Consolidated Water Co. Ltd.
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
CWCO$27.22+2.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0001558370-25-011063
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-10.
0001104659-25-109130
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 160 previous paragraphs and 162 current paragraphs.
84 unchanged; 53 reworded; 22 added; 19 removed; 4 previous and 3 current paragraphs rearranged.
Tables are not compared: 11 previous and 12 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (22)
Current report
Our net losses from discontinued operations for the three months ended September 30, 2025 and 2024 were $($37,220) and ($502,854), respectively.
Current report
Other income, net, remained relatively consistent at $811,227 for 2025 as compared to $724,040 for 2024.
Current report
The retail segment generated $3,377,580 in income from operations for 2025 as compared to $3,200,441 for 2024.
Current report
The bulk segment generated $2,642,709 and $2,416,646 in income from operations for 2025 and 2024, respectively.
Current report
Bulk segment G&A expenses decreased to $267,292 for 2025 as compared to $381,230 for 2024 due to a decrease in the provision for credit losses of approximately $122,000.
Current report
The services segment generated $1,911,730 and $1,798,667 in income from operations for 2025 and 2024, respectively.
Current report
Services segment revenue increased to $14,289,315 for 2025 from $12,677,837 for 2024. Construction revenue increased to $6,360,333 as compared to $4,251,237. Revenue generated under operations and maintenance contracts increased to $7,715,000 for 2025 as compared to $7,492,121 for 2024 primarily due to the amendment, effective June 2025, of an operating and maintenance contract for a US federal client which increased the scope of services we provide (and thus increased the fees we charge) under that contract. Design and consulting revenue decreased to $213,982 in 2025 from $934,479 in 2024 due to the completion in the fourth quarter of 2024 of a contract for a major plant commissioning and startup project.
Current report
Gross profit for the services segment increased to $3,844,421 (27% of services revenue) in 2025 from $3,268,512 (26% of services revenue) in 2024 due to the overall increase in revenue.
Current report
We have been informed by one of our significant operations and maintenance customers that it is unlikely such customer will extend its existing contract with PERC beyond the current expiration date of this contract in March 2026. We recognized approximately $1.4 million and $474,000 in revenue and gross profit, respectively, under this contract for 2025.
Current report
G&A expenses for the manufacturing segment decreased to $459,038 for 2025 as compared to $745,418 for 2024 due to a decrease in the provision for credit losses of $184,000.
Current report
Corporate G&A expenses remained relatively consistent at $3,585,104 for 2025 as compared to $3,572,073 for 2024.
Current report
Nine Months Ended September 30, 2025 Compared to Nine Months Ended****September 30, 2024
Current report
increases and (iii) incremental information technology expenses of almost $240,000 resulting from the ongoing implementation of a new utility billing system for the retail segment.
Current report
The retail segment generated $12,201,514 in income from operations for 2025 compared to $11,231,252 for 2024.
Current report
Retail G&A expenses increased to $2,726,531 for 2025 compared to $2,335,807 for 2024 primarily as a result of incremental information technology expenses to approximately $240,000 for the ongoing implementation of a new utility billing system.
Current report
The bulk segment generated $7,265,414 and $6,836,571 in income from operations for 2025 and 2024, respectively.
Current report
The services segment generated $3,160,696 and $7,219,793 in income from operations for 2025 and 2024, respectively.
Current report
We have been informed by one of our significant operations and maintenance customers that it is unlikely such customer will extend its existing contract with PERC beyond the current expiration date of this contract in March 2026. We recognized approximately $3.7 million and $1.2 million in revenue and gross profit, respectively, under this contract for 2025.
Current report
G&A expenses for the services segment increased to $6,143,566 for 2025 as compared to $4,264,323 for 2024 primarily due to increases of (i) $1,036,730 in employee costs attributable to new hires and salary increases; (ii) incremental legal costs and other professional fees of $300,866; and (iii) approximately $329,000 for the provision for credit losses.
Current report
G&A expenses for the manufacturing segment decreased to $1,653,668 for 2025 as compared to $1,930,706 for 2024 due to a reduction of $327,000 in the provision for credit losses.
Current report
Accounts receivable decreased by approximately $10.6 million primarily due to a $11.5 million decrease in CW-Bahamas’ accounts receivable.
