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Core Insights - Global Water Resources, Inc. has appointed Christa Steele to its board of directors, effective January 1, 2026, succeeding Debra G. Coy who will resign at the end of the year [1][2] Company Overview - Global Water Resources is a leading water resource management company that operates 39 systems providing water, wastewater, and recycled water services, primarily in growth corridors around metropolitan Phoenix and Tucson [9] - The company recycles over 1 billion gallons of water annually, totaling 18.9 billion gallons recycled since 2004 [9] Leadership Experience - Christa Steele brings over two decades of leadership experience as a CEO, executive, and board member, with expertise in regulatory navigation, digital transformation, financial oversight, growth strategy development, and mergers and acquisitions [2][4] - Steele previously served as interim CEO of BALCO Holdings, overseeing approximately $300 million in revenues and 1,200 employees [2] - As president and CEO of Mechanics Bank, she improved core earnings and doubled the stock price before its acquisition [3] Board Composition - Following Steele's appointment, the board will consist of seven directors, with four serving as independent directors [1] Strategic Goals - Steele's experience aligns with Global Water's goal of leading the industry in water resource management, customer service, and innovative water recycling technologies [4] - The company aims to expand in major metro growth corridors around Phoenix and Tucson, addressing challenges related to water scarcity [7] Recognition and Awards - Global Water has received numerous industry awards, including national recognition as a 'Utility of the Future Today' for superior water reuse practices [11] - The company has been acknowledged for its effective implementation of Total Water Management (TWM), which integrates the management of the entire water cycle [10]

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Core Insights - The company reported sales revenues of approximately EUR 918 million for the first nine months of 2025, reflecting a growth of 5% [2] - In Q3 alone, sales revenues increased by 6% to EUR 312 million, indicating strong performance [2] - Adjusted for foreign exchange (FX) effects, growth rates would have been around 6% to 7% for the nine-month period, and between 8% and 9% for Q2 and Q3 [2] - The company has achieved organic growth rates within its long-term compound annual growth rate (CAGR) range of 8% to 9% for the second consecutive quarter [2] Business Situation - The overall business situation is positive, with promising order levels contributing to confidence in future growth [3] - FX has negatively impacted sales revenue growth, but the underlying business remains strong [3]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $15.5 million, an increase of $1.2 million or 8.4% compared to Q3 2024 [13] - Year-to-date revenue increased by $2.8 million or 7% to $42.2 million [13] - Operating expenses for Q3 2025 were $12.6 million, up $2.3 million or 21.9% from Q3 2024 [13] - Net income for Q3 2025 was $1.7 million or $0.06 per diluted share, down from $2.9 million or $0.12 per diluted share in Q3 2024 [16] - Adjusted EBITDA for Q3 2025 was $7.8 million, a decrease of $0.4 million or 5% from Q3 2024 [17] Business Line Data and Key Metrics Changes - Total active service connections increased by 6.6% to 68,130 as of September 30, 2025 [9] - The annualized total active service connection growth rate, excluding the Tucson acquisition, was 3.3% [9] - The single-family dwelling unit market in the Phoenix area saw a 29% decrease in building permits in Q3 2025 compared to Q3 2024 [10] Market Data and Key Metrics Changes - The City of Maricopa was ranked sixth among the fastest-growing large municipalities in the U.S., with a population growth of 7.4% in 2024 [8] - The Highway 347 expansion project is expected to begin construction in fiscal year 2026, which will support the growth of the City of Maricopa [6] Company Strategy and Development Direction - The company aims for long-term value creation and strong total returns to shareholders through strategic acquisitions and infrastructure investments [4] - The Tucson acquisition is expected to generate around $1.5 million in annual revenue and is seen as immediately accretive [5] - The company is focused on integrating the newly acquired Tucson water systems and executing capital investment strategies [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges such as high inflation impacting earnings growth but remains optimistic about future growth drivers [11] - The company expects a fair outcome from the ongoing rate case, which is anticipated to conclude in mid-2026 [19] - Management believes the new water legislation will drive growth in service areas and improve aquifer sustainability [5] Other Important Information - Year-to-date capital investments totaled $49.6 million for infrastructure improvements [9] - The company is in the middle of the rate case process, with further steps including formal written testimony and a hearing [18] Q&A Session Summary Question: Rate case completion timeline - Management confirmed that the rates are expected to change by mid-2026, potentially around July 1 [24] Question: Ag to Urban program impact - Management explained that the program allows for the conversion of agricultural water rights to municipal water supply without the need to purchase or lease rights, benefiting aquifer sustainability [26][28] Question: Regulatory proposal differences - Management clarified that the significant difference in proposed rates is due to ongoing processes and the inclusion of post-test year plant [32][33] Question: Expected rate base figure - Management confirmed that the expected rate base figure is still valid but not reported in quarterly financials [34][35]

