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CDZI on Nasdaq

CADIZ INC

In its 2026 annual report the company says: “We are a water solutions provider with a unique combination of land, water, pipeline and water filtration assets located in Southern California between major water systems serving population centers in the Southwestern United States.”4 Its shares trade on Nasdaq under the symbol CDZI.2

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Last updated Oct 21, 2026.

Overview

Compare with PURE CYCLE CORP, Global Water Resources, Inc. or The York Water Company, or pick any stock.

  • TickerCDZI on Nasdaq2
  • IndustryWater Supply2
  • HeadquartersLos Angeles, United States2
  • Incorporated inDE3
  • Business address550 South Hope Street, Suite 2850, Los Angeles, Ca 900713
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI549300PFFIS1TCKZS1512
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o THE CORPORATION TRUST COMPANY, CORPORATION TRUST CENTER 1209 ORANGE ST, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 22958822

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We are a water solutions provider with a unique combination of land, water, pipeline and water filtration assets located in Southern California between major water systems serving population centers in the Southwestern United States. Our portfolio of assets includes 2.5 million acre-feet of permitted water supply, 1 million acre-feet of groundwater storage capacity, 220 miles of existing, underground pipeline, 43 miles of right-of-way entitlements for pipeline construction, and versatile, scalable and cost-effective water filtration technology that removes contaminants and constituents of concern from groundwater. Our customers are public and private water systems, government agencies and commercial businesses.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-156.9%Operating margin5
-209.3%Net margin5
69.8%Revenue growth, 20255
-146.8%Return on equity5
3.13×Debt to equity5
-$26.5MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Water Treatment brought in 89% of the revenue CADIZ INC broke down this way in fiscal 2025.

  1. Water Treatment$14.5M589%up 83% from 2024
  2. Water and Land Resources$1.8M511%up 7% from 2024
Business segments by year
Business segments20242025
Water Treatment$7.9M$14.5M
Water and Land Resources$1.7M$1.8M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue57¢$11.2M
  • Interest43¢$8.6M
  • Income tax0¢$11.0K

Out of $16.3M in revenue.5 The company lost money this year.

Financial statements

Revenue6789105$16.3M in 2025+3599% since 2019
0$5.0M$10.0M$15.0M$20.0M2019: $441.0K$441.0K20192020: $541.0K$541.0K2020+23%2021: $564.0K$564.0K2021+4%2022: $1.5M$1.5M2022+166%2023: $2.0M$2.0M2023+33%2024: $9.6M$9.6M2024+383%2025: $16.3M$16.3M2025+70%
Operating income6789105-$25.6M in 2025+114% since 2019
-$30.0M-$20.0M-$10.0M02019: -$12.0M-$12.0M20192020: -$11.8M-$11.8M2020−2%2021: -$17.5M-$17.5M2021+49%2022: -$16.6M-$16.6M2022−5%2023: -$20.9M-$20.9M2023+26%2024: -$23.2M-$23.2M2024+11%2025: -$25.6M-$25.6M2025+10%
Net income6789105-$34.2M in 2025+16% since 2019
-$40.0M-$30.0M-$20.0M-$10.0M02019: -$29.5M-$29.5M20192020: -$37.8M-$37.8M2020+28%2021: -$31.2M-$31.2M2021−17%2022: -$24.8M-$24.8M2022−21%2023: -$31.4M-$31.4M2023+27%2024: -$31.1M-$31.1M2024−1%2025: -$34.2M-$34.2M2025+10%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Total revenues$16.3M$9.6M
Cost of Sales$11.2M$7.3M
General and administrative$29.5M$24.3M
Depreciation$1.3M$1.2M
Total costs and expenses$41.9M$32.9M
Operating loss-$25.6M-$23.2M
Interest expense, net-$8.6M-$7.9M
Gain (Loss) on Derivative Instruments, Net, Pretax$38.0K$0
Loss before income taxes-$34.1M-$31.1M
Income tax expense-$11.0K-$11.0K
Net loss and comprehensive loss-$34.2M-$31.1M
Less: Preferred stock dividend requirements$5.1M$5.1M
Net loss and comprehensive loss applicable to common stock-$39.2M-$36.2M
Basic and diluted net loss per common share (in dollars per share)-$0.48-$0.53
Basic and diluted weighted-average shares outstanding (in shares)81.1K shares68.8K shares

