Cadiz (CDZI) financial statements
Cadiz reported revenue of $16M in fiscal 2025, up 50.5% a year over 9 years.
Net income was -$34M and the operating margin -156.9%, against -2235.4% in 2016.
Free cash flow was -$27M, and the company returned $5M in dividends.
The diluted share count rose 117% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cadiz's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $412,000 | $437,000 | $440,000 | $441,000 | $541,000 | $564,000 | $2M | $2M | $10M | $16M |
| Cost of revenue | — | — | — | — | — | $0 | $2M | $3M | $7M | $11M |
| Gross profit | — | — | — | — | — | $564,000 | -$566,000 | -$896,000 | $2M | $5M |
| Selling, general and admin | $9M | $13M | $11M | $12M | $12M | $18M | $15M | $19M | $24M | $29M |
| Operating income | -$9M | -$13M | -$11M | -$12M | -$12M | -$18M | -$17M | -$21M | -$23M | -$26M |
| Interest expense | — | $18M | $15M | $17M | $12M | $11M | $8M | $5M | $8M | $9M |
| Pre-tax income | -$26M | -$34M | -$26M | -$29M | -$36M | -$30M | -$25M | -$31M | -$31M | -$34M |
| Income tax | $4,000 | $4,000 | $6,000 | $6,000 | $7,000 | $10,000 | $7,000 | $11,000 | $11,000 | $11,000 |
| Net income | -$26M | -$34M | -$26M | -$30M | -$38M | -$31M | -$25M | -$31M | -$31M | -$34M |
| EPS (diluted) | -$1.41 | -$1.50 | -$1.09 | -$1.11 | -$1.11 | -$0.84 | -$0.60 | -$0.56 | -$0.53 | -$0.48 |
| Diluted shares | 19M | 23M | 24M | 27M | 34M | 41M | — | — | — | — |
| Gross margin | — | — | — | — | — | 100.0% | -37.7% | -45.0% | 24.0% | 31.6% |
| Operating margin | -2235.4% | -2892.4% | -2550.0% | -2718.6% | -2172.6% | -3105.0% | -1103.4% | -1051.7% | -242.0% | -156.9% |
| Net margin | -6393.0% | -7749.2% | -5971.1% | -6695.7% | -6990.2% | -5540.6% | -1651.7% | -1579.4% | -324.1% | -209.3% |
Balance sheet
Fiscal years, from Cadiz's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $12M | $13M | $13M | $16M | $7M | $11M | $10M | $5M | $17M | $9M |
| Receivables | $39,000 | $36,000 | $38,000 | $49,000 | $55,000 | $270,000 | $454,000 | $904,000 | $5M | $6M |
| Inventory | — | — | — | — | — | $0 | $316,000 | $2M | $3M | $1M |
| Total current assets | $16M | $13M | $13M | $16M | $8M | $13M | $12M | $8M | $26M | $16M |
| Property, plant and equipment | $44M | $45M | $47M | $50M | $53M | $79M | $84M | $87M | $88M | $95M |
| Goodwill | $4M | $4M | $4M | $4M | $4M | $4M | $6M | $6M | $6M | $6M |
| Total assets | $67M | $67M | $69M | $77M | $74M | $112M | $111M | $107M | $134M | $141M |
| Total current liabilities | $5M | $6M | $4M | $5M | $3M | $3M | $6M | $6M | $14M | $13M |
| Long-term debt | $102M | $124M | $136M | $138M | $79M | $46M | $49M | $38M | $57M | $73M |
| Total liabilities | $121M | $145M | $156M | $159M | $100M | $72M | $77M | $67M | $101M | $118M |
| Shareholders' equity | -$54M | -$79M | -$86M | -$82M | -$25M | $41M | $34M | $40M | $34M | $23M |
| Net debt | $90M | $112M | $124M | $122M | $71M | $36M | $39M | $33M | $40M | $64M |
Cash flow
Fiscal years, from Cadiz's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$10M | -$10M | -$12M | -$14M | -$13M | -$15M | -$19M | -$21M | -$22M | -$19M |
| Capital spending | — | $1M | $2M | $2M | $6M | $23M | $3M | $6M | $934,000 | $8M |
| Free cash flow | — | -$11M | -$14M | -$15M | -$19M | -$38M | -$22M | -$27M | -$22M | -$27M |
| Stock-based compensation | $1M | $2M | $473,000 | $562,000 | $2M | $5M | $2M | $1M | $5M | $5M |
| Dividends paid | — | — | — | — | $0 | $1M | $5M | $5M | $5M | $5M |
| Net borrowing | -$3M | $12M | -$56,000 | -$59,000 | $107,000 | -$27M | $117,000 | -$15M | $20M | $15M |
| Free cash flow margin | — | -2625.2% | -3163.4% | -3471.0% | -3541.0% | -6769.9% | -1464.0% | -1341.6% | -233.8% | -162.5% |
| Dividends per share | — | — | — | — | — | $0.04 | — | — | — | — |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for CDZI.
Open CDZI in InvestinglyQuestions
What was Cadiz's revenue in 2025?
$16M in fiscal 2025, from its 10-K filing.
How much free cash flow does Cadiz generate?
-$27M in fiscal 2025 (operating cash flow minus capital spending).
From Cadiz's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.