Financial Data and Key Metrics Changes - Revenue for 2024 totaled $134 million, a decrease from $180 million in 2023, primarily due to a $47 million decline in the Services segment revenue following the completion of major construction contracts [13][16] - Net income from continuing operations attributable to shareholders was $17.9 million or $1.12 per diluted share in 2024, down from $30.7 million or $1.93 per diluted share in 2023 [16] - Gross profit in 2024 was $45.6 million, representing 34% of total revenue, compared to $61.9 million or 34% of total revenue in 2023 [16] Business Line Data and Key Metrics Changes - Retail revenue increased by approximately $1.6 million to $31.7 million, driven by a 4.5% increase in water volume sold and a 4.3% increase in customer accounts [14][15] - Bulk segment revenue slightly declined from $34.6 million in 2023 to $33.7 million in 2024 due to lower energy prices affecting the energy pass-through component [14] - Services revenue decreased significantly by 48% to $29.3 million, with recurring revenue from operations and maintenance contracts increasing by 51% [15][16] Market Data and Key Metrics Changes - The retail water sales in Grand Cayman reached record volumes, attributed to population growth and increased business activity [5] - Revenue from the Bahamas business declined due to reduced energy pass-through charges, which also lowered costs [5] Company Strategy and Development Direction - The company is focused on expanding its operations and maintenance contracts, particularly through its new REC subsidiary in Colorado, which is expected to enhance growth in water-stressed regions [7][25] - A significant multiyear seawater desalination project in Hawaii, valued at $204 million, is underway, with construction expected to begin early next year, positively impacting revenue and earnings in 2026 and 2027 [8][26] - The company is also expanding its West Bay plant to meet growing water needs, which is anticipated to drive future retail revenue growth [24][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing continued growth in water sales in Grand Cayman and stable recurring revenue from the Caribbean-based Bulk Water business [25] - The construction revenue is expected to remain below 2023 levels until the commencement of the Hawaii project, but future construction phases are anticipated to significantly boost revenue and earnings [26] - The manufacturing segment is performing well, with improved production efficiency and margins, and further expansion of the manufacturing facility is planned [27][29] Other Important Information - The company’s cash equivalents increased by $57 million to $99.4 million, reflecting strong operational cash generation [17] - The company has no debt on its balance sheet, providing a strong financial position for future investments and potential acquisitions [18][29] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating that the call may have concluded without a Q&A segment or that the details were not included in the transcript.