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Corporate structure

CADIZ INC sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of CADIZ INC

  • CADIZ INC Los Angeles, California, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What CADIZ INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$107.2M5 Dec 31, 2025$98.9M5 Dec 31, 2024+8.4%
Accumulated depreciation$11.8M5 Dec 31, 2025$10.6M5 Dec 31, 2024+11.8%
Property and equipment, net$95.4M5 Dec 31, 2025$88.4M5 Dec 31, 2024+7.9%
Operating-lease assets (leased space)$3.4M5 Dec 31, 2025$3.7M5 Dec 31, 2024−9.4%

Real estate and locations

ItemLatestA year beforeChange
Area of land46,000 acres5 Dec 31, 202546,000 acres10 Dec 31, 20240%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$8.6M5 Dec 31, 2025$17.3M5 Dec 31, 2024−50.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$5.7M5 Dec 31, 2025$5.7M5 Dec 31, 20240%

Inventory

ItemLatestA year beforeChange
Inventory, total$1.1M5 Dec 31, 2025$3.0M5 Dec 31, 2024−62.3%

Properties, in its own words

Following is a description of our 46,000 acres of landholdings in the Eastern Mojave Desert in Southern California.

The Cadiz Ranch Property

The rest of Item 2

We own approximately 35,000 acres of largely contiguous desert land in the Cadiz and Fenner valleys of eastern San Bernardino County, California (the “Cadiz Ranch”). This area is located approximately 80 miles east of Barstow, California and 30 miles north of the Colorado River Aqueduct, and 110 miles north-east of Palm Springs. The Cadiz Ranch, which is at the base of a topographically diverse 2,000 square mile watershed, is the principal location of our business operations, including our agricultural operations and ongoing development of our water supply, storage and conveyance projects.

Independent geotechnical and engineering studies conducted since initial acquisition have confirmed that the Cadiz Ranch overlies a significant aquifer system from a watershed with an estimated 30-50 million acre-feet of groundwater that can support agricultural development, the conservation of groundwater for off-property uses the storage of imported water. Approximately 3,100 acres of the Cadiz Ranch are actively farmed by us or leased to third parties for farming activities and includes agriculture and water infrastructure including wells, wellfield manifold, pipelines, worker housing, and energy and transportation facilities (see Item 1. “Business”, above).

Additional Eastern Mojave Properties

Piute: We own approximately 9,000 acres in the Piute Valley. This landholding is located 15 miles from the resort community of Laughlin, Nevada, and about 12 miles from the Colorado River town of Needles, California. Extensive hydrological studies, including the drilling and testing of a full-scale production well, have demonstrated that this landholding is underlain by high-quality groundwater and could be suitable for agricultural development or solar energy production. The Piute Valley properties include private inholdings in the Mojave Trails National Monument and are proximate to or border areas designated by the state and federal government as the Mojave National Preserve, Critical Desert Tortoise Habitat and/or Desert Wilderness Areas and are therefore ideally suited for preservation and conservation. Approximately 7,400 acres of our Piute Valley properties are reserved in our Fenner Valley Desert Tortoise Conservation Bank, which is the largest land bank in California dedicated to protecting the desert tortoise. The Fenner Valley Desert Tortoise Conservation Bank offers credits that can be acquired by public and private entities required to mitigate or offset impacts to the desert tortoise linked to planned development. We are presently marketing these credits to a variety of planned developments in the region.

Danby: We own nearly 2,000 acres near Danby Dry Lake in Ward Valley, approximately 30 miles southeast of the Cadiz Ranch. Our Danby Dry Lake property is located approximately 10 miles north of the Colorado River Aqueduct. Initial hydrological studies indicate that it has excellent potential for a water supply project. Certain of the properties in this area may also be suitable for agricultural development, renewable energy and/or preservation and conservation lands. The Danby properties are currently managed for open space purposes.

