Consolidated Water Reports Third Quarter 2026 Results

(MENAFN- GlobeNewsWire - Nasdaq) GEORGE TOWN, Cayman Islands, Nov. 09, 2026 (GLOBE NEWSWIRE) -- Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading designer, builder and operator of advanced water treatment plants, reported results for the third quarter ended September 30, 2026. All comparisons are to the same prior-year period unless otherwise noted.

Consolidated Water will hold a conference call at 11:00 a.m. Eastern time tomorrow to discuss the results (see dial-in information below).

Third Quarter 2026 Financial Summary

• Total revenue decreased 11.9% to $30.9 million from $35.1 million, due to lower services and manufacturing revenue, partially offset by increases in retail and bulk revenue.
• Retail revenue increased 5.7% to $8.2 million, principally due to higher energy pass-through charges and an increased rate for a major commercial customer, offsetting lower retail rates under the new license.
• Bulk revenue increased 20.8% to $10.1 million, principally due to higher energy pass-through charges and, to a lesser extent, revenue from the new Cat Island, Bahamas desalination plants.
• Manufacturing revenue decreased 39.7% to $2.8 million due to a decrease in the total dollar amount of contracts completed and in progress.
• Services revenue decreased 31.7% to $9.8 million. Construction revenue declined to $3.5 million from $6.4 million. Recurring operations and maintenance (O&M) revenue decreased to $6.1 million from $7.7 million, primarily due to the expiration of contracts with three customers in California in the first quarter of 2026.
• Net income from continuing operations attributable to company stockholders totaled $2.4 million or $0.15 per diluted share, compared to $5.6 million or $0.34 per diluted share in the third quarter of 2025.
• Including discontinued operations, net income attributable to company stockholders totaled $2.3 million or $0.14 per diluted share, compared to $5.5 million or $0.34 per diluted share in the third quarter of 2025.
• Cash and cash equivalents totaled $129.2 million and working capital was $145.1 million as of September 30, 2026.

Third Quarter 2026 Operational Summary

• Cayman Water's new 25-year retail water license became effective August 1, 2026, establishing a long-term regulatory framework and preserving the company's exclusive right to produce, distribute and sell potable water within its licensed service area in Grand Cayman, Cayman Islands.
• Received approximately $10.1 million in purchase orders from a municipality on Florida's east coast to design, fabricate and deliver nanofiltration membrane water treatment equipment and horizontal cartridge filters. These represent the company's largest municipal membrane-based water treatment equipment and horizontal cartridge filter orders to date. Delivery is scheduled for November 2027.
• Advanced the Hawaii seawater desalination project. In July 2026, the Honolulu Board of Water Supply issued a Limited Notice to Proceed releasing approximately $6 million for long-lead equipment procurement.

Management Commentary

“Increases to our third-quarter retail and bulk revenue were offset by lower construction, O&M and manufacturing revenue,” said Consolidated Water CEO Rick McTaggart.

“Cayman Water's new 25-year retail license, effective August 1, 2026, establishes a long-term regulatory framework and provides exclusive rights within our licensed service area. The new rate structure lowers base rates for customers and retains an annual water rate adjustment mechanism, subject to regulatory verification and approval. Although lower retail rates reduced quarterly retail gross profit, higher energy pass-through charges, a 1% increase in water sales volume, and an increased rate for a major commercial customer increased retail revenue.

“Our bulk segment revenue increased primarily from higher energy pass-through charges and, to a lesser extent, revenue from our new Cat Island, Bahamas desalination plants. Bulk gross profit increased, but higher diesel costs and incremental maintenance expenses reduced gross margin as a percentage of revenue.

“Manufacturing revenue declined as the total dollar amount of contracts completed and in progress decreased. Based on current projections, we continue to expect full-year 2026 manufacturing revenue to be below 2025 levels. However, during the quarter we announced approximately $10.1 million in purchase orders from a municipality on Florida's east coast for nanofiltration membrane water treatment equipment and horizontal cartridge filters for delivery in November 2027. These orders, which are our largest municipal membrane equipment and horizontal cartridge filter orders to date, demonstrate the breadth of our manufacturing capabilities.

“Additionally, we have bid for water equipment manufacturing projects valued at approximately $10 million that are expected to be decided and awarded in the fourth quarter of this year and are tracking approximately $45 million in Florida municipal water projects that are expected to go out for bid within the next six months. Our excellent reputation, world-class manufacturing capabilities, and deep knowledge of the Florida water equipment market should help us be very competitive on these new opportunities. All of this bodes well for a strong 2027 for our manufacturing business.

