CONSOLIDATED WATER CO. LTD., 10-Q filed on 11/10/2025
Quarterly Report
v3.25.3
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2025
Nov. 05, 2025
Document and Entity Information    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 0-25248  
Entity Registrant Name CONSOLIDATED WATER CO. LTD.  
Entity Incorporation, State or Country Code KY  
Entity Tax Identification Number 98-0619652  
Entity Address, Address Line One Windward Three, 4th Floor, West Bay Road  
Entity Address, Address Line Two P.O. Box 1114  
Entity Address, City or Town Grand Cayman  
Entity Address, Postal Zip Code KY1-1102  
Entity Address, Country KY  
City Area Code 345  
Local Phone Number 945-4277  
Title of 12(b) Security Class A Common Stock  
Trading Symbol CWCO  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   15,931,336
Entity Central Index Key 0000928340  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 123,554,648 $ 99,350,121
Accounts receivable, net 28,996,834 39,580,982
Inventory 4,564,029 8,960,350
Prepaid expenses and other current assets 5,965,382 5,112,183
Contract assets 6,731,861 4,470,243
Current assets of discontinued operations 136,928 272,485
Total current assets 169,949,682 157,746,364
Property, plant and equipment, net 55,553,056 52,432,282
Construction in progress 5,210,534 5,143,717
Inventory, noncurrent 5,597,052 5,338,961
Investment in affiliates 1,122,030 1,504,363
Goodwill 12,861,404 12,861,404
Intangible assets, net 2,204,536 2,696,815
Operating lease right-of-use assets 3,095,156 3,232,786
Other assets 1,641,202 2,356,489
Total assets 257,234,652 243,313,181
Current liabilities    
Accounts payable, accrued expenses and other current liabilities 9,530,167 9,057,179
Accrued compensation 3,569,948 3,336,946
Dividends payable 2,272,907 1,780,841
Current maturities of operating leases 667,074 634,947
Current portion of long-term debt 62,458 126,318
Contract liabilities 11,682,006 9,126,654
Deferred revenue 149,675 365,879
Current liabilities of discontinued operations 271,143 509,745
Total current liabilities 28,205,378 24,938,509
Long-term debt, noncurrent 34,753 70,320
Deferred tax liabilities 183,536 210,893
Noncurrent operating leases 2,457,151 2,630,812
Other liabilities 153,000 153,000
Total liabilities 31,033,818 28,003,534
Commitments and contingencies
Consolidated Water Co. Ltd. stockholders' equity    
Redeemable preferred stock, $0.60 par value. Authorized 200,000 shares; issued and outstanding 39,794 and 44,004 shares, respectively 23,876 26,402
Additional paid-in capital 94,729,766 93,550,905
Retained earnings 116,068,697 106,875,581
Total Consolidated Water Co. Ltd. stockholders' equity 220,381,141 209,960,695
Non-controlling interests 5,819,693 5,348,952
Total equity 226,200,834 215,309,647
Total liabilities and equity 257,234,652 243,313,181
Common Class A [Member]    
Consolidated Water Co. Ltd. stockholders' equity    
Common stock value 9,558,802 9,507,807
Common Class B [Member]    
Consolidated Water Co. Ltd. stockholders' equity    
Common stock value $ 0 $ 0
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2025
Dec. 31, 2024
Redeemable preferred stock, par value (in dollars per share) $ 0.6 $ 0.6
Redeemable preferred stock, authorized 200,000 200,000
Redeemable preferred stock, issued 39,794 44,004
Redeemable preferred stock, outstanding 39,794 44,004
Common Class A [Member]    
Common stock, par value (in dollars per share) $ 0.6 $ 0.6
Common stock, authorized 24,655,000 24,655,000
Common stock, issued 15,931,336 15,846,345
Common stock, outstanding 15,931,336 15,846,345
Common Class B [Member]    
Common stock, par value (in dollars per share) $ 0.6 $ 0.6
Common stock, authorized 145,000 145,000
Common stock, issued 0 0
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
CONDENSED CONSOLIDATED STATEMENTS OF INCOME        
Revenue $ 35,118,706 $ 33,390,557 $ 102,425,170 $ 105,559,105
Cost of revenue 22,172,797 21,755,899 64,340,989 68,426,210
Gross profit 12,945,909 11,634,658 38,084,181 37,132,895
General and administrative expenses 7,218,722 6,955,969 22,522,919 20,126,292
Gain on asset dispositions and impairments, net 34,095 201,582 94,547 198,452
Income from operations 5,761,282 4,880,271 15,655,809 17,205,055
Other income (expense):        
Interest income 637,532 626,801 2,011,114 1,341,797
Interest expense (901) (32,801) (3,614) (99,740)
Equity in the earnings of affiliates 80,314 73,620 163,067 199,983
Other 94,282 56,420 149,733 118,610
Other income, net 811,227 724,040 2,320,300 1,560,650
Income before income taxes 6,572,509 5,604,311 17,976,109 18,765,705
Provision for income taxes 827,009 490,209 1,832,933 2,175,838
Net income from continuing operations 5,745,500 5,114,102 16,143,176 16,589,867
Income from continuing operations attributable to non-controlling interests 175,936 156,784 470,741 448,724
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders 5,569,564 4,957,318 15,672,435 16,141,143
Net income (loss) from discontinued operations (37,220) (502,854) (252,857) 10,637,926
Net income attributable to Consolidated Water Co. Ltd. stockholders $ 5,532,344 $ 4,454,464 $ 15,419,578 $ 26,779,069
Basic earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders        
Continuing operations $ 0.35 $ 0.31 $ 0.98 $ 1.02
Discontinued operations 0 (0.03) (0.01) 0.67
Basic earnings per share 0.35 0.28 0.97 1.69
Diluted earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders        
Continuing operations 0.34 0.31 0.97 1.01
Discontinued operations 0 (0.03) (0.01) 0.67
Diluted earnings per share 0.34 0.28 0.96 1.68
Dividends declared per common and redeemable preferred shares $ 0.14 $ 0.11 $ 0.39 $ 0.3
Weighted average number of common shares used in the determination of:        
Basic earnings per share 15,924,851 15,833,715 15,919,167 15,830,599
Diluted earnings per share 16,054,557 15,989,601 16,047,312 15,986,019
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
Redeemable preferred stock [Member]
Preferred stock [Member]
Common stock [Member]
Additional paid-in capital [Member]
Retained earnings [Member]
Non controlling interests [Member]
Total
Balance at Dec. 31, 2023 $ 26,578 $ 9,462,927 $ 92,188,887 $ 85,148,820 $ 5,003,462 $ 191,830,674
Balance (in shares) at Dec. 31, 2023 44,297 15,771,545        
Issue of share capital   $ 34,430 (34,430)      
Issue of share capital (in shares)   57,384        
Buyback of preferred stock $ (163)   (2,727)     (2,890)
Buyback of preferred stock (in shares) (272)          
Net income       6,474,348 169,068 6,643,416
Dividends declared       (1,510,082)   (1,510,082)
Stock-based compensation     279,875     279,875
Balance at Mar. 31, 2024 $ 26,415 $ 9,497,357 92,431,605 90,113,086 5,172,530 197,240,993
Balance (in shares) at Mar. 31, 2024 44,025 15,828,929        
Balance at Dec. 31, 2023 $ 26,578 $ 9,462,927 92,188,887 85,148,820 5,003,462 191,830,674
Balance (in shares) at Dec. 31, 2023 44,297 15,771,545        
Net income           27,227,793
Balance at Sep. 30, 2024 $ 26,790 $ 9,500,675 93,074,517 107,164,155 5,220,086 214,986,223
Balance (in shares) at Sep. 30, 2024 44,650 15,834,459        
Balance at Mar. 31, 2024 $ 26,415 $ 9,497,357 92,431,605 90,113,086 5,172,530 197,240,993
Balance (in shares) at Mar. 31, 2024 44,025 15,828,929        
Issue of share capital $ 3,542   (3,542)      
Issue of share capital (in shares) 5,904          
Conversion of preferred stock $ (386) $ 386        
Conversion of preferred stock (in shares) (643) 643        
Buyback of preferred stock $ (137)   (2,144)     (2,281)
Buyback of preferred stock (in shares) (229)          
Net income       15,850,257 122,872 15,973,129
Dividends declared       (1,507,710)   (1,507,710)
Stock-based compensation     297,368     297,368
Balance at Jun. 30, 2024 $ 29,434 $ 9,497,743 92,723,287 104,455,633 5,295,402 212,001,499
Balance (in shares) at Jun. 30, 2024 49,057 15,829,572        
Conversion of preferred stock $ (2,932) $ 2,932        
Conversion of preferred stock (in shares) (4,887) 4,887        
Buyback of preferred stock $ (338)   (5,306)     (5,644)
Buyback of preferred stock (in shares) (563)          
Net income       4,454,464 156,784 4,611,248
Exercise of options $ 626   23,127     23,753
Exercise of options (in shares) 1,043          
Dividends declared       (1,745,942) (232,100) (1,978,042)
Stock-based compensation     333,409     333,409
Balance at Sep. 30, 2024 $ 26,790 $ 9,500,675 93,074,517 107,164,155 5,220,086 214,986,223
Balance (in shares) at Sep. 30, 2024 44,650 15,834,459        
Balance at Dec. 31, 2024 $ 26,402 $ 9,507,807 93,550,905 106,875,581 5,348,952 215,309,647
Balance (in shares) at Dec. 31, 2024 44,004 15,846,345        
Issue of share capital   $ 40,058 (40,058)      
Issue of share capital (in shares)   66,764        
Conversion of preferred stock $ (1,492) $ 1,492        
Conversion of preferred stock (in shares) (2,486) 2,486        
Buyback of preferred stock $ (412)   (9,727)     (10,139)
Buyback of preferred stock (in shares) (688)          
Net income       4,791,029 165,427 4,956,456
Exercise of options   $ 654 12,793     13,447
Exercise of options (in shares)   1,090        
Dividends declared       (1,757,183)   (1,757,183)
Stock-based compensation     299,371     299,371
Balance at Mar. 31, 2025 $ 24,498 $ 9,550,011 93,813,284 109,909,427 5,514,379 218,811,599
Balance (in shares) at Mar. 31, 2025 40,830 15,916,685        
Balance at Dec. 31, 2024 $ 26,402 $ 9,507,807 93,550,905 106,875,581 5,348,952 215,309,647
Balance (in shares) at Dec. 31, 2024 44,004 15,846,345        
Net income           15,890,319
Balance at Sep. 30, 2025 $ 23,876 $ 9,558,802 94,729,766 116,068,697 5,819,693 226,200,834
Balance (in shares) at Sep. 30, 2025 39,794 15,931,336        
Balance at Mar. 31, 2025 $ 24,498 $ 9,550,011 93,813,284 109,909,427 5,514,379 218,811,599
Balance (in shares) at Mar. 31, 2025 40,830 15,916,685        
Issue of share capital $ 5,120   (5,120)      
Issue of share capital (in shares) 8,534          
Buyback of preferred stock $ (41)   (1,530)     (1,571)
Buyback of preferred stock (in shares) (69)          
Net income       5,096,205 129,378 5,225,583
Exercise of options $ 329   9,894     10,223
Exercise of options (in shares) 549          
Dividends declared       (2,234,434)   (2,234,434)
Stock-based compensation     396,040     396,040
Balance at Jun. 30, 2025 $ 29,906 $ 9,550,011 94,212,568 112,771,198 5,643,757 222,207,440
Balance (in shares) at Jun. 30, 2025 49,844 15,916,685        
Issue of share capital   $ 1,200 (1,200)      
Issue of share capital (in shares)   2,000        
Conversion of preferred stock $ (6,481) $ 6,481        
Conversion of preferred stock (in shares) (10,801) 10,801        
Buyback of preferred stock $ (432)   (12,591)     (13,023)
Buyback of preferred stock (in shares) (720)          
Net income       5,532,344 175,936 5,708,280
Exercise of options $ 883 $ 1,110 48,442     50,435
Exercise of options (in shares) 1,471 1,850        
Dividends declared       (2,234,845)   (2,234,845)
Stock-based compensation     482,547     482,547
Balance at Sep. 30, 2025 $ 23,876 $ 9,558,802 $ 94,729,766 $ 116,068,697 $ 5,819,693 $ 226,200,834
Balance (in shares) at Sep. 30, 2025 39,794 15,931,336        
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net income attributable to Consolidated Water Co. Ltd. stockholders $ 15,419,578 $ 26,779,069
Income from continuing operations attributable to non-controlling interests 470,741 448,724
Net income 15,890,319 27,227,793
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of land and project documentation   (12,134,766)
Foreign currency transaction adjustment - discontinued operations 248 60,915
Loss from discontinued operations 252,609 1,435,925
Depreciation and amortization 5,163,826 5,020,410
Deferred income tax benefit (27,357) (303,527)
Provision for credit losses 294,100 390,108
Amortization of operating lease right-of-use assets 520,869 466,251
Compensation expense relating to stock and stock option grants 1,177,958 910,652
Gain on asset dispositions and impairments, net (94,547) (198,452)
Equity in earnings of affiliates (163,067) (199,983)
Distribution of earnings from OC-BVI 545,400 227,250
Change in:    
Accounts receivable 10,290,048 637,162
Contract assets (2,261,618) 19,594,696
Inventory 3,610,403 1,529,545
Prepaid expenses and other assets (752,690) (1,269,737)
Accounts payable, accrued expenses and other current liabilities (74,330) (4,495,643)
Accrued compensation 233,002 587,486
Contract liabilities 2,555,352 (218,291)
Operating lease liabilities (553,842) (470,156)
Deferred revenue (216,204) (108,042)
Net cash provided by operating activities - continuing operations 36,390,479 38,689,596
Net cash used in operating activities - discontinued operations (457,646) (1,432,041)
Net cash provided by operating activities 35,932,833 37,257,555
Cash flows from investing activities    
Additions to property, plant and equipment and construction in progress (6,142,941) (3,747,250)
Proceeds from asset dispositions 97,342 446,337
Proceeds from Mexico settlement agreement   33,261,664
Net cash provided by (used in) investing activities (6,045,599) 29,960,751
Cash flows from financing activities    
Dividends paid to common shareholders (5,718,080) (4,519,412)
Dividends paid to preferred shareholders (16,316) (13,051)
Dividends paid to non-controlling interests   (232,100)
Buyback of redeemable preferred stock (24,733) (10,815)
Proceeds received from exercise of stock options 74,105 23,753
Principal repayments on long-term debt (99,427) (140,387)
Net cash used in financing activities (5,784,451) (4,892,012)
Net increase in cash and cash equivalents 24,102,783 62,326,294
Cash and cash equivalents at beginning of period 99,350,121 42,621,898
Cash and cash equivalents at beginning of period - discontinued operations 127,859 91,283
Less: cash and cash equivalents at end of period - discontinued operations (26,115) (169,848)
Cash and cash equivalents at end of period 123,554,648 104,869,627
Non-cash transactions:    
Dividends declared but not paid 2,235,958 1,746,702
Transfers from inventory to property, plant and equipment and construction in progress 527,827 451,477
Transfers from construction in progress to property, plant and equipment 5,179,690 875,580
Right-of-use assets obtained in exchange for new operating lease liabilities 412,308 1,604,702
Transfers from prepaid expenses to property, plant and equipment 509,333 $ 67,136
Expenditures for property, plant and equipment and construction in progress not yet paid $ 547,318  
v3.25.3
Principal activity
 9 Months Ended
Sep. 30, 2025
Principal activity  
Principal activity

1. Principal activity

Consolidated Water Co. Ltd. and its subsidiaries (collectively, the “Company”) supply potable water, treat wastewater and water for reuse, and provide water-related products and services to customers in the Cayman Islands, The Bahamas, the United States and the British Virgin Islands. The Company produces potable water from seawater using reverse osmosis technology and sells this water to a variety of customers, including public utilities, commercial and tourist properties, residential properties and government facilities. The Company designs, constructs and sells water production and water treatment infrastructure and manages water infrastructure for commercial and governmental customers. The Company also manufactures a wide range of specialized and custom water industry related products and provides design, engineering, operating and other services applicable to commercial, municipal and industrial water production, supply and treatment.
v3.25.3
Accounting policies
 9 Months Ended
Sep. 30, 2025
Accounting policies  
Accounting policies

2. Accounting policies

Basis of consolidation: The accompanying condensed consolidated financial statements include the accounts of the Company’s (i) wholly-owned subsidiaries, Aerex Industries, Inc. (“Aerex”), Aquilex, Inc. (“Aquilex”), Cayman Water Company Limited (“Cayman Water”), Consolidated Water Cooperatief, U.A. (“CW-Cooperatief”), Consolidated Water U.S. Holdings, Inc. (“CW-Holdings”), DesalCo Limited (“DesalCo”), Kalaeloa Desalco LLC (“Kalaeloa Desalco”), Ocean Conversion (Cayman) Limited (“OC-Cayman”), PERC Water Corporation ("PERC") and Ramey Environmental Compliance, Inc. (“REC”); and (ii) majority-owned subsidiaries Consolidated Water (Bahamas) Ltd. (“CW-Bahamas”), N.S.C. Agua, S.A. de C.V. (“NSC”), and Aguas de Rosarito S.A.P.I. de C.V. (“AdR”). The Company’s investment in its affiliate Ocean Conversion (BVI) Ltd. (“OC-BVI”) is accounted for using the equity method of accounting. All significant intercompany balances and transactions have been eliminated in consolidation.

The accompanying interim condensed consolidated financial statements are unaudited. These condensed consolidated financial statements reflect all adjustments (which are of a normal recurring nature) that, in the opinion of management, are necessary to fairly present the Company’s consolidated financial position, results of operations and cash flows as of and for the periods presented. The consolidated results of operations for these interim periods are not necessarily indicative of the operating results for future periods, including the fiscal year ending December 31, 2025.