Core Insights - Global Water Resources, Inc. (GWRS) reported quarterly earnings of $0.07 per share, missing the Zacks Consensus Estimate of $0.09 per share, and down from $0.12 per share a year ago, representing an earnings surprise of -22.22% [1] - The company posted revenues of $15.52 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.77%, and up from $14.32 million year-over-year [2] - The stock has underperformed the market, losing about 12.4% since the beginning of the year compared to the S&P 500's gain of 16.4% [3] Earnings Outlook - The current consensus EPS estimate for the coming quarter is $0.05 on revenues of $13.9 million, and for the current fiscal year, it is $0.22 on revenues of $55.7 million [7] - The estimate revisions trend for Global Water Resources was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Utility - Water Supply industry, to which Global Water Resources belongs, is currently in the top 22% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Service Connections and Growth - As of September 30, 2025, active service connections increased by 4,241, or 6.6%, to 68,130 compared to 63,889 active service connections as of September 30, 2024[87]. - The company experienced a year-over-year organic increase in active connections of 3.5% as of September 30, 2025[80]. - Approximately 87.2% of the active service connections are serviced by GW-Santa Cruz and GW-Palo Verde utilities as of September 30, 2025[87]. - Active water connections increased by 8.9% to 38,631 in Q3 2025, compared to 35,464 in Q3 2024[120]. - The increase in revenue was primarily driven by the acquisition of seven water systems from the City of Tucson and organic growth in active connections[120]. Financial Performance - Revenue for the three months ended September 30, 2025, increased by 8.4% to $15,519,000 compared to $14,321,000 in 2024[119]. - Total revenue for the nine months ended September 30, 2025, was $42,217,000, a 7.0% increase from $39,441,000 in 2024[128]. - Operating expenses rose by 21.9% to $12,597,000 in Q3 2025, up from $10,337,000 in Q3 2024[122]. - Total operating expenses for the nine months ended September 30, 2025, were $35,420,000, an increase of 12.8% from $31,393,000 in 2024[130]. - Net income decreased by 41.3% to $1,717,000 in Q3 2025, down from $2,925,000 in Q3 2024[119]. - Basic earnings per share for the nine months ended September 30, 2025, decreased by 31.8% to $0.15 from $0.22 in 2024[128]. Acquisitions and Investments - The acquisition of seven water systems from the City of Tucson was completed for an amended purchase price of approximately $8.1 million, expected to generate approximately $1.5 million in annual revenue[91]. - The Company completed the acquisition of seven water systems from Tucson Water for approximately $8.1 million on July 8, 2025[147]. - The Company expects elevated levels of capital expenditures in 2025 compared to 2024, driven by its capital expenditure plan[153]. Infrastructure and Capacity - The Company has significant unused capacity in its water supply systems, particularly in the north, to support future growth despite regulatory constraints in certain areas[107]. - The Company is working with development partners to address long-term water resource constraints in Pinal County, ensuring adequate supply for current and future demand[108]. - Capital expenditures for infrastructure investment are crucial for earnings growth, with the Company maintaining a capital improvement plan to enhance financial performance[101]. Regulatory and Legal Matters - The Company is involved in a multi-district civil class action lawsuit related to PFAS contamination, with 3M expected to make annual payments through 2036, totaling approximately $0.4 million received as of November 10, 2025[98]. - The Company filed a general rate case application on March 5, 2025, requesting a net annual revenue increase of approximately $6.5 million, with an adjusted rate base of approximately $164.6 million[110]. - The ACC Staff recommended a net annual revenue decrease of approximately $7.1 million in the ongoing rate case, contrasting with the Company's request[111]. Economic and Market Conditions - The company continues to monitor the impact of macroeconomic conditions, including inflationary pressures and changes in tariff policy, on its operations[86]. - The population of the Phoenix metropolitan area is projected to grow from 5.2 million in 2024 to 5.8 million by 2030 and 6.5 million by 2040[80]. - The company expects to benefit from the anticipated long-term growth of the Phoenix MSA, supported by ample lot availability and strong existing infrastructure[82]. Cash Flow and Financing - For the nine months ended September 30, 2025, net cash provided by operating activities totaled $17.5 million, an increase from $15.8 million for the same period in 2024, primarily driven by