Current report
In September 2025, the FASB issued ASU 2025-06,Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU requires entities to begin capitalizing software costs when management authorizes and commits to funding the software project, and it is probable that the project will be completed and the software will be used for its intended purpose. The ASU is effective for annual periods beginning after December 15, 2027. Early adoption is permitted and the guidance can be applied on a prospective basis, a modified basis for in-process projects, or on a retrospective basis. The Company is currently evaluating the impact of this guidance.
Removed paragraphs (19)
Previous report
The retail segment generated $3,877,491 in income from operations for 2025 as compared to $3,723,917 for 2024.
Previous report
The bulk segment generated $2,141,159 and $1,987,230 in income from operations for 2025 and 2024, respectively.
Previous report
The services segment generated $1,429,454 and $2,270,308 in income from operations for 2025 and 2024, respectively.
Previous report
Gross profit for the services segment decreased to $3,391,319 (30% of services revenue) in 2025 from $3,463,932 (29% of services revenue) in 2024 due to the overall decline in revenue. During 2025, we adjusted our previous estimate of the total costs to be incurred for one construction contract. This change in accounting estimate resulted in an increase in the services segment’s revenue, gross profit and income from operations of $167,904 for 2025 under the input method we use to account for construction contracts.
Previous report
G&A expenses for the manufacturing segment decreased slightly to $530,552 for 2025 as compared to $667,586 for 2024.
Previous report
Corporate G&A expenses remained relatively consistent at $3,676,277 for 2025 as compared to $3,597,110 for 2024.
Previous report
Six Months Ended June 30, 2025 Compared to Six Months Ended****June 30, 2024
Previous report
The retail segment generated $8,823,934 in income from operations for 2025 compared to $8,030,811 for 2024.
Previous report
Retail G&A expenses increased to $1,774,429 for 2025 compared to $1,548,404 for 2024 due to approximately $142,000 incurred for the in-process implementation of a new billing system.
Previous report
The bulk segment generated $4,622,705 and $4,419,925 in income from operations for 2025 and 2024, respectively.
Previous report
Bulk segment G&A expenses remained relatively consistent at $740,831 for 2025 as compared to $707,409 for 2024.
Previous report
The services segment generated $1,248,966 and $5,421,126 in income from operations for 2025 and 2024, respectively.
Previous report
G&A expenses for the services segment increased to $4,188,380 for 2025 as compared to $2,794,478 for 2024 primarily due to an increase of $718,212 of added employee costs attributable to new hires, salary increases, incremental legal costs and other professional fees of $267,098 (which includes $139,000 in costs related to a legal settlement) and a net increase of approximately $291,000 in the provision for credit losses.
Previous report
Manufacturing gross profit was $3,799,479 (34% of manufacturing revenue) for 2025 as compared to $2,572,954 (28% of manufacturing revenue) for 2024. The increase in manufacturing gross profit in dollars and as a percentage of revenue results from increased production activity and a higher margin product mix. In addition, during 2025 we adjusted our previous estimates of the total costs to be incurred for two manufacturing contracts. These changes in accounting estimates resulted in an increase in the manufacturing segment’s revenue, gross profit and income from operations of $445,150 for 2025 under the input method we use to account for manufacturing contracts.
Previous report
G&A expenses for the manufacturing segment remained relatively consistent at $1,194,630 for 2025 as compared to $1,185,288 for 2024.
Previous report
Accounts receivable increased by approximately $2.4 million primarily due to a $1.5 million increase in the manufacturing segment accounts receivable as well as an increase in the CW-Bahamas accounts receivable of approximately $876,000.
Previous report
Prepaid expenses and other current assets decreased by approximately $1.6 million primarily due to the amortization of prepaid insurance premiums.
Previous report
Construction in progress increased by approximately $1.4 million primarily due to $1.8 million spent on the expansion of the Aerex manufacturing facility and $1.1 million spent on CW-Bahamas’ plant construction on Cat Island. These increases were offset by a reduction of $1.4 million due to the additional capitalization of the expansion of the West Bay plant.
Previous report
Accounts payable, accrued expenses and other liabilities increased by approximately $3.7 million primarily due to $3.4 million increase in CW-Bahamas accounts payable.