“After quarter-end, we announced on October 12 that we had been awarded an approximately $39.8 million design-build agreement by the City of Pismo Beach, California, for the Central Coast Blue Advanced Water Purification Facility. We were selected through a competitive procurement process to design, construct, and test the facility, train City personnel and support initial operations. The project is intended to provide a new local, drought-resistant water supply and help protect the groundwater basin from seawater intrusion. Construction is anticipated to begin in spring 2027, with design, permitting, construction, startup and commissioning expected to span approximately 24 months overall.

“In Hawaii, the July Limited Notice to Proceed authorized approximately $6 million for critical long-lead equipment for our planned Kalaeloa desalination facility. Early procurement should help reduce scheduling pressure and position us to advance construction efficiently once the remaining permits and approvals are secured.

“Design and construction of the Hawaii project represents more than $150 million of contracted backlog which has not yet been recognized as revenue. Once construction of this project commences in the first half of 2027, we expect it to have a significant impact on our revenue and earnings. Recent approvals from the State Historic Preservation Division and the Hawaii Department of Health allow us to pursue remaining permits and approvals. The Honolulu Board of Water Supply remains supportive and has granted schedule extensions to reflect the permitting process. We anticipate beginning construction in the first half of 2027, subject to obtaining the remaining permits and approvals. Following commissioning, we are contracted to operate and maintain the Kalaeloa facility for 20 years, with two additional five-year extension options at the client's discretion.

“Looking ahead, we remain focused on executing our projects, serving our customers and pursuing opportunities that build on our water-treatment expertise. We believe our diversified business and disciplined approach to growth provide a solid foundation for the future. Our priority remains translating these strengths into sustainable long-term growth and enhanced shareholder value.”

Third Quarter 2026 Financial Results

Revenue totaled $30.9 million, decreasing 11.9% from $35.1 million in the third quarter of 2025. The decrease reflected lower services and manufacturing revenue, partially offset by increased retail and bulk revenue.

Retail revenue increased 5.7% to $8.2 million from $7.8 million, principally due to higher pass-through energy charges and an increased rate for a major commercial water customer. These factors offset the impact of lower retail water rates effective August 1, 2026, under the new retail license. Water sales volume increased approximately 1%.

Bulk revenue increased 20.8% to $10.1 million from $8.4 million, principally due to higher pass-through energy charges at CW-Bahamas and, to a lesser extent, revenue from its new Cat Island plants.

Services revenue decreased 31.7% to $9.8 million from $14.3 million. Construction revenue declined to $3.5 million from $6.4 million due to a decrease in the number and total value of construction projects. O&M revenue decreased to $6.1 million from $7.7 million, primarily due to the expiration of contracts with three customers in California in the first quarter of 2026. Design and consulting revenue was $177,000 compared to $214,000.

Manufacturing revenue decreased 39.7% to $2.8 million from $4.7 million due to a decrease in the total dollar amount of contracts completed and in progress. The company expects full-year 2026 manufacturing revenue to be below 2025 levels based on current projections.

Gross profit for the third quarter of 2026 was $9.8 million (31.8% of total revenue), compared to $12.9 million (36.9% of total revenue) in the third quarter of 2025.

Net income from continuing operations attributable to Consolidated Water stockholders for the third quarter of 2026 was $2.4 million or $0.15 per diluted share, compared to $5.6 million or $0.34 per diluted share in the third quarter of 2025.

Including discontinued operations, net income attributable to Consolidated Water stockholders for the third quarter of 2026 was $2.3 million or $0.14 per diluted share, compared to $5.5 million or $0.34 per diluted share in the third quarter of 2025.

As of September 30, 2026, cash and cash equivalents totaled $129.2 million, working capital was $145.1 million, and equity attributable to Consolidated Water stockholders was $226.2 million.

First Nine Months 2026 Financial Results

Revenue for the first nine months of 2026 was $93.8 million, down 8.5% from $102.4 million in the same year-ago period. Manufacturing revenue decreased by $8.8 million, services revenue decreased by $3.2 million, and retail revenue decreased by $0.4 million. These decreases were partially offset by a $3.7 million increase in bulk revenue.

Retail revenue decreased to $25.4 million from $25.8 million, reflecting a 4.1% decrease in water sales volume. The decrease in volume was attributable to significantly greater rainfall on Grand Cayman in 2026 compared to 2025, when rainfall was well below historical norms.

