Filing Flows › Cadiz (CDZI) › Q4 2025
Cadiz (CDZI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 31, 2026
Cadiz (CDZI) reported revenue of $5.1M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +23% from the quarter before. Operating margin was -145.4%, net loss $9.8M (191.9% of revenue).
Cadiz, Q4 2025: revenue $5.1M (+7% year over year), operating margin -145.4%, net loss $9.8M, operating cash flow −$6.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.1M | +23% | +7% |
| Operating profit | −$7.4M | — | — |
| Net earnings | −$9.8M | — | — |
| Operating cash flow | −$6.9M | — | — |
What changed
Revenue was $5.1M in Q4 2025, up 7% year over year and up 23% from the previous quarter. Water Treatment was the largest line at 86% of revenue.
Operating costs exceeded revenue by $7.4M, an operating margin of -145.4%. Total costs grew 10% against revenue growth of 7%. The fastest-growing cost line was Other operating costs (+16%). The quarter ended with a net loss of $9.8M, wider than the previous quarter's $7.1M loss.
Operating cash flow was −$6.9M. Non-cash charges added back $355K of depreciation and $1.5M of share-based compensation. Working capital and other items added $1.0M. Capital expenditures of $1.3M exceeded it, leaving free cash flow of −$8.2M.
Questions
What was Cadiz's revenue in the fourth quarter 2025?
Cadiz (CDZI) reported revenue of $5.1M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +23% from the quarter before.
Was Cadiz profitable in the fourth quarter 2025?
Operating loss was $7.4M (-145.4% of revenue) and net loss $9.8M.
Source: Cadiz 10-K on SEC EDGAR.