Consolidated Water Co. Ltd. (CWCO) SEC Filings & Earnings Calls

Permitting delays push construction start to H1 2027, indicating regulatory risk.

“Several permits and approvals remain outstanding, including a Memorandum of Agreement from the State Historic Preservation Division.” · word for word

Project execution and permitting risks typical for large infrastructure projects.

“timing and outcome of permitting and other regulatory approvals affecting the Central Coast Blue facility”

CW-Bahamas accounts receivable delinquency

“CW-Bahamas’ accounts receivable balances (which include accrued interest) due from the WSC amounted to $18.8 million and $20.7 million as of June 30, 2026 and December 31, 2025, respectively. Approximately 64% and 71% of the accounts receivable balances were delinquent as of those dates, respectively.” · word for word

Hawaii desalination plant permitting delays

“During the year ended December 31, 2025, and continuing through the time of the filing of this Quarterly Report on Form 10-Q, we and BWS have experienced delays in obtaining certain required permits and related governmental approvals.” · word for word

Manufacturing segment revenue decline

“We believe, based on current projections, that manufacturing revenue for the full 2026 fiscal year will be less than the manufacturing revenue generated for the 2025 fiscal year.” · word for word

License modification or revocation risk

“The License may be modified by written consent of OfReg and Cayman Water, subject to any special conditions concerning modification set forth in the License.” · word for word

Inflation impact on O&M contracts

“While our operations and maintenance contracts are generally adjusted for inflation on an annual basis, such adjustment for many of these contracts is capped at 3% annually.” · word for word

Manufacturing revenue volatility due to order timing; large late-2024 order created tough comp

“Manufacturing revenue decreased by 49% to $2.7 million primarily due to a decrease in the total dollar amount of new purchase orders.” · word for word

Services O&M revenue decline from contract expirations

“Services revenue from O&M contracts declined by about $2.2 million due to the expiration of PERC’s contracts with two customers in the first quarter of 2026.” · word for word

Contract execution risk; projects may face delays or cost overruns.

“Limited Notice to Proceed for long-lead equipment; project completion timeline not specified.”

License can be revoked or suspended for breach, insolvency, or failure to meet demand; no automatic renewal.

“License may be revoked or suspended by OfReg upon occurrence of specified events, including fundamental breach, insolvency, failure to meet demand.” · word for word

Weather dependency for retail segment; rainfall reduces water demand.

“Retail revenue decreased 9% due to significantly greater rainfall on Grand Cayman.”

Manufacturing revenue volatility due to timing of purchase orders.

“Manufacturing revenue decreased by 76% primarily due to decrease in total dollar amount of new purchase orders and timing.”

Hawaii project construction start deferred, shifting revenue and cash flows to future periods.

“Deferral of construction activities has shifted anticipated revenue recognition and associated cash flows related to the Hawaii project into future periods.” · word for word

Government Receivables Collection Risk

“CW-Bahamas’ accounts receivable balances (which include accrued interest) due from the WSC amounted to $23.9 million and $20.7 million as of March 31, 2026 and December 31, 2025, respectively. Approximately 75% and 71% of the accounts receivable balances were delinquent as of those dates, respectively.” · word for word

Retail License Renegotiation Risk

“We have been informed during our retail license negotiations, both by OfReg and its predecessor in these negotiations, that they seek to restructure the terms of its license in a manner that could significantly reduce the operating income and cash flows we have historically generated from our retail license.” · word for word

Project Delay Risk (Hawaii)

“During the year ended December 31, 2025, and continuing through the time of the filing of this Quarterly Report on Form 10-Q, we and BWS have experienced delays in obtaining certain required permits and related governmental approvals. These delays have resulted in a corresponding deferral of certain project milestones and a delay in the commencement of plant” · word for word

Manufacturing Revenue Decline Risk

“We believe, based on current projections, that manufacturing revenue for the full 2026 fiscal year will be less than the manufacturing revenue generated for the 2025 fiscal year.” · word for word

Board succession risk

“After 48 years of service on the Board of Directors, I have decided not to stand for reelection at this year's Annual General Meeting. My friend and fellow director, Brian E. Butler, who has served with great distinction for 43 years, has likewise chosen not to stand for reelection.” · word for word

Potential dilution from authorized share increase

“The issuance of additional Ordinary Shares could dilute the ownership interests and voting power of existing shareholders.” · word for word

Key person dependency on new CAO; standard severance and termination clauses.

“Employment agreement includes severance and termination provisions.”

Permitting delay for Hawaii desalination plant project may impact services segment revenue timing.

“Services revenue from continuing operations did not meet expectations due to a permitting delay related to our 1.7 million gallon per day seawater desalination plant project in Kalaeloa, Hawaii.” · word for word

Contract Renewal Risk

“Our agreement with the WAC for the North Sound and NSWW plants expires on July 1, 2026.” · word for word

Tourism Dependency

“Demand for our water in the Cayman Islands, The Bahamas and the British Virgin Islands is affected by variations in the level of tourism and rainfall.” · word for word

Geographic Concentration

“We operate in the Cayman Islands, The Bahamas, the United States and the British Virgin Islands.” · word for word

Retail license renegotiation risk

“We have been informed during our retail license negotiations, both by OfReg and its predecessor in these negotiations, that they seek to restructure the terms of its license in a manner that could significantly reduce the operating income and cash flows we have historically generated from our retail license.” · word for word

CW-Bahamas collection risk

“CW-Bahamas’ accounts receivable balances (which include accrued interest) due from the WSC amounted to $16.8 million and $28.4 million as of September 30, 2025 and December 31, 2024, respectively. Approximately 66% and 81% of the accounts receivable balances were delinquent as of those dates, respectively.” · word for word

Customer concentration risk

“We have been informed by one of our significant operations and maintenance customers that it is unlikely such customer will extend its existing contract with PERC beyond the current expiration date of this contract in March 2026.” · word for word

Bulk segment revenue declined 4% due to lower fuel pass-through charges, though profitability improved.

“Bulk revenue decreased 4% to $8.4 million due to lower fuel pass-through charges” · word for word

Consulting revenue declined $720,000 due to completion of a major plant commissioning project in Q4 2024.

“decline in consulting revenue of $720,000 due to the completion in the fourth quarter of 2024 of a major plant commissioning and startup project” · word for word