Financial Performance - The company reported revenues of $4.1 million for the three months ended September 30, 2025, compared to $3.2 million for the same period in 2024, primarily driven by ATEC sales of $4.0 million [130]. - Revenue for the nine months ended September 30, 2025, was $11.2 million, up from $4.9 million in the same period of 2024, driven by ATEC sales of $10.1 million compared to $3.5 million in 2024 [138]. - Operating loss for the three months ended September 30, 2025, was $4.9 million, slightly higher than the $4.8 million loss in the same period of 2024, attributed to increased professional fees and improved ATEC profitability [128]. - Operating loss for the nine months ended September 30, 2025, was $18.2 million, compared to a loss of $16.6 million in 2024, attributed to increased professional fees and compensation costs [137]. - The company incurred a net loss of $7.1 million for the three months ended September 30, 2025, compared to a net loss of $6.8 million in the same period of 2024 [128]. Cost and Expenses - General and administrative expenses increased to $5.2 million in Q3 2025 from $4.1 million in Q3 2024, primarily due to higher legal and consulting fees [132]. - General and administrative expenses, excluding stock-based compensation, increased to $16.9 million for the nine months ended September 30, 2025, from $12.7 million in 2024, mainly due to higher legal and consulting fees [140]. - Cost of sales for the nine months ended September 30, 2025, was $7.8 million, compared to $4.3 million in 2024, with ATEC gross margin improving to 44.1% from 31.4% [139]. - Compensation costs for stock and option awards were $3.8 million for the nine months ended September 30, 2025, compared to $3.6 million in 2024, reflecting stock-based non-cash awards [142]. Water Supply and Infrastructure - The company has entered into agreements for the purchase of 21,275 acre-feet per year (AFY) of annual water supply, representing 85% of the Northern Pipeline's capacity [115]. - The company holds vested water rights allowing the withdrawal of an average of 50,000 acre-feet per year, totaling 2.5 million acre-feet over 50 years [109]. - The company’s water storage capacity includes the ability to store up to 1 million acre-feet of imported surplus water for drought periods [110]. - The company has established a new business entity, Mojave Water Infrastructure Company, to finance the construction of the Mojave Groundwater Bank and associated facilities [119]. - The company expects to receive up to $450 million in equity capital investments for the Mojave Water Infrastructure Company, LLC, with a definitive agreement for $51 million from Lytton Rancheria [120]. Cash Flow and Financing - Cash used in operating activities decreased to $12.0 million for the nine months ended September 30, 2025, from $15.3 million in 2024, driven by reduced working capital needs at ATEC [159]. - Cash used in investing activities increased significantly to $11.3 million for the nine months ended September 30, 2025, compared to $0.5 million in 2024, primarily for securing an option to purchase steel pipeline for the Mojave Groundwater Bank [160]. - Cash provided by financing activities totaled $13.0 million for the nine months ended September 30, 2025, compared to $14.7 million for the same period in 2024, reflecting a decrease of approximately 11.6% [161]. - The company completed a registered direct offering in March 2025, raising approximately $20.0 million in gross proceeds from the sale of 5,715,000 shares [147]. - The company has entered into a definitive agreement with Lytton Rancheria for a potential unsecured term loan of up to $51 million for the construction of the Mojave Groundwater Bank [155]. Future Outlook and Capital Needs - ATEC operations are expected to be funded using existing capital and cash profits generated from operations during 2025 [162]. - Future working capital needs will depend on the measures pursued in the entitlement and development of water supply and other resources [163]. - Additional capital may be needed in the long term to finance working capital needs and capital expenditures, particularly related to the Mojave Groundwater Bank [163]. - The company is evaluating cash requirements and may meet future needs through equity or debt placements, or asset sales [164]. - Equity placements will be undertaken only as necessary to minimize dilution for existing stockholders [164]. - Limitations on liquidity and capital raising ability may adversely affect the company [164].

united states Securities and Exchange Commission Washington, D. C. 20549 FORM 10-Q (Mark One) ☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2025 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from …… to ……. Commission File Number 0-12114 Cadiz Inc. (Exact name of registrant specified in its charter) DELAWARE 77-0313235 (State or other jurisdiction of (I ...