These condensed consolidated financial statements and notes are presented in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) relating to interim financial statements and in conformity with accounting principles generally accepted in the United States of America (“US GAAP”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted in these condensed consolidated financial statements pursuant to SEC rules and regulations, although the Company believes that the disclosures made herein are adequate to make the information not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Foreign currency: The Company’s reporting currency is the United States dollar (“US$”). The functional currency of the Company and its foreign operating subsidiaries (other than NSC, AdR, and CW-Cooperatief) is the currency for each respective country. The functional currency for NSC, AdR, and CW-Cooperatief is the US$. NSC and AdR conduct business in US$ and Mexican pesos and CW-Cooperatief conducts business in US$ and euros. The exchange rates for the Cayman Islands dollar and the Bahamian dollar are fixed to the US$. The exchange rates for conversion of Mexican pesos and euros into US$ vary based upon market conditions.

Net foreign currency gains arising from transactions and re-measurements were $19,093 and $24,807 for the three months ended September 30, 2025 and 2024, respectively, and $65,080 and $65,606 for the nine months ended September 30, 2025 and 2024 are included in “Other income (expense) - Other” in the accompanying condensed consolidated statements of income.

Cash and cash equivalents: Cash and cash equivalents consist of demand deposits at banks and certificates of deposit at banks with original maturities of three months or less. Cash and cash equivalents as of September 30, 2025 and December 31, 2024 include approximately $16.9 million and $5.2 million, respectively, of certificates of deposits with original maturities of three months or less.

Certain transfers from the Company’s Bahamas bank accounts to Company bank accounts in other countries require the approval of the Central Bank of The Bahamas. The equivalent United States dollar cash balances held in The Bahamas as of September 30, 2025 and December 31, 2024 were approximately $26.4 million and $7.7 million, respectively.

Goodwill and intangible assets: Goodwill represents the excess cost of an acquired business over the fair value of the assets and liabilities of the acquired business as of the date of acquisition. Goodwill and intangible assets recorded as a result of a business combination and determined to have an indefinite useful life are not amortized but are tested for impairment annually or upon the identification of a triggering event. Intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values and reviewed periodically for impairment. The Company evaluates the possible impairment of goodwill annually as part of its reporting process for the fourth quarter of each fiscal year. Management identifies the Company’s reporting units for goodwill impairment testing purposes, which consist of Cayman Water, the bulk segment (which is comprised of CW-Bahamas and OC-Cayman), PERC, REC, and the manufacturing segment (i.e., Aerex), and determines the carrying value of each reporting unit by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units. The Company determines the fair value of each reporting unit and compares these fair values to the carrying amounts of the reporting units. To the extent the carrying amount of a reporting unit exceeds the fair value of the reporting unit, an impairment loss is recorded.

​

For the year ended December 31, 2024, the Company elected to assess qualitative factors to determine whether it was necessary to perform the quantitative goodwill impairment testing that was conducted in prior years for its reporting units. The Company assessed the relevant events and circumstances to evaluate whether it is more likely than not that the fair values of such reporting units were less than their carrying values. The events and circumstances assessed for each reporting unit included macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, and other relevant events. Based upon this qualitative assessment, the Company determined that it is more likely than not that the fair values of its reporting units exceeded their carrying values as of December 31, 2024.

​

Income taxes: The Company accounts for the income taxes arising from the operations of its United States subsidiaries under the asset and liability method. Deferred tax assets and liabilities, if any, are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided to the extent any deferred tax asset may not be realized.

​

The Company is not presently subject to income taxes in the other countries in which it operates.

​

Revenue recognition: Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.

The following table presents the Company’s revenue disaggregated by revenue source.

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

​

    

2025

    

2024

    

2025

    

2024

Retail revenue

​

$

7,770,344

​

$

7,585,992

​

$

25,819,712

​

$

24,392,814

Bulk revenue

​

 

8,394,614

​

 

8,767,168

​

 

25,081,146

​

 

25,557,220

Services revenue

​

 

14,289,315

​

 

12,677,837

​

 

35,815,785

​

 

42,017,917

Manufacturing revenue

​

 

4,664,433

​

 

4,359,560

​

 

15,708,527

​

 

13,591,154

Total revenue

​

$

35,118,706

​

$

33,390,557

​

$

102,425,170

​

$

105,559,105

​

Services revenue consists of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

​

    

2025

    

2024

    

2025

    

2024

Construction revenue

​

$

6,360,333

​

$

4,251,237

​

$

11,404,500

​

$

17,632,772

Operations and maintenance revenue

​

 

7,715,000

​

 

7,492,121

​

 

23,695,704

​

 

21,660,396

Design and consulting revenue

​

 

213,982

​

 

934,479

​

 

715,581

​

 

2,724,749

Total services revenue

​

$

14,289,315

​

$

12,677,837

​

$

35,815,785

​

$

42,017,917

​

Retail revenue

The Company produces and supplies water to end-users, including residential, commercial and governmental customers in the Cayman Islands under an exclusive retail license issued to Cayman Water by the Cayman Islands government to provide water in two of the three most populated areas on Grand Cayman. Customers are billed on a monthly basis based on metered consumption and bills are typically collected within 30 to 45 days after the billing date. Receivables not collected within 45 days subject the customer to disconnection from water service.

​

The Company recognizes revenue from retail water sales at the end of the billing cycle based on the water supplied to the customers’ premises. The amount of water supplied is determined and invoiced based upon water meter readings performed at the end of each month. All retail water contracts are month-to-month contracts. The Company has elected the “right to invoice” practical expedient for revenue recognition on its retail water sale contracts and recognizes revenue in the amount to which the Company has a right to invoice, recognizing this revenue from the transfer of goods or services to customers during the billing cycle.

Bulk revenue

The Company produces and supplies water to government-owned utilities in the Cayman Islands and The Bahamas.

OC-Cayman provides bulk water to the Water Authority-Cayman (“WAC”), a government-owned utility and regulatory agency, under three agreements. The WAC in turn distributes such water to properties in Grand Cayman outside of Cayman Water’s retail license area.

The Company sells bulk water in The Bahamas through its majority-owned subsidiary, CW-Bahamas, under two agreements with the Water and Sewerage Corporation of The Bahamas (“WSC”), which distributes such water through its own pipeline system to residential, commercial and tourist properties on the island of New Providence.

The Company has elected the “right to invoice” practical expedient for revenue recognition on its bulk water sale contracts and recognizes revenue in the amount to which the Company has a right to invoice, recognizing this revenue from the transfer of goods or services to customers during the billing cycle.

Services and Manufacturing revenue

The Company designs, constructs, sells, operates and maintains, and provides consulting services related to water, wastewater and water reuse infrastructure through PERC. All of PERC's customers are companies or governmental entities

located in the United States. The Company provides operations and maintenance and consulting services to companies and governmental entities located in the state of Colorado through REC.

The Company provides design, engineering, management, procurement and construction services for desalination infrastructure through DesalCo, which serves customers in the Cayman Islands, The Bahamas and the British Virgin Islands.

The Company, through Aerex, is a custom and specialty manufacturer of systems and products applicable to commercial, municipal and industrial water production and treatment. Substantially all of Aerex’s customers are U.S. companies.

Kalaeloa Desalco has signed a contract with the Honolulu Board of Water Supply pursuant to which it is presently designing and expects to construct and operate a 1.7 million gallons per day seawater reverse osmosis desalination plant in Oahu, Hawaii.

The Company generates construction, operations and maintenance, design and consulting revenue from PERC and DesalCo, generates construction revenue from Kalaeloa Desalco, and generates manufacturing revenue from Aerex. The Company also generates operations and maintenance and consulting revenue from REC.

The Company recognizes revenue for its construction and custom/specialized manufacturing contracts (and some of its design contracts) over time under the input method, using costs incurred (which represents work performed) to date relative to the total estimated costs at completion to measure progress toward satisfying a contract’s performance obligations as such measure best reflects the transfer of control of the promised good to the customer. Contract costs include labor, materials, subcontractor costs and other expenses. The Company follows this method since it can make reasonably dependable estimates of the revenue and costs applicable to the various stages of a contract. Under this input method, the Company records revenue and recognizes profit or loss as work on the contract progresses. The Company estimates total costs to be incurred and profit to be earned on each long-term, fixed price contract prior to the commencement of work on the contract and updates these estimates as work on the contract progresses. The cumulative amount of revenue recorded on a contract at a specified point in time is that percentage of total estimated revenue that incurred costs to date comprised of estimated total contract costs. Due to the extended time it may take to complete many of the Company’s contracts and the scope and nature of the work required to be performed on those contracts, the estimations of total revenue and costs at completion are complicated and subject to many variables and, accordingly, are subject to changes. When adjustments in estimated total contract revenue or estimated total contract costs are required, any changes from prior estimates are recognized in the current period for the inception-to-date effect of such changes. The Company recognizes the full amount of any estimated loss on a contract at the time the estimates indicate such a loss. Any contract assets are classified as current assets. Contract liabilities on uncompleted contracts, if any, are classified as current liabilities.

The Company has elected the “right to invoice” practical expedient for revenue recognition on its operations and maintenance and consulting contracts and recognizes revenue in the amount to which the Company has a right to invoice, recognizing this revenue from the transfer of goods or services to customers during the billing cycle.

​

For the three months ended September 30, 2025 and 2024, the Company recognized $6,462,508 and $4,246,506, respectively, of its services revenue from the transfer of goods or services to customers over time. The remaining services revenue of $7,826,807 and $8,431,331, respectively, was recognized from the transfer of goods or services to customers when invoiced. For the nine months ended September 30, 2025 and 2024, the Company recognized $11,752,695 and $17,631,774, respectively, of its services revenue from the transfer of goods or services to customers over time. The remaining services revenue of $24,063,090 and $24,386,143, respectively, was recognized from the transfer of goods or services to customers when invoiced. For the three and nine months ended September 30, 2025 and 2024, the Company recognized all of its manufacturing revenue from the transfer of goods or services to customers over time.

Revenue recognized and amounts billed on contracts in progress are summarized as follows:

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

​

2025

​

2024

Revenue recognized to date on contracts in progress

    

$

123,685,220

​

$

114,590,991

Amounts billed to date on contracts in progress

​

 

(131,049,672)

​

 

(121,833,354)

Retainage

​

​

2,414,307

​

​

2,585,952

Net contract liability

​

$

(4,950,145)

​

$

(4,656,411)

​

The above net balances are reflected in the accompanying condensed consolidated balance sheets as follows:

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

​

2025

​

2024

Contract assets

    

$

6,731,861

    

$

4,470,243

Contract liabilities

​

 

(11,682,006)

​

 

(9,126,654)

Net contract liability

​

$

(4,950,145)

​

$

(4,656,411)

​

As of September 30, 2025, the Company had unsatisfied or partially unsatisfied performance obligations for contracts in progress representing approximately $138.8 million in aggregate transaction price for contracts with an original expected length of greater than one year. The Company expects to earn revenue as it satisfies its performance obligations under those contracts in the amount of approximately $4.6 million during the remainder of the year ending December 31, 2025 and approximately $134.2 million thereafter. In addition, the Company recognized revenue of approximately $5.1 million for the nine months ended September 30, 2025, that was included in the contract liability balance as of December 31, 2024.

Practical Expedients and Exemptions

The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed.

​

Comparative amounts: Revenue of $614,199 and $1,467,461 for the three and nine months ended September 30, 2024, respectively, presented in the services segment as design and consulting revenue in the financial statements previously issued for 2024 has been reclassified to construction revenue in the services segment information for 2024 provided herein to conform to the current period’s presentation. Such reclassifications had no effect on consolidated or services segment revenue, gross profit, operating income or net income.
v3.25.3
Segment information
 9 Months Ended
Sep. 30, 2025
Segment information  
Segment information

3. Segment information

The Company has five reportable segments: retail, bulk, services, manufacturing and corporate. The retail segment operates the water utility for the Seven Mile Beach and West Bay areas of Grand Cayman pursuant to an exclusive license granted by the Cayman Islands government. The bulk segment supplies potable water to government utilities in Grand Cayman and The Bahamas under long-term contracts. The services segment designs, constructs and sells water infrastructure and provides management and operating services to third parties. The manufacturing segment manufactures and services a wide range of custom and specialized water-related products applicable to commercial, municipal and industrial water production, supply and treatment. The corporate segment consists of various expenses of a general and

administrative nature incurred at the parent company level, as well as the expenses incurred by Aquilex, a U.S. subsidiary that provides financial, engineering, information technology, administrative and supply chain management support services to all the Company’s subsidiaries and its affiliate.

Frederick W. McTaggart, Chief Executive Officer and President, is the Company’s chief operating decision maker (“CODM”).

​

For the retail, bulk, services, and manufacturing segments, the CODM uses revenue, gross profit, and income before income taxes to assess segment performance and in deciding the allocation of resources to each segment. The CODM considers actual versus budget and current period versus prior period variances on a monthly, quarterly, and annual basis for each of these financial measures. The CODM also considers variances from the budget and the prior period for major corporate expenses (such as employee costs, insurance and professional fees) when making decisions regarding capital and resource allocation.

​

The accounting policies of the segments are consistent with those described in Note 2. All intercompany transactions are eliminated for segment presentation purposes. Intersegment revenue transactions are insignificant to the Company and are eliminated. Segment information previously disclosed in 2024 did not separately disclose those expenses currently reported in the corporate segment, as such expenses were previously included in the retail segment. The 2024 segment information provided herein has been recast to conform to the current period presentation.

​

The Company’s segments are strategic business units that are managed separately because each segment sells different products and/or services, serves customers with distinctly different needs and generates different gross profit margins.

​

The following sets forth the Company’s income statements by segment.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

Three Months Ended September 30, 2025

​

 

Retail

    

Bulk

    

Services

    

Manufacturing

    

Corporate

    

Total

Revenue

​

$

7,770,344

​

$

8,394,614

​

$

14,289,315

​

$

4,664,433

​

$

—

    

$

35,118,706

Cost of revenue

​

 

3,447,262

​

 

5,484,613

​

 

10,444,894

​

 

2,796,028

​

 

—

​

 

22,172,797

Gross profit

​

 

4,323,082

​

 

2,910,001

​

 

3,844,421

​

 

1,868,405

​

 

—

​

 

12,945,909

General and administrative expenses

​

 

952,102

​

 

267,292

​

 

1,955,186

​

 

459,038

​

 

3,585,104

​

 

7,218,722

Gain on asset dispositions, net

​

 

6,600

​

 

—

​

 

22,495

​

 

5,000

​

 

—

​

 

34,095

Income (loss) from operations

​

​

3,377,580

​

​

2,642,709

​

​

1,911,730

​

​

1,414,367

​

​

(3,585,104)

​

 

5,761,282

Interest income

​

 

45,787

​

 

190,772

​

 

175,407

​

 

1

​

​

225,565

​

​

637,532

Interest expense

​

​

—

​

​

—

​

​

(901)

​

​

—

​

​

—

​

​

(901)

Income (loss) from affiliates

​

​

—

​

​

—

​

​

—

​

​

(935)

​

​

81,249

​

​

80,314

Other

​

​

19,797

​

​

3,651

​

​

70,998

​

​

90

​

​

(254)

​

​

94,282

Other income (loss), net

​

​

65,584

​

​

194,423

​

​

245,504

​

​

(844)

​

​

306,560

​

​

811,227

Income (loss) before income taxes

​

 

3,443,164

​

 

2,837,132

​

 

2,157,234

​

 

1,413,523

​

​

(3,278,544)

​

 

6,572,509

Provision for income taxes

​

 

—

​

 

—

​

 

492,401

​

 

334,608

​

​

—

​

 

827,009

Net income (loss) from continuing operations

​

 

3,443,164

​

 

2,837,132

​

 

1,664,833

​

 

1,078,915

​

​

(3,278,544)

​

 

5,745,500

Income from continuing operations attributable to non-controlling interests

​

 

—

​

 

175,936

​

 

—

​

 

—

​

​

—

​

 

175,936

Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

​

$

3,443,164

​

$

2,661,196

​

$

1,664,833

​

$

1,078,915

​

$

(3,278,544)

​

 

5,569,564

Net loss from discontinued operations

​

 

  

​

 

  

​

 

  

​

 

  

​

​

​

​

 

(37,220)

Net income attributable to Consolidated Water Co. Ltd. stockholders

​

 

  

​

 

  

​

 

  

​

 

  

​

​

​

​

$

5,532,344

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2024

​

    

Retail

    

Bulk

    

Services

    

Manufacturing

    

Corporate

    

Total

Revenue

​

$

7,585,992

​

$

8,767,168

​

$

12,677,837

​

$

4,359,560

​

$

—

​

$

33,390,557

Cost of revenue

​

 

3,606,944

​

 

5,969,292

​

 

9,409,325

​

 

2,770,338

​

 

—

​

 

21,755,899

Gross profit

​

 

3,979,048

​

 

2,797,876

​

 

3,268,512

​

 

1,589,222

​

 

—

​

 

11,634,658

General and administrative expenses

​

 

787,403

​

 

381,230

​

 

1,469,845

​

 

745,418

​

 

3,572,073

​

 

6,955,969

Gain on asset dispositions, net

​

 

8,796

​

 

—

​

 

—

​

 

—

​

 

192,786

​

 

201,582

Income (loss) from operations

​

​

3,200,441

​

​

2,416,646

​

​

1,798,667

​

​

843,804

​

​

(3,379,287)

​

 

4,880,271

Interest income

​

 

48,945

​

 

204,807

​

 

139,822

​

 

1

​

​

233,226

​

​

626,801

Interest expense

​

​

(31,123)

​

​

—

​

​

(1,634)

​

​

—

​

​

(44)

​

​

(32,801)

Income from affiliate

​

​

—

​

​

—

​

​

—

​

​

—

​

​

73,620

​

​

73,620

Other

​

​

20,046

​

​

36,379

​

​

89

​

​

90

​

​

(184)

​

​

56,420

Other income, net

​

​

37,868

​

​

241,186

​

​

138,277

​

​

91

​

​

306,618

​

​

724,040

Income (loss) before income taxes

​

 

3,238,309

​

 

2,657,832

​

 

1,936,944

​

 

843,895

​

​

(3,072,669)

​

 

5,604,311

Provision for income taxes

​

 

—

​

 

—

​

 

255,534

​

 

