Filing Flows › Cadiz (CDZI) › Q2 2025
Cadiz (CDZI) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 13, 2025
Cadiz (CDZI) reported revenue of $4.1M for the second quarter 2025 (Q2 2025), +704% from a year earlier and +40% from the quarter before. Operating margin was -140.0%, net loss $7.7M (187.3% of revenue).
Cadiz, Q2 2025: revenue $4.1M (+704% year over year), operating margin -140.0%, net loss $7.7M, operating cash flow −$1.4M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.1M | +40% | +704% |
| Operating profit | −$5.8M | — | — |
| Net earnings | −$7.7M | — | — |
| Operating cash flow | −$1.4M | — | — |
What changed
Revenue was $4.1M in Q2 2025, up 704% year over year and up 40% from the previous quarter. Water Treatment was the largest line at 90% of revenue. Water Treatment added $3.5M year over year (up 2167%), 98% of the total change.
Operating costs exceeded revenue by $5.8M, an operating margin of -140.0%. Total costs grew 33% against revenue growth of 704%. The fastest-growing cost line was Cost of revenue (+213%). The quarter ended with a net loss of $7.7M, narrower than the previous quarter's $9.6M loss.
Operating cash flow was −$1.4M. Non-cash charges added back $303K of depreciation and $550K of share-based compensation. Working capital and other items added $5.5M. Capital expenditures of $4.5M exceeded it, leaving free cash flow of −$5.9M.
Questions
What was Cadiz's revenue in the second quarter 2025?
Cadiz (CDZI) reported revenue of $4.1M for the second quarter 2025 (Q2 2025), +704% from a year earlier and +40% from the quarter before.
Was Cadiz profitable in the second quarter 2025?
Operating loss was $5.8M (-140.0% of revenue) and net loss $7.7M.
Source: Cadiz 10-Q on SEC EDGAR.