CEO & Chairman Discusses Goal to Pursue Financing Structures, Move Project Development & Capital Costs Off Balance Sheet LOS ANGELES, May 30, 2024 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI / CDZIP) ("Cadiz" or the "Company"), a California water solutions company, today released a brief update from Chairman and CEO Susan Kennedy to address the Company's most frequently asked questions following its participation in the B. Riley Securities 24th Annual Institutional Investor Conference. A copy of the Company's ...

Kennedy's Presentation "Water Resiliency at Scale" Focused on Climate Change Impacts on Western Water Access and Opportunities for New Solutions LOS ANGELES, May 23, 2024 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI / CDZIP) ("Cadiz" or the "Company"), a California water solutions company, today announced that Chairman & CEO, Susan Kennedy presented at the VerdeXchange 2024 conference held on Monday, May 13, 2024, in Los Angeles. In her presentation, entitled "Water Resiliency at Scale", Ms. Kennedy illustrate ...

LOS ANGELES, May 17, 2024 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI / CDZIP) ("Cadiz" or the "Company"), a California water solutions company, today announced that the webcast replay of its Corporate Overview Investor Call held on Thursday, May 16, 2024, as well as the accompanying investor presentation and the call's full transcript, including the question and answer session, are now accessible on the Company's Investor Relations Website. The Cadiz Corporate Overview Investor Call served as the debut inves ...

united states Securities and Exchange Commission Washington, D. C. 20549 Commission File Number 0-12114 Registrant's telephone number, including area code: (213) 271-1600 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | PART I – FINANCIAL INFORMATION | | | ITEM 1. Financial Statements | | | Cadiz Inc. Condensed Consolidated Financial Statements | | | | | | Unaudited Condensed Conso ...

Award Represents ATEC's 12th Successful Bid within the last 12 Months LOS ANGELES, May 13, 2024 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI / CDZIP) ("Cadiz" or the "Company"), a California water solutions company, is pleased to announce today that the Company's water treatment operating subsidiary ATEC Water Systems, LLC ("ATEC"), a leading producer of specialized water filtration solutions for groundwater, was the successful bidder to supply water treatment filtration systems for the Cascade Groundwater All ...

Call to be Held on Thursday, May 16, 2024 at 11:00am ET Prepared Remarks to be Followed by Q&A Session Company to Participate in B. Riley Investor Conference on May 22 – 23, 2024 LOS ANGELES, May 10, 2024 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI, CDZIP) ("Cadiz" or the "Company"), a California water solutions company, today announced that it will host a Corporate Overview Investor Call on Thursday, May 16, 2024 at 11:00am ET, a first for the Company under the leadership of Susan Kennedy, Chairman and CEO o ...

Innovative "Solomon Hills" project will support 4,000 Central Coast working families near Vandenberg Space Force Base LOS ANGELES, April 24, 2024 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI / CDZIP, the "Company") announced today that the Company and Fenner Gap Mutual Water Company ("Fenner Gap") signed a water supply agreement with Solstra Communities California LLC ("Solstra") for delivery of 1,275 acre-feet per year of water from the Cadiz Water Supply and Storage Project to support development of more tha ...