234,675

​

​

—

​

 

490,209

Net income (loss) from continuing operations

​

 

3,238,309

​

 

2,657,832

​

 

1,681,410

​

 

609,220

​

​

(3,072,669)

​

 

5,114,102

Income from continuing operations attributable to non-controlling interests

​

 

—

​

 

156,784

​

 

—

​

 

—

​

​

—

​

 

156,784

Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

​

$

3,238,309

​

$

2,501,048

​

$

1,681,410

​

$

609,220

​

$

(3,072,669)

​

 

4,957,318

Net loss from discontinued operations

​

 

  

​

 

  

​

 

  

​

 

  

​

​

​

​

 

(502,854)

Net income attributable to Consolidated Water Co. Ltd. stockholders

​

 

  

​

 

  

​

 

  

​

 

  

​

​

​

​

$

4,454,464

​

The Company’s cost of revenue consists of:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2025

​

​

Retail

​

Bulk

​

Services

​

Manufacturing

​

Corporate

​

Total

Subcontractor and other project costs

    

$

—

    

$

—

    

$

5,973,677

    

$

1,958,385

    

$

—

    

$

7,932,062

Employee costs

​

​

752,990

​

​

510,286

​

​

4,103,148

​

​

656,068

​

​

—

​

​

6,022,492

Electricity

​

​

1,068,659

​

​

1,021,140

​

​

33,870

​

​

10,749

​

​

—

​

​

2,134,418

Fuel oil

​

​

—

​

​

1,921,144

​

​

—

​

​

—

​

​

—

​

​

1,921,144

Depreciation

​

​

626,525

​

​

709,512

​

​

120,627

​

​

45,805

​

​

—

​

​

1,502,469

Maintenance

​

​

144,331

​

​

407,705

​

​

80,289

​

​

100,329

​

​

—

​

​

732,654

Insurance

​

​

188,443

​

​

311,651

​

​

40,604

​

​

—

​

​

—

​

​

540,698

Retail license royalties

​

​

488,962

​

​

—

​

​

—

​

​

—

​

​

—

​

​

488,962

Other

​

​

177,352

​

​

603,175

​

​

92,679

​

​

24,692

​

​

—

​

​

897,898

​

​

$

3,447,262

​

$

5,484,613

​

$

10,444,894

​

$

2,796,028

​

$

—

​

$

22,172,797

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2024

​

    

Retail

    

Bulk

    

Services

    

Manufacturing

    

Corporate

    

Total

Subcontractor and other project costs

​

$

—

​

$

—

​

$

4,875,016

​

$

2,103,943

​

$

—

​

$

6,978,959

Employee costs

​

​

744,844

​

​

495,717

​

​

4,232,268

​

​

509,387

​

​

—

​

​

5,982,216

Electricity

​

​

1,191,856

​

​

1,051,352

​

​

30,552

​

​

6,656

​

​

—

​

​

2,280,416

Fuel oil

​

​

—

​

​

2,125,905

​

​

—

​

​

—

​

​

—

​

​

2,125,905

Depreciation

​

​

611,573

​

​

675,404

​

​

90,015

​

​

39,869

​

​

—

​

​

1,416,861

Maintenance

​

​

287,891

​

​

463,373

​

​

105,387

​

​

87,734

​

​

—

​

​

944,385

Insurance

​

​

173,551

​

​

453,106

​

​

11,238

​

​

—

​

​

—

​

​

637,895

Retail license royalties

​

​

461,770

​

​

—

​

​

—

​

​

—

​

​

—

​

​

461,770

Other

​

​

135,459

​

​

704,435

​

​

64,849

​

​

22,749

​

​

—

​

​

927,492

​

​

$

3,606,944

​

$

5,969,292

​

$

9,409,325

​

$

2,770,338

​

$

—

​

$

21,755,899

​

Other cost of revenue segment expenses above primarily include chemicals and other supplies, government fees and licenses, and freight costs.

​

The Company’s general and administrative expenses consist of:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2025

​

​

Retail

​

Bulk

​

Services

​

Manufacturing

​

Corporate

​

Total

Employee costs

    

$

417,321

    

$

90,065

    

$

1,171,174

    

$

311,471

    

$

1,840,811

    

$

3,830,842

Professional fees

​

​

20,491

​

​

44,018

​

​

175,517

​

​

17,940

​

​

746,094

​

​

1,004,060

Insurance

​

​

104,394

​

​

97,796

​

​

53,031

​

​

43,304

​

​

216,036

​

​

514,561

Depreciation and amortization

​

​

10,460

​

​

4,761

​

​

157,607

​

​

27,048

​

​

16,604

​

​

216,480

Other

​

​

399,436

​

​

30,652

​

​

397,857

​

​

59,275

​

​

765,559

​

​

1,652,779

​

​

$

952,102

​

$

267,292

​

$

1,955,186

​

$

459,038

​

$

3,585,104

​

$

7,218,722

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2024

​

    

Retail

    

Bulk

    

Services

    

Manufacturing

    

Corporate

    

Total

Employee costs

​

$

364,182

​

$

87,966

​

$

852,656

​

$

347,001

​

$

1,986,384

​

$

3,638,189

Professional fees

​

​

29,880

​

​

38,109

​

​

141,749

​

​

63,887

​

​

625,193

​

​

898,818

Insurance

​

​

124,299

​

​

97,179

​

​

63,652

​

​

52,459

​

​

221,009

​

​

558,598

Depreciation and amortization

​

​

9,595

​

​

6,260

​

​

157,315

​

​

25,906

​

​

17,297

​

​

216,373

Other

​

​

259,447

​

​

151,716

​

​

254,473

​

​

256,165

​

​

722,190

​

​

1,643,991

​

​

$

787,403

​

$

381,230

​

$

1,469,845

​

$

745,418

​

$

3,572,073

​

$

6,955,969

​

General and administrative segment expenses set forth in the “Other” category above include Board of Directors fees and expenses, maintenance, office rent, information technology costs, amortization of intangible assets, provisions for credit losses and investor relations costs.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2025

​

    

Retail

    

Bulk

    

Services

    

Manufacturing

    

Corporate

    

Total

Revenue

​

$

25,819,712

​

$

25,081,146

​

$

35,815,785

​

$

15,708,527

​

$

—

    

$

102,425,170

Cost of revenue

​

 

10,929,083

​

 

16,807,609

​

 

26,563,654

​

 

10,040,643

​

 

—

​

 

64,340,989

Gross profit

​

 

14,890,629

​

 

8,273,537

​

 

9,252,131

​

 

5,667,884

​

 

—

​

 

38,084,181

General and administrative expenses

​

 

2,726,531

​

 

1,008,123

​

 

6,143,566

​

 

1,653,668

​

 

10,991,031

​

 

22,522,919

Gain on asset dispositions, net

​

 

37,416

​

 

—

​

 

52,131

​

 

5,000

​

 

—

​

 

94,547

Income (loss) from operations

​

​

12,201,514

​

​

7,265,414

​

​

3,160,696

​

​

4,019,216

​

​

(10,991,031)

​

 

15,655,809

Interest income

​

 

123,702

​

 

622,345

​

 

580,061

​

 

3

​

​

685,003

​

​

2,011,114

Interest expense

​

​

—

​

​

—

​

​

(3,614)

​

​

—

​

​

—

​

​

(3,614)

Income (loss) from affiliates

​

​

—

​

​

—

​

​

—

​

​

(35,198)

​

​

198,265

​

​

163,067

Other

​

​

55,500

​

​

25,526

​

​

69,038

​

​

254

​

​

(585)

​

​

149,733

Other income (loss), net

​

​

179,202

​

​

647,871

​

​

645,485

​

​

(34,941)

​

​

882,683

​

​

2,320,300

Income (loss) before income taxes

​

 

12,380,716

​

 

7,913,285

​

 

3,806,181

​

 

3,984,275

​

​

(10,108,348)

​

 

17,976,109

Provision for income taxes

​

 

—

​

 

—

​

 

870,688

​

 

962,245

​

​

—

​

 

1,832,933

Net income (loss) from continuing operations

​

 

12,380,716

​

 

7,913,285

​

 

2,935,493

​

 

3,022,030

​

​

(10,108,348)

​

 

16,143,176

Income from continuing operations attributable to non-controlling interests

​

 

—

​

 

470,741

​

 

—

​

 

—

​

​

—

​

 

470,741

Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

​

$

12,380,716

​

$

7,442,544

​

$

2,935,493

​

$

3,022,030

​

$

(10,108,348)

​

 

15,672,435

Net loss from discontinued operations

​

 

  

​

 

  

​

 

  

​

 

  

​

​

​

​

 

(252,857)

Net income attributable to Consolidated Water Co. Ltd. stockholders

​

 

  

​

 

  

​

 

  

​

 

  

​

​

​

​

$

15,419,578

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

Nine Months Ended September 30, 2024

​

    

Retail

    

Bulk

    

Services

    

Manufacturing

​

Corporate

    

Total

Revenue

​

$

24,392,814

​

$

25,557,220

​

$

42,017,917

​

$

13,591,154

    

$

—

​

$

105,559,105

Cost of revenue

​

 

10,828,421

​

 

17,632,010

​

 

30,536,801

​

 

9,428,978

​

 

—

​

 

68,426,210

Gross profit

​

 

13,564,393

​

 

7,925,210

​

 

11,481,116

​

 

4,162,176

​

 

—

​

 

37,132,895

General and administrative expenses

​

 

2,335,807

​

 

1,088,639

​

 

4,264,323

​

 

1,930,706

​

 

10,506,817

​

 

20,126,292

Gain on asset dispositions, net

​

 

2,666

​

 

—

​

 

3,000

​

 

—

​

 

192,786

​

 

198,452

Income (loss) from operations

​

​

11,231,252

​

​

6,836,571

​

​

7,219,793

​

​

2,231,470

​

​

(10,314,031)

​

 

17,205,055

Interest income

​

 

156,362

​

 

622,520

​

 

329,649

​

 

3

​

​

233,263

​

​

1,341,797

Interest expense

​

​

(93,369)

​

​

—

​

​

(6,327)

​

​

—

​

​

(44)

​

​

(99,740)

Income from affiliate

​

​

—

​

​

—

​

​

—

​

​

—

​

​

199,983

​

​

199,983

Other

​

​

56,324

​

​

48,807

​

​

700

​

​

11,866

​

​

913

​

​

118,610

Other income, net

​

​

119,317

​

​

671,327

​

​

324,022

​

​

11,869

​

​

434,115

​

​

1,560,650

Income (loss) before income taxes

​

 

11,350,569

​

 

7,507,898

​

 

7,543,815

​

 

2,243,339

​

​

(9,879,916)

​

 

18,765,705

Provision for income taxes

​

 

—

​

 

—

​

 

1,627,258

​

 

548,580

​

​

—

​

 

2,175,838

Net income (loss) from continuing operations

​

 

11,350,569

​

 

7,507,898

​

 

5,916,557

​

 

1,694,759

​

​

(9,879,916)

​

 

16,589,867

Income from continuing operations attributable to non-controlling interests

​

 

—

​

 

448,724

​

 

—

​

 

—

​

​

—

​

 

448,724

Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

​

$

11,350,569

​

$

7,059,174

​

$

5,916,557

​

$

1,694,759

​

$

(9,879,916)

​

 

16,141,143

Net income from discontinued operations

​

 

  

​

 

  

​

 

  

​

 

  

​

​

​

​

 

10,637,926

Net income attributable to Consolidated Water Co. Ltd. stockholders

​

 

  

​

 

  

​

 

  

​

 

  

​

​

​

​

$

26,779,069

​

The Company’s cost of revenue consists of:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2025

​

​

Retail

​

Bulk

​

Services

​

Manufacturing

​

Corporate

​

Total

Subcontractor and other project costs

    

$

—

    

$

—

    

$

13,064,351

    

$

7,678,086

    

$

—

    

$

20,742,437

Employee costs

​

​

2,272,261

​

​

1,571,674

​

​

12,533,716

​

​

1,854,210

​

​

—

​

​

18,231,861

Electricity

​

​

3,398,245

​

​

3,128,782

​

​

102,226

​

​

33,113

​

​

—

​

​

6,662,366

Fuel oil

​

​

—

​

​

5,583,464

​

​

—

​

​

—

​

​

—

​

​

5,583,464

Depreciation

​

​

1,861,706

​

​

2,091,347

​

​

304,320

​

​

121,122

​

​

—

​

​

4,378,495

Maintenance

​

​

685,176

​

​

1,446,647

​

​

286,483

​

​

267,687

​

​

—

​

​

2,685,993

Insurance

​

​

534,633

​

​

1,168,427

​

​

88,166

​

​

—

​

​

—

​

​

1,791,226

Retail license royalties

​

​

1,640,448

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1,640,448

Other

​

​

536,614

​

​

1,817,268

​

​

184,392

​

​

86,425

​

​

—

​

​

2,624,699

​

​

$

10,929,083

​

$

16,807,609

​

$

26,563,654

​

$

10,040,643

​

$

—

​

$

64,340,989

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2024

​

    

Retail

    

Bulk

    

Services

    

Manufacturing

    

Corporate

    

Total

Subcontractor and other project costs

​

$

—

​

$

—

​

$

16,889,209

​

$

7,412,469

​

$

—

​

$

24,301,678

Employee costs

​

​

2,199,019

​

​

1,538,671

​

​

12,716,853

​

​

1,533,683

​

​

—

​

​

17,988,226

Electricity

​

​

3,652,656

​

​

2,890,194

​

​

175,353

​

​

22,819

​

​

—

​

​

6,741,022

Fuel oil

​

​

—

​

​

6,446,878

​

​

—

​

​

—

​

​

—

​

​

6,446,878

Depreciation

​

​

1,828,300

​

​

2,005,305

​

​

275,793

​

​

119,562

​

​

—

​

​

4,228,960

Maintenance

​

​

672,865

​

​

1,528,524

​

​

316,481

​

​

256,076

​

​

—

​

​

2,773,946

Insurance

​

​

514,191

​

​

1,271,807

​

​

25,022

​

​

—

​

​

—

​

​

1,811,020

Retail license royalties

​

​

1,498,859

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1,498,859

Other

​

​

462,531

​

​

1,950,631

​

​

138,090

​

​

84,369

​

​

—

​

​

2,635,621

​

​

$

10,828,421

​

$

17,632,010

​

$

30,536,801

​

$

9,428,978

​

$

—

​

$

68,426,210

​

Other cost of revenue segment expenses above primarily include chemicals and other supplies, government fees and licenses, and freight costs.

​

The Company’s general and administrative expenses consist of:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2025

​

​

Retail

​

Bulk

​

Services

​

Manufacturing

​

Corporate

​

Total

Employee costs

    

$

1,188,916

    

$

268,946

    

$

3,463,647

    

$

950,038

    

$

6,103,836

    

$

11,975,383

Professional fees

​

​

47,940

​

​

84,870

​

​

691,610

​

​

109,654

​

​

1,991,918

​

​

2,925,992

Insurance

​

​

313,242

​

​

291,623

​

​

124,356

​

​

202,864

​

​

652,036

​

​

1,584,121

Depreciation and amortization

​

​

31,308

​

​

15,179

​

​

474,402

​

​

79,286

​

​

50,642

​

​

650,817

Other

​

​

1,145,125

​

​

347,505

​

​

1,389,551

​

​

311,826

​

​

2,192,599

​

​

5,386,606

​

​

$

2,726,531

​

$

1,008,123

​

$

6,143,566

​

$

1,653,668

​

$

10,991,031

​

$

22,522,919

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2024

​

    

Retail

    

Bulk

    

Services

    

Manufacturing

    

Corporate

    

Total

Employee costs

​

$

1,100,764

​

$

263,038

​

$

2,426,917

​

$

959,747

​

$

6,009,959

​

$

10,760,425

Professional fees

​

​

75,362

​

​

79,408

​

​

390,744

​

​

99,249

​

​

1,638,772

​

​

2,283,535

Insurance

​

​

310,836

​

​

282,481

​

​

179,354

​

​

166,878

​

​

639,326

​

​

1,578,875

Depreciation and amortization

​

​

27,437

​

​

19,737

​

​

474,837

​

​

77,768

​

​

57,156

​

​

656,935

Other

​

​

821,408

​

​

443,975

​

​

792,471

​

​

627,064

​

​

2,161,604

​

​

4,846,522

​

​

$

2,335,807

​

$

1,088,639

​

$

4,264,323

​

$

1,930,706

​

$

10,506,817

​

$

20,126,292

​

General and administrative segment expenses set forth in the “Other” category above include Board of Directors fees and expenses, maintenance, office rent, information technology costs, amortization of intangible assets, provisions for credit losses and investor relations costs.

