Key Takeaways

  • Consolidated Water (NASDAQ: CWCO) reported second-quarter 2026 total revenue of $32.9 million, down 2% from $33.6 million a year earlier.
  • Net income from continuing operations was $4.0 million, or $0.25 per diluted share, compared with $0.32 per share in the prior-year quarter.
  • Bulk water revenue rose 20% to $9.9 million, while the manufacturing segment fell 49% to $2.7 million.
  • The company received a limited notice to proceed on a $204 million seawater desalination project in Kalaeloa, Hawaii, with 1.7 million gallons per day of capacity.
  • Consolidated Water ended the quarter with $132.6 million in cash and $225.6 million in stockholders’ equity.

Consolidated Water Reports Lower Q2 Revenue

Second-quarter 2026 revenue at Consolidated Water, a NASDAQ-listed developer and operator of seawater desalination and water treatment plants, came to $32.9 million, a 2% drop from the same period in 2025. Net income from continuing operations totaled $4.0 million, or $0.25 per diluted share, versus $0.32 a year earlier. Once discontinued operations are factored in, net income was $3.9 million, or $0.24 per share.

Segment Results Diverge

Results were mixed across the company’s four segments. Bulk revenue jumped 20% to $9.9 million, retail ticked up to $8.7 million, and services grew roughly 1% to $11.6 million. The manufacturing segment, by contrast, sank 49% to $2.7 million. “Bulk revenue increased 20% and gross profit increased 27%, primarily due to higher energy pass-through charges by CW-Bahamas driven by significantly higher energy costs,” said Rick McTaggart, Chief Executive Officer of Consolidated Water.

Consolidated Water Expands Its Project Pipeline

The quarter also brought a limited notice to proceed on a $204 million seawater desalination project in Kalaeloa, Hawaii, built to produce 1.7 million gallons per day. Beyond that, the company booked $10.1 million in purchase orders for municipal water treatment equipment in Florida, brought a second desalination plant online on Cat Island in the Bahamas, and locked in a 25-year exclusive water concession covering Seven Mile Beach and West Bay in Grand Cayman. Sachin Chawla was appointed Senior Vice President, Strategy and Growth.

Balance Sheet and Outlook

Across the first half of 2026, Consolidated Water booked revenue of $62.8 million, a 7% decline from $67.3 million, and net income of $7.7 million, or $0.48 per share. At the close of the quarter on June 30, 2026, the company held $132.6 million in cash and cash equivalents, $144.6 million in working capital, and $225.6 million in stockholders’ equity.