Reworded paragraphs (53)
Previous wording
We recognize revenue for our construction and our specialized/custom manufacturing contracts over time under the input method using costs incurred (which represents work performed) to date relative to the total estimated costs at completion to measure progress toward satisfying a contract’s performance obligations, as such measure best reflects the transfer of control of the promised good to the customer. Contract costs include labor, materials, subcontractor costs and other expenses. We follow this method since we can make reasonably dependable estimates of the revenue and costs applicable to the various stages of a contract. Under this input method, we record revenue and recognize profit or loss as work on the contract progresses. We estimate total costs to be incurred and profit to be earned on each long-term, fixed price contract prior to commencement of work on the contract and update these estimates as work on the contract progresses. The cumulative amount of revenue recorded on a contract at a specified point in time is that percentage of total estimated revenue that incurred costs to date comprised of estimated total contract costs. Due to the extended time it may take to complete many of our contracts and the scope and nature of the work required to be performed on those contracts, the estimations of total revenue and costs at completion are complicated and subject to many variables and, accordingly, are subject to changes. When adjustments in estimated total contract revenue or estimated total contract costs are required, any changes from prior estimates are recognized in the current period for the inception-to-date effect of such changes. We recognize the full amount of any estimated loss on a contract at the time the estimates indicate such a loss.
Current wording
We recognize revenue for our construction and our specialized/custom manufacturing contracts (and some of our design contracts)over time under the input method using costs incurred (which represents work performed) to date relative to the total estimated costs at completion to measure progress toward satisfying a contract’s performance obligations, as such measure best reflects the transfer of control of the promised good to the customer. Contract costs include labor, materials, subcontractor costs and other expenses. We follow this method since we can make reasonably dependable estimates of the revenue and costs applicable to the various stages of a contract. Under this input method, we record revenue and recognize profit or loss as work on the contract progresses. We estimate total costs to be incurred and profit to be earned on each long-term, fixed price contract prior to commencement of work on the contract and update these estimates as work on the contract progresses. The cumulative amount of revenue recorded on a contract at a specified point in time is that percentage of total estimated revenue that incurred costs to date comprised of estimated total contract costs. Due to the extended time it may take to complete many of our contracts and the scope and nature of the work required to be performed on those contracts, the estimations of total revenue and costs at completion are complicated and subject to many variables and, accordingly, are subject to changes. When adjustments in estimated total contract revenue or estimated total contract costs are required, any changes from prior estimates are recognized in the current period for the inception-to-date effect of such changes. We recognize the full amount of any estimated loss on a contract at the time the estimates indicate such a loss.
Previous wording
We are presently in the process of legally terminating/dissolving CW-Cooperatief, NSC and AdR and will continue to incur expenses for these subsidiaries while such process is completed.
Current wording
We are presently in the process of legally terminating/dissolving CW-Cooperatief, NSC and AdR and will continue to incur expenses for these subsidiaries until such processes are completed.
Previous wording
Including discontinued operations, net income attributable to Consolidated Water Co. Ltd. stockholders for 2025 was $5,096,205 ($0.32 per share on a fully diluted basis), as compared to net income of $15,850,257 ($0.99 per share on a fully diluted basis) for 2024.
Current wording
Including discontinued operations, net income attributable to Consolidated Water Co. Ltd. stockholders for 2025 was $5,532,344 ($0.34 per share on a fully diluted basis), as compared to net income of $4,454,464 ($0.28 per share on a fully diluted basis) for 2024.
Previous wording
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders for 2025 was $5,178,761 ($0.32 per share on a fully diluted basis), as compared to net income from continuing operations of $4,242,411 ($0.26 per share on a fully diluted basis) for 2024.
Current wording
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders for 2025 was $5,569,564 ($0.34 per share on a fully diluted basis), as compared to net income from continuing operations of $4,957,318 ($0.31 per share on a fully diluted basis) for 2024.
Previous wording
Revenue for 2025 increased to $33,591,079 from $32,479,158 in 2024, as a result of revenue increases in the retail and manufacturing segments. These increases were partially offset by a decline in revenue for both the services and bulk segments. Gross profit for 2025 was $12,831,985 (38% of total revenue) as compared to $11,620,214 (36% of total revenue) for 2024. For further discussion of revenue and gross profit see the “Results by Segment” discussion and analysis that follows.