​

The Company’s segment assets are presented below.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

As of September 30, 2025

​

    

Retail

    

Bulk

    

Services

    

Manufacturing

    

Corporate

    

Total

Cash and cash equivalents

​

$

13,811,367

​

$

34,434,833

​

$

42,225,132

​

$

6,327,391

​

$

26,755,925

​

$

123,554,648

Accounts receivable, net

​

$

2,803,608

​

$

17,011,930

​

$

7,154,835

​

$

2,015,722

​

$

10,739

​

$

28,996,834

Inventory, current and non-current

​

$

3,509,239

​

$

5,104,409

​

$

—

​

$

1,547,433

​

$

—

​

$

10,161,081

Contract assets

​

$

—

​

$

—

​

$

2,458,141

​

$

4,273,720

​

$

—

​

$

6,731,861

Property, plant and equipment, net

​

$

32,242,134

​

$

16,992,299

​

$

1,739,687

​

$

4,375,782

​

$

203,154

​

$

55,553,056

Construction in progress

​

$

937,927

​

$

4,268,056

​

$

—

​

$

4,551

​

$

—

​

$

5,210,534

Intangibles, net

​

$

—

​

$

—

​

$

1,706,757

​

$

497,779

​

$

—

​

$

2,204,536

Goodwill

​

$

1,170,511

​

$

1,948,875

​

$

7,756,807

​

$

1,985,211

​

$

—

​

$

12,861,404

Total segment assets

​

$

56,837,257

​

$

81,343,368

​

$

66,447,339

​

$

21,528,556

​

$

30,941,204

​

$

257,097,724

Assets of discontinued operations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

136,928

Total assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

257,234,652

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

As of December 31, 2024

​

     

Retail

    

Bulk

    

Services

    

Manufacturing

    

Corporate

    

Total

Cash and cash equivalents

​

$

19,167,484

​

$

13,339,206

​

$

34,181,902

​

$

4,768,376

​

$

27,893,153

​

$

99,350,121

Accounts receivable, net

​

$

3,223,190

​

$

28,807,257

​

$

6,593,276

​

$

946,846

​

$

10,413

​

$

39,580,982

Inventory, current and non-current

​

$

3,437,771

​

$

4,865,117

​

$

167,856

​

$

5,828,567

​

$

—

​

$

14,299,311

Contract assets

​

$

—

​

$

—

​

$

1,204,522

​

$

3,265,721

​

$

—

​

$

4,470,243

Property, plant and equipment, net

​

$

31,689,586

​

$

18,093,155

​

$

858,352

​

$

1,601,501

​

$

189,688

​

$

52,432,282

Construction in progress

​

$

1,951,559

​

$

2,480,999

​

$

—

​

$

711,159

​

$

—

​

$

5,143,717

Intangibles, net

​

$

—

​

$

—

​

$

2,129,037

​

$

567,778

​

$

—

​

$

2,696,815

Goodwill

​

$

1,170,511

​

$

1,948,875

​

$

7,756,807

​

$

1,985,211

​

$

—

​

$

12,861,404

Total segment assets

​

$

62,994,011

​

$

71,743,161

​

$

56,792,772

​

$

20,095,648

​

$

31,415,104

​

$

243,040,696

Assets of discontinued operations

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

$

272,485

Total assets

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

$

243,313,181

​
v3.25.3
Earnings per share
 9 Months Ended
Sep. 30, 2025
Earnings per share  
Earnings per share

​

4. Earnings per share

​

Earnings per share (“EPS”) is computed on a basic and diluted basis. Basic EPS is computed by dividing net income (less preferred stock dividends) available to common stockholders by the weighted average number of common shares outstanding during the period. The computation of diluted EPS assumes the issuance of common shares for all potential common shares outstanding during the reporting period and, if dilutive, the effect of stock options as computed under the treasury stock method.

​

The following summarizes information related to the computation of basic and diluted EPS:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

​

    

2025

    

2024

 

2025

    

2024

Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

​

$

5,569,564

​

$

4,957,318

​

$

15,672,435

​

$

16,141,143

Less: preferred stock dividends

​

 

(5,571)

​

 

(4,912)

​

 

(17,041)

​

 

(13,754)

Net income from continuing operations available to common shares in the determination of basic earnings per common share

​

 

5,563,993

​

 

4,952,406

​

 

15,655,394

​

 

16,127,389

Income (loss) from discontinued operations

​

 

(37,220)

​

 

(502,854)

​

 

(252,857)

​

 

10,637,926

Net income available to common shares in the determination of basic earnings per common share

​

$

5,526,773

​

$

4,449,552

​

$

15,402,537

​

$

26,765,315

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average number of common shares in the determination of basic earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders

​

 

15,924,851

​

 

15,833,715

​

 

15,919,167

​

 

15,830,599

Plus:

​

 

​

​

 

​

​

 

​

​

 

​

Weighted average number of preferred shares outstanding during the period

​

 

43,687

​

 

45,118

​

 

42,644

​

 

44,494

Potential dilutive effect of unexercised options and unvested stock grants

​

 

86,019

​

 

110,768

​

 

85,501

​

 

110,926

Weighted average number of shares used for determining diluted earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders

​

 

16,054,557

​

 

15,989,601

​

 

16,047,312

​

 

15,986,019

​
v3.25.3
Discontinued operations - Mexico project development
 9 Months Ended
Sep. 30, 2025
Discontinued operations - Mexico project development  
Discontinued operations - Mexico project development

5. Discontinued operations - Mexico project development

​

In 2010, the Company began the pursuit, through its Netherlands subsidiary, CW-Cooperatief, and its Mexico subsidiary, NSC, of a project (the “Project”) that encompassed the construction, operation and minority ownership of a 100 million gallons per day seawater reverse osmosis desalination plant to be located in northern Baja California, Mexico and accompanying pipelines to deliver water to the Mexican potable water system.

​

Through a series of transactions that began in 2012, NSC purchased 20.1 hectares of land for approximately $21.1 million on which the proposed Project’s plant was to be constructed.

​

In November 2015, the State of Baja California (the “State”) officially commenced a public tender for the Project, and in June 2016 a consortium comprised of NSC and two other parties was selected by the State as the winner of the tender process for the Project. NSC subsequently formed AdR to pursue the completion of the Project.

​

On August 22, 2016, the Public Private Partnership Agreement for the Project (the “APP Contract”) was executed between AdR, the State Water Commission of Baja, California (“CEA”), and the Government of Baja California, as represented by the Secretary of Planning and Finance and the Public Utilities Commission of Tijuana (“CESPT”). The APP Contract required AdR to design, construct, finance and operate a seawater reverse osmosis desalination plant (and accompanying aqueduct) with a capacity of up to 100 million gallons per day in two phases: the first with a capacity of 50 million gallons per day and an aqueduct to the Mexican public water system in Tijuana, Baja California and the second phase with a capacity of 50 million gallons per day. The first phase was to be operational within 36 months of commencing construction and the second phase was to be operational by January 2025. The APP Contract further required AdR to operate and maintain the plant and aqueduct for a period of 37 years starting from the commencement of operation of the first phase. At the end of the operating period, the plant and aqueduct would have been transferred to CEA.

​

On June 29, 2020, AdR received a letter (the “Letter”) from CEA and CESPT terminating the APP Contract. The Letter requested that AdR provide an inventory of the assets that comprised the “Project Works” (as defined in the APP Contract) for the purpose of acknowledging and paying the non-recoverable expenses made by AdR in connection with the Project, with such reimbursement to be calculated in accordance with the terms of the APP Contract. On August 28, 2020, AdR submitted their list of non-recoverable expenses, including those of NSC, to CEA and CESPT which amounted to 51,144,525 United States dollars and an additional 137,333,114 Mexican pesos.

​

CW-Cooperatief, as a Netherlands company, had certain rights relating to its investments in NSC and AdR under the Agreement on Promotion, Encouragement and Reciprocal Protection of Investments between the Kingdom of the Netherlands and the United Mexican States entered into force as of October 1, 1999 (the “Treaty”). In April 2021, CW-Cooperatief submitted a letter to the President of Mexico and other Mexican federal government officials alleging that the State’s termination of the APP Contract constituted a breach by Mexico of its international obligations under the Treaty, entitling CW-Cooperatief to full reparation, including monetary damages. This letter invited Mexico to seek a resolution of this investment dispute through consultation and negotiation but stated that if the dispute cannot be resolved in this manner, CW-Cooperatief would refer the dispute to the International Centre for the Settlement of International Disputes for arbitration, as provided for in the Treaty.

​

In February 2022, CW-Cooperatief, filed a Request for Arbitration with the International Centre for Settlement of International Disputes (“ICSID”) requesting that the United Mexican States pay CW-Cooperatief damages in excess of US$51 million plus MXN$137 million (with the exact amount to be quantified in the proceedings), plus fees, costs and pre- and post-award interest.

​

In May 2024, the Company, through CW-Cooperatief, NSC, and AdR, entered into a settlement agreement (the “Settlement Agreement”) with the State and Banco Nacional de Obras y Servicios Públicos, S.N.C., as trustee under the trust agreement for the trust named Fondo Nacional de Infraestructura (the “Trust”). Under the Settlement Agreement, CW-Cooperatief requested that ICSID discontinue the arbitration and on May 31, 2024, ICSID issued an order discontinuing the arbitration. Pursuant to the Settlement Agreement, the Trust purchased the 20.1 hectares of land on which the Project’s plant was to be constructed, including related rights of way (the “Land”), on an “as-is” basis, from NSC for MXN$596,144,000. The sale of the Land to the Trust was closed on June 14, 2024 at which time the MXN$596,144,000 was paid to the Company and converted at the prevailing exchange rate on that date into US$31,959,685.

​

In connection with the Settlement Agreement on June 14, 2024, the State also paid NSC MXN$20,000,000 to purchase certain documentation owned by NSC relating to the Project.

​

As a result of the Settlement Agreement: (i) the parties have been released from all obligations owed to each other in connection with the APP Contract and the arbitration; and (ii) no party to the Settlement Agreement may institute any legal proceedings against another party thereto with respect to the matters which have been addressed by the Settlement Agreement.

​

Summarized financial information for the discontinued Mexico project development operation is as follows:

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

​

2025

​

2024

Cash

   

$

26,115

   

$

127,859

Prepaid expenses and other current assets

​

​

110,813

​

​

144,626

Total assets of discontinued operations

​

$

136,928

​

$

272,485

​

​

 

  

​

 

  

Total liabilities of discontinued operations

​

$

271,143

​

$

509,745

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

   

2025

   

2024

   

2025

   

2024

Loss from discontinued operations

​

$

(37,220)

​

$

(502,854)

​

$

(252,857)

​

$

(1,496,840)

Gain on sale of land and project documentation

​

$

—

​

$

—

​

$

—

​

$

12,134,766

​
v3.25.3
Leases
 9 Months Ended
Sep. 30, 2025
Leases  
Leases

6. Leases

The Company’s leases consist principally of leases for office and warehouse space. For leases with terms greater than twelve months, the related asset and obligation are recorded at the present value of the lease payments over the term. Many of these leases contain rental escalation clauses which are factored into the determination of the lease payments when appropriate. When available, the lease payments are discounted using the rate implicit in the lease; however, the Company’s current leases do not provide a readily determinable implicit rate. Therefore, the Company’s incremental borrowing rate is estimated to discount the lease payments based on information available at the lease commencement.

These leases contain both lease and non-lease components, which the Company has elected to treat as a single lease component. The Company elected not to recognize leases that have an original lease term, including reasonably certain renewal or purchase obligations, of twelve months or less in its condensed consolidated balance sheets for all classes of underlying assets. Lease costs for such short-term leases are expensed on a straight-line basis over the lease term.

All lease assets denominated in a foreign currency are measured using the exchange rate at the commencement of the lease. All lease liabilities denominated in a foreign currency are remeasured using the exchange rate as of the condensed consolidated balance sheet date.

Lease assets and liabilities

The following table presents the lease-related assets and liabilities and their respective classification on the condensed consolidated balance sheets:

​

​

​

​

​

​

​

​

​

    

September 30, 

​

December 31, 

​

​

2025

​

2024

ASSETS

 

​

​

​

  

Noncurrent

​

 

​

​

 

​

Total operating lease right-of-use assets

​

$

3,095,156

​

$

3,232,786

​

​

​

​

​

​

​

LIABILITIES

    

  

​

 

  

​

Current

 

​

  

​

​

  

Current maturities of operating leases

​

$

667,074

​

$

634,947

Noncurrent

​

 

​

​

 

​

Noncurrent operating leases

​

​

2,457,151

​

​

2,630,812

Total lease liabilities

​

$

3,124,225

​

$

3,265,759

​

​

​

​

​

​

​

Weighted average remaining lease term:

​

 

  

​

 

  

Operating leases

​

 

4.4 years

​

 

5.0 years

​

​

 

​

​

 

​

Weighted average discount rate:

​

 

​

​

 

​

Operating leases

​

 

6.55%

​

 

6.56%

​

The components of lease costs were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended September 30, 

    

Nine Months Ended September 30, 

​

​

2025

​

2024

​

2025

​

2024

Operating lease costs

​

$

210,025

​

$

213,090

​

$

637,158

​

$

633,692

Short-term lease costs

​

 

100,338

​

​

153,227

​

 

299,666

​

 

270,351

Lease costs - discontinued operations

​

​

1,160

​

​

5,222

​

​

5,778

​

​

29,364

Total lease costs

​

$

311,523

​

$

371,539

​

$

942,602

​

$

933,407

​

Supplemental cash flow information related to leases is as follows:

​

​

​

​

​

​

​

​

​

    

Nine Months Ended September 30, 

​

​

2025

​

2024

Cash paid for amounts included in measurement of liabilities:

 

​

  

​

​

​

Operating cash outflows for operating leases

​

$

674,349

​

$

699,497

​

Future lease payments relating to the Company’s operating lease liabilities from continuing operations as of September 30, 2025 were as follows:

​

​

​

​

​

Years ending December 31, 

    

Total

2025

​

$

218,039

2026

​

 

839,279

2027

​

 

813,513

2028

​

 

833,216

2029

​

​

541,352

Thereafter

​

 

427,399

Total future lease payments

​

 

3,672,798

Less: imputed interest

​

 

(548,573)

Total lease obligations

​

 

3,124,225

Less: current obligations

​

 

(667,074)

Noncurrent lease obligations

​

$

2,457,151

​
v3.25.3
Fair value
 9 Months Ended
Sep. 30, 2025
Fair value  
Fair value

7. Fair value

As of September 30, 2025 and December 31, 2024, the carrying amounts of cash equivalents, accounts receivable, accounts payable, accrued expenses, accrued compensation, dividends payable and other current liabilities approximate their fair values due to the short-term maturities of these instruments. As of September 30, 2025 and December 31, 2024, the Company does not have assets and liabilities measured at fair value to present in the fair value hierarchy.
v3.25.3
Commitments and contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and contingencies  
Commitments and contingencies

8. Commitments and contingencies

Cayman Water

​

The Company sells water through its Cayman Water retail operations under a license issued in July 1990 by the Cayman Islands government (the “1990 license”) that granted Cayman Water the exclusive right to provide potable water to customers within its licensed service area. Pursuant to the 1990 license, Cayman Water has the exclusive right to produce potable water and distribute it by pipeline to its licensed service area, which consists of two of the three most populated areas of Grand Cayman Island: Seven Mile Beach and West Bay. For the three months ended September 30, 2025 and 2024, the Company generated approximately 22% and 23%, respectively, of its consolidated revenue and 33% and 34%, respectively, of its consolidated gross profit from the retail water operations conducted under the 1990 license. For the nine months ended September 30, 2025 and 2024, the Company generated approximately 25% and 23%, respectively, of its consolidated revenue and 39% and 36%, respectively, of its consolidated gross profit from the retail water operations conducted under the 1990 license.

The 1990 license was originally scheduled to expire in July 2010 but was extended several times by the Cayman Islands government in order to provide the parties with additional time to negotiate the terms of a new license agreement. The most recent express extension of the 1990 license expired on January 31, 2018. From that date until February 18, 2025, the Company continued to operate under the terms of the 1990 license, treating such terms as operative notwithstanding the expiration of the express extension. The Company continues to pay the royalty of 7.5% of the revenue that Cayman Water collects as required under the 1990 license.

In October 2016, the Government of the Cayman Islands passed legislation which created a new utilities regulation and competition office (“OfReg”) and in April 2017 passed supplemental legislation which transferred responsibility for the economic regulation of the water utility sector and the negotiations with the Company for a new retail license to OfReg.

Under the new regulatory legislation passed in October 2016, Cayman Water was required to first be granted a concession by the government before obtaining a new (or renewing the old) retail operating license. On February 18, 2025, Cayman Water received a new concession from the government that authorizes and maintains the terms of the 1990 license until a new license from OfReg is negotiated and enacted. Negotiations between Cayman Water and OfReg for the new license remain on-going.

The Company has been informed during its retail license negotiations, both by OfReg and its predecessor in these negotiations, that they seek to restructure the terms of its license in a manner that could significantly reduce the operating income and cash flows the Company has historically generated from its retail license. The Company is presently unable to determine what impact the resolution of its retail license negotiations will have on its consolidated financial condition, results of operations or cash flows but such resolution could result in a material reduction (or the loss) of the operating income and cash flows the Company has historically generated from Cayman Water’s retail operations and could require the Company to record impairment losses to reduce the carrying values of its retail segment assets. Such impairment losses could have a material adverse impact on the Company’s consolidated financial condition and results of operations.

CW-Bahamas

​

CW-Bahamas’ accounts receivable balances (which include accrued interest) due from the WSC amounted to $16.8 million and $28.4 million as of September 30, 2025 and December 31, 2024, respectively. Approximately 66% and 81% of the accounts receivable balances were delinquent as of those dates, respectively.

​

From time to time (including presently), CW-Bahamas has experienced delays in collecting its accounts receivable from the WSC. When these delays occur, the Company holds discussions and meetings with representatives of the WSC and the government of The Bahamas. All previous delinquent accounts receivable from the WSC, including accrued interest thereon, were eventually paid in full. Based upon this payment history, CW-Bahamas has not provided a material allowance for credit losses for its accounts receivable from the WSC as of September 30, 2025 or prior periods.

​

In a report dated October 6, 2022, Moody’s Investor Services (“Moody’s”) downgraded The Bahamas’ long-term issuer and senior unsecured ratings to B1 from Ba3. Moody’s also lowered The Bahamas’ local currency ceiling to Baa3 from Baa2 and its foreign currency ceiling to Ba1 from Baa3. Moody’s has maintained these ratings through the date of its most current report issued in April 2025.

​

If CW-Bahamas is unable to collect a sufficient portion of its delinquent accounts receivable, one or more of the following events may occur: (i) CW-Bahamas may not have sufficient liquidity to meet its obligations; (ii) the Company may be required to cease the recognition of revenue on CW-Bahamas’ water supply agreements with the WSC; and (iii) the Company may be required to provide an additional allowance for credit losses for CW-Bahamas’ accounts receivable. Any of these events could have a material adverse impact on the Company’s consolidated financial condition, results of operations, and cash flows.