Executive Offices

We lease approximately 4,500 square feet of office space in Los Angeles, California for our executive offices (“Executive Office Lease”). The Executive Office Lease terminates in May 2030. The current base rent under the Executive Office Lease is approximately $10,000 per month. We lease a total of approximately 44,500 square feet of industrial space under two leases in Hollister, California for our water filtration technology operations (“Hollister Leases”). The Hollister Leases terminate in October 2028 and May 2029. The current base rent under the Hollister Leases is approximately $35,500 per month.

Cadiz Real Estate

Title to substantially all of our real estate assets is held by Cadiz Real Estate LLC (“Cadiz Real Estate”), a wholly owned subsidiary of Cadiz Inc. The Board of Managers of Cadiz Real Estate currently consists of two managers appointed by the Company’s Board of Directors. As the ownership of the real estate held by Cadiz Real Estate has no effect on our ultimate beneficial ownership of these assets, we refer throughout this Report to assets owned of record either by Cadiz Real Estate or by us as “our” properties.

Cadiz Real Estate is a co-obligor under our senior secured term loan, for which assets of Cadiz Real Estate have been pledged as security.

Debt Secured by Properties

Our assets have been pledged as collateral for $63.3 million of senior secured debt outstanding as of December 31, 2025.

Item 2 of the 10-K filed Mar 31, 2026.4

Leadership

Who has led CADIZ INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Keith Brackpool2006–2011
  2. Scott S. Slater2020–2023

Chair

  1. Keith Brackpool2011

President

  1. Scott S. Slater2011

Chief financial officer

  1. Odonnell Iselin Ii.2006
  2. Timothy J. Shaheen2008–2020
  3. Stanley E. Speer2020–2026
  4. Jacinto J. Hernandez2026–now

Chief operating officer

  1. Cathryn Rivera2024–now
2010201520202025
Board members and other officers (22)

Former names

  • CADIZ LAND CO INCMay 26, 1994 to Sep 14, 19983

Timeline

  1. Jul 28, 20268-K Entered a material agreement41
  2. Jul 27, 20268-K Executive or director change; Regulation FD disclosure42
  3. Jul 15, 20268-K Other events43
  4. Jun 23, 20268-K Bylaws or fiscal year changed; Shareholder vote44
  5. May 20, 20268-K Regulation FD disclosure45
  6. Feb 4, 20268-K Executive or director change46
  7. Oct 28, 20258-K Entered a material agreement; New debt or obligation; Regulation FD disclosure47
  8. Sep 26, 20258-K Other events48
  9. Aug 7, 20258-K Other events49
  10. Jun 20, 20258-K Regulation FD disclosure; Other events50
  11. Jun 13, 20258-K Shareholder vote51
  12. Mar 10, 20258-K Entered a material agreement; Other events52
  13. Mar 9, 2020New chief executive Scott S. Slater becomes CEO13
  14. Jan 30, 2006New chief executive Keith Brackpool becomes CEO14
  15. Apr 27, 1992Founded CADIZ INC is founded2

Calendar

Coming up

  1. Nov 12, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.10) a share, on Nov 13, 2025.53

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

251 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 48 major events, 136 insider forms, 16 large holders, 31 other. The latest 20:

  1. Oct 5, 20264 PRIMARY DOCUMENT EDGAR
  2. Oct 5, 20264 PRIMARY DOCUMENT EDGAR
  3. Oct 5, 20264 PRIMARY DOCUMENT EDGAR
  4. Sep 11, 20264 PRIMARY DOCUMENT EDGAR
  5. Sep 10, 20263 PRIMARY DOCUMENT EDGAR
  6. Aug 14, 2026S-8 REGISTRATION STATEMENT EDGAR
  7. Aug 13, 202610-Q EDGAR
  8. Jul 28, 20268-K CURRENT REPORT EDGAR
  9. Jul 27, 2026SCHEDULE 13G EDGAR
  10. Jul 27, 20268-K CURRENT REPORT EDGAR
  11. Jul 15, 20268-K CURRENT REPORT EDGAR
  12. Jul 2, 20264 PRIMARY DOCUMENT EDGAR
  13. Jul 2, 20264 PRIMARY DOCUMENT EDGAR
  14. Jul 2, 20264 PRIMARY DOCUMENT EDGAR
  15. Jul 2, 20264 PRIMARY DOCUMENT EDGAR
  16. Jul 2, 20264 PRIMARY DOCUMENT EDGAR
  17. Jul 2, 20264 PRIMARY DOCUMENT EDGAR
  18. Jul 2, 20264 PRIMARY DOCUMENT EDGAR
  19. Jul 2, 20264 PRIMARY DOCUMENT EDGAR
  20. Jun 23, 20268-K EDGAR

