$CWCO

CONSOLIDATED WATER CO LTD

CIK:0000928340|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)	3 Months Ended		6 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Revenue	$ 32,870,362	$ 33,591,079	$ 62,844,062	$ 67,306,464
Cost of revenue	21,906,973	20,759,094	40,964,660	42,168,192
Gross profit	10,963,389	12,831,985	21,879,402	25,138,272
General and administrative expenses	7,243,022	7,580,238	14,662,090	15,304,197
Gain (loss) on asset dispositions, net	24,319	32,017	(32,886)	60,452
Income from operations	3,744,686	5,283,764	7,184,426	9,894,527
Other income (expense):
Interest income	645,585	756,988	1,292,813	1,373,582
Interest expense	(479)	(1,185)	(3,215)	(2,713)
Equity in the earnings of affiliates	61,421	52,279	113,030	82,753
Other	24,112	12,100	67,577	55,451
Other income, net	730,639	820,182	1,470,205	1,509,073
Income before income taxes	4,475,325	6,103,946	8,654,631	11,403,600
Provision for income taxes	267,746	795,807	470,446	1,005,924
Net income from continuing operations	4,207,579	5,308,139	8,184,185	10,397,676
Income from continuing operations attributable to non-controlling interests	170,259	129,378	326,394	294,805
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders	4,037,320	5,178,761	7,857,791	10,102,871
Net loss from discontinued operations	(105,574)	(82,556)	(148,616)	(215,637)
Net income attributable to Consolidated Water Co. Ltd. stockholders	$ 3,931,746	$ 5,096,205	$ 7,709,175	$ 9,887,234
Basic earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders
Continuing operations	$ 0.25	$ 0.33	$ 0.49	$ 0.63
Discontinued operations	(0.01)	(0.01)	(0.01)	(0.01)
Basic earnings per share	0.25	0.32	0.48	0.62
Diluted earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders
Continuing operations	0.25	0.32	0.49	0.63
Discontinued operations	(0.01)	0	(0.01)	(0.01)
Diluted earnings per share	0.24	0.32	0.48	0.62
Dividends declared per common and redeemable preferred shares	$ 0.14	$ 0.14	$ 0.28	$ 0.25
Weighted average number of common shares used in the determination of:
Basic earnings per share	16,000,190	15,916,685	16,000,136	15,916,278
Diluted earnings per share	16,108,177	16,044,311	16,107,696	16,043,532