​

CW-Bahamas Supply Guarantees

The contracts to supply water to the WSC from its Blue Hills and Windsor plants require CW-Bahamas to guarantee delivery of a minimum quantity of water per week. If the WSC requires the water and CW-Bahamas does not meet this minimum, CW-Bahamas is required to pay the WSC for the difference between the minimum and actual gallons delivered at a per gallon rate equal to the price per gallon that the WSC is currently paying CW-Bahamas under the contract. The Blue Hills contract expires in 2032 and requires CW-Bahamas to deliver 63.0 million gallons of water each week. The Windsor contract expires in 2033 and requires CW-Bahamas to deliver 16.8 million gallons of water each week. CW-Bahamas has been in compliance with the supply guarantees under these contracts for all periods since the inception of the contracts.

​

Fiscal, Regulation and Other Federal Policies

​

Significant changes in, and uncertainty with respect to, legislation, regulation, government policy and economic conditions could adversely affect the Company’s business. Specific legislative and regulatory proposals that could have a material impact on the Company include, but are not limited to, modifications to international trade policy (such as tariffs); public company reporting requirements; and environmental regulation.

​

The Company cannot predict what actions may ultimately be taken with respect to tariffs or trade relations between the U.S. and other countries, what products may be subject to such actions, or what actions may be taken by the other countries in retaliation. Accordingly, it is difficult to predict how such actions may impact the Company’s business, or the business or habits of its customers. The Company’s business operations, as well as the businesses of its customers on which it is substantially dependent, are located in countries at risk for escalating trade disputes, including the U.S. Any resulting trade wars could have a significant adverse effect on world trade and could adversely impact the Company’s consolidated financial condition, results of operations and cash flows.
v3.25.3
Impact of recent accounting standards
 9 Months Ended
Sep. 30, 2025
Impact of recent accounting standards  
Impact of recent accounting standards

9. Impact of recent accounting standards

Adoption of new accounting standards:

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU became effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is permitted. The adoption of ASU 2023-09 did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

​

Effect of newly issued but not yet effective accounting standards:

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU requires public companies to disclose, in the notes to financial statements, specific information about certain costs and expenses at each interim and annual reporting period. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of this guidance.

​

In January 2025, the FASB issued ASU 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The ASU amends the effective date of ASU 2024-03 to clarify that all business entities are required to adopt the guidance in annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of this guidance.

​

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU requires entities to begin capitalizing software costs when management authorizes and commits to funding the software project, and it is probable that the project will be completed and the software will be used for its intended purpose. The ASU is effective for annual periods beginning after December 15, 2027. Early adoption is permitted and the guidance can be applied on a prospective basis, a modified basis for in-process projects, or on a retrospective basis. The Company is currently evaluating the impact of this guidance.

​
v3.25.3
Subsequent events
 9 Months Ended
Sep. 30, 2025
Subsequent events  
Subsequent events

10. Subsequent events

The Company evaluated subsequent events through the time of the filing of this report on Form 10-Q. The Company is not aware of any significant events that occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on its condensed consolidated financial statements.
v3.25.3
Pay vs Performance Disclosure - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 5,532,344 $ 4,454,464 $ 15,419,578 $ 26,779,069
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
Accounting policies (Policies)
 9 Months Ended
Sep. 30, 2025
Accounting policies  
Basis of consolidation

Basis of consolidation: The accompanying condensed consolidated financial statements include the accounts of the Company’s (i) wholly-owned subsidiaries, Aerex Industries, Inc. (“Aerex”), Aquilex, Inc. (“Aquilex”), Cayman Water Company Limited (“Cayman Water”), Consolidated Water Cooperatief, U.A. (“CW-Cooperatief”), Consolidated Water U.S. Holdings, Inc. (“CW-Holdings”), DesalCo Limited (“DesalCo”), Kalaeloa Desalco LLC (“Kalaeloa Desalco”), Ocean Conversion (Cayman) Limited (“OC-Cayman”), PERC Water Corporation ("PERC") and Ramey Environmental Compliance, Inc. (“REC”); and (ii) majority-owned subsidiaries Consolidated Water (Bahamas) Ltd. (“CW-Bahamas”), N.S.C. Agua, S.A. de C.V. (“NSC”), and Aguas de Rosarito S.A.P.I. de C.V. (“AdR”). The Company’s investment in its affiliate Ocean Conversion (BVI) Ltd. (“OC-BVI”) is accounted for using the equity method of accounting. All significant intercompany balances and transactions have been eliminated in consolidation.

The accompanying interim condensed consolidated financial statements are unaudited. These condensed consolidated financial statements reflect all adjustments (which are of a normal recurring nature) that, in the opinion of management, are necessary to fairly present the Company’s consolidated financial position, results of operations and cash flows as of and for the periods presented. The consolidated results of operations for these interim periods are not necessarily indicative of the operating results for future periods, including the fiscal year ending December 31, 2025.

These condensed consolidated financial statements and notes are presented in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) relating to interim financial statements and in conformity with accounting principles generally accepted in the United States of America (“US GAAP”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted in these condensed consolidated financial statements pursuant to SEC rules and regulations, although the Company believes that the disclosures made herein are adequate to make the information not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Foreign currency

Foreign currency: The Company’s reporting currency is the United States dollar (“US$”). The functional currency of the Company and its foreign operating subsidiaries (other than NSC, AdR, and CW-Cooperatief) is the currency for each respective country. The functional currency for NSC, AdR, and CW-Cooperatief is the US$. NSC and AdR conduct business in US$ and Mexican pesos and CW-Cooperatief conducts business in US$ and euros. The exchange rates for the Cayman Islands dollar and the Bahamian dollar are fixed to the US$. The exchange rates for conversion of Mexican pesos and euros into US$ vary based upon market conditions.

Net foreign currency gains arising from transactions and re-measurements were $19,093 and $24,807 for the three months ended September 30, 2025 and 2024, respectively, and $65,080 and $65,606 for the nine months ended September 30, 2025 and 2024 are included in “Other income (expense) - Other” in the accompanying condensed consolidated statements of income.
Cash and cash equivalents

Cash and cash equivalents: Cash and cash equivalents consist of demand deposits at banks and certificates of deposit at banks with original maturities of three months or less. Cash and cash equivalents as of September 30, 2025 and December 31, 2024 include approximately $16.9 million and $5.2 million, respectively, of certificates of deposits with original maturities of three months or less.

Certain transfers from the Company’s Bahamas bank accounts to Company bank accounts in other countries require the approval of the Central Bank of The Bahamas. The equivalent United States dollar cash balances held in The Bahamas as of September 30, 2025 and December 31, 2024 were approximately $26.4 million and $7.7 million, respectively.
Goodwill and intangible assets

Goodwill and intangible assets: Goodwill represents the excess cost of an acquired business over the fair value of the assets and liabilities of the acquired business as of the date of acquisition. Goodwill and intangible assets recorded as a result of a business combination and determined to have an indefinite useful life are not amortized but are tested for impairment annually or upon the identification of a triggering event. Intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values and reviewed periodically for impairment. The Company evaluates the possible impairment of goodwill annually as part of its reporting process for the fourth quarter of each fiscal year. Management identifies the Company’s reporting units for goodwill impairment testing purposes, which consist of Cayman Water, the bulk segment (which is comprised of CW-Bahamas and OC-Cayman), PERC, REC, and the manufacturing segment (i.e., Aerex), and determines the carrying value of each reporting unit by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units. The Company determines the fair value of each reporting unit and compares these fair values to the carrying amounts of the reporting units. To the extent the carrying amount of a reporting unit exceeds the fair value of the reporting unit, an impairment loss is recorded.

​

For the year ended December 31, 2024, the Company elected to assess qualitative factors to determine whether it was necessary to perform the quantitative goodwill impairment testing that was conducted in prior years for its reporting units. The Company assessed the relevant events and circumstances to evaluate whether it is more likely than not that the fair values of such reporting units were less than their carrying values. The events and circumstances assessed for each reporting unit included macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, and other relevant events. Based upon this qualitative assessment, the Company determined that it is more likely than not that the fair values of its reporting units exceeded their carrying values as of December 31, 2024.
Income taxes

Income taxes: The Company accounts for the income taxes arising from the operations of its United States subsidiaries under the asset and liability method. Deferred tax assets and liabilities, if any, are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided to the extent any deferred tax asset may not be realized.

​

The Company is not presently subject to income taxes in the other countries in which it operates.
Revenue recognition

Revenue recognition: Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.

The following table presents the Company’s revenue disaggregated by revenue source.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

​

    

2025

    

2024

    

2025

    

2024

Retail revenue

​

$

7,770,344

​

$

7,585,992

​

$

25,819,712

​

$

24,392,814

Bulk revenue

​

 

8,394,614

​

 

8,767,168

​

 

25,081,146

​

 

25,557,220

Services revenue

​

 

14,289,315

​

 

12,677,837

​

 

35,815,785

​

 

42,017,917

Manufacturing revenue

​

 

4,664,433

​

 

4,359,560

​

 

15,708,527

​

 

13,591,154

Total revenue

​

$

35,118,706

​

$

33,390,557

​

$

102,425,170

​

$

105,559,105

​

Services revenue consists of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

​

    

2025

    

2024

    

2025

    

2024

Construction revenue

​

$

6,360,333

​

$

4,251,237

​

$

11,404,500

​

$

17,632,772

Operations and maintenance revenue

​

 

7,715,000

​

 

7,492,121

​

 

23,695,704

​

 

21,660,396

Design and consulting revenue

​

 

213,982

​

 

934,479

​

 

715,581

​

 

2,724,749

Total services revenue

​

$

14,289,315

​

$

12,677,837

​

$

35,815,785

​

$

42,017,917

​

Retail revenue

The Company produces and supplies water to end-users, including residential, commercial and governmental customers in the Cayman Islands under an exclusive retail license issued to Cayman Water by the Cayman Islands government to provide water in two of the three most populated areas on Grand Cayman. Customers are billed on a monthly basis based on metered consumption and bills are typically collected within 30 to 45 days after the billing date. Receivables not collected within 45 days subject the customer to disconnection from water service.

​

The Company recognizes revenue from retail water sales at the end of the billing cycle based on the water supplied to the customers’ premises. The amount of water supplied is determined and invoiced based upon water meter readings performed at the end of each month. All retail water contracts are month-to-month contracts. The Company has elected the “right to invoice” practical expedient for revenue recognition on its retail water sale contracts and recognizes revenue in the amount to which the Company has a right to invoice, recognizing this revenue from the transfer of goods or services to customers during the billing cycle.

Bulk revenue

The Company produces and supplies water to government-owned utilities in the Cayman Islands and The Bahamas.

OC-Cayman provides bulk water to the Water Authority-Cayman (“WAC”), a government-owned utility and regulatory agency, under three agreements. The WAC in turn distributes such water to properties in Grand Cayman outside of Cayman Water’s retail license area.

The Company sells bulk water in The Bahamas through its majority-owned subsidiary, CW-Bahamas, under two agreements with the Water and Sewerage Corporation of The Bahamas (“WSC”), which distributes such water through its own pipeline system to residential, commercial and tourist properties on the island of New Providence.

The Company has elected the “right to invoice” practical expedient for revenue recognition on its bulk water sale contracts and recognizes revenue in the amount to which the Company has a right to invoice, recognizing this revenue from the transfer of goods or services to customers during the billing cycle.

Services and Manufacturing revenue

The Company designs, constructs, sells, operates and maintains, and provides consulting services related to water, wastewater and water reuse infrastructure through PERC. All of PERC's customers are companies or governmental entities

located in the United States. The Company provides operations and maintenance and consulting services to companies and governmental entities located in the state of Colorado through REC.

The Company provides design, engineering, management, procurement and construction services for desalination infrastructure through DesalCo, which serves customers in the Cayman Islands, The Bahamas and the British Virgin Islands.

The Company, through Aerex, is a custom and specialty manufacturer of systems and products applicable to commercial, municipal and industrial water production and treatment. Substantially all of Aerex’s customers are U.S. companies.

Kalaeloa Desalco has signed a contract with the Honolulu Board of Water Supply pursuant to which it is presently designing and expects to construct and operate a 1.7 million gallons per day seawater reverse osmosis desalination plant in Oahu, Hawaii.

The Company generates construction, operations and maintenance, design and consulting revenue from PERC and DesalCo, generates construction revenue from Kalaeloa Desalco, and generates manufacturing revenue from Aerex. The Company also generates operations and maintenance and consulting revenue from REC.

The Company recognizes revenue for its construction and custom/specialized manufacturing contracts (and some of its design contracts) over time under the input method, using costs incurred (which represents work performed) to date relative to the total estimated costs at completion to measure progress toward satisfying a contract’s performance obligations as such measure best reflects the transfer of control of the promised good to the customer. Contract costs include labor, materials, subcontractor costs and other expenses. The Company follows this method since it can make reasonably dependable estimates of the revenue and costs applicable to the various stages of a contract. Under this input method, the Company records revenue and recognizes profit or loss as work on the contract progresses. The Company estimates total costs to be incurred and profit to be earned on each long-term, fixed price contract prior to the commencement of work on the contract and updates these estimates as work on the contract progresses. The cumulative amount of revenue recorded on a contract at a specified point in time is that percentage of total estimated revenue that incurred costs to date comprised of estimated total contract costs. Due to the extended time it may take to complete many of the Company’s contracts and the scope and nature of the work required to be performed on those contracts, the estimations of total revenue and costs at completion are complicated and subject to many variables and, accordingly, are subject to changes. When adjustments in estimated total contract revenue or estimated total contract costs are required, any changes from prior estimates are recognized in the current period for the inception-to-date effect of such changes. The Company recognizes the full amount of any estimated loss on a contract at the time the estimates indicate such a loss. Any contract assets are classified as current assets. Contract liabilities on uncompleted contracts, if any, are classified as current liabilities.

The Company has elected the “right to invoice” practical expedient for revenue recognition on its operations and maintenance and consulting contracts and recognizes revenue in the amount to which the Company has a right to invoice, recognizing this revenue from the transfer of goods or services to customers during the billing cycle.

​

For the three months ended September 30, 2025 and 2024, the Company recognized $6,462,508 and $4,246,506, respectively, of its services revenue from the transfer of goods or services to customers over time. The remaining services revenue of $7,826,807 and $8,431,331, respectively, was recognized from the transfer of goods or services to customers when invoiced. For the nine months ended September 30, 2025 and 2024, the Company recognized $11,752,695 and $17,631,774, respectively, of its services revenue from the transfer of goods or services to customers over time. The remaining services revenue of $24,063,090 and $24,386,143, respectively, was recognized from the transfer of goods or services to customers when invoiced. For the three and nine months ended September 30, 2025 and 2024, the Company recognized all of its manufacturing revenue from the transfer of goods or services to customers over time.

Revenue recognized and amounts billed on contracts in progress are summarized as follows:

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

​

2025

​

2024

Revenue recognized to date on contracts in progress

    

$

123,685,220

​

$

114,590,991

Amounts billed to date on contracts in progress

​

 

(131,049,672)

​

 

(121,833,354)

Retainage

​

​

2,414,307

​

​

2,585,952

Net contract liability

​

$

(4,950,145)

​

$

(4,656,411)

​

The above net balances are reflected in the accompanying condensed consolidated balance sheets as follows:

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

​

2025

​

2024

Contract assets

    

$

6,731,861

    

$

4,470,243

Contract liabilities

​

 

(11,682,006)

​

 

(9,126,654)

Net contract liability

​

$

(4,950,145)

​

$

(4,656,411)

​

As of September 30, 2025, the Company had unsatisfied or partially unsatisfied performance obligations for contracts in progress representing approximately $138.8 million in aggregate transaction price for contracts with an original expected length of greater than one year. The Company expects to earn revenue as it satisfies its performance obligations under those contracts in the amount of approximately $4.6 million during the remainder of the year ending December 31, 2025 and approximately $134.2 million thereafter. In addition, the Company recognized revenue of approximately $5.1 million for the nine months ended September 30, 2025, that was included in the contract liability balance as of December 31, 2024.

