CADIZ INC (CDZIP) SEC Filings & Earnings Calls

Going Concern Risk

“The Company incurred losses of $20.0 million for the six months ended June 30, 2026 ... The Company had working capital of $1.6 million at June 30, 2026 and used cash in its operations of $12.2 million for the six months ended June 30, 2026.”

Project Financing Risk

“We are currently engaged in the completion of due diligence with private equity investors for up to a targeted $400 million in equity commitments to MWI.” · word for word

Litigation Risk

“On July 28, 2026, two lawsuits were filed in the U.S. District Court for the Central District of California against the U.S. Department of the Interior and the Bureau of Land Management ... challenging the BLM’s July 2026 decision to issue a Federal Land Policy Management Act right-of-way grant” · word for word

Customer Concentration (ATEC)

“Filter revenues in the second quarter of 2025 primarily related to a mega project for the Central Utah Water Conservancy District’s Vineyard Wellfield Groundwater Polishing Project.” · word for word

Construction cost overruns remain possible despite GMPs.

“Agreements establish GMPs but owner-procured equipment subject to contractual pricing, purchase options or supplier quotations”

Transition risk during CFO change, though planned with advisory period.

“Stanley Speer to retire; Hernandez effective Sept 1, 2026; advisory through Dec 2026”

Construction and regulatory execution risk remains

“delivery remains subject to satisfaction of certain contractual conditions and completion of necessary construction”

Going concern risk

“The Company incurred losses of $8.6 million for the three months ended March 31, 2026... If the Company cannot raise needed funds, it might be forced to make substantial reductions in its operating expenses, which could adversely affect its ability to implement its current business plan and ultimately its viability as a company.”

Debt covenant compliance risk

“The Company was in compliance with all covenants under the Credit Agreement as of March 31, 2026.” · word for word

Project Financing and Execution Risk

“The Company’s business plan and goals are linked to the development of our diverse land and water assets... the progress made by the Company in the development of our water solutions, including our water supply and storage project (the “Mojave Groundwater Bank”), which are largely pre-revenue, does not generally bear a direct relationship to quarterly and an” · word for word

Dilution Risk from Authorized Share Increase

“Adoption of this proposal and issuance of additional shares of our common stock would not affect the rights of the holders of shares of our currently outstanding common stock, except to the extent that such issuance increases the number of shares of our common stock outstanding, thereby incidentally having the effect of diluting the earnings per share, if an” · word for word

Concentration of Voting Power

“Heerema International Services Group SA HHC$ Fund 2012 Mr. Jacobus Muller... 31,286,167 (3) 35.04%” · word for word

Project Financing Risk

“We are currently engaged in the completion of due diligence with private equity investors... Any agreements announced... are not binding and there is no guarantee that we will be able to enter into binding definitive agreements” · word for word

Regulatory and Permitting Risk

“we will need to obtain certain permits and approvals from public water agencies in California, the California State Lands Commission, and agencies of the federal government... Such regulatory requirements will be determined by any contractual obligation... opposition from third parties... can cause delays and increase the costs” · word for word

Liquidity and Debt Risk

“we continue to incur a net loss from operations... If we cannot raise funds if and when needed, we might be forced to make substantial reductions in our operating expenses” · word for word

Cost Overrun Risk

“the estimated cost... have increased from... approximately $800 million to our current estimate of between $1.25 and $1.5 billion”

Pre-revenue development stage for core water business

“We have not received significant revenues from our water supply, storage, or conveyance assets to date.” · word for word

Dependence on external financing

“We presently rely upon debt and equity financing to support our working capital needs and development of our water solutions.” · word for word

Project financing not yet fully secured

“These potential investors are currently engaged in due diligence in anticipation of the conversion of these LOIs and LOA into definitive agreements for equity capital investments in MWI of up to $450 million.” · word for word