Cadiz Inc. (Exact name of registrant specified in its charter) Delaware 77-0313235 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) united states Securities and Exchange Commission Washington, D. C. 20549 FORM 10-Q (Mark One) ☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2025 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for t ...

Revenue and Financial Performance - Revenue for the year ended December 31, 2024, totaled $9.6 million, a significant increase from $2.0 million in 2023, primarily driven by ATEC sales of $7.9 million [141]. - The company incurred a net loss of $31.1 million for the year ended December 31, 2024, compared to a net loss of $31.4 million in 2023, indicating a slight improvement in financial performance [138]. Costs and Expenses - ATEC's cost of sales for 2024 was $4.3 million, resulting in a gross margin of 45.5%, while total cost of sales amounted to $7.3 million [142]. - General and administrative expenses increased to $19.7 million in 2024 from $17.3 million in 2023, primarily due to higher professional fees and marketing activities [143]. - Interest expense rose to $7.9 million in 2024 from $4.9 million in 2023, largely due to increased borrowing under the Third Amended Credit Agreement [145]. - Cash used for operating activities was $21.5 million for the year ended December 31, 2024, compared to $20.9 million for 2023, primarily for general and administrative expenses [162]. - Cash used for investing activities decreased to $1.2 million in 2024 from $5.8 million in 2023, primarily for alfalfa planting and ATEC acquisition costs [164]. Financing and Capital Structure - The company completed the sale of 10.5 million shares in January 2023 for gross proceeds of $40.32 million, which were used for debt repayment and capital expenditures [149]. - The company also raised $23.4 million from the sale of 7 million shares in November 2024 and $20 million from 5.7 million shares in March 2025, further strengthening its capital position [151][152]. - The company continues to rely on debt and equity financing to support its working capital needs and the development of water solutions [135]. - The company entered into a $50 million Credit Agreement in July 2021, using proceeds to repay $77.6 million in senior secured debt and fund working capital [154]. - The First Amended Credit Agreement allows lenders to convert up to $15 million of outstanding principal into common stock at a conversion price of $4.80 per share [155]. - Cash provided by financing activities totaled $35.5 million for the year ended December 31, 2024, up from $17.6 million in 2023, mainly from long-term debt issuance [165]. - The company expects to meet short-term working capital needs with approximately $18.3 million from the March 2025 Direct Offering and existing cash [166]. - Long-term capital needs will depend on the progress of the Mojave Groundwater Bank and the expected receipt of $51 million for asset transfers [167]. - The company plans to evaluate cash needs and potential capital raises continuously, including equity or debt placements [168]. Project Developments - The company has secured agreements with multiple public water systems for the purchase of 21,275 acre-feet per year (AFY) of water supply, representing 85% of the Northern Pipeline's capacity [132]. - The establishment of Mojave Groundwater Storage Company LLC aims to finance the estimated $800 million facility construction cost, with potential investors identified for up to $425 million [134]. - The company secured an exclusive option to purchase up to 180 miles of steel pipe for the Mojave Groundwater Bank, funded by $5 million from the November 2024 Direct Offering [153]. Goodwill Assessment - The company performed a qualitative assessment of goodwill in Q4 2024, determining that fair values were likely greater than carrying values, indicating no impairment [176].