Practical Expedients and Exemptions

The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed.
Comparative amounts

Comparative amounts: Revenue of $614,199 and $1,467,461 for the three and nine months ended September 30, 2024, respectively, presented in the services segment as design and consulting revenue in the financial statements previously issued for 2024 has been reclassified to construction revenue in the services segment information for 2024 provided herein to conform to the current period’s presentation. Such reclassifications had no effect on consolidated or services segment revenue, gross profit, operating income or net income.
v3.25.3
Accounting policies (Tables)
 9 Months Ended
Sep. 30, 2025
Accounting policies  
Schedule of Disaggregation of revenue

The following table presents the Company’s revenue disaggregated by revenue source.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

​

    

2025

    

2024

    

2025

    

2024

Retail revenue

​

$

7,770,344

​

$

7,585,992

​

$

25,819,712

​

$

24,392,814

Bulk revenue

​

 

8,394,614

​

 

8,767,168

​

 

25,081,146

​

 

25,557,220

Services revenue

​

 

14,289,315

​

 

12,677,837

​

 

35,815,785

​

 

42,017,917

Manufacturing revenue

​

 

4,664,433

​

 

4,359,560

​

 

15,708,527

​

 

13,591,154

Total revenue

​

$

35,118,706

​

$

33,390,557

​

$

102,425,170

​

$

105,559,105

​

Services revenue consists of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

​

    

2025

    

2024

    

2025

    

2024

Construction revenue

​

$

6,360,333

​

$

4,251,237

​

$

11,404,500

​

$

17,632,772

Operations and maintenance revenue

​

 

7,715,000

​

 

7,492,121

​

 

23,695,704

​

 

21,660,396

Design and consulting revenue

​

 

213,982

​

 

934,479

​

 

715,581

​

 

2,724,749

Total services revenue

​

$

14,289,315

​

$

12,677,837

​

$

35,815,785

​

$

42,017,917

​
Summary of revenue recognized and amounts billed on contracts in progress

Revenue recognized and amounts billed on contracts in progress are summarized as follows:

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

​

2025

​

2024

Revenue recognized to date on contracts in progress

    

$

123,685,220

​

$

114,590,991

Amounts billed to date on contracts in progress

​

 

(131,049,672)

​

 

(121,833,354)

Retainage

​

​

2,414,307

​

​

2,585,952

Net contract liability

​

$

(4,950,145)

​

$

(4,656,411)
Summary of net balances of billings reflected in the accompanying consolidated balance sheet

The above net balances are reflected in the accompanying condensed consolidated balance sheets as follows:

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

​

2025

​

2024

Contract assets

    

$

6,731,861

    

$

4,470,243

Contract liabilities

​

 

(11,682,006)

​

 

(9,126,654)

Net contract liability

​

$

(4,950,145)

​

$

(4,656,411)
v3.25.3
Segment information (Tables)
 9 Months Ended
Sep. 30, 2025
Segment information  
Schedule of segment reporting information, by segment

The following sets forth the Company’s income statements by segment.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

Three Months Ended September 30, 2025

​

 

Retail

    

Bulk

    

Services

    

Manufacturing

    

Corporate

    

Total

Revenue

​

$

7,770,344

​

$

8,394,614

​

$

14,289,315

​

$

4,664,433

​

$

—

    

$

35,118,706

Cost of revenue

​

 

3,447,262

​

 

5,484,613

​

 

10,444,894

​

 

2,796,028

​

 

—

​

 

22,172,797

Gross profit

​

 

4,323,082

​

 

2,910,001

​

 

3,844,421

​

 

1,868,405

​

 

—

​

 

12,945,909

General and administrative expenses

​

 

952,102

​

 

267,292

​

 

1,955,186

​

 

459,038

​

 

3,585,104

​

 

7,218,722

Gain on asset dispositions, net

​

 

6,600

​

 

—

​

 

22,495

​

 

5,000

​

 

—

​

 

34,095

Income (loss) from operations

​

​

3,377,580

​

​

2,642,709

​

​

1,911,730

​

​

1,414,367

​

​

(3,585,104)

​

 

5,761,282

Interest income

​

 

45,787

​

 

190,772

​

 

175,407

​

 

1

​

​

225,565

​

​

637,532

Interest expense

​

​

—

​

​

—

​

​

(901)

​

​

—

​

​

—

​

​

(901)

Income (loss) from affiliates

​

​

—

​

​

—

​

​

—

​

​

(935)

​

​

81,249

​

​

80,314

Other

​

​

19,797

​

​

3,651

​

​

70,998

​

​

90

​

​

(254)

​

​

94,282

Other income (loss), net

​

​

65,584

​

​

194,423

​

​

245,504

​

​

(844)

​

​

306,560

​

​

811,227

Income (loss) before income taxes

​

 

3,443,164

​

 

2,837,132

​

 

2,157,234

​

 

1,413,523

​

​

(3,278,544)

​

 

6,572,509

Provision for income taxes

​

 

—

​

 

—

​

 

492,401

​

 

334,608

​

​

—

​

 

827,009

Net income (loss) from continuing operations

​

 

3,443,164

​

 

2,837,132

​

 

1,664,833

​

 

1,078,915

​

​

(3,278,544)

​

 

5,745,500

Income from continuing operations attributable to non-controlling interests

​

 

—

​

 

175,936

​

 

—

​

 

—

​

​

—

​

 

175,936

Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

​

$

3,443,164

​

$

2,661,196

​

$

1,664,833

​

$

1,078,915

​

$

(3,278,544)

​

 

5,569,564

Net loss from discontinued operations

​

 

  

​

 

  

​

 

  

​

 

  

​

​

​

​

 

(37,220)

Net income attributable to Consolidated Water Co. Ltd. stockholders

​

 

  

​

 

  

​

 

  

​

 

  

​

​

​

​

$

5,532,344

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2024

​

    

Retail

    

Bulk

    

Services

    

Manufacturing

    

Corporate

    

Total

Revenue

​

$

7,585,992

​

$

8,767,168

​

$

12,677,837

​

$

4,359,560

​

$

—

​

$

33,390,557

Cost of revenue

​

 

3,606,944

​

 

5,969,292

​

 

9,409,325

​

 

2,770,338

​

 

—

​

 

21,755,899

Gross profit

​

 

3,979,048

​

 

2,797,876

​

 

3,268,512

​

 

1,589,222

​

 

—

​

 

11,634,658

General and administrative expenses

​

 

787,403

​

 

381,230

​

 

1,469,845

​

 

745,418

​

 

3,572,073

​

 

6,955,969

Gain on asset dispositions, net

​

 

8,796

​

 

—

​

 

—

​

 

—

​

 

192,786

​

 

201,582

Income (loss) from operations

​

​

3,200,441

​

​

2,416,646

​

​

1,798,667

​

​

843,804

​

​

(3,379,287)

​

 

4,880,271

Interest income

​

 

48,945

​

 

204,807

​

 

139,822

​

 

1

​

​

233,226

​

​

626,801

Interest expense

​

​

(31,123)

​

​

—

​

​

(1,634)

​

​

—

​

​

(44)

​

​

(32,801)

Income from affiliate

​

​

—

​

​

—

​

​

—

​

​

—

​

​

73,620

​

​

73,620

Other

​

​

20,046

​

​

36,379

​

​

89

​

​

90

​

​

(184)

​

​

56,420

Other income, net

​

​

37,868

​

​

241,186

​

​

138,277

​

​

91

​

​

306,618

​

​

724,040

Income (loss) before income taxes

​

 

3,238,309

​

 

2,657,832

​

 

1,936,944

​

 

843,895

​

​

(3,072,669)

​

 

5,604,311

Provision for income taxes

​

 

—

​

 

—

​

 

255,534

​

 

234,675

​

​

—

​

 

490,209

Net income (loss) from continuing operations

​

 

3,238,309

​

 

2,657,832

​

 

1,681,410

​

 

609,220

​

​

(3,072,669)

​

 

5,114,102

Income from continuing operations attributable to non-controlling interests

​

 

—

​

 

156,784

​

 

—

​

 

—

​

​

—

​

 

156,784

Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

​

$

3,238,309

​

$

2,501,048

​

$

1,681,410

​

$

609,220

​

$

(3,072,669)

​

 

4,957,318

Net loss from discontinued operations

​

 

  

​

 

  

​

 

  

​

 

  

​

​

​

​

 

(502,854)

Net income attributable to Consolidated Water Co. Ltd. stockholders

​

 

  

​

 

  

​

 

  

​

 

  

​

​

​

​

$

4,454,464

​

The Company’s cost of revenue consists of:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2025

​

​

Retail

​

Bulk

​

Services

​

Manufacturing

​

Corporate

​

Total

Subcontractor and other project costs

    

$

—

    

$

—

    

$

5,973,677

    

$

1,958,385

    

$

—

    

$

7,932,062

Employee costs

​

​

752,990

​

​

510,286

​

​

4,103,148

​

​

656,068

​

​

—

​

​

6,022,492

Electricity

​

​

1,068,659

​

​

1,021,140

​

​

33,870

​

​

10,749

​

​

—

​

​

2,134,418

Fuel oil

​

​

—

​

​

1,921,144

​

​

—

​

​

—

​

​

—

​

​

1,921,144

Depreciation

​

​

626,525

​

​

709,512

​

​

120,627

​

​

45,805

​

​

—

​

​

1,502,469

Maintenance

​

​

144,331

​

​

407,705

​

​

80,289

​

​

100,329

​

​

—

​

​

732,654

Insurance

​

​

188,443

​

​

311,651

​

​

40,604

​

​

—

​

​

—

​

​

540,698

Retail license royalties

​

​

488,962

​

​

—

​

​

—

​

​

—

​

​

—

​

​

488,962

Other

​

​

177,352

​

​

603,175

​

​

92,679

​

​

24,692

​

​

—

​

​

897,898

​

​

$

3,447,262

​

$

5,484,613

​

$

10,444,894

​

$

2,796,028

​

$

—

​

$

22,172,797

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2024

​

    

Retail

    

Bulk

    

Services

    

Manufacturing

    

Corporate

    

Total

Subcontractor and other project costs

​

$

—

​

$

—

​

$

4,875,016

​

$

2,103,943

​

$

—

​

$

6,978,959

Employee costs

​

​

744,844

​

​

495,717

​

​

4,232,268

​

​

509,387

​

​

—

​

​

5,982,216

Electricity

​

​

1,191,856

​

​

1,051,352

​

​

30,552

​

​

6,656

​

​

—

​

​

2,280,416

Fuel oil

​

​

—

​

​

2,125,905

​

​

—

​

​

—

​

​

—

​

​

2,125,905

Depreciation

​

​

611,573

​

​

675,404

​

​

90,015

​

​

39,869

​

​

—

​

​

1,416,861

Maintenance

​

​

287,891

​

​

463,373

​

​

105,387

​

​

87,734

​

​

—

​

​

944,385

Insurance

​

​

173,551

​

​

453,106

​

​

11,238

​

​

—

​

​

—

​

​

637,895

Retail license royalties

​

​

461,770

​

​

—

​

​

—

​

​

—

​

​

—

​

​

461,770

Other

​

​

135,459

​

​

704,435

​

​

64,849

​

​

22,749

​

​

—

​

​

927,492

​

​

$

3,606,944

​

$

5,969,292

​

$

9,409,325

​

$

2,770,338

​

$

—

​

$

21,755,899

​

Other cost of revenue segment expenses above primarily include chemicals and other supplies, government fees and licenses, and freight costs.

​

The Company’s general and administrative expenses consist of:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2025

​

​

Retail

​

Bulk

​

Services

​

Manufacturing

​

Corporate

​

Total

Employee costs

    

$

417,321

    

$

90,065

    

$

1,171,174

    

$

311,471

    

$

1,840,811

    

$

3,830,842

Professional fees

​

​

20,491

​

​

44,018

​

​

175,517

​

​

17,940

​

​

746,094

​

​

1,004,060

Insurance

​

​

104,394

​

​

97,796

​

​

53,031

​

​

43,304

​

​

216,036

​

​

514,561

Depreciation and amortization

​

​

10,460

​

​

4,761

​

​

157,607

​

​

27,048

​

​

16,604

​

​

216,480

Other

​

​

399,436

​

​

30,652

​

​

397,857

​

​

59,275

​

​

765,559

​

​

1,652,779

​

​

$

952,102

​

$

267,292

​

$

1,955,186

​

$

459,038

​

$

3,585,104

​

$

7,218,722

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2024

​

    

Retail

    

Bulk

    

Services

    

Manufacturing

    

Corporate

    

Total

Employee costs

​

$

364,182

​

$

87,966

​

$

852,656

​

$

347,001

​

$

1,986,384

​

$

3,638,189

Professional fees

​

​

29,880

​

​

38,109

​

​

141,749

​

​

63,887

​

​

625,193

​

​

898,818

Insurance

​

​

124,299

​

​

97,179

​

​

63,652

​

​

52,459

​

​

221,009

​

​

558,598

Depreciation and amortization

​

​

9,595

​

​

6,260

​

​

157,315

​

​

25,906

​

​

17,297

​

​

216,373

Other

​

​

259,447

​

​

151,716

​

​

254,473

​

​

256,165

​

​

722,190

​

​

1,643,991

​

​

$

787,403

​

$

381,230

​

$

1,469,845

​

$

745,418

​

$

3,572,073

​

$

6,955,969

​

General and administrative segment expenses set forth in the “Other” category above include Board of Directors fees and expenses, maintenance, office rent, information technology costs, amortization of intangible assets, provisions for credit losses and investor relations costs.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2025

​

    

Retail

    

Bulk

    

Services

    

Manufacturing

    

Corporate

    

Total

Revenue

​

$

25,819,712

​

$

25,081,146

​

$

35,815,785

​

$

15,708,527

​

$

—

    

$

102,425,170

Cost of revenue

​

 

10,929,083

​

 

16,807,609

​

 

26,563,654

​

 

10,040,643

​

 

—

​

 

64,340,989

Gross profit

​

 

14,890,629

​

 

8,273,537

​

 

9,252,131

​

 

5,667,884

​

 

—

​

 

38,084,181

General and administrative expenses

​

 

2,726,531

​

 

1,008,123

​

 

6,143,566

​

 

1,653,668

​

 

10,991,031

​

 

22,522,919

Gain on asset dispositions, net

​

 

37,416

​

 

—

​

 

52,131

​

 

5,000

​

 

—

​

 

94,547

Income (loss) from operations

​

​

12,201,514

​

​

7,265,414

​

​

3,160,696

​

​

4,019,216

​

​

(10,991,031)

​

 

15,655,809

Interest income

​

 

123,702

​

 

622,345

​

 

580,061

​

 

3

​

​

685,003

​

​

2,011,114

Interest expense

​

​

—

​

​

—

​

​

(3,614)

​

​

—

​

​

—

​

​

(3,614)

Income (loss) from affiliates

​

​

—

​

​

—

​

​

—

​

​

(35,198)

​

​

198,265

​

​

163,067

Other

​

​

55,500

​

​

25,526

​

​

69,038

​

​

254

​

​

(585)

​

​

149,733

Other income (loss), net

​

​

179,202

​

​

647,871

​

​

645,485

​

​

(34,941)

​

​

882,683

​

​

2,320,300

Income (loss) before income taxes

​

 

12,380,716

​

 

7,913,285

​

 

3,806,181

​

 

3,984,275

​

​

(10,108,348)

​

 

17,976,109

Provision for income taxes

​

 

—

​

 

—

​

 

870,688

​

 

962,245

​

​

—

​

 

1,832,933

Net income (loss) from continuing operations

​

 

12,380,716

​

 

7,913,285

​

 

2,935,493

​

 

3,022,030

​

​

(10,108,348)

​

 

16,143,176

Income from continuing operations attributable to non-controlling interests

​

 

—

​

 

470,741

​

 

—

​

 

—

​

​

—

​

 

470,741

Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

​

$

12,380,716

​

$

7,442,544

​

$

2,935,493

​

$

3,022,030

​

$

(10,108,348)

​

 

15,672,435

Net loss from discontinued operations

​

 

  

​

 

  

​

 

  

​

 

  

​

​

​

​

 

(252,857)

Net income attributable to Consolidated Water Co. Ltd. stockholders

​

 

  

​

 

  

​

 

  

​

 

  

​

​

​

​

$

15,419,578

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

Nine Months Ended September 30, 2024

​

    

Retail

    

Bulk

    

Services

    

Manufacturing

​

Corporate

    

Total

Revenue

​

$

24,392,814

​

$

25,557,220

​

$

42,017,917

​

$

13,591,154

    

$

—

​

$

105,559,105

Cost of revenue

​

 

10,828,421

​

 

17,632,010

​

 

30,536,801

​

 

9,428,978

​

 

—

​

 

68,426,210

Gross profit

​

 

13,564,393

​

 

7,925,210

​

 

11,481,116

​

 

4,162,176

​

 

—

​

 

37,132,895

General and administrative expenses

​

 

2,335,807

​

 

1,088,639

​

 

4,264,323

​

 

1,930,706

​

 

10,506,817

​

 

20,126,292

Gain on asset dispositions, net

​

 

2,666

​

 

—

​

 

3,000

​

 

—

​

 

192,786

​

 

198,452

Income (loss) from operations

​

​

11,231,252

​

​

6,836,571

​

​

7,219,793

​

​

2,231,470

​

​

(10,314,031)

​

 

17,205,055

Interest income

​

 

156,362

​

 

622,520

​

 

329,649

​

 

3

​

​

233,263

​

​

1,341,797

Interest expense

​

​

(93,369)

​

​

—

​

​

(6,327)

​

​

—

​

​

(44)

​

​

(99,740)

Income from affiliate

​

​

—

​

​

—

​

​

—

​

​

—

​

​

199,983

​

​

199,983

Other

​

​

56,324

​

​

48,807

​

​

700

​

​

11,866

​

​

913

​

​

118,610

Other income, net

​

​

119,317

​

​

671,327

​

​

324,022

​

​

11,869

​

​

434,115

​

​

1,560,650

Income (loss) before income taxes

​

 

11,350,569

​

 

7,507,898

​

 

7,543,815

​

 

2,243,339

​

​

(9,879,916)

​

 

18,765,705

Provision for income taxes

​

 

—

​

 

—

​

 

1,627,258

​

 

548,580

​

​

—

​

 

2,175,838

Net income (loss) from continuing operations

​

 

11,350,569

​

 

7,507,898

​

 

5,916,557

​

 

1,694,759

​

​

(9,879,916)

​

 

16,589,867

Income from continuing operations attributable to non-controlling interests

​

 

—

​

 

448,724

​

 

—

​

 

—

​

​

—

​

 

448,724

Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

​

$

11,350,569

​

$

7,059,174

​

$

5,916,557

​

$

1,694,759

​

$

(9,879,916)

​

 

16,141,143

Net income from discontinued operations

​

 

  

​

 

  

​

 

  

​

 

  

​

​

​

​

 

10,637,926

Net income attributable to Consolidated Water Co. Ltd. stockholders

​

 

  

​

 

  

​

 

  

​

 

  

​

​

​

​

$

26,779,069

​

The Company’s cost of revenue consists of:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2025

​

​

Retail

​

Bulk

​

Services

​

Manufacturing

​

Corporate

​

Total

Subcontractor and other project costs

    

$

—

    

$

—

    

$

13,064,351

    

$

7,678,086

    

$

—

    

$

20,742,437

Employee costs

​

​

2,272,261

​

​

1,571,674

​

​

12,533,716

​

​

1,854,210

​

​

—

​

​

18,231,861

Electricity

​

​

3,398,245

​

​

3,128,782

​

​

102,226

​

​

33,113

​

​

—

​

​

6,662,366

Fuel oil

​

​

—

​

​

5,583,464

​

​

—

​

​

—

​

​

—

​

​

5,583,464

Depreciation

​

​

1,861,706

​

​

2,091,347

​

​

304,320

​

​

121,122

​

​

—

​

​

4,378,495

Maintenance

​

​

685,176

​

​

1,446,647

​

​

286,483

​

​

267,687

​

​

—

​

​

2,685,993

Insurance

​

​

534,633

​

​

1,168,427

​

​

88,166

​

​

—

​

​

—

​

​

1,791,226

Retail license royalties

​

​

1,640,448

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1,640,448

Other

​

​

536,614

​

​

1,817,268

​

​

184,392

​

​

86,425

​

​

—

​

​

2,624,699

​

​

$

10,929,083

​

$

16,807,609

​

$

26,563,654

​

$

10,040,643

​

$

—

​

$

64,340,989

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2024

​

    

Retail

    

Bulk

    

Services

    

Manufacturing

    

Corporate

    

Total

Subcontractor and other project costs

​

$

—

​

$

—

​

$

16,889,209

​

$

7,412,469

​

$

—

​

$

24,301,678

Employee costs

​

​

2,199,019

​

​

1,538,671

​

​

12,716,853

​

​

1,533,683

​

​

—

​

​

17,988,226

Electricity

​

​

3,652,656

​

​

2,890,194

​

​

175,353

​

​

22,819

​

​

—

​

​

6,741,022

Fuel oil

​

​

—

​

​

6,446,878

​

​

—

​

​

—

​

​

—

​

​

6,446,878

Depreciation

​

​

1,828,300

​

​

2,005,305

​

​

275,793

​

​

119,562

​

​

—

​

​

4,228,960

Maintenance

​

​

672,865

​

​

1,528,524

​

​

316,481

​

​

256,076

​

​

—

​

​

2,773,946

Insurance

​

​

514,191

​

​

1,271,807

​

​

25,022

​

​

—

​

​

—

​

​

1,811,020

Retail license royalties

​

​

1,498,859

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1,498,859

Other

​

​

462,531

​

​

1,950,631

​

​

138,090

​

​

84,369

​

​

—

​

​

2,635,621

​

​

$

10,828,421

​

$

17,632,010

​

$

30,536,801

​

$

9,428,978

​

$

—

​

$

68,426,210

​

Other cost of revenue segment expenses above primarily include chemicals and other supplies, government fees and licenses, and freight costs.