increases in payments received related to ICFA contracts[151]. - The net cash used in investing activities was approximately $57.7 million for the nine months ended September 30, 2025, compared to $19.2 million for the same period in 2024, reflecting a $38.6 million increase due to higher capital expenditures and the acquisition of seven water systems[152]. - The net cash provided by financing activities totaled $46.7 million for the nine months ended September 30, 2025, a $26.0 million increase compared to $20.7 million for the same period in 2024, mainly due to $43.8 million from common stock issuances[155]. - As of September 30, 2025, the Company had outstanding borrowings of $6.9 million under its $20.0 million Revolver, with a weighted average interest rate of 6.43%[144]. - The Company received gross proceeds of approximately $13.1 million from a securities purchase agreement for the issuance of 1,270,572 shares of common stock at a price of $10.30 per share on September 30, 2025[140]. Operational Efficiency - Higher personnel costs were attributed to filling vacant positions and hiring for newly acquired systems, alongside increased medical costs[123]. - Depreciation and amortization increased significantly due to an 11.3% rise in depreciable fixed assets[135]. - The second and third quarters typically see the highest water service revenue, influenced by seasonal weather patterns affecting customer demand[106]. - As of June 30, 2025, the Company completed an inventory of its service lines and found no lead pipes, in compliance with the EPA's Lead and Copper Rule Improvements[99]. Grants and Funding - The Company was awarded a $1.6 million grant from WIFA in December 2023 to replace manual read meters with advanced metering infrastructure smart meters[142].

Core Insights - Global Water Resources, Inc. reported a total revenue increase of 8.4% to $15.5 million for Q3 2025, driven by new connections from the acquisition of seven water systems and organic growth [5][10] - Net income for Q3 2025 decreased to $1.7 million, a decline of 41.3% compared to the same period last year, primarily due to increased depreciation and interest expenses [17][29] - The company declared a monthly cash dividend of $0.02533 per common share, amounting to an annualized rate of $0.30396 [31] Financial Highlights - Total revenue for the nine months ended September 30, 2025, increased by 7.0% to $42.2 million, attributed to organic growth and the acquisition of water systems [20] - Adjusted EBITDA for Q3 2025 decreased by 5.0% to $7.8 million, while it remained consistent at $20.4 million for the nine months [18][30] - The company invested $14.2 million in infrastructure projects to support growth and existing utilities [5] Operational Highlights - Total active service connections increased by 6.6% to 68,130 as of September 30, 2025, with an annualized growth rate of 3.3% excluding the recent acquisition [33] - Water consumption remained steady at 1.3 billion gallons [5] - The company completed the acquisition of seven water systems from Tucson Water, expected to generate approximately $1.5 million in annual revenue [5][10] Management Commentary - The CEO highlighted strong top-line growth driven by new connections and successful rate implementations in Southern Arizona [4] - The company is optimistic about growth prospects due to Arizona's positive economic outlook, with employment expected to rise by 486,000 jobs through 2033 [7] - Management is focused on extending the benefits of consolidation and regionalization while navigating ongoing rate cases [10] Business Strategy - The near-term growth strategy includes increasing service connections, improving operational efficiencies, and pursuing strategic acquisitions [32] - The company aims to benefit from Arizona's 'Ag-to-Urban' program, allowing landowners to convert water rights for new developments [6] - The company continues to monitor macroeconomic factors that may impact operations, including housing market trends and construction activity [35][36]

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Core Viewpoint - Global Water Resources, Inc. will hold a conference call on November 13, 2025, to discuss its third-quarter financial results for the period ending September 30, 2025 [1] Company Overview - Global Water Resources, Inc. is a leading water resource management company that operates 39 systems providing water, wastewater, and recycled water services, primarily in growth corridors around metropolitan Phoenix and Tucson [3] - The company recycles over 1 billion gallons of water annually, totaling 18.5 billion gallons recycled since 2004 [3] Total Water Management (TWM) - The company has effectively implemented Total Water Management (TWM), an integrated approach to managing the entire water cycle, which maximizes the beneficial use of recycled water [4] - TWM enables smart water management programs, including remote metering infrastructure and advanced technologies, leading to real conservation and protection of water supplies in water-scarce areas [4] Industry Recognition - Global Water has received numerous awards, including national recognition as a 'Utility of the Future Today' for its superior water reuse practices [5] - The company also received the Cityworks' Excellence in Departmental Practice Award for demonstrating leadership in public asset management strategies [5]