Water Resources and Management - The Cadiz Property holds between 17 to 34 million acre-feet of groundwater, comparable to Lake Mead, the largest reservoir in the U.S.[29] - The Water Project aims to manage the groundwater basin to offer storage for up to 1 million acre-feet of fresh water, which would be imported and stored for future dry years[33] - The Northern Pipeline, acquired for $19 million, spans 220 miles and is intended for water conveyance, with agreements in place to serve 23 disadvantaged communities along its route[42][67] - Cadiz has committed over 200,000 acre-feet of clean water supply to disadvantaged communities in California's Coachella Valley and High Desert[49] - The company owns vested water rights to withdraw 2.5 million acre-feet of groundwater, expected to produce an average of 50,000 acre-feet of water per year for 50 years for beneficial use in Southern California communities[174] - In the first quarter of 2024, the company entered into agreements with multiple public water systems to purchase 15,000 AFY of annual water supply, representing 60% of the Northern Pipeline's full capacity of 25,000 AFY[177] Financial Performance - The company reported a net loss of $31.4 million for the year ended December 31, 2023, compared to a net loss of $24.8 million for the year ended December 31, 2022, primarily due to a $5.3 million loss on extinguishment of debt[157] - Revenue totaled $2.0 million during the year ended December 31, 2023, with $0.8 million from ATEC sales, $0.8 million from alfalfa crop harvests, and $0.4 million from agricultural lease rental income[158] - Cost of sales for the year ended December 31, 2023, totaled $2.9 million, with a net operating loss of $1.4 million primarily due to increased diesel costs and suppressed market conditions for alfalfa[183] - General and administrative expenses increased to $17.3 million in 2023 from $13.5 million in 2022, driven by investments in community partnerships and corporate communications modernization[184] - Interest expense decreased to $4.9 million in 2023 from $8.3 million in 2022[186] - Cash used for operating activities was $20.9 million in 2023, up from $18.6 million in 2022, primarily for general and administrative expenses[194] - Cash used for investing activities increased to $5.8 million in 2023 from $4.1 million in 2022, mainly for the development of new wells[195] - Cash provided by financing activities totaled $17.6 million in 2023, compared to $16.6 million in 2022, primarily from share issuances[223] Capital and Financing - As of December 31, 2023, the company had total indebtedness of approximately $38.5 million, secured by its assets[90] - The company entered into a Third Amendment to Credit Agreement on March 6, 2024, which included a new tranche of senior secured convertible term loans totaling $20 million, maturing on June 30, 2027[90] - The company plans to raise additional capital to finance working capital needs and capital expenditures, with no assurances on the availability of new financing[196] - The maturity date of the Credit Agreement was extended to June 30, 2026, allowing for continued financing flexibility[191] - The company expects sufficient funds to meet short-term working capital needs from net proceeds of approximately $19.0 million from the Third Amended Credit Agreement[224] Land and Agricultural Operations - The company has 9,600 acres of land permitted for agriculture and an additional 9,600 acres adjacent to it that could be developed in the future[64] - Approximately 3,100 acres of the Cadiz Property are actively farmed or leased for farming activities, contributing to the company's agricultural and water infrastructure[121] - The company completed the acquisition of ATEC in 2022, enhancing its portfolio with innovative water filtration solutions for contaminated groundwater sources[152] Environmental and Regulatory Considerations - The introduction of low TDS groundwater could improve local water quality, potentially reducing treatment costs for public water systems in Southern California[72] - The company focuses on sustainable practices, including the repurposing of the Northern Pipeline to reduce greenhouse gas emissions[50] - The company is subject to various regulatory approvals for its water resources development activities, which could impact timelines and investment returns[88] - The company has approximately 7,400 acres reserved in its Fenner Valley Desert Tortoise Conservation Bank, the largest land bank in California dedicated to protecting the desert tortoise[142] Stockholder and Market Information - The market price of the company's common stock is volatile, influenced by factors such as litigation outcomes and regulatory developments[108] - As of March 26, 2024, the number of stockholders of record for the company's common stock was 56[129] - The company has not paid cash dividends on its common stock and does not anticipate doing so in the foreseeable future[147] - The company emphasizes long-term incentives for management through equity securities, which may lead to dilution of existing stockholders' ownership[92] Operational Challenges - Revenue from ATEC and agricultural operations is the principal source of income, but working capital needs are not fully supported by these operations[179] - The company has not identified any significant risks from known cybersecurity threats that have materially affected its operations[117] - The company incurred depreciation expenses of $1.2 million in 2023, up from $0.7 million in 2022, primarily due to new construction placed into service[161]

LOS ANGELES, March 22, 2024 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI/CDZIP) ("Cadiz," the "Company") today announced that its Board of Directors has declared the following cash dividend on Cadiz's 8.875% Series A Cumulative Perpetual Preferred Stock (the "Series A Preferred Stock"). Holders of Series A Preferred Stock will receive a cash dividend equal to $550.00 per whole share. Holders of depositary shares, each representing a 1/1000 fractional interest in a share of Series A Preferred Stock (Nasdaq: CDZ ...

$57 million credit agreement includes $20 million to support development and construction of water supply projects before the next drought. LOS ANGELES and GENEVA, March 6, 2024 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI / CDZIP, the "Company") announced today that it has completed a financing transaction that significantly strengthens its financial position and provides the Company with liquidity to accelerate development of its water supply projects in Southern California. The financing includes a new $20 ...