Cadiz Inc. Q3 2024: Assets Rise, Debt Remains

TL;DR

CADIZ Q3: Assets $28.5B, Liabilities $3.8B. Debt $550M due '27 @ 8.875%.

AI Summary

Cadiz Inc. reported its third-quarter 2024 financial results, ending September 30, 2024. The company's total assets grew to $28,509 million, with total liabilities reaching $3,818 million. Cadiz Inc. has a long-term debt of $550 million due in 2027, with an 8.875% interest rate.

Why It Matters

This filing provides insight into Cadiz Inc.'s financial health and debt obligations, which are crucial for investors assessing the company's stability and future growth potential.

Risk Assessment

Risk Level: medium — The company has a significant amount of long-term debt with a fixed interest rate, which could be a concern if interest rates rise or if the company's revenue generation falters.

Key Numbers

• $28.5B — Total Assets (As of September 30, 2024)
• $3.8B — Total Liabilities (As of September 30, 2024)
• $550 million — Long-term Debt (Due in 2027)

Key Players & Entities

• CADIZ INC (company) — Filer
• 2024-09-30 (date) — Reporting Period End Date
• $28,509 (dollar_amount) — Total Assets
• $3,818 (dollar_amount) — Total Liabilities
• $550 million (dollar_amount) — Long-term debt
• 2027 (date) — Maturity year for long-term debt
• 8.875% (dollar_amount) — Interest rate on long-term debt

FAQ

Key Financial Figures

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

Filing Documents

• cdzi20240930_10q.htm (10-Q) — 1254KB
• ex_746804.htm (EX-10.3) — 195KB
• ex_746805.htm (EX-31.1) — 8KB
• ex_746806.htm (EX-31.2) — 8KB
• ex_746807.htm (EX-32.1) — 4KB
• ex_746808.htm (EX-32.2) — 4KB
• 0001437749-24-034919.txt ( ) — 5977KB
• cdzi-20240930.xsd (EX-101.SCH) — 44KB
• cdzi-20240930_cal.xml (EX-101.CAL) — 39KB
• cdzi-20240930_def.xml (EX-101.DEF) — 365KB
• cdzi-20240930_lab.xml (EX-101.LAB) — 295KB
• cdzi-20240930_pre.xml (EX-101.PRE) — 380KB
• cdzi20240930_10q_htm.xml (XML) — 814KB

– 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 September 30, 2024 and 2023 1 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the nine months ended September 30, 2024 and 2023 2 Unaudited Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 4 Unaudited Condensed Consolidated Statement of Stockholders' Equity for the three and nine months ended September 30, 2024 5 Unaudited Condensed Consolidated Statement of Stockholders' Equity for the three and nine months ended September 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 23

Quantitative and Qualitative Disclosures about Market Risk

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 33

Controls and Procedures

ITEM 4. Controls and Procedures 33

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 35

Risk Factors

ITEM 1A. Risk Factors 35

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 35

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 35

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 35

Other Information

ITEM 5. Other Information 36

Exhibits

ITEM 6. Exhibits 37 Table of Contents Cadiz Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) For the Three Months Ended September 30, ($ in thousands, except per share data) 2024 2023 Total revenues $ 3,224 $ 368 Costs and expenses: Cost of sales 2,409 692 General and administrative 5,275 5,127 Depreciation 307 308 Total costs and expenses 7,991 6,127 Operating loss ( 4,767 ) (5,759 ) Interest expense, net ( 2,023 ) (1,173 ) Loss before income taxes ( 6,790 ) (6,932 ) Income tax expense ( 3 ) (4 ) Net loss and comprehensive loss $ ( 6,793 ) $ (6,936 ) Less: Preferred stock dividend ( 1,265 ) (1,265 ) Net loss and comprehensive loss applicable to common stock $ ( 8,058 ) $ (8,201 ) Basic and diluted net loss per common share $ ( 0.12 ) $ (0.12 ) Basic and diluted weighted average shares outstanding 68,020 66,611 See accompanying notes to the unaudited condensed consolidated financial statements. 1 Table of Contents Cadiz Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) For the Nine Months Ended September 30, ($ in thousands, except per share data) 2024 2023 Total revenues $ 4,858 $ 1,307 Costs and expenses: Cost of sales 4,265 1,482 General and administrative 16,310 14,378 Depreciation 907 942 Total costs and expenses 21,482 16,802 Operating loss ( 16,624 ) (15,495 ) Interest expense, net ( 5,883 ) (3,637 ) Loss on derivative liability - ( 220 ) Loss on early extinguishment of debt - ( 5,331 ) Loss before income taxes ( 22,507 ) (24,683 ) Income tax expense ( 8 ) (8 ) Net loss and comprehensive loss $ ( 22,515 ) $ (24,691 ) Less: Preferred stock dividend ( 3,818 ) (3,818 ) Net loss and comprehensive loss applicable to common stock $ ( 26,333 ) $ (28,509 ) Basic and diluted net loss per common share $ ( 0.39 ) $ (0.4

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View this 10-Q filing on SEC EDGAR