Global Water Resources, Inc.
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
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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, 2026 · Filed Nov 3, 2026
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4. Revenue Recognition
- Revenue Recognition
Disaggregated Revenue
Disaggregated revenue from contracts with customers by major source and customer class was as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (in thousands) | 2026 | 2025 | 2026 | 2025 |
| Regulated revenue | ||||
| Water Service | ||||
| Residential | $5,890 | $5,583 | $16,180 | $14,961 |
| Irrigation | 1,700 | 1,530 | 3,906 | 3,323 |
| Commercial | 651 | 652 | 1,735 | 1,447 |
| Multi-family | 186 | 121 | 477 | 313 |
| Construction | 191 | 251 | 710 | 1,002 |
| Other water revenue | 386 | 344 | 1,006 | 783 |
| Total water revenue | 9,004 | 8,481 | 24,014 | 21,829 |
| Wastewater and recycled water service | ||||
| Residential | 6,143 | 5,978 | 18,292 | 17,775 |
| Commercial | 322 | 297 | 946 | 877 |
| Multi-family | 125 | 93 | 351 | 200 |
| Recycled water revenue | 612 | 568 | 1,346 | 1,266 |
| Other wastewater revenue | 95 | 102 | 294 | 270 |
| Total wastewater and recycled water revenue | 7,297 | 7,038 | 21,229 | 20,388 |
| Total regulated revenue | 16,301 | 15,519 | 45,243 | 42,217 |
| Unregulated revenue | ||||
| Total unregulated revenue | — | — | 2,111 | — |
| Total revenue | $16,301 | $15,519 | $47,354 | $42,217 |
Contract Balances
The Company’s contract assets and liabilities consisted of the following:
| (in thousands) | September 30, 2026 | December 31, 2025 |
|---|---|---|
| Contract assets | ||
| Accounts receivable, net | $3,926 | $3,746 |
| Total contract assets | $3,926 | $3,746 |
| Contract liabilities | ||
| Deferred revenue - ICFA | $22,415 | $22,772 |
| Total contract liabilities | $22,415 | $22,772 |
Accounts Receivable and Allowance for Credit Losses
Accounts receivable consisted of the following:
| (in thousands) | September 30, 2026 | December 31, 2025 |
|---|---|---|
| Billed receivables | $4,216 | $3,990 |
| Less: provision for credit losses | (290) | (244) |
| Accounts receivable, net | $3,926 | $3,746 |
-12-
The following table summarizes the allowance for credit loss activity:
| (in thousands) | September 30, 2026 | December 31, 2025 |
|---|---|---|
| Beginning of period | $(244) | $(163) |
| Credit loss expense | (113) | (193) |
| Write offs | 78 | 123 |
| Recoveries | (11) | (11) |
| End of period | $(290) | $(244) |
Remaining Performance Obligations
Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Deferred revenue from ICFAs is recognized as revenue once the obligations specified within the applicable ICFA are met, including construction of sufficient operating capacity to serve the customers for which revenue was deferred. Due to the uncertainty of future events, the Company is unable to estimate when to expect recognition of deferred revenue from ICFAs.
The following table summarizes the ICFA deferred revenue activity:
| (in thousands) | September 30, 2026 |
|---|---|
| Beginning of period | $22,772 |
| Payments allocated to deferred revenue | 360 |
| Reclassifications from HUF | 929 |
| Revenue recognized | (2,111) |
| End of period | $21,950 |
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