​

The Company’s general and administrative expenses consist of:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2025

​

​

Retail

​

Bulk

​

Services

​

Manufacturing

​

Corporate

​

Total

Employee costs

    

$

1,188,916

    

$

268,946

    

$

3,463,647

    

$

950,038

    

$

6,103,836

    

$

11,975,383

Professional fees

​

​

47,940

​

​

84,870

​

​

691,610

​

​

109,654

​

​

1,991,918

​

​

2,925,992

Insurance

​

​

313,242

​

​

291,623

​

​

124,356

​

​

202,864

​

​

652,036

​

​

1,584,121

Depreciation and amortization

​

​

31,308

​

​

15,179

​

​

474,402

​

​

79,286

​

​

50,642

​

​

650,817

Other

​

​

1,145,125

​

​

347,505

​

​

1,389,551

​

​

311,826

​

​

2,192,599

​

​

5,386,606

​

​

$

2,726,531

​

$

1,008,123

​

$

6,143,566

​

$

1,653,668

​

$

10,991,031

​

$

22,522,919

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2024

​

    

Retail

    

Bulk

    

Services

    

Manufacturing

    

Corporate

    

Total

Employee costs

​

$

1,100,764

​

$

263,038

​

$

2,426,917

​

$

959,747

​

$

6,009,959

​

$

10,760,425

Professional fees

​

​

75,362

​

​

79,408

​

​

390,744

​

​

99,249

​

​

1,638,772

​

​

2,283,535

Insurance

​

​

310,836

​

​

282,481

​

​

179,354

​

​

166,878

​

​

639,326

​

​

1,578,875

Depreciation and amortization

​

​

27,437

​

​

19,737

​

​

474,837

​

​

77,768

​

​

57,156

​

​

656,935

Other

​

​

821,408

​

​

443,975

​

​

792,471

​

​

627,064

​

​

2,161,604

​

​

4,846,522

​

​

$

2,335,807

​

$

1,088,639

​

$

4,264,323

​

$

1,930,706

​

$

10,506,817

​

$

20,126,292
Schedule of long-lived assets by geographic areas

The Company’s segment assets are presented below.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

As of September 30, 2025

​

    

Retail

    

Bulk

    

Services

    

Manufacturing

    

Corporate

    

Total

Cash and cash equivalents

​

$

13,811,367

​

$

34,434,833

​

$

42,225,132

​

$

6,327,391

​

$

26,755,925

​

$

123,554,648

Accounts receivable, net

​

$

2,803,608

​

$

17,011,930

​

$

7,154,835

​

$

2,015,722

​

$

10,739

​

$

28,996,834

Inventory, current and non-current

​

$

3,509,239

​

$

5,104,409

​

$

—

​

$

1,547,433

​

$

—

​

$

10,161,081

Contract assets

​

$

—

​

$

—

​

$

2,458,141

​

$

4,273,720

​

$

—

​

$

6,731,861

Property, plant and equipment, net

​

$

32,242,134

​

$

16,992,299

​

$

1,739,687

​

$

4,375,782

​

$

203,154

​

$

55,553,056

Construction in progress

​

$

937,927

​

$

4,268,056

​

$

—

​

$

4,551

​

$

—

​

$

5,210,534

Intangibles, net

​

$

—

​

$

—

​

$

1,706,757

​

$

497,779

​

$

—

​

$

2,204,536

Goodwill

​

$

1,170,511

​

$

1,948,875

​

$

7,756,807

​

$

1,985,211

​

$

—

​

$

12,861,404

Total segment assets

​

$

56,837,257

​

$

81,343,368

​

$

66,447,339

​

$

21,528,556

​

$

30,941,204

​

$

257,097,724

Assets of discontinued operations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

136,928

Total assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

257,234,652

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

As of December 31, 2024

​

     

Retail

    

Bulk

    

Services

    

Manufacturing

    

Corporate

    

Total

Cash and cash equivalents

​

$

19,167,484

​

$

13,339,206

​

$

34,181,902

​

$

4,768,376

​

$

27,893,153

​

$

99,350,121

Accounts receivable, net

​

$

3,223,190

​

$

28,807,257

​

$

6,593,276

​

$

946,846

​

$

10,413

​

$

39,580,982

Inventory, current and non-current

​

$

3,437,771

​

$

4,865,117

​

$

167,856

​

$

5,828,567

​

$

—

​

$

14,299,311

Contract assets

​

$

—

​

$

—

​

$

1,204,522

​

$

3,265,721

​

$

—

​

$

4,470,243

Property, plant and equipment, net

​

$

31,689,586

​

$

18,093,155

​

$

858,352

​

$

1,601,501

​

$

189,688

​

$

52,432,282

Construction in progress

​

$

1,951,559

​

$

2,480,999

​

$

—

​

$

711,159

​

$

—

​

$

5,143,717

Intangibles, net

​

$

—

​

$

—

​

$

2,129,037

​

$

567,778

​

$

—

​

$

2,696,815

Goodwill

​

$

1,170,511

​

$

1,948,875

​

$

7,756,807

​

$

1,985,211

​

$

—

​

$

12,861,404

Total segment assets

​

$

62,994,011

​

$

71,743,161

​

$

56,792,772

​

$

20,095,648

​

$

31,415,104

​

$

243,040,696

Assets of discontinued operations

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

$

272,485

Total assets

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

$

243,313,181

​
v3.25.3
Earnings per share (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings per share  
Schedule of computation of basic and diluted EPS

The following summarizes information related to the computation of basic and diluted EPS:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

​

    

2025

    

2024

 

2025

    

2024

Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

​

$

5,569,564

​

$

4,957,318

​

$

15,672,435

​

$

16,141,143

Less: preferred stock dividends

​

 

(5,571)

​

 

(4,912)

​

 

(17,041)

​

 

(13,754)

Net income from continuing operations available to common shares in the determination of basic earnings per common share

​

 

5,563,993

​

 

4,952,406

​

 

15,655,394

​

 

16,127,389

Income (loss) from discontinued operations

​

 

(37,220)

​

 

(502,854)

​

 

(252,857)

​

 

10,637,926

Net income available to common shares in the determination of basic earnings per common share

​

$

5,526,773

​

$

4,449,552

​

$

15,402,537

​

$

26,765,315

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average number of common shares in the determination of basic earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders

​

 

15,924,851

​

 

15,833,715

​

 

15,919,167

​

 

15,830,599

Plus:

​

 

​

​

 

​

​

 

​

​

 

​

Weighted average number of preferred shares outstanding during the period

​

 

43,687

​

 

45,118

​

 

42,644

​

 

44,494

Potential dilutive effect of unexercised options and unvested stock grants

​

 

86,019

​

 

110,768

​

 

85,501

​

 

110,926

Weighted average number of shares used for determining diluted earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders

​

 

16,054,557

​

 

15,989,601

​

 

16,047,312

​

 

15,986,019

​
v3.25.3
Discontinued operations - Mexico project development (Tables)
 9 Months Ended
Sep. 30, 2025
Discontinued operations - Mexico project development  
Schedule of financial information for Mexico project development

Summarized financial information for the discontinued Mexico project development operation is as follows:

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

​

2025

​

2024

Cash

   

$

26,115

   

$

127,859

Prepaid expenses and other current assets

​

​

110,813

​

​

144,626

Total assets of discontinued operations

​

$

136,928

​

$

272,485

​

​

 

  

​

 

  

Total liabilities of discontinued operations

​

$

271,143

​

$

509,745

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

   

2025

   

2024

   

2025

   

2024

Loss from discontinued operations

​

$

(37,220)

​

$

(502,854)

​

$

(252,857)

​

$

(1,496,840)

Gain on sale of land and project documentation

​

$

—

​

$

—

​

$

—

​

$

12,134,766

​
v3.25.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2025
Leases  
Schedule of lease-related assets and liabilities

The following table presents the lease-related assets and liabilities and their respective classification on the condensed consolidated balance sheets:

​

​

​

​

​

​

​

​

​

    

September 30, 

​

December 31, 

​

​

2025

​

2024

ASSETS

 

​

​

​

  

Noncurrent

​

 

​

​

 

​

Total operating lease right-of-use assets

​

$

3,095,156

​

$

3,232,786

​

​

​

​

​

​

​

LIABILITIES

    

  

​

 

  

​

Current

 

​

  

​

​

  

Current maturities of operating leases

​

$

667,074

​

$

634,947

Noncurrent

​

 

​

​

 

​

Noncurrent operating leases

​

​

2,457,151

​

​

2,630,812

Total lease liabilities

​

$

3,124,225

​

$

3,265,759

​

​

​

​

​

​

​

Weighted average remaining lease term:

​

 

  

​

 

  

Operating leases

​

 

4.4 years

​

 

5.0 years

​

​

 

​

​

 

​

Weighted average discount rate:

​

 

​

​

 

​

Operating leases

​

 

6.55%

​

 

6.56%
Schedule of components of lease costs

The components of lease costs were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended September 30, 

    

Nine Months Ended September 30, 

​

​

2025

​

2024

​

2025

​

2024

Operating lease costs

​

$

210,025

​

$

213,090

​

$

637,158

​

$

633,692

Short-term lease costs

​

 

100,338

​

​

153,227

​

 

299,666

​

 

270,351

Lease costs - discontinued operations

​

​

1,160

​

​

5,222

​

​

5,778

​

​

29,364

Total lease costs

​

$

311,523

​

$

371,539

​

$

942,602

​

$

933,407
Schedule of Supplemental cash flow information related to leases

Supplemental cash flow information related to leases is as follows:

​

​

​

​

​

​

​

​

​

    

Nine Months Ended September 30, 

​

​

2025

​

2024

Cash paid for amounts included in measurement of liabilities:

 

​

  

​

​

​

Operating cash outflows for operating leases

​

$

674,349

​

$

699,497
Schedule of future lease payments relating to the company's operating lease liabilities

Future lease payments relating to the Company’s operating lease liabilities from continuing operations as of September 30, 2025 were as follows:

​

​

​

​

​

Years ending December 31, 

    

Total

2025

​

$

218,039

2026

​

 

839,279

2027

​

 

813,513

2028

​

 

833,216

2029

​

​

541,352

Thereafter

​

 

427,399

Total future lease payments

​

 

3,672,798

Less: imputed interest

​

 

(548,573)

Total lease obligations

​

 

3,124,225

Less: current obligations

​

 

(667,074)

