CADIZ Business Summary

Cadiz Inc. (CDZI) is a California-based water solutions and infrastructure company that generates revenue through two primary segments: Water Filtration Technology and Land and Water Resources. Currently, the company derives its income from the sale of ATEC Systems’ advanced groundwater filtration units and existing agricultural operations on its 45,000-acre Mojave Desert property. However, its long-term business model is centered on the Mojave Groundwater Bank (MGB), which utilizes a 220-mile pipeline network to provide water supply and storage under 40- to 50-year "take-or-pay" contracts with municipal utilities. Positioned as a specialized infrastructure player in the drought-prone Southwestern U.S., Cadiz competes with traditional water utilities such as American Water Works (AWK), Middlesex Water (MSEX), York Water (YORW), and Pure Cycle (PCYO), distinguishing itself through large-scale groundwater banking and proprietary treatment technologies for contaminants like arsenic and Chromium-6. Founded in 1983 by Keith Brackpool and geologist Mark Liggett, the company is currently led by Chairman and CEO Susan Kennedy, a prominent former policymaker who served as Chief of Staff to two California Governors and as a Commissioner of the California Public Utilities Commission. The executive team includes CFO Stanley Speer and COO Cathryn Rivera, the latter of whom previously served as Appointments Secretary for Governor Gavin Newsom. Technical leadership for the ATEC division is headed by COO Lee Odell, a renowned water treatment engineer. Notable governance and financial backing include the recent appointment of former Microsoft Commercial CFO Dave O’Hara to the Board of Directors in February 2026, alongside significant institutional and strategic investment from the Heerema International Group and the Lytton Rancheria of California.