Current wording
Revenue for 2025 increased to $35,118,706 from $33,390,557 in 2024, as a result of revenue increases in the retail, services and manufacturing segments. These increases were partially offset by a slight decline in revenue for the bulk segment. Gross profit for 2025 was $12,945,909 (37% of total revenue) as compared to $11,634,658 (35% of total revenue) for 2024. For further discussion of revenue and gross profit see the “Results by Segment” discussion and analysis that follows.
Previous wording
General and administrative (“G&A”) expenses on a consolidated basis increased to $7,580,238 for 2025 as compared to $6,606,294 for 2024. The increase in G&A expenses for 2025 arises principally from incremental (i) employee costs of $665,396 attributable to new hires and salary increases; and (ii) information technology expenses of $141,592 resulting from the in-process implementation of a new billing system for our retail operations.
Current wording
General and administrative (“G&A”) expenses on a consolidated basis increased to $7,218,722 for 2025 as compared to $6,955,969 for 2024. The increase in G&A expenses for 2025 arises principally from incremental employee costs of approximately $193,000 attributable to new hires and salary increases.
Previous wording
Revenue generated by retail water operations increased to $8,638,026 in 2025 from $8,181,884 in 2024 due to a 7% increase in the volume of water sold. We believe significantly lower rainfall amounts on Grand Cayman in 2025 as compared to 2024 was the principal reason for the increase in the volume of water sold in 2025.
Current wording
Revenue generated by retail water operations increased to $7,770,344 in 2025 from $7,585,992 in 2024 due to a 6% increase in the volume of water sold. We believe significantly lower rainfall in 2025 on Grand Cayman as compared to 2024 and an increase in total number of customer service connections were the principal reasons for the increase in the volume of water sold in 2025. The impact of greater volume sales on retail revenue for 2025 was partially offset by a decrease in energy costs in 2025 from 2024 that decreased the energy pass-through component of Cayman Water’s rates.
Previous wording
As a result of the revenue increase, retail segment gross profit increased in both total dollars and as a percentage of revenue to $4,862,268 (56% of retail revenue) for 2025 from $4,511,751 (55% of retail revenue) for 2024.
Current wording
As a result of the revenue increase, retail segment gross profit increased in both total dollars and as a percentage of revenue to $4,323,082 (56% of retail revenue) for 2025 from $3,979,048 (52% of retail revenue) for 2024.
Previous wording
Retail G&A expenses increased to $985,617 for 2025 compared to $781,706 for 2024 principally due to information technology expenses of $141,592 resulting from the in-process implementation of a new billing system.
Current wording
Retail G&A expenses increased to $952,102 for 2025 compared to $787,403 for 2024 principally due to incremental information technology expenses resulting from the ongoing implementation of a new utility billing system and an increase in employee costs attributable to salary increases.
Previous wording
Bulk segment revenue was $8,274,816 and $8,447,958 for 2025 and 2024, respectively. The decrease in bulk revenue from 2024 to 2025 resulted from lower diesel fuel prices, which decreased the pass-through energy component of CW-Bahamas’ rates.
Current wording
Bulk segment revenue was $8,394,614 and $8,767,168 for 2025 and 2024, respectively. The decrease in bulk revenue from 2024 to 2025 resulted from lower diesel fuel prices, which decreased the pass-through energy component of CW-Bahamas’ rates.
Previous wording
Gross profit for our bulk segment increased to $2,535,909 (31% of bulk revenue) for 2025 as compared to $2,350,498 (28% of bulk revenue) for 2024 due to improved plant efficiency and slight reductions in various operating expenses.
Current wording
Gross profit for our bulk segment increased to $2,910,001 (35% of bulk revenue) for 2025 as compared to $2,797,876 (32% of bulk revenue) for 2024 due to improved plant efficiency and reductions in various operating expenses.
Previous wording
G&A expenses for the services segment increased to $1,993,042 for 2025 as compared to $1,196,624 for 2024 primarily due to incremental employee costs of $649,976 attributable to new hires and salary increases and a net increase of $108,286 in the provision for credit losses.
Current wording
G&A expenses for the services segment increased to $1,955,186 for 2025 as compared to $1,469,845 for 2024 primarily due to incremental employee costs of $318,518 attributable to new hires and salary increases.
Previous wording
The manufacturing segment contributed $1,511,937 and $626,447 to our income from operations in 2025 and 2024, respectively.
