Cadiz (CDZI) investor relations material

Executive summary

• Revenue for Q2 2026 was $1.0 million, down from $4.1 million in Q2 2025, primarily due to lower ATEC filter sales and reduced agricultural output.

• Net loss for Q2 2026 was $11.4 million, compared to $7.7 million in Q2 2025, reflecting higher legal and consulting fees for Mojave Groundwater Bank development.

• The company continues to focus on developing the Mojave Groundwater Bank, securing long-term water supply contracts, and advancing infrastructure projects.

• Significant progress was made on project financing, including draws under the Lytton Credit Agreement and execution of construction contracts for the Northern Pipeline.

Financial highlights

• Q2 2026 revenue: $1.0 million (Q2 2025: $4.1 million); six-month revenue: $2.6 million (2025: $7.1 million).

• Q2 2026 net loss: $11.4 million (Q2 2025: $7.7 million); six-month net loss: $20.0 million (2025: $17.3 million).

• Gross margin for ATEC in Q2 2026 was 23.7%, down from 44.5% in Q2 2025, due to lower filter sales volume.

• Cash used in operations for the first half of 2026 was $12.2 million, up from $5.0 million in 2025.

• Cash and equivalents at June 30, 2026: $5.3 million; total assets: $134.8 million; total liabilities: $130.1 million.

Outlook and guidance

• Short-term liquidity is supported by recent draws under the Lytton Credit Agreement and cash on hand.

• Long-term capital needs remain significant, with up to $1.5 billion in total capital required for full pipeline buildout.

• Additional equity or debt financing may be needed to support ongoing development and working capital.