Key Takeaways
- Cadiz Inc. (NASDAQ: CDZI, CDZIP) reported second-quarter 2026 revenue of $979,000, down about 76% from $4.13 million a year earlier, alongside a net loss that widened to $11.4 million from $7.7 million in the second quarter of 2025.
- The U.S. Bureau of Land Management approved converting Cadiz’s 220-mile Northern Pipeline from natural gas to water conveyance in July 2026.
- Cadiz affiliate Fenner Gap Mutual Water Company finalized $273.8 million in guaranteed maximum price construction contracts for the Northern Pipeline, part of an estimated $403.3 million total project budget.
- The Environmental Protection Agency selected the Mojave Groundwater Bank-Northern Pipeline Project for a WIFIA loan application of up to $194 million, and the Lytton Rancheria committed up to $51 million toward a targeted $450 million equity raise.
- Cadiz named Jacinto J. Hernandez as incoming executive vice president and chief financial officer effective September 1, succeeding retiring CFO Stanley E. Speer.
Cadiz Posts Wider Q2 2026 Net Loss
Cadiz Inc. (NASDAQ: CDZI, CDZIP) released its second-quarter 2026 letter to shareholders on August 14, alongside an updated investor presentation, following the water company’s Form 10-Q filing with the Securities and Exchange Commission. The letter from CEO Susan Kennedy covers recent developments across the company’s water storage, banking and pipeline projects in California’s Mojave Desert.
Second-quarter revenue came in at $979,000, down from $4.13 million in the same period last year. Net loss widened to $11.4 million from $7.7 million in the second quarter of 2025. Cadiz attributed the decline to lower product and agriculture revenue, including reduced filter sales at its ATEC Water Systems division and lower alfalfa revenue, along with higher general and administrative costs. The results follow a mixed quarter across publicly traded agtech and water companies managing rising project costs this year.
Northern Pipeline Construction Contracts Finalized
On the infrastructure side, the Bureau of Land Management approved converting Cadiz’s 220-mile Northern Pipeline from natural gas to water conveyance in July. Fenner Gap Mutual Water Company, a Cadiz affiliate, finalized $273.8 million in guaranteed maximum price construction contracts for the project later that month: $218.9 million with W.M. Lyles Co. for pump-station facilities and $54.9 million with Mike Bubalo Construction Co. for pipeline replacement work. The pipeline’s total capital budget is estimated at $403.3 million.
Cadiz Advances Financing for Mojave Water Bank
The Environmental Protection Agency selected the Mojave Groundwater Bank-Northern Pipeline Project to apply for a low-interest WIFIA loan of up to $194 million. The Lytton Rancheria has committed up to $51 million as the first tranche of a targeted $450 million equity raise for the project, with up to $400 million in private equity under review for the project vehicle, Mojave Water Infrastructure Company LLC. Under existing contracts, the pipeline is expected to deliver 21,275 acre-feet of water annually.
Leadership Change and Solar Partnership
Cadiz also confirmed a leadership change: Jacinto J. Hernandez will become executive vice president and chief financial officer effective September 1, succeeding retiring CFO Stanley E. Speer. Separately, the company signed a memorandum of understanding with RIC Energy in July to develop on-site solar generation and expand green hydrogen collaboration at Cadiz Ranch.