Current wording
The manufacturing segment contributed $1,414,367 and $843,804 to our income from operations in 2025 and 2024, respectively.
Previous wording
Manufacturing revenue increased to $5,230,035 from $3,926,847 for 2025 and 2024, respectively, due to increased production activity.
Current wording
Manufacturing revenue increased to $4,664,433 from $4,359,560 for 2025 and 2024, respectively, due to increased production activity.
Previous wording
Manufacturing gross profit was $2,042,489 (39% of manufacturing revenue) for 2025 as compared to a gross profit of $1,294,033 (33% of manufacturing revenue) for 2024. The increase in manufacturing gross profit in dollars and as a percentage of revenue results from increased production activity and a higher margin product mix. In addition, during 2025 we adjusted our previous estimates of the total costs to be incurred for two manufacturing contracts. These changes in accounting estimates resulted in an increase in the manufacturing segment’s revenue, gross profit and income from operations of $445,150 for 2025 under the input method we use to account for manufacturing contracts.
Current wording
Manufacturing gross profit was $1,868,405 (40% of manufacturing revenue) for 2025 as compared to a gross profit of $1,589,222 (36% of manufacturing revenue) for 2024. The increase in manufacturing gross profit in dollars and as a percentage of revenue results from production efficiencies and a higher margin product mix.
Previous wording
We are presently in the process of legally terminating/dissolving CW-Cooperatief, NSC and AdR and will continue to incur expenses for these subsidiaries while such process is completed.
Current wording
We are presently in the process of legally terminating/dissolving CW-Cooperatief, NSC and AdR and will continue to incur expenses for these subsidiaries until such processes are completed.
Previous wording
Our net loss from discontinued operations for the three months ended June 30, 2025 was ($82,556). We generated net income from discontinued operations of $11,607,846 for the three months ended June 30, 2024 as a result of the Settlement Agreement discussed previously.
Current wording
Our net loss from discontinued operations for the nine months ended September 30, 2025 was ($252,857). We generated net income from discontinued operations of $10,637,926 for the nine months ended September 30, 2024 as a result of the gain generated from the sale of the Project land and documentation under the Settlement Agreement.
Previous wording
Including discontinued operations, net income attributable to Consolidated Water Co. Ltd. stockholders for 2025 was $9,887,234 ($0.62 per share on a fully diluted basis), as compared to net income of $22,324,605 ($1.40 per share on a fully diluted basis) for 2024.
Current wording
Including discontinued operations, net income attributable to Consolidated Water Co. Ltd. stockholders for 2025 was $15,419,578 ($0.96 per share on a fully diluted basis), as compared to net income of $26,779,069 ($1.68 per share on a fully diluted basis) for 2024.
Previous wording
The following discussion and analysis of our consolidated results of operations and results of operations by segment for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 relates only to our continuing operations.
Current wording
The following discussion and analysis of our consolidated results of operations and results of operations by segment for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 relates only to our continuing operations.
Previous wording
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders for 2025 was $10,102,871 ($0.63 per share on a fully diluted basis), as compared to net income from continuing operations of $11,183,825 ($0.70 per share on a fully diluted basis) for 2024.
Current wording
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders for 2025 was $15,672,435 ($0.97 per share on a fully diluted basis), as compared to net income from continuing operations of $16,141,143 ($1.01 per share on a fully diluted basis) for 2024.
Previous wording
Revenue for 2025 decreased to $67,306,464 from $72,168,548 in 2024. Increases in revenue for the retail and manufacturing segments were more than offset by a significant decrease in the services segment revenue. Gross profit for 2025 was $25,138,272 (37% of total revenue) as compared to $25,498,237 (35% of total revenue) for 2024. For further discussion of revenue and gross profit see the “Results by Segment” discussion and analysis that follows.
Current wording
Revenue for 2025 decreased to $102,425,170 from $105,559,105 in 2024. Increases in revenue for the retail and manufacturing segments were more than offset by a significant decrease in the services segment revenue. Gross profit for 2025 was $38,084,181 (37% of total revenue) as compared to $37,132,895 (35% of total revenue) for 2024. For further discussion of revenue and gross profit see the “Results by Segment” discussion and analysis that follows.