Bulk revenue increased 14.9% to $28.8 million from $25.1 million, principally due to higher pass-through energy charges at CW-Bahamas and, to a lesser extent, revenue from its new Cat Island plants.

Services revenue decreased 9.0% to $32.6 million from $35.8 million. Construction revenue was $10.9 million compared to $11.4 million in the same year-ago period. O&M revenue decreased 11.2% to $21.0 million from $23.7 million due to the expiration of contracts with three customers in California in the first quarter of 2026. Design and consulting revenue was $642,000 compared to $716,000.

Manufacturing revenue decreased 56.1% to $6.9 million from $15.7 million due to a decrease in the total dollar amount of contracts completed and in progress.

Gross profit for the first nine months of 2026 was $31.7 million (33.8% of total revenue), down 16.8% from $38.1 million (37.2% of total revenue) in the same year-ago period.

Net income from continuing operations attributable to Consolidated Water stockholders for the first nine months of 2026 was $10.2 million or $0.64 per diluted share, compared to $15.7 million or $0.97 per diluted share for the first nine months of 2025.

Including discontinued operations, net income attributable to Consolidated Water stockholders for the first nine months of 2026 was $10.0 million or $0.62 per diluted share, compared to $15.4 million or $0.96 per diluted share in the same period of 2025.

Third Quarter 2026 Segment Results

	Three Months Ended September 30, 2026
	Retail		Bulk		Services		Manufacturing		Corporate		Total
Revenue	$	8,211,690			$	10,138,396		$	9,760,608			$	2,811,843			$	-			$	30,922,537
Cost of revenue		4,027,544				6,759,416			8,439,025				1,878,489				-				21,104,474
Gross profit		4,184,146				3,378,980			1,321,583				933,354				-				9,818,063
General and administrative expenses		996,481				460,820			1,579,402				524,577				4,068,376				7,629,656
Loss on asset dispositions, net		(1,928	)			-			-				(100,057	)			-				(101,985	)
Income (loss) from operations		3,185,737				2,918,160			(257,819	)			308,720				(4,068,376	)			2,086,422
Interest income		40,114				16,714			218,435				1				200,268				475,532
Interest expense		-				-			(255	)			-				(7,849	)			(8,104	)
Income from affiliate		-				-			-				-				81,232				81,232
Other		24,257				3,369			300				60				(178	)			27,808
Other income, net		64,371				20,083			218,480				61				273,473				576,468
Income (loss) before income taxes		3,250,108				2,938,243			(39,339	)			308,781				(3,794,903	)			2,662,890
Provision for income taxes		-				-			61,534				65,731				-				127,265
Net income (loss) from continuing operations		3,250,108				2,938,243			(100,873	)			243,050				(3,794,903	)			2,535,625
Income from continuing operations attributable to non-controlling interests		-				151,728			-				-				-				151,728
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders	$	3,250,108			$	2,786,515		$	(100,873	)		$	243,050			$	(3,794,903	)			2,383,897
Net loss from discontinued operations																	(61,627	)
Net income attributable to Consolidated Water Co. Ltd. stockholders																$	2,322,270

		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

First Nine Months Segment Results

		Nine Months Ended September 30, 2026
		Retail		Bulk		Services		Manufacturing		Corporate		Total
Revenue		$	25,449,695			$	28,817,225		$	32,597,525			$	6,902,154			$	-			$	93,766,599
Cost of revenue			11,475,671				19,217,646			26,552,727				4,823,090				-				62,069,134
Gross profit			13,974,024				9,599,579			6,044,798				2,079,064				-				31,697,465
General and administrative expenses			2,798,587				1,205,190			4,839,719				1,529,557				11,918,693				22,291,746
Gain (loss) on asset dispositions, net			(54,093	)			-			19,279				(100,057	)			-				(134,871	)
Income (loss) from operations			11,121,344				8,394,389			1,224,358				449,450				(11,918,693	)			9,270,848
Interest income			115,166				379,033			703,489				2				570,655				1,768,345
Interest expense			-				-			(3,228	)			-				(8,091	)			(11,319	)
Income (loss) from affiliates			-				-			-				(9,062	)			203,324				194,262
Other			67,318				19,614			685				7,618				150				95,385
Other income (loss), net			182,484				398,647			700,946				(1,442	)			766,038				2,046,673
Income (loss) before income taxes			11,303,828				8,793,036			1,925,304				448,008				(11,152,655	)			11,317,521
Provision for income taxes			-				-			542,043				55,668				-				597,711
Net income (loss) from continuing operations			11,303,828				8,793,036			1,383,261				392,340				(11,152,655	)			10,719,810
Income from continuing operations attributable to non-controlling interests			-				478,122			-				-				-				478,122
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders		$	11,303,828			$	8,314,914		$	1,383,261			$	392,340			$	(11,152,655	)			10,241,688
Net loss from discontinued operations																		(210,243	)
Net income attributable to Consolidated Water Co. Ltd. stockholders																	$	10,031,445

		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

The following table presents the company's revenue disaggregated by revenue source.

