Cadiz Inc (CDZI) Financial Statements
Industry: Water Supply
In fiscal 2025, Cadiz reported revenue of $16.3M, up 69.8% from $9.6M the year before. Net income was -$34.2M (a -209.3% net margin). Gross margin was 31.6% and operating margin was -156.9%. Operating activities generated -$18.9M of cash, leaving -$26.5M of free cash flow. At fiscal year end, Cadiz held $140.9M in total assets against $117.7M in total liabilities, including $8.6M of cash and equivalents.
Open the full interactive Cadiz financials → Quarterly statements, key ratios, valuation history and price charts.
Cadiz Key Stats
| Share Price | $3.40 |
|---|---|
| Market Cap | $286.1M |
| Dividend Yield | 1.78% |
| Revenue YoY Growth | +69.8% |
| 52-Week Range | $2.98 – $6.92 |
| Shares Outstanding | 84.1 million (basic, 2026 Q2) |
Cadiz Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $541,000 | $564,000 | $1.5M | $2.0M | $9.6M | $16.3M |
| Cost of Goods Sold | — | $18.1M | $2.1M | $2.9M | $7.3M | $11.2M |
| Gross Profit | — | -$17.5M | -$566,000 | -$896,000 | $2.3M | $5.2M |
| Operating Income | -$11.8M | -$17.5M | -$16.6M | -$20.9M | -$23.2M | -$25.6M |
| Pre-Tax Income | -$35.6M | -$30.3M | -$24.8M | -$31.4M | -$31.1M | -$34.1M |
| Income Tax | $7,000 | $10,000 | $7,000 | $11,000 | $11,000 | $11,000 |
| Net Income | -$37.8M | -$31.2M | -$24.8M | -$31.4M | -$31.1M | -$34.2M |
| Diluted EPS | -$1.11 | -$0.84 | — | — | — | — |
Cadiz Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $4.1M | $5.1M | $1.6M | $979,000 |
| Net Income | -$7.1M | -$9.8M | -$8.6M | -$11.4M |
Cadiz Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.3M | $11.0M | $10.0M | $4.5M | $17.3M | $8.6M |
| Current Assets | $8.0M | $13.2M | $12.4M | $8.0M | $25.8M | $16.1M |
| Total Assets | $74.4M | $112.5M | $110.8M | $107.4M | $134.5M | $140.9M |
| Current Liabilities | $3.1M | $2.5M | $5.6M | $5.8M | $14.4M | $13.2M |
| Total Long-Term Debt | $78.6M | $46.6M | $49.1M | $37.9M | $56.8M | $72.8M |
| Total Liabilities | $99.7M | $71.9M | $76.6M | $67.4M | $100.5M | $117.7M |
| Shareholders' Equity | -$25.3M | $40.6M | $34.2M | $40.0M | $34.0M | $23.3M |
Cadiz Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$13.4M | -$15.3M | -$18.6M | -$20.9M | -$21.5M | -$18.9M |
| Cash From Investing | -$9.8M | -$23.5M | -$4.1M | -$5.8M | -$1.2M | -$12.6M |
| Cash From Financing | $14.9M | $51.2M | $16.6M | $17.6M | $35.5M | $25.4M |
| Free Cash Flow | -$19.1M | -$38.2M | -$22.0M | -$26.7M | -$22.4M | -$26.5M |
| Dividends Paid | — | $1.4M | $5.1M | $5.1M | $5.1M | $5.1M |
Figures from Cadiz's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Cadiz financials page for every line item.
Cadiz Company Profile
| Ticker | CDZI |
|---|---|
| Exchange | Nasdaq |
| Industry | Water Supply |
| Headquarters | Los Angeles, California |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company |
| SEC CIK | 0000727273 |
Frequently Asked Questions
What was Cadiz's revenue in fiscal 2025?
Cadiz (CDZI) reported revenue of $16.3M for fiscal 2025.
What is Cadiz's annual revenue history?
Cadiz's annual revenue by fiscal year: 2020: $541,000; 2021: $564,000; 2022: $1.5M; 2023: $2.0M; 2024: $9.6M; 2025: $16.3M.
What was Cadiz's net income in fiscal 2025?
Cadiz reported net income of -$34.2M for fiscal 2025.
How much free cash flow did Cadiz generate in fiscal 2025?
Cadiz generated -$26.5M of free cash flow in fiscal 2025.
What was Cadiz's revenue last quarter?
In its most recent reported quarter (2026 Q2), Cadiz reported revenue of $979,000.
How much debt does Cadiz have?
Cadiz reported $72.8M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Cadiz are outstanding?
Cadiz reported a weighted average of 84.1 million basic shares outstanding in 2026 Q2.
What is Cadiz's market cap?
Based on its latest closing price, Cadiz (CDZI) has a market capitalization of about $286.1M.
When does Cadiz's fiscal year end?
Cadiz's fiscal year end, as registered with the SEC, is December 31.
Where is Cadiz headquartered?
Cadiz lists its business address in Los Angeles, California in its SEC filings.