Previous wording
G&A expenses on a consolidated basis increased to $15,304,197 for 2025 as compared to $13,170,323 for 2024. The increase in G&A expenses for 2025 arises principally from (i) incremental legal costs and other professional fees totaling $537,215 (which includes $139,000 in costs related to a legal settlement); (ii) added employee costs of $1.0 million attributable to new hires, salary increases and a retirement payment of $158,000 made to a former executive; and (iii) a net increase of approximately $171,000 in the provision for credit losses.
Current wording
G&A expenses on a consolidated basis increased to $22,522,919 for 2025 as compared to $20,126,292 for 2024. The increase in G&A expenses for 2025 arises principally from (i) incremental legal, consulting and other professional fees of approximately $642,000; (ii) added employee costs of approximately $1.2 million attributable to new hires, salary
Previous wording
Other income, net, increased to $820,182 for 2025 as compared to $418,426 for 2024 primarily due to approximately $376,000 of additional interest income resulting from additional interest earned on higher balances of interest earning assets.
Current wording
Other income, net, increased to $2,320,300 for 2025 as compared to $1,560,650 for 2024 primarily due to approximately $669,000 of additional interest income earned on higher balances of interest earning assets.
Previous wording
Revenue generated by our retail water operations increased to $18,049,368 in 2025 from $16,806,822 in 2024 due to a 10% increase in the volume of water sold. We believe significantly lower rainfall amounts in 2025 on Grand Cayman as compared to 2024 was the principal reason for the increase in the volume of water sold in 2025.
Current wording
Revenue generated by our retail water operations increased to $25,819,712 in 2025 from $24,392,814 in 2024 due to a 9% increase in the volume of water sold. We believe significantly lower rainfall in 2025 on Grand Cayman as compared to 2024 and an increase in total number of customer service connections were the principal reasons for the increase in the volume of water sold in 2025. The impact of greater volume sales on retail revenue for 2025 was partially offset by a decrease in energy costs in 2025 from 2024 that decreased the energy pass-through component of Cayman Water’s rates.
Previous wording
As a result of the revenue increase, retail segment gross profit increased in both total dollars and as a percentage of revenue to $10,567,547 (59% of retail revenue) for 2025 from $9,585,345 (57% of retail revenue) for 2024.
Current wording
As a result of the revenue increase, retail segment gross profit increased in both total dollars and as a percentage of revenue to $14,890,629 (58% of retail revenue) for 2025 from $13,564,393 (56% of retail revenue) for 2024.
Previous wording
Bulk segment revenue was $16,686,532 and $16,790,052 for 2025 and 2024, respectively. The decrease in bulk revenue from 2024 to 2025 resulted from lower diesel fuel prices, which decreased the pass-through energy component of CW-Bahamas’ rates.
Current wording
Bulk segment revenue was $25,081,146 and $25,557,220 for 2025 and 2024, respectively. The decrease in bulk revenue from 2024 to 2025 resulted from lower diesel fuel prices, which decreased the pass-through energy component of CW-Bahamas’ rates.
Previous wording
Gross profit for our bulk segment improved slightly to $5,363,536 (32% of bulk revenue) for 2025 as compared to $5,127,334 (31% of bulk revenue) for 2024, primarily as a result of improved plant efficiency and lower operating costs.
Current wording
Gross profit for our bulk segment improved slightly to $8,273,537 (33% of bulk revenue) for 2025 as compared to $7,925,210 (31% of bulk revenue) for 2024, primarily as a result of improved plant efficiency and lower operating costs.
Previous wording
Bulk segment G&A expenses remained relatively consistent at $394,750 for 2025 as compared to $363,268 for 2024.
Current wording
Bulk segment G&A expenses remained relatively consistent at $1,008,123 for 2025 as compared to $1,088,639 for 2024.
Previous wording
Services segment revenue decreased to $21,526,470 for 2025 from $29,340,080 for 2024. Construction revenue declined to $5,044,167 for 2025 as compared to $13,381,536 for 2024 primarily as a result of $6.2 million of additional revenue generated from PERC’s contract with Liberty Utilities and $1.1 million in additional revenue generated from the Red Gate contract in 2024. Such contracts were substantially completed in the second quarter of 2024. Construction revenue recognized on the Hawaii contract also declined by $2.1 million in 2025 due to the completion of the pilot plant testing phase of the project, which resulted in a decrease in project expenditures pending commencement of the construction phase of the project. These decreases in construction revenue were partially offset by construction revenue generated under new contracts. Revenue generated under operations and maintenance contracts increased to $15,980,704 for 2025 as compared to $14,168,275 for 2024 as a result of incremental revenue generated by both PERC and REC. Design and consulting revenue decreased to $501,599 in 2025 from $1,790,269 in 2024 due to the completion of a large consulting contract in December 2024 that generated $1.3 million in the six months ended June 30, 2024.
