phone_number) — Business Phone
- CADIZ LAND CO INC (company) — Former Company Name
- PACIFIC AGRICULTURAL HOLDINGS INC (company) — Former Company Name
- ARIDTECH INC (company) — Former Company Name
- Q2 2024 (date) — Reporting Period
FAQ
What was Cadiz Inc.'s total revenue for the second quarter of 2024?
Cadiz Inc.'s total revenue for the second quarter of 2024 was $7,062,000.
What was Cadiz Inc.'s net income for the second quarter of 2024?
Cadiz Inc.'s net income for the second quarter of 2024 was $1,288,000.
What was the total revenue for Cadiz Inc. for the six months ended June 30, 2024?
The total revenue for Cadiz Inc. for the six months ended June 30, 2024, was $17,751,000.
What was the net income for Cadiz Inc. for the six months ended June 30, 2024?
The net income for Cadiz Inc. for the six months ended June 30, 2024, was $2,553,000.
What is the primary business of Cadiz Inc. according to the filing?
According to the filing, Cadiz Inc.'s primary business is Water Supply.
Filing Stats: 4,721 words · 19 min read · ~16 pages · Grade level 16.7 · Accepted 2024-08-13 08:48:24
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share CDZI The NASDAQ Global Ma
Filing Documents
- cdzi20240630_10q.htm (10-Q) — 1139KB
- ex_711648.htm (EX-32.2) — 4KB
- ex_711649.htm (EX-32.1) — 4KB
- ex_711650.htm (EX-31.1) — 8KB
- ex_711651.htm (EX-31.2) — 8KB
- ex_713143.htm (EX-3.1) — 5KB
- cadizcertificateofincorporat.jpg (GRAPHIC) — 179KB
- exh3-1pag2.jpg (GRAPHIC) — 198KB
- exh3-1page3.jpg (GRAPHIC) — 206KB
- exh3-1page4.jpg (GRAPHIC) — 213KB
- exh3-1page5.jpg (GRAPHIC) — 69KB
- exh3-1page6.jpg (GRAPHIC) — 156KB
- exh3-1page7.jpg (GRAPHIC) — 79KB
- exh3-1page8.jpg (GRAPHIC) — 152KB
- exh3-1page9.jpg (GRAPHIC) — 66KB
- exh3-1page10.jpg (GRAPHIC) — 151KB
- exh3-1page11.jpg (GRAPHIC) — 131KB
- exh3-1page12.jpg (GRAPHIC) — 174KB
- exh3-1page13.jpg (GRAPHIC) — 54KB
- exh3-1page14.jpg (GRAPHIC) — 141KB
- exh3-1page15.jpg (GRAPHIC) — 100KB
- exh3-1page16.jpg (GRAPHIC) — 128KB
- exh3-1page17.jpg (GRAPHIC) — 114KB
- 0001437749-24-026172.txt ( ) — 8588KB
- cdzi-20240630.xsd (EX-101.SCH) — 42KB
- cdzi-20240630_cal.xml (EX-101.CAL) — 38KB
- cdzi-20240630_def.xml (EX-101.DEF) — 339KB
- cdzi-20240630_lab.xml (EX-101.LAB) — 284KB
- cdzi-20240630_pre.xml (EX-101.PRE) — 355KB
- cdzi20240630_10q_htm.xml (XML) — 763KB
– 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 June 30, 2024 and 2023 1 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the six months ended June 30, 2024 and 2023 2 Unaudited Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 4 Unaudited Condensed Consolidated Statement of Stockholders' Equity for the three and six months ended June 30, 2024 5 Unaudited Condensed Consolidated Statement of Stockholders' Equity for the three and months ended June 30, 2023 6 Unaudited Notes to the Condensed Consolidated Financial Statements 7
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 22
Quantitative and Qualitative Disclosures about Market Risk
ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 31
Controls and Procedures
ITEM 4. Controls and Procedures 31
– OTHER INFORMATION
PART II – OTHER INFORMATION
Legal Proceedings
ITEM 1. Legal Proceedings 32
Risk Factors
ITEM 1A. Risk Factors 32
Unregistered Sales of Equity Securities and Use of Proceeds
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 32
Defaults Upon Senior Securities
ITEM 3. Defaults Upon Senior Securities 32
Mine Safety Disclosures
ITEM 4. Mine Safety Disclosures 32
Other Information
ITEM 5. Other Information 32
Exhibits
ITEM 6. Exhibits 33 CADIZ INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) For the Three Months Ended June 30, ($ in thousands, except per share data) 2024 2023 Total revenues $ 513 $ 809 Costs and expenses: Cost of sales 852 768 General and administrative 6,305 5,320 Depreciation 305 305 Total costs and expenses 7,462 6,393 Operating loss ( 6,949 ) (5,584 ) Interest expense, net ( 1,921 ) (1,128 ) Loss on derivative liability - ( 350 ) Loss before income taxes ( 8,870 ) (7,062 ) Income tax expense ( 2 ) (2 ) Net loss and comprehensive loss $ ( 8,872 ) $ (7,064 ) Less: Preferred stock dividend ( 1,288 ) (1,288 ) Net loss and comprehensive loss applicable to common stock $ ( 10,160 ) $ (8,352 ) Basic and diluted net loss per common share $ ( 0.15 ) $ (0.13 ) Basic and diluted weighted average shares outstanding 67,771 66,606 See accompanying notes to the unaudited condensed consolidated financial statements. 1 CADIZ INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) For the Six Months Ended June 30, ($ in thousands, except per share data) 2024 2023 Total revenues $ 1,634 $ 939 Costs and expenses: Cost of sales 1,856 790 General and administrative 11,035 9,251 Depreciation 600 634 Total costs and expenses 13,491 10,675 Operating loss ( 11,857 ) (9,736 ) Interest expense, net ( 3,860 ) (2,464 ) Loss on derivative liability - ( 220 ) Loss on early extinguishment of debt - ( 5,331 ) Loss before income taxes ( 15,717 ) (17,751 ) Income tax expense ( 5 ) (4 ) Net loss and comprehensive loss $ ( 15,722 ) $ (17,755 ) Less: Preferred stock dividend ( 2,553 ) (2,553 ) Net loss and comprehensive loss applicable to common stock $ ( 18,275 ) $ (20,308 ) Basic and diluted net loss pe