Cadiz Inc Dossier
Qualitative Analysis
Business overview
Cadiz Inc. (NASDAQ: CDZI) is a California-based water solutions provider dedicated to delivering clean, reliable, and affordable water through a unique combination of land, water, pipeline, and water filtration assets. The company owns approximately 46,000 acres of land with naturally recharging groundwater resources in Southern California's Mojave Desert (the Cadiz Property). Cadiz operates in two primary reportable segments: the Land and Water Resources segment, which includes agricultural operations and the pre-revenue development of the Mojave Groundwater Bank (supply, storage, and conveyance); and the Water Filtration Technology segment, which operates through its subsidiary ATEC Water Systems, LLC, providing specialized filtration solutions for impaired or contaminated groundwater sources.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Repositioning the capital structure of the Mojave Groundwater Bank to address higher construction costs by shifting from a 50% equity / 50% public financing mix to a more leveraged 30% equity / 70% public financing model.
Expected impact: Keeps delivered water prices competitive for participating agencies while securing low-cost federal debt (such as the $194 million WIFIA loan reservation).
Utilizing extensive landholdings at Cadiz Ranch to develop a major clean energy and digital infrastructure campus, including green hydrogen production, solar power generation, battery storage, and data centers.
Expected impact: Expected to generate $7 million to $10 million per year in lease revenue and water supply sales once operational.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
Supports technical and regulatory review activities associated with the Mojave Groundwater Bank project, including validating water supply resources and evaluating potential future federal investment.
Terms: Cadiz will provide funding to support Reclamation's review of proposed water exchange agreements and technical validation work.
Provides Hoku with a three-year exclusive option to develop a clean energy campus on more than 10,000 acres at Cadiz Ranch, including green hydrogen, solar, battery storage, and data centers.
Terms: Expected to contribute to a combined $7 million to $10 million per year in lease revenue and water supply sales for Cadiz.
Partnership to build California's largest green hydrogen facility on up to 3,000 acres at Cadiz Ranch, producing up to 50,000 kilograms of hydrogen daily using 100% solar power.
Terms: RIC Energy pays $35,000 per year during the current development phase, increasing to $1,000 per acre (subject to inflation) upon permitting approval and start of construction.
First tribal partnership to provide equity capital for the construction and development of the Mojave Groundwater Bank.
Terms: Committed up to $51 million as a first tranche of a potential $450 million total equity capital raise, convertible into Mojave Water Infrastructure Company LLC (MWI).