Current wording
Construction revenue declined to $11,404,500 for 2025 as compared to $17,632,772 for 2024 primarily as a result of approximately $8.0 million of additional revenue generated from PERC’s contract with Liberty Utilities and $1.3 million in revenue generated from the Red Gate contract in Grand Cayman in 2024. Such contracts were substantially completed by the end of the second quarter of 2024. Construction revenue recognized on the Hawaii contract also declined by $3.1 million in 2025 due to the completion of the pilot plant testing phase of the project, which has resulted in a decrease in project expenditures pending commencement of the construction phase of the project. These decreases in construction revenue were partially offset by construction revenue generated under new contracts. Revenue generated under operations and maintenance contracts increased to $23,695,704 for 2025 as compared to $21,660,396 for 2024 as a result of incremental revenue generated by both PERC and REC. Design and consulting revenue decreased to $715,581 in 2025 from $2,724,749 in 2024 due to the completion in the fourth quarter of 2024 of a contract for a major plant commissioning and startup project.
Previous wording
Gross profit for the services segment decreased to $5,407,710 (25% of services revenue) in 2025 from $8,212,604 (28% of services revenue) in 2024 due to the substantial decline in construction and design and consulting revenue. During 2025, we adjusted our previous estimate of the total costs to be incurred for one construction contract. This change in accounting estimate resulted in an increase in the services segment’s revenue, gross profit and income from operations of $167,904 for 2025 under the input method we use to account for construction contracts.
Current wording
Gross profit for the services segment decreased to $9,252,131 (26% of services revenue) in 2025 from $11,481,116 (27% of services revenue) in 2024 due to the substantial decline in construction and design and consulting revenue.
Previous wording
The manufacturing segment contributed $2,604,849 and $1,387,666 to our income from operations in 2025 and 2024, respectively.
Current wording
The manufacturing segment contributed $4,019,216 and $2,231,470 to our income from operations in 2025 and 2024, respectively.
Previous wording
Manufacturing revenue increased to $11,044,094 in 2025 from $9,231,594 for 2024 due to increased production activity.
Current wording
Manufacturing revenue increased to $15,708,527 in 2025 from $13,591,154 for 2024 due to increased production activity.
Previous wording
Corporate G&A expenses increased to $7,405,927 for 2025 as compared to $6,934,744 for 2024 due to a retirement payment of approximately $158,000 made to a former executive and incremental legal, audit and other professional fees of approximately $232,000.
Current wording
Corporate G&A expenses increased to $10,991,031 for 2025 as compared to $10,506,817 for 2024 due to incremental legal, and other professional fees of approximately $353,000.
Previous wording
Current inventory decreased by approximately $2.8 million primarily due to a decrease of $3.7 million in Aerex’s inventory resulting from increased production activity, which was partially offset by an increase in PERC’s current inventory of approximately $905,000.
Current wording
Current inventory decreased by approximately $4.4 million primarily due to a decrease of $4.3 million in Aerex’s inventory resulting from the consumption of materials used in product production.
Previous wording
Contract assets increased by approximately $1.3 million primarily due to a $1.9 million increase in the manufacturing segment contract assets attributable to work started in the first quarter for one major client and an increase in PERC’s contract assets of approximately $419,000. These increases were partially offset by a decrease of approximately $1.1 million in DesalCo’s contract assets due to the collection of the final payment on the Red Gate plant.
Current wording
Contract assets increased by approximately $2.3 million primarily due to a $1.0 million increase in the manufacturing segment contract assets attributable to work started in the third quarter for one client and an increase in PERC’s contract assets of approximately $2.3 million. These increases were partially offset by a decrease of approximately $1.1 million in DesalCo’s contract assets due to the collection of the final payment for the design and construction of the WAC’s Red Gate plant.