Water Rights and Supply Agreements - 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[107] - In the first three quarters of 2024, the company entered into agreements with multiple public water systems to purchase 21,275 acre-feet of annual water supply, representing approximately 85% of the Northern Pipeline's full capacity of 25,000 acre-feet per year[113] - The company has executed Letters of Intent reserving up to 100,000 acre-feet of surplus water for local disadvantaged communities as part of the Mojave-San Bernardino County One Water Project[115] Financial Performance - Revenue for the three months ended September 30, 2024, totaled $3.2 million, primarily from ATEC sales of $2.8 million, compared to $0.4 million in the same period in 2023[129] - The company incurred a net loss of $6.8 million for the three months ended September 30, 2024, compared to a net loss of $6.9 million in the same period in 2023[127] - Revenue totaled $4.9 million for the nine months ended September 30, 2024, compared to $1.3 million for the same period in 2023, with ATEC sales increasing from $0.6 million to $3.5 million[135] - The net loss for the nine months ended September 30, 2024, was $22.5 million, an improvement from a net loss of $24.7 million in the same period of 2023[134] Expenses and Costs - General and Administrative Expenses totaled $4.1 million for the three months ended September 30, 2024, down from $4.5 million in the same period in 2023[131] - Cost of sales for the nine months ended September 30, 2024, was $4.3 million, resulting in a gross margin of 31.4% for ATEC[137] - Compensation costs for stock and option awards for the nine months ended September 30, 2024, were $3.6 million, up from $1.1 million in the same period of 2023[139] Financing and Capital Projects - The estimated cost for constructing facilities required to deliver water supplies and operationalize the Mojave Groundwater Banking Project is approximately $800 million[117] - The company plans to establish a new entity, Newco, to mobilize capital for the Mojave Groundwater Banking Project, with expected contributions of up to $401 million from partners[117] - The company completed a registered direct offering in November 2024, raising approximately $21.9 million to advance development projects[145][146] - The company plans to use proceeds from the November 2024 Direct Offering for equipment and materials related to water supply and groundwater banking projects expected to begin in 2025[146] Debt and Interest Expenses - Net interest expense increased to $5.9 million for the nine months ended September 30, 2024, compared to $3.6 million in the same period of 2023, primarily due to increased borrowing under the Third Amended Credit Agreement[140] - The maturity date of the Credit Agreement was extended to June 30, 2026, under the First Amended Credit Agreement[150] Operational Activities - Cash used in operating activities was $15.3 million for the nine months ended September 30, 2024, compared to $15.4 million in the same period of 2023[156] - Cash provided by financing activities totaled $14.7 million for the nine months ended September 30, 2024, down from $18.9 million in the same period of 2023[158] Strategic Initiatives - The company has entered into an agreement with a subsidiary of RIC Energy to build a hydrogen production facility at the Cadiz Ranch, which will supply land and water for the project[121] - ATEC's sales increased due to a contract to deliver 320 filters for the Central Utah Water Conservancy District's Vineyard Wellfield Groundwater Polishing Project[129] Regulatory and Reporting - The company is classified as a smaller reporting company under Reg. 240.12b-2 of the Securities and Exchange Act of 1934, and is not required to provide detailed market risk disclosures[164]

united states Securities and Exchange Commission Washington, D. C. 20549 FORM 10-Q (Mark One) ☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2024 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from …… to ……. Commission File Number 0-12114 Cadiz Inc. (Exact name of registrant specified in its charter) DELAWARE 77-0313235 (State or other jurisdiction of (I ...

united states Securities and Exchange Commission Washington, D. C. 20549 FORM 10-Q ☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2024 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from …… to ……. Commission File Number 0-12114 Cadiz Inc. (Exact name of registrant specified in its charter) DELAWARE 77-0313235 (State or other jurisdiction of (I.R.S. Empl ...

united states Securities and Exchange Commission Washington, D. C. 20549 FORM 10-K ☑ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2023 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from …… to ……. Commission File Number 0-12114 Cadiz Inc. (Exact name of registrant specified in its charter) DELAWARE 77-0313235 (State or other jurisdiction of (I.R.S. Employer ...

united states Securities and Exchange Commission Washington, D. C. 20549 (Exact name of registrant specified in its charter) Delaware 77-0313235 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 550 South Hope Street, Suite 2850 Los Angeles, California 90071 (Address of principal executive offices) (Zip Code) FORM 10-Q (Mark One) ☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September ...

united states Securities and Exchange Commission Washington, D. C. 20549 FORM 10-Q (Mark One) ☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2023 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from …… to ……. Commission File Number 0-12114 Cadiz Inc. (Exact name of registrant specified in its charter) Delaware 77-0313235 (State or other jurisdiction of (I ...