The 251 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

35 open-market trades by officers, directors and large owners since October 2021: 32 buys and 3 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 26, 2026O'Hara David MarkDirectorBuy110,865$4.58$507.8KForm 4
May 20, 2026Rivera CathrynChief Operating OfficerSale2,500$4.33$10.8KForm 4
Nov 5, 2024Heerema International Group Services SA10% ownerBuy2,070,000$3.34$6.9MForm 4
Apr 18, 2024Kennedy Susan PChief Executive OfficerBuy25,000$2.25$56.2KForm 4
Jan 4, 2024Kennedy Susan PChief Executive OfficerBuy6,762$2.81$19.0KForm 4
Sep 25, 2023Hickox Winston HDirectorBuy3,030$3.30$10.0KForm 4
Sep 21, 2023Kennedy Susan PChief Executive OfficerBuy15,822$3.17$50.2KForm 4
Jul 13, 2023Dreyfus Maria S.DirectorBuy100,000$3.50$350.0KForm 4
Jul 13, 2023Slater Scott SChief Executive OfficerBuy14,000$3.50$49.0KForm 4
Jul 13, 2023Kennedy Susan PChief Executive OfficerBuy14,000$3.50$49.0KForm 4
Jul 6, 2023Heerema International Group Services SA10% ownerBuy200,000$4.00$800.0KForm 4
Jun 20, 2023Kennedy Susan PChief Executive OfficerBuy2,417$4.13$10.0KForm 4
Jun 13, 2023Odey Asset Management LLP10% ownerSale1,743,326$3.95$6.9MForm 4
Jun 12, 2023Odey Asset Management LLP10% ownerSale4,974$4.37$21.7KForm 4
May 26, 2023Kennedy Susan PChief Executive OfficerBuy1,970$5.06$10.0KForm 4
Feb 2, 2023Heerema International Group Services SA10% ownerBuy3,675,000$3.84$14.1MForm 4
Dec 29, 2022Echaveste MariaDirectorBuy2,000$2.65$5.3KForm 4
Dec 16, 2022Hickox Winston HDirectorBuy264$2.61$689Form 4
Dec 16, 2022COURTER STEPHEN EDirectorBuy2,000$2.57$5.1KForm 4
Dec 15, 2022Hickox Winston HDirectorBuy7,905$2.57$20.3KForm 4

All 35 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.5,135,402$21.5M0.0%+1,307,115
Levin Capital Strategies, L.P.4,496,579$18.8M1.3%+680,410
Whitefort Capital Management, LP3,986,822$16.7M4.3%No change
Bank Of America Corp /de/3,518,928$14.7M0.0%−9,366
Barclays PLC3,469,347$14.5M0.0%−251,838
Vanguard Capital Management LLC2,473,582$10.3M0.0%+117,269
Geode Capital Management, LLC1,481,764$6.2M0.0%+89,642
State Street Corp1,407,369$5.9M0.0%+72,249
Morgan Stanley1,005,149$4.2M0.0%−32,320
Vanguard Portfolio Management LLC765,170$3.2M0.0%+434,899
Elkhorn Partners Limited Partnership656,000$2.7M2.3%+12,500
Permanent Capital Management, LP537,680$2.2M0.3%+63,661
Cinctive Capital Management LP525,945$2.2M0.1%+256,076
Invesco Ltd.509,566$2.1M0.0%+486,809
Northern Trust Corp498,887$2.1M0.0%+37,661
Citigroup Inc438,003$1.8M0.0%+208,430
Vanguard Fiduciary Trust Co407,418$1.7M0.0%+7,816
Potomac Capital Management, Inc.350,000$1.5M1.1%+15,000
Parkshore Wealth Management, Inc.263,830$1.1M0.3%No change
Jpmorgan Chase & Co277,086$1.1M0.0%+3,464
UBS Group AG249,884$1.0M0.0%+100,724
Aqr Capital Management LLC244,513$1.0M0.0%−77,050
Nomura Holdings Inc235,837$985.8K0.0%+53,820
Goldman Sachs Group Inc235,449$984.2K0.0%−79,844
Hartree Partners, LP200,000$836.0K0.2%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How CADIZ INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCADIZ INC1
  • CIK0000727273
  • Employer ID (EIN)77-03132354
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)4941 Water Supply1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address550 South Hope Street, Suite 2850, Los Angeles, CA 900711
  • Phone213-271-16001
  • Shares outstanding84,677,075 as of Aug 11, 202612
  • Public float$165.0M as of Jun 30, 20254
  • AuditorPricewaterhouseCoopers LLP, Los Angeles, California PCAOB ID 238; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceMay 26, 19941
  • Filings1,290 in all: 4 (478), 8-K (185), SC 13G/A (107), 10-Q (95), SC 13G (55), 3 (40), SC 13D/A (40), 10-K (29)1
    All 52 form types