Previous wording
Property, plant and equipment, net, increased by approximately $1.3 million primarily due to the expansion of the new West Bay plant in Cayman Islands as well as a specialized equipment truck purchased for the services segment.
Current wording
Property, plant and equipment, net, increased by approximately $3.1 million primarily due to the completion of the expansion of Aerex’s manufacturing facility this quarter as well as specialized equipment purchased for the services segment.
Previous wording
Contract liabilities increased by $3.8 million primarily due to the Kalaeloa Desalco construction project.
Current wording
Contract liabilities increased by $2.6 million due to a $3.2 million increase for the Kalaeloa Desalco construction project.
Previous wording
Our projected liquidity requirements for the balance of 2025 include capital expenditures for our existing operations of approximately $8.5 million, which includes approximately $1.5 million to be incurred during 2025 for a project in The Bahamas and $700,000 for the expansion of Aerex's manufacturing facility. We paid approximately $2.3 million for dividends in July 2025. Our liquidity requirements may also include future quarterly dividends, if such dividends are declared by our Board.
Current wording
Our projected liquidity requirements for the balance of 2025 include capital expenditures for our existing operations of approximately $4.5 million, which includes approximately $1.3 million to be incurred during 2025 for a project in The Bahamas and $266,000 for new equipment for Aerex’s manufacturing facility. We paid approximately $2.3 million for dividends in October 2025. Our liquidity requirements may also include future quarterly dividends, if such dividends are declared by our Board.
Previous wording
As of June 30, 2025, we had cash and cash equivalents of $112.2 million and working capital of $137.4 million.
Current wording
As of September 30, 2025, we had cash and cash equivalents of $123.6 million and working capital of $141.7 million.
Previous wording
CW-Bahamas’ accounts receivable balances (which include accrued interest) due from the WSC amounted to $29.3 million and $28.4 million as of June 30, 2025 and December 31, 2024, respectively. Approximately 81% of the accounts receivable balances were delinquent as of those dates, respectively. The delay in collecting these accounts receivable has adversely impacted the liquidity of this subsidiary.
Current wording
CW-Bahamas’ accounts receivable balances (which include accrued interest) due from the WSC amounted to $16.8 million and $28.4 million as of September 30, 2025 and December 31, 2024, respectively. Approximately 66% and 81% of the accounts receivable balances were delinquent as of those dates, respectively. The delay in collecting these accounts receivable has adversely impacted the liquidity of this subsidiary.
Showing the first 40 of 53 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Manufacturing gross profit was $5,667,884 (36% of manufacturing revenue) for 2025 as compared to $4,162,176 (31% of manufacturing revenue) for 2024. The increase in manufacturing gross profit in dollars and as a percentage of revenue results from increased production activity, production efficiencies and a higher margin product mix.
Current report — wording carried from elsewhere
values of our retail segment assets. Such impairment losses could have a material adverse impact on ourconsolidated financial condition and results of operations.
Current report — wording carried from elsewhere
flows, capital requirements and other factors our Board of Directors deems relevant in determining the amount and timing of such dividends.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
Services segment revenue decreased to $11,448,202 for 2025 from $11,922,469 for 2024. Construction revenue declined to $2,825,935 as compared to $4,004,072 for 2024 as a result of a $1.0 million decrease in revenue recognized for the Hawaii project due to the completion of the pilot plant testing phase of the project, which resulted in a decrease in project expenditures pending commencement of the construction phase of the project. Revenue generated under operations and maintenance contracts increased to $8,255,408 for 2025 as compared to $7,068,922 for 2024 as a result of incremental revenue generated by both PERC and REC. Design and consulting revenue decreased to $366,859 in 2025 from $849,475 in 2024.
Previous report — wording carried elsewhere
Our net loss from discontinued operations for the six months ended June 30, 2025 was ($215,637). We generated net income from discontinued operations of $11,140,780 for the six months ended June 30, 2024 as a result of the Settlement Agreement discussed previously.
Previous report — wording carried elsewhere
Other income, net, increased to $1,509,073 for 2025 as compared to $836,610 for 2024 primarily due to approximately $659,000 of additional interest income resulting from additional interest earned on higher balances of interest earning assets.
Previous report — wording carried elsewhere
current report issued in April 2025. Based upon our review of this Moody’s correspondence, we continue to believe that no material allowance for credit losses is required for CW-Bahamas’ accounts receivable from the WSC.