Consolidated Water(US:CWCO)2025-05-13 14:45Revenue Performance - Total revenue declined 15% to $33.7 million, primarily due to a $7.3 million decrease in services revenue[5] - Retail revenue increased 9% to $9.4 million, driven by a 13% increase in the volume of water sold[5][14] - Total revenue for Q1 2025 was $33,715,385, a decrease of 15% from $39,689,390 in Q1 2024[23] - Revenue for Q1 2025 was $33,715,385, a decrease of 15.5% compared to $39,689,390 in Q1 2024[33] - Services revenue significantly decreased to $10,078,268, down 42% from $17,417,611 in Q1 2024[24] Income and Profitability - Net income from continuing operations attributable to company stockholders was $4.9 million or $0.31 per diluted share, down from $6.9 million or $0.43 per diluted share in Q1 2024[19] - Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders was $4,924,110 in Q1 2025, down from $6,941,414 in Q1 2024[23] - Gross profit for Q1 2025 was $12,306,287, compared to $13,878,023 in Q1 2024, reflecting a decline of 11%[23] - Gross profit for Q1 2025 was $12,306,287, down from $13,878,023 in Q1 2024, reflecting a gross margin of 36.5%[33] - Net income attributable to Consolidated Water Co. Ltd. stockholders for Q1 2025 was $4,791,029, a decline of 26.1% from $6,474,348 in Q1 2024[33] - Basic earnings per share for Q1 2025 was $0.30, compared to $0.41 in Q1 2024, representing a decrease of 26.8%[33] Cash and Assets - Cash and cash equivalents increased to $107.9 million, with working capital rising to $136.2 million as of March 31, 2025[21] - Total assets increased to $250,368,965 as of March 31, 2025, up from $243,313,181 at the end of 2024[32] - Total current assets rose to $165,061,588, an increase of 4.1% from $157,788,165 at December 31, 2024[32] - Cash and cash equivalents as of March 31, 2025, were $107,852,232, up from $99,350,121 at December 31, 2024, indicating a growth of 8.5%[32] Liabilities and Expenses - Total liabilities increased to $31,557,366, compared to $28,003,534 at the end of 2024, marking an increase of 9.1%[32] - General and administrative expenses for Q1 2025 were $7,723,959, an increase of 17.7% from $6,564,029 in Q1 2024[33] - Contract liabilities increased to $12,401,797 in Q1 2025, up from $9,126,654 in Q1 2024, reflecting a growth of 36.8%[32] Segment Performance - Manufacturing segment revenue increased by 10% to $5.8 million, with operating income rising by approximately 44% due to higher production activity[9] - Operations and maintenance (O&M) revenue increased 9% to $7.7 million, reflecting growth from both PERC and REC subsidiaries[17] - Operations and maintenance revenue increased to $7,725,298 in Q1 2025, up from $7,099,354 in Q1 2024[24] - Services revenue declined by 42% to $10.1 million, largely due to a $7.0 million drop in construction revenue[5] - Construction revenue within services dropped to $2,218,230 in Q1 2025 from $9,203,662 in Q1 2024, a decline of 76%[24] Future Outlook - The company completed pilot testing for a seawater desalination plant project in Hawaii, valued at $204 million, with construction expected to begin early next year[10][11] - The company anticipates design/build services revenue to improve in the second half of the year, with three smaller projects valued at approximately $20 million set to begin construction[12] - The company is entering the U.S. desalination market with a new contract in Hawaii[27] Corporate Events - The Annual General Meeting of Shareholders is scheduled for May 27, 2025[25]