$GWRS

Global Water Resources, Inc.

CIK:0001434728|SEC Filings

Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Total revenue	$ 17,767	$ 14,241	$ 31,053	$ 26,698
Operating Expenses
Operations and maintenance	4,556	3,917	8,739	7,604
General and administrative	4,304	4,387	8,757	8,574
Depreciation, amortization and accretion	4,401	3,317	8,662	6,645
Total operating expenses	13,261	11,621	26,158	22,823
Operating Income	4,506	2,620	4,895	3,875
Other Income (Expense)
Interest income	46	216	85	315
Interest expense	(1,690)	(1,496)	(3,340)	(2,974)
Other, net	862	889	1,613	1,787
Total other expense	(782)	(391)	(1,642)	(872)
Income Before Income Taxes	3,724	2,229	3,253	3,003
Income tax expense	(977)	(617)	(872)	(800)
Net Income	$ 2,747	$ 1,612	$ 2,381	$ 2,203
Basic earnings per common share (in dollars per share)	$ 0.10	$ 0.06	$ 0.08	$ 0.08
Diluted earnings per common share (in dollars per share)	0.10	0.06	0.08	0.08
Dividends declared per common share (in dollars per share)	$ 0.08	$ 0.08	$ 0.15	$ 0.15
Weighted average number of common shares used in the determination of:
Basic (in shares)	28,781,145	27,463,169	28,769,816	25,925,155
Diluted (in shares)	28,809,269	27,504,578	28,804,360	25,986,878
Water service
Revenue
Total revenue	$ 8,404	$ 7,368	$ 15,010	$ 13,348
Wastewater and recycled water service
Revenue
Total revenue	7,252	6,873	13,932	13,350
Unregulated revenue
Revenue
Total revenue	$ 2,111	$ 0	$ 2,111	$ 0

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net income	$ 2,381	$ 2,203
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion	8,662	6,645
Share-based compensation	412	280
Deferred income tax expense	99	53
AFUDC-Equity	(518)	(556)
Unregulated revenue	(2,111)	0
Operating lease expense	165	207
Other adjustments	247	103
Changes in assets and liabilities
Accounts receivable and other current assets	173	(1,238)
Accounts payable and other current liabilities	(704)	(261)
Other noncurrent assets	128	(77)
Other noncurrent liabilities	221	1,468
Net cash provided by operating activities	9,155	8,827
Cash Flows from Investing Activities:
Capital expenditures	(12,915)	(35,395)
Net cash used in investing activities	(12,915)	(35,395)
Cash Flows from Financing Activities:
Dividends paid	(4,374)	(3,928)
Advances and contributions in aid of construction	2,909	3,007
Refunds of advances for construction	(213)	0
Principal payments under finance lease	(230)	0
Repayments of long-term debt	(1,971)	(1,965)
Revolver borrowings	10,050	0
Revolver repayments	(4,250)	0
Issuance of common stock, net of issuance costs	0	31,042
Financing costs of debt and equity transactions	0	(259)
Other financing activities	(119)	(109)
Net cash provided by financing activities	1,802	27,788
Increase (Decrease) in cash, cash equivalents, and restricted cash	(1,958)	1,220
Cash, cash equivalents, and restricted cash — Beginning of period	4,877	12,376
Cash, cash equivalents, and restricted cash — End of period	4,877	12,376
Supplemental disclosure of cash flow information:
Cash and cash equivalents	1,458	10,220
Restricted cash	3,419	2,156
Total cash, cash equivalents, and restricted cash	$ 4,877	$ 12,376

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Utility Plant	$ 623,595	$ 610,766
Less: accumulated depreciation	(177,826)	(168,915)
Net utility plant	445,769	441,851
Current Assets
Cash and cash equivalents	1,458	4,080
Accounts receivable, net of allowance for credit losses of $— and $244, respectively	3,746	3,746
Unbilled revenue	4,128	3,409
Prepaid expenses and other current assets	2,444	3,388
Total current assets	11,776	14,623
Other Assets
Goodwill	6,512	6,512
Intangible assets, net	5,938	6,062
Regulatory assets	7,022	7,003
Restricted cash	3,419	2,755
Right-of-use assets, net	3,601	3,990
Other noncurrent assets	117	117
Total other assets	26,609	26,439
Total Assets	484,154	482,913
Capitalization
Common stock, $0.01 par value, 60,000,000 shares authorized; #N/A and 29,116,183 shares issued, respectively	286	285
Treasury stock, #N/A and 359,329 shares, respectively	(2)	(2)
Additional paid-in capital	85,328	87,294
Retained deficit	(768)	(961)
Total shareholders’ equity	84,844	86,616
Long-term debt, net	127,828	129,756
Total Capitalization	212,672	216,372
Current Liabilities
Accounts payable	1,042	2,251
Customer and meter deposits	1,707	1,725
Long-term debt, current portion	3,947	3,942
Leases, current portion	638	850
Accrued expenses and other current liabilities	9,892	10,457
Total current liabilities	17,226	19,225
Other Liabilities
Revolver borrowings	5,800
Long-term lease liabilities	3,528	3,741
Deferred revenue - ICFA	21,919	22,772
Regulatory liabilities	5,178	5,214
Advances in aid of construction	155,659	155,414
Contributions in aid of construction, net	39,931	37,857
Deferred income tax liabilities, net	9,768	9,699
Hook-up fee liabilities	8,218	8,410
Other noncurrent liabilities	4,255	4,209
Total other liabilities	254,256	247,316
Commitments and contingencies (Refer to Note 14)
Total Capitalization and Liabilities	484,154	482,913
Revolving Credit Facility
Other Liabilities
Revolver borrowings	$ 5,800	$ 0