Filing Flows › Cadiz (CDZI) › Q1 2026
Cadiz (CDZI) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 14, 2026
Cadiz (CDZI) reported revenue of $1.6M for the first quarter 2026 (Q1 2026), -45% from a year earlier and -68% from the quarter before. Operating margin was -418.8%, net loss $8.6M (529.2% of revenue).
Cadiz, Q1 2026: revenue $1.6M (-45% year over year), operating margin -418.8%, net loss $8.6M, operating cash flow −$5.5M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.6M | -68% | -45% |
| Operating profit | −$6.8M | — | — |
| Net earnings | −$8.6M | — | — |
| Operating cash flow | −$5.5M | — | — |
What changed
Revenue was $1.6M in Q1 2026, down 45% year over year and down 68% from the previous quarter. Water Treatment was the largest line at 78% of revenue. Water Treatment lost $1.1M year over year (down 47%), 84% of the total change.
Operating costs exceeded revenue by $6.8M, an operating margin of -418.8%. Total costs fell 19% while revenue fell 45%. The fastest-growing cost line was Other operating costs (+27%). The quarter ended with a net loss of $8.6M, narrower than the previous quarter's $9.8M loss.
Operating cash flow was −$5.5M. Non-cash charges added back $383K of depreciation and $479K of share-based compensation. Working capital and other items added $2.3M. Capital expenditures of $242K exceeded it, leaving free cash flow of −$5.8M.
Questions
What was Cadiz's revenue in the first quarter 2026?
Cadiz (CDZI) reported revenue of $1.6M for the first quarter 2026 (Q1 2026), -45% from a year earlier and -68% from the quarter before.
Was Cadiz profitable in the first quarter 2026?
Operating loss was $6.8M (-418.8% of revenue) and net loss $8.6M.
Source: Cadiz 10-Q on SEC EDGAR.