Noncurrent lease obligations

​

$

2,457,151

​
v3.25.3
Accounting policies - Additional Information (Details)
gal in Millions
Jun. 02, 2023
gal
Kalaeloa Desalco  
Accounting policies  
Amount of seawater reverse osmosis desalination plant 1.7
v3.25.3
Accounting policies - Foreign Currency (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Foreign currency          
Net foreign currency gains $ 19,093 $ 24,807 $ 65,080 $ 65,606  
Cash and cash equivalents          
Cash and cash equivalents 16,900,000   16,900,000   $ 5,200,000
Deposits held in foreign bank $ 26,400,000   $ 26,400,000   $ 7,700,000
v3.25.3
Accounting policies - Disaggregated revenue (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Accounting policies        
Total Revenue $ 35,118,706 $ 33,390,557 $ 102,425,170 $ 105,559,105
Contracts in progress        
Number of days after consumption billings are considered past due     45 days  
Retail revenue        
Accounting policies        
Total Revenue 7,770,344 7,585,992 $ 25,819,712 24,392,814
Bulk revenue        
Accounting policies        
Total Revenue 8,394,614 8,767,168 25,081,146 25,557,220
Services revenue        
Accounting policies        
Total Revenue 14,289,315 12,677,837 35,815,785 42,017,917
Manufacturing revenue        
Accounting policies        
Total Revenue 4,664,433 4,359,560 15,708,527 13,591,154
Construction revenue | Services revenue        
Accounting policies        
Total Revenue 6,360,333 4,251,237 11,404,500 17,632,772
Operations and maintenance revenue | Services revenue        
Accounting policies        
Total Revenue 7,715,000 7,492,121 23,695,704 21,660,396
Design and consulting revenue | Services revenue        
Accounting policies        
Total Revenue 213,982 934,479 715,581 2,724,749
Transferred over time | Services revenue        
Accounting policies        
Total Revenue 6,462,508 4,246,506 11,752,695 17,631,774
Transferred at point in time | Services revenue        
Accounting policies        
Total Revenue $ 7,826,807 $ 8,431,331 $ 24,063,090 $ 24,386,143
Minimum        
Contracts in progress        
Number of days after consumption billings are collected     30 days  
Maximum        
Contracts in progress        
Number of days after consumption billings are collected     45 days  
v3.25.3
Accounting policies - Performance obligations (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Revenue remaining performance obligation expected timing of satisfaction  
Amount recognized revenue included in the contract liability balance $ 5.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-12-31  
Revenue remaining performance obligation expected timing of satisfaction  
Revenue remaining performance obligation, amount $ 4.6
Revenue remaining performance obligation, expected timing of satisfaction, period 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-12-31  
Revenue remaining performance obligation expected timing of satisfaction  
Revenue remaining performance obligation, amount $ 138.8
Revenue remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-12-31  
Revenue remaining performance obligation expected timing of satisfaction  
Revenue remaining performance obligation, amount $ 134.2
Revenue remaining performance obligation, expected timing of satisfaction, period 2 years
v3.25.3
Accounting policies - Revenue recognized and billed on services (Details) - USD ($)
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Accounting policies    
Revenue recognized to date on contracts in progress $ 123,685,220 $ 114,590,991
Amounts billed to date on contracts in progress (131,049,672) (121,833,354)
Retainage 2,414,307 2,585,952
Net contract liability (4,950,145) (4,656,411)
Contract assets 6,731,861 4,470,243
Contract liabilities (11,682,006) (9,126,654)
Net contract liability $ (4,950,145) $ (4,656,411)
v3.25.3
Accounting policies - Comparative amounts (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Accounting policies        
Revenue $ 35,118,706 $ 33,390,557 $ 102,425,170 $ 105,559,105
Services        
Accounting policies        
Revenue $ 14,289,315 12,677,837 $ 35,815,785 42,017,917
Services | Design and consulting revenue | Previously issued        
Accounting policies        
Revenue   614,199   1,467,461
Services | Construction revenue | Reclassified        
Accounting policies        
Revenue   $ 614,199   $ 1,467,461
v3.25.3
Segment information (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
segment
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Segment information          
Number of reportable segments | segment     5    
Revenue $ 35,118,706 $ 33,390,557 $ 102,425,170 $ 105,559,105  
Cost of revenue 22,172,797 21,755,899 64,340,989 68,426,210  
Gross profit 12,945,909 11,634,658 38,084,181 37,132,895  
General and administrative expenses 7,218,722 6,955,969 22,522,919 20,126,292  
Gain on asset dispositions and impairments, net 34,095 201,582 94,547 198,452  
Income (loss) from operations 5,761,282 4,880,271 15,655,809 17,205,055  
Interest income 637,532 626,801 2,011,114 1,341,797  
Interest expense (901) (32,801) (3,614) (99,740)  
Income (loss) from affiliates 80,314 73,620 163,067 199,983  
Other 94,282 56,420 149,733 118,610  
Other income (loss), net 811,227 724,040 2,320,300 1,560,650  
Income (loss) before income taxes 6,572,509 5,604,311 17,976,109 18,765,705  
Provision for income taxes 827,009 490,209 1,832,933 2,175,838  
Net income (loss) from continuing operations 5,745,500 5,114,102 16,143,176 16,589,867  
Income from continuing operations attributable to non-controlling interests 175,936 156,784 470,741 448,724  
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders 5,569,564 4,957,318 15,672,435 16,141,143  
Net loss from discontinued operations (37,220) (502,854) (252,857) 10,637,926  
Net income attributable to Consolidated Water Co. Ltd. stockholders 5,532,344 4,454,464 15,419,578 26,779,069  
Subcontractor and other project costs 7,932,062 6,978,959 20,742,437 24,301,678  
Employee costs 6,022,492 5,982,216 18,231,861 17,988,226  
Electricity 2,134,418 2,280,416 6,662,366 6,741,022  
Fuel oil 1,921,144 2,125,905 5,583,464 6,446,878  
Depreciation 1,502,469 1,416,861 4,378,495 4,228,960  
Maintenance 732,654 944,385 2,685,993 2,773,946  
Insurance 540,698 637,895 1,791,226 1,811,020  
Retail license royalties 488,962 461,770 1,640,448 1,498,859  
Other 897,898 927,492 2,624,699 2,635,621  
Total cost of revenue 22,172,797 21,755,899 64,340,989 68,426,210  
Employee costs 3,830,842 3,638,189 11,975,383 10,760,425  
Professional fees 1,004,060 898,818 2,925,992 2,283,535  
Insurance 514,561 558,598 1,584,121 1,578,875  
Depreciation and amortization 216,480 216,373 650,817 656,935  
Other 1,652,779 1,643,991 5,386,606 4,846,522  
Total general and administrative expenses 7,218,722 6,955,969 22,522,919 20,126,292  
Cash and cash equivalents 123,554,648   123,554,648   $ 99,350,121
Accounts receivable, net 28,996,834   28,996,834   39,580,982
Inventory, current and non-current 10,161,081   10,161,081   14,299,311
Contract assets 6,731,861   6,731,861   4,470,243
Property, plant and equipment, net 55,553,056   55,553,056   52,432,282
Construction in progress 5,210,534   5,210,534   5,143,717
Intangibles, net 2,204,536   2,204,536   2,696,815
Goodwill 12,861,404   12,861,404   12,861,404
Total segment assets 257,097,724   257,097,724   243,040,696
Assets of discontinued operations 136,928   136,928   272,485
Total assets 257,234,652   257,234,652   243,313,181
Retail          
Segment information          
Revenue 7,770,344 7,585,992 25,819,712 24,392,814  
Cost of revenue 3,447,262 3,606,944 10,929,083 10,828,421  
Gross profit 4,323,082 3,979,048 14,890,629 13,564,393  
General and administrative expenses 952,102 787,403 2,726,531 2,335,807  
Gain on asset dispositions and impairments, net 6,600 8,796 37,416 2,666  
Income (loss) from operations 3,377,580 3,200,441 12,201,514 11,231,252  
Interest income 45,787 48,945 123,702 156,362  
Interest expense   (31,123)   (93,369)  
Other 19,797 20,046 55,500 56,324  
Other income (loss), net 65,584 37,868 179,202 119,317  
Income (loss) before income taxes 3,443,164 3,238,309 12,380,716 11,350,569  
Net income (loss) from continuing operations 3,443,164 3,238,309 12,380,716 11,350,569  
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders 3,443,164 3,238,309 12,380,716 11,350,569  
Employee costs 752,990 744,844 2,272,261 2,199,019  
Electricity 1,068,659 1,191,856 3,398,245 3,652,656  
Depreciation 626,525 611,573 1,861,706 1,828,300  
Maintenance 144,331 287,891 685,176 672,865  
Insurance 188,443 173,551 534,633 514,191  
Retail license royalties 488,962 461,770 1,640,448 1,498,859  
Other 177,352 135,459 536,614 462,531  
Total cost of revenue 3,447,262 3,606,944 10,929,083 10,828,421  
Employee costs 417,321 364,182 1,188,916 1,100,764  
Professional fees 20,491 29,880 47,940 75,362  
Insurance 104,394 124,299 313,242 310,836  
Depreciation and amortization 10,460 9,595 31,308 27,437  
Other 399,436 259,447 1,145,125 821,408  
Total general and administrative expenses 952,102 787,403 2,726,531 2,335,807  
Cash and cash equivalents 13,811,367   13,811,367   19,167,484
Accounts receivable, net 2,803,608   2,803,608   3,223,190
Inventory, current and non-current 3,509,239   3,509,239   3,437,771
Property, plant and equipment, net 32,242,134   32,242,134   31,689,586
Construction in progress 937,927   937,927   1,951,559
Goodwill 1,170,511   1,170,511   1,170,511
Total segment assets 56,837,257   56,837,257   62,994,011
Bulk          
Segment information          
Revenue 8,394,614 8,767,168 25,081,146 25,557,220  
Cost of revenue 5,484,613 5,969,292 16,807,609 17,632,010  
Gross profit 2,910,001 2,797,876 8,273,537 7,925,210  
General and administrative expenses 267,292 381,230 1,008,123 1,088,639  
Income (loss) from operations 2,642,709 2,416,646 7,265,414 6,836,571  
Interest income 190,772 204,807 622,345 622,520  
Other 3,651 36,379 25,526 48,807  
Other income (loss), net 194,423 241,186 647,871 671,327  
Income (loss) before income taxes 2,837,132 2,657,832 7,913,285 7,507,898  
Net income (loss) from continuing operations 2,837,132 2,657,832 7,913,285 7,507,898  
Income from continuing operations attributable to non-controlling interests 175,936 156,784 470,741 448,724  
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders 2,661,196 2,501,048 7,442,544 7,059,174  
Employee costs 510,286 495,717 1,571,674 1,538,671  
Electricity 1,021,140 1,051,352 3,128,782 2,890,194  
Fuel oil 1,921,144 2,125,905 5,583,464 6,446,878  
Depreciation 709,512 675,404 2,091,347 2,005,305  
Maintenance 407,705 463,373 1,446,647 1,528,524  
Insurance 311,651 453,106 1,168,427 1,271,807  
Other 603,175 704,435 1,817,268 1,950,631  
Total cost of revenue 5,484,613 5,969,292 16,807,609 17,632,010  
Employee costs 90,065 87,966 268,946 263,038  
Professional fees 44,018 38,109 84,870 79,408  
Insurance 97,796 97,179 291,623 282,481  
Depreciation and amortization 4,761 6,260 15,179 19,737  
Other 30,652 151,716 347,505 443,975  
Total general and administrative expenses 267,292 381,230 1,008,123 1,088,639  
Cash and cash equivalents 34,434,833   34,434,833   13,339,206
Accounts receivable, net 17,011,930   17,011,930   28,807,257
Inventory, current and non-current 5,104,409   5,104,409   4,865,117
Property, plant and equipment, net 16,992,299   16,992,299   18,093,155
Construction in progress 4,268,056   4,268,056   2,480,999
Goodwill 1,948,875   1,948,875   1,948,875
Total segment assets 81,343,368   81,343,368   71,743,161
Services          
Segment information          
Revenue 14,289,315 12,677,837 35,815,785 42,017,917  
Cost of revenue 10,444,894 9,409,325 26,563,654 30,536,801  
Gross profit 3,844,421 3,268,512 9,252,131 11,481,116  
General and administrative expenses 1,955,186 1,469,845 6,143,566 4,264,323  
Gain on asset dispositions and impairments, net 22,495   52,131 3,000  
Income (loss) from operations 1,911,730 1,798,667 3,160,696 7,219,793  
Interest income 175,407 139,822 580,061 329,649  
Interest expense (901) (1,634) (3,614) (6,327)  
Other 70,998 89 69,038 700  
Other income (loss), net 245,504 138,277 645,485 324,022  
Income (loss) before income taxes 2,157,234 1,936,944 3,806,181 7,543,815  
Provision for income taxes 492,401 255,534 870,688 1,627,258  
Net income (loss) from continuing operations 1,664,833 1,681,410 2,935,493 5,916,557  
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders 1,664,833 1,681,410 2,935,493 5,916,557  
Subcontractor and other project costs 5,973,677 4,875,016 13,064,351 16,889,209  
Employee costs 4,103,148 4,232,268 12,533,716 12,716,853  
Electricity 33,870 30,552 102,226 175,353  
Depreciation 120,627 90,015 304,320 275,793  
Maintenance 80,289 105,387 286,483 316,481  
Insurance 40,604 11,238 88,166 25,022  
Other 92,679 64,849 184,392 138,090  
Total cost of revenue 10,444,894 9,409,325 26,563,654 30,536,801  
Employee costs 1,171,174 852,656 3,463,647 2,426,917  
Professional fees 175,517 141,749 691,610 390,744  
Insurance 53,031 63,652 124,356 179,354  
Depreciation and amortization 157,607 157,315 474,402 474,837  
Other 397,857 254,473 1,389,551 792,471  
Total general and administrative expenses 1,955,186 1,469,845 6,143,566 4,264,323  
Cash and cash equivalents 42,225,132   42,225,132   34,181,902
Accounts receivable, net 7,154,835   7,154,835   6,593,276
Inventory, current and non-current         167,856
Contract assets 2,458,141   2,458,141   1,204,522
Property, plant and equipment, net 1,739,687   1,739,687   858,352
Intangibles, net 1,706,757   1,706,757   2,129,037
Goodwill 7,756,807   7,756,807   7,756,807
Total segment assets 66,447,339   66,447,339   56,792,772
Manufacturing          
Segment information          
Revenue 4,664,433 4,359,560 15,708,527 13,591,154  
Cost of revenue 2,796,028 2,770,338 10,040,643 9,428,978  
Gross profit 1,868,405 1,589,222 5,667,884 4,162,176  
General and administrative expenses 459,038 745,418 1,653,668 1,930,706  
Gain on asset dispositions and impairments, net 5,000   5,000    
Income (loss) from operations 1,414,367 843,804 4,019,216 2,231,470  
Interest income 1 1 3 3  
Income (loss) from affiliates (935)   (35,198)    
Other 90 90 254 11,866  
Other income (loss), net (844) 91 (34,941) 11,869  
Income (loss) before income taxes 1,413,523 843,895 3,984,275 2,243,339  
Provision for income taxes 334,608 234,675 962,245 548,580  
Net income (loss) from continuing operations 1,078,915 609,220 3,022,030 1,694,759  
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders 1,078,915 609,220 3,022,030 1,694,759  
Subcontractor and other project costs 1,958,385 2,103,943 7,678,086 7,412,469  
Employee costs 656,068 509,387 1,854,210 1,533,683  
Electricity 10,749 6,656 33,113 22,819  
Depreciation 45,805 39,869 121,122 119,562  
Maintenance 100,329 87,734 267,687 256,076  
Other 24,692 22,749 86,425 84,369  
Total cost of revenue 2,796,028 2,770,338 10,040,643 9,428,978  
Employee costs 311,471 347,001 950,038 959,747  
Professional fees 17,940 63,887 109,654 99,249  
Insurance 43,304 52,459 202,864 166,878  
Depreciation and amortization 27,048 25,906 79,286 77,768  
Other 59,275 256,165 311,826 627,064  
Total general and administrative expenses 459,038 745,418 1,653,668 1,930,706  
Cash and cash equivalents 6,327,391   6,327,391   4,768,376
Accounts receivable, net 2,015,722   2,015,722   946,846
Inventory, current and non-current 1,547,433   1,547,433   5,828,567
Contract assets 4,273,720   4,273,720   3,265,721
Property, plant and equipment, net 4,375,782   4,375,782   1,601,501
Construction in progress 4,551   4,551   711,159
Intangibles, net 497,779   497,779   567,778
Goodwill 1,985,211   1,985,211   1,985,211
Total segment assets 21,528,556   21,528,556   20,095,648
Corporate          
Segment information          
General and administrative expenses 3,585,104 3,572,073 10,991,031 10,506,817  
Gain on asset dispositions and impairments, net   192,786   192,786  
Income (loss) from operations (3,585,104) (3,379,287) (10,991,031) (10,314,031)  
Interest income 225,565 233,226 685,003 233,263  
Interest expense   (44)   (44)  
Income (loss) from affiliates 81,249 73,620 198,265 199,983  
Other (254) (184) (585) 913  
Other income (loss), net 306,560 306,618 882,683 434,115  
Income (loss) before income taxes (3,278,544) (3,072,669) (10,108,348) (9,879,916)  
Net income (loss) from continuing operations (3,278,544) (3,072,669) (10,108,348) (9,879,916)  
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders (3,278,544) (3,072,669) (10,108,348) (9,879,916)  
Employee costs 1,840,811 1,986,384 6,103,836 6,009,959  
Professional fees 746,094 625,193 1,991,918 1,638,772  
Insurance 216,036 221,009 652,036 639,326  
Depreciation and amortization 16,604 17,297 50,642 57,156  
Other 765,559 722,190 2,192,599 2,161,604  
Total general and administrative expenses 3,585,104 $ 3,572,073 10,991,031 $ 10,506,817  
Cash and cash equivalents 26,755,925   26,755,925   27,893,153
Accounts receivable, net 10,739   10,739   10,413
Property, plant and equipment, net 203,154   203,154   189,688
Total segment assets $ 30,941,204   $ 30,941,204   $ 31,415,104
v3.25.3
Earnings per share (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings per share        
Net income from continuing operations attributable to Consolidated Water Co. Ltd. Stockholders $ 5,569,564 $ 4,957,318 $ 15,672,435 $ 16,141,143
Less: preferred stock dividends (5,571) (4,912) (17,041) (13,754)
Net income from continuing operations available to common shares in the determination of basic earnings per common share 5,563,993 4,952,406 15,655,394 16,127,389
Income (loss) from discontinued operations (37,220) (502,854) (252,857) 10,637,926
Net income available to common shares in the determination of basic earnings per common share $ 5,526,773 $ 4,449,552 $ 15,402,537 $ 26,765,315
Weighted average number of common shares in the determination of basic earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders (in shares) 15,924,851 15,833,715 15,919,167 15,830,599
Weighted average number of preferred shares outstanding during the period (in shares) 43,687 45,118 42,644 44,494
Potential dilutive effect of unexercised options and unvested stock grants (in shares) 86,019 110,768 85,501 110,926
Weighted average number of shares used for determining diluted earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders (in shares) 16,054,557 15,989,601 16,047,312 15,986,019
v3.25.3
Discontinued operations - Mexico project development- Narratives (Details)
gal in Millions
 1 Months Ended 12 Months Ended
Jun. 14, 2024
USD ($)
Aug. 28, 2020
USD ($)
Aug. 28, 2020
MXN ($)
Aug. 22, 2016
gal
Feb. 28, 2022
USD ($)
Feb. 28, 2022
MXN ($)
Dec. 31, 2010
gal
Jun. 14, 2024
MXN ($)
May 31, 2024
MXN ($)
ha
Dec. 31, 2012
USD ($)
ha
Discontinued operations - Mexico project development                    
Amount of non-recoverable expenses   $ 51,144,525 $ 137,333,114              
Damages sought, value           $ 137,000,000        
Minimum [Member]                    
Discontinued operations - Mexico project development                    
Damages sought, value         $ 51,000,000          
Discontinued Operations                    
Discontinued operations - Mexico project development                    
Amount of consideration               $ 596,144,000 $ 596,144,000  
Proceeds from divestiture of businesses $ 31,959,685                  
Purchase of certain documentation $ 20,000,000                  
NSC Agua [Member]                    
Discontinued operations - Mexico project development                    
Area of Land | ha                 20.1 20.1
Land                   $ 21,100,000
NSC Agua [Member]                    
Discontinued operations - Mexico project development                    
Amount of seawater reverse osmosis desalination plant | gal       100     100      
Period in which construction must be completed       36 months            
Period required to operate and maintain the plant and aqueduct       37 years            
NSC Agua [Member] | First Phase [Member]                    
Discontinued operations - Mexico project development                    
Amount of seawater reverse osmosis desalination plant | gal       50            
NSC Agua [Member] | Second Phase [Member]                    
Discontinued operations - Mexico project development                    
Amount of seawater reverse osmosis desalination plant | gal       50            
v3.25.3
Discontinued operations - Mexico project development (Details) - Discontinued Operations - Mexico Project Development - USD ($)
Sep. 30, 2025
Dec. 31, 2024
Discontinued operations - Mexico project development    
Cash $ 26,115 $ 127,859
Prepaid expenses and other current assets 110,813 144,626
Total assets of discontinued operations 136,928 272,485
Total liabilities of discontinued operations $ 271,143 $ 509,745
v3.25.3
Discontinued operations - Mexico project development - Financial Information (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Discontinued operations - Mexico project development        
Loss from discontinued operations $ (37,220) $ (502,854) $ (252,857) $ (1,496,840)
Gain on sale of land and project documentation       $ 12,134,766
v3.25.3
Leases - Lease assets and liabilities (Details) - USD ($)
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Total operating lease right-of-use assets $ 3,095,156 $ 3,232,786
Current    
Current maturities of operating leases 667,074 634,947
Noncurrent    
Noncurrent operating leases 2,457,151 2,630,812
Total lease liabilities $ 3,124,225 $ 3,265,759
Operating leases, weighted average remaining lease term 4 years 4 months 24 days 5 years
Operating leases, weighted average discount rate 6.55% 6.56%
v3.25.3
Leases - Components of lease cost (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Leases        
Operating lease costs $ 210,025 $ 213,090 $ 637,158 $ 633,692
Short-term lease costs 100,338 153,227 299,666 270,351
Lease costs - discontinued operations 1,160 5,222 5,778 29,364
Total lease costs $ 311,523 $ 371,539 $ 942,602 $ 933,407
v3.25.3
Leases - Supplemental cash flow information (Details) - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Leases    
Operating cash outflows for operating leases $ 674,349 $ 699,497
v3.25.3
Leases - Future lease payments (Details) - USD ($)
Sep. 30, 2025
Dec. 31, 2024
Leases    
2025 $ 218,039  
2026 839,279  
2027 813,513  
2028 833,216  
2029 541,352  
Thereafter 427,399  
Total future lease payments 3,672,798  
Less: imputed interest (548,573)  
Total lease obligations 3,124,225  
Less: current obligations (667,074) $ (634,947)
Noncurrent lease obligations $ 2,457,151 $ 2,630,812
v3.25.3
Commitments and contingencies (Details)
gal in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
gal
Sep. 30, 2024
Sep. 30, 2025
USD ($)
gal
Sep. 30, 2024
Dec. 31, 2024
USD ($)
Contingencies          
Percentage of consolidated revenue from Cayman Water retail operations 22.00% 23.00% 25.00% 23.00%  
Percentage of consolidated gross profit from Cayman Water retail operations 33.00% 34.00% 39.00% 36.00%  
Percentage of revenue collected paid 7.50%   7.50%    
Percentage of delinquent account receivables 66.00%   66.00%   81.00%
CW-Bahamas          
Contingencies          
Accounts receivable | $ $ 16.8   $ 16.8   $ 28.4
Blue Hills Water Works Plant | CW-Bahamas          
Contingencies          
Gallons of water delivered per week 63.0   63.0    
Windsor Water Plant | CW-Bahamas          
Contingencies          
Gallons of water delivered per week 16.8   16.8