    DEF 14A (28), 424B5 (23), S-3 (22), EFFECT (20), S-8 (19), CORRESP (17), UPLOAD (16), S-3/A (15), 5 (14), PRE 14A (11), 4/A (7), SC 13D (6), 10-K/A (5), 424B7 (5), DEFA14A (5), 10-Q/A (3), 424B3 (3), NT 10-K (3), NT 10-Q (3), POS AM (3), S-1/A (3), 10-K405 (2), 144 (2), AW (2), PRER14A (2), S-1 (2), S-4/A (2), S-8 POS (2), 10-K405/A (1), 10-KT (1), 3/A (1), 5/A (1), 8-A12B (1), 8-K/A (1), ARS (1), CERT (1), D (1), DEFC14A (1), DEFR14A (1), FWP (1), PREC14A (1), S-3MEF (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 31, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Jul 28, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01 per shareCDZINASDAQ
Depositary SharesCDZIPNASDAQ

From the cover page of the 10-K filed Mar 31, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks CADIZ INC names in Item 1A of its 10-K filed Mar 31, 2026: 10 risks under these headings, as written.4

  • Our Development Activities Have Not Generated Significant Revenues
  • We May Never Become Profitable Unless We Are Able to Successfully Implement Programs to Develop Our Land Assets
  • The Development of Our Properties Is Heavily Regulated, Requires Governmental Approvals and Permits That Could Be Denied, and May Have Competing Governmental Interests and Objectives
  • We may not be able to execute our plans for the construction, ownership, and operation of our Mojave Groundwater Bank and obtain the requisite funding.
  • A Portion of Our Total Assets Consists of Goodwill and Intangibles, Which Are Subject to a Periodic Impairment Analysis, and a Significant Impairment Determination in Any Future Period Could Have an Adverse Effect on Our Statement of Operations Even Without a Significant Loss of Revenue or Increase in Cash Expenses Attributable to such Period
  • Our Failure to Make Timely Payments of Principal and Interest on Our Indebtedness or To Obtain Additional Financing Will Impact our Ability to Implement Our Asset Development Programs
  • The Issuance of Equity Securities and Management Equity Incentive Plans Will Cause Dilution
  • The Volatility of the Stock Price of our Equity Securities Could Adversely Affect Current and Future Stockholders
  • Information Technology Failures and Data Security Breaches Could Harm Our Business
  • Increased Cybersecurity Requirements, Vulnerabilities, Threats and More Sophisticated and Targeted Computer Crime Could Pose a Risk to Our Systems, Networks, Products, Solutions, Services and Data

Legal proceedings

From time to time we are involved in various lawsuits and legal proceedings that arise in the ordinary course of business. At this time, we are not aware of any pending or threatened litigation that we expect will have a material effect on our business, financial condition, liquidity, or operating results. Legal claims are inherently uncertain, however, and it is possible that our business, financial condition, liquidity and/or operating results could be adversely affected in the future by legal proceedings.

The opening of Item 3, Legal Proceedings.4

Sources

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