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income attributable to Consolidated Water Co. Ltd. stockholders	$ 7,709,175	$ 9,887,234
Income from continuing operations attributable to non-controlling interests	326,394	294,805
Net income	8,035,569	10,182,039
Adjustments to reconcile net income to net cash provided by operating activities:
Foreign currency transaction adjustment - discontinued operations		248
Loss from discontinued operations	148,616	215,389
Depreciation and amortization	3,532,983	3,400,039
Deferred income tax benefit	(153,154)	(237,687)
Provision (credit) for credit losses	(32,252)	405,533
Amortization of operating lease right-of-use assets	330,876	313,854
Compensation expense relating to stock and stock option grants	787,688	695,411
(Gain) loss on asset dispositions, net	32,886	(60,452)
Equity in earnings of affiliates	(113,030)	(82,753)
Distribution of earnings from OC-BVI	189,375	272,700
Change in:
Accounts receivable	4,173,373	(2,752,672)
Contract assets	80,132	(1,288,787)
Inventory	(698,058)	2,204,575
Prepaid expenses and other assets	890,957	1,425,094
Accounts payable, accrued expenses and other current liabilities	1,409,231	3,074,188
Accrued compensation	(296,207)	(527,635)
Contract liabilities	878,392	3,772,012
Operating lease liabilities	(333,479)	(316,457)
Deferred revenue	(143,872)	250,677
Other liabilities	(75,000)
Net cash provided by operating activities - continuing operations	18,645,026	20,945,316
Net cash used in operating activities - discontinued operations	(73,751)	(422,311)
Net cash provided by operating activities	18,571,275	20,523,005
Cash flows from investing activities
Additions to property, plant and equipment and construction in progress	(5,194,216)	(4,215,997)
Proceeds from asset dispositions	61,071	38,986
Net cash used in investing activities	(5,133,145)	(4,177,011)
Cash flows from financing activities
Dividends paid to common shareholders	(4,485,232)	(3,494,871)
Dividends paid to preferred shareholders	(10,980)	(9,331)
Buyback of redeemable preferred stock	(13,673)	(11,710)
Proceeds received from exercise of stock options	2,060	23,670
Principal repayments on long-term debt	(57,518)	(74,141)
Net cash used in financing activities	(4,565,343)	(3,566,383)
Net increase in cash and cash equivalents	8,872,787	12,779,611
Cash and cash equivalents at beginning of period	123,788,390	99,350,121
Cash and cash equivalents at beginning of period - discontinued operations	13,776	127,859
Less: cash and cash equivalents at end of period - discontinued operations	(45,947)	(10,992)
Cash and cash equivalents at end of period	132,629,006	112,246,599
Non-cash transactions:
Dividends declared but not paid	2,246,709	2,235,314
Transfers from inventory to property, plant and equipment and construction in progress	319,520	289,589
Transfers from construction in progress to property, plant and equipment	7,197,487	2,251,146
Right-of-use assets obtained in exchange for new operating lease liabilities	144,573	412,308
Transfers from prepaid expenses to property, plant and equipment	6,082	509,333
Expenditures for property, plant and equipment and construction in progress not yet paid	$ 103,667	$ 663,787

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 132,629,006	$ 123,788,390
Accounts receivable, net	28,627,416	32,768,537
Inventory	3,938,124	3,736,845
Prepaid expenses and other current assets	5,338,714	5,927,675
Contract assets	3,210,683	3,290,815
Current assets of discontinued operations	130,470	124,630
Total current assets	173,874,413	169,636,892
Property, plant and equipment, net	59,456,076	55,151,758
Construction in progress	4,084,969	6,695,656
Inventory, noncurrent	5,740,401	5,563,142
Investment in affiliates	1,110,504	1,186,849
Goodwill	12,861,404	12,861,404
Intangible assets, net	1,956,703	2,101,555
Operating lease right-of-use assets	2,744,138	2,930,441
Other assets	1,039,893	1,437,648
Total assets	262,868,501	257,565,345
Current liabilities
Accounts payable, accrued expenses and other current liabilities	10,596,335	9,620,880
Accrued compensation	2,742,935	3,039,142
Dividends payable	2,281,679	2,285,317
Current maturities of operating leases	769,837	661,047
Current portion of long-term debt	13,110	47,549
Contract liabilities	12,407,026	11,528,634
Deferred revenue	104,847	248,719
Current liabilities of discontinued operations	319,693	271,159
Total current liabilities	29,235,462	27,702,447
Long-term debt, noncurrent	2,875	25,954
Deferred tax liabilities	554,290	707,444
Noncurrent operating leases	1,999,465	2,297,161
Other liabilities	78,000	153,000
Total liabilities	31,870,092	30,886,006
Commitments and contingencies
Consolidated Water Co. Ltd. stockholders' equity
Redeemable preferred stock, $0.60 par value. Authorized 200,000 shares; issued and outstanding 47,734 and 39,507 shares, respectively	28,640	23,704
Common stock, $0.60 par value. Authorized 49,800,000 and 24,800,000 shares, respectively; issued and outstanding 16,000,190 and 15,945,233 shares, respectively	9,600,114	9,567,140
Additional paid-in capital	96,048,795	95,310,630
Retained earnings	119,965,649	116,749,048
Total Consolidated Water Co. Ltd. stockholders' equity	225,643,198	221,650,522
Non-controlling interests	5,355,211	5,028,817
Total equity	230,998,409	226,679,339
Total liabilities and equity	$ 262,868,501	$ 257,565,345