Filing Flows › Cadiz (CDZI) › Q3 2025
Cadiz (CDZI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 13, 2025
Cadiz (CDZI) reported revenue of $4.1M for the third quarter 2025 (Q3 2025), +29% from a year earlier and +0.6% from the quarter before. Operating margin was -118.0%, net loss $7.1M (170.5% of revenue).
Cadiz, Q3 2025: revenue $4.1M (+29% year over year), operating margin -118.0%, net loss $7.1M, operating cash flow −$7.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.1M | +0.6% | +29% |
| Operating profit | −$4.9M | — | — |
| Net earnings | −$7.1M | — | — |
| Operating cash flow | −$7.0M | — | — |
What changed
Revenue was $4.1M in Q3 2025, up 29% year over year and up 1% from the previous quarter. Water Treatment was the largest line at 97% of revenue. Water Treatment added $1.2M year over year (up 42%), 129% of the total change. Water and Land Resources declined 70%.
Operating costs exceeded revenue by $4.9M, an operating margin of -118.0%. Total costs grew 13% against revenue growth of 29%. The fastest-growing cost line was Cost of revenue (+25%). The quarter ended with a net loss of $7.1M, narrower than the previous quarter's $7.7M loss.
Operating cash flow was −$7.0M. Non-cash charges added back $304K of depreciation and $503K of share-based compensation. Working capital and other items used $745K. Capital expenditures of $450K exceeded it, leaving free cash flow of −$7.5M.
Questions
What was Cadiz's revenue in the third quarter 2025?
Cadiz (CDZI) reported revenue of $4.1M for the third quarter 2025 (Q3 2025), +29% from a year earlier and +0.6% from the quarter before.
Was Cadiz profitable in the third quarter 2025?
Operating loss was $4.9M (-118.0% of revenue) and net loss $7.1M.
Source: Cadiz 10-Q on SEC EDGAR.