		Three Months Ended September 30,		Nine Months Ended September 30,
		2026		2025		2026		2025
Retail revenue		$	8,211,690		$	7,770,344		$	25,449,695		$	25,819,712
Bulk revenue			10,138,396			8,394,614			28,817,225			25,081,146
Services revenue			9,760,608			14,289,315			32,597,525			35,815,785
Manufacturing revenue			2,811,843			4,664,433			6,902,154			15,708,527
Total revenue		$	30,922,537		$	35,118,706		$	93,766,599		$	102,425,170

Services revenue consists of the following:

		Three Months Ended September 30,		Nine Months Ended September 30,
		2026		2025		2026		2025
Construction revenue		$	3,483,375		$	6,360,333		$	10,922,555		$	11,404,500
Operations and maintenance revenue			6,100,605			7,715,000			21,033,065			23,695,704
Design and consulting revenue			176,628			213,982			641,905			715,581
Total services revenue		$	9,760,608		$	14,289,315		$	32,597,525		$	35,815,785

Conference Call
Consolidated Water management will host a conference call tomorrow to discuss these results, followed by a question-and-answer period.

Date: Tuesday, November 10, 2026
Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time)
Toll-free dial-in number: 1-844-875-6913
International dial-in number: 1-412-317-6709
Participant web phone: click here

Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you require any assistance connecting with the call, please contact Encore at 1-949-432-7450.

A replay of the call will be available after 1:00 p.m. Eastern time on the same day through November 17, 2026, as well as available for replay via the Investors section of the Consolidated Water website at .

Toll-free replay number: 1-855-669-9658
International replay number: 1-412-317-0088
Replay ID: 5866966

About Consolidated Water Co. Ltd.
Consolidated Water Co. Ltd. develops and operates advanced water treatment plants and water distribution systems. The company designs, constructs and operates seawater desalination facilities in the Cayman Islands, The Bahamas and the British Virgin Islands, and designs, constructs and operates water treatment and reuse facilities in the United States.
The company also manufactures and services a wide range of products and provides design, engineering, management, operating and other services applicable to commercial and municipal water production, supply and treatment, and industrial water and wastewater treatment.

For more information, visit cwco.com.
Cautionary Note Regarding Forward-Looking Statements

This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "intend", "expect", "should", "will" or similar expressions. These forward-looking statements include, but are not limited to, statements regarding the anticipated construction schedule and completion of the Kalaeloa desalination facility; the effect of permitting delays on that schedule; the company's and the Honolulu Board of Water Supply's efforts to mitigate those delays; the company's ability to perform its design, build, operate and maintain obligations with respect to the Kalaeloa facility, including the anticipated 20-year operating term and any exercise of the related extension options; the company's ability to design, fabricate and deliver the Florida purchase orders on the anticipated schedule, including by November 2027; expected 2026 and 2027 manufacturing revenue; the outcome of pending bids and anticipated future bid opportunities; the anticipated schedule for, and the company's performance under, the City of Pismo Beach design-build agreement; and the expected effects of the new Cayman Water retail license on the company's retail revenue and operating income. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, (i) continued acceptance of the company's products and services in the marketplace; (ii) changes in its relationships with the governments and clients of the jurisdictions in which it operates; (iii) the timing and outcome of permitting and other regulatory approvals affecting the Kalaeloa facility; (iv) the company's ability to procure equipment and perform its contractual obligations on the anticipated timeline and budget, including with respect to the Kalaeloa facility, the Pismo Beach design-build agreement and the Florida purchase orders; (v) the collection of its delinquent accounts receivable in The Bahamas; (vi) future rate determinations by the Utility Regulation and Competition Office and Cayman Water's compliance with the terms of its retail license; (vii) cost overruns and liquidated damages under fixed-price contracts; and (viii) various other risks such as economic, operational, and industry-specific risks, as detailed in the company's periodic report filings with the Securities and Exchange Commission (“SEC”). For more information about risks and uncertainties associated with the company's business, please refer to the“Management's Discussion and Analysis of Financial Condition and Results of Operations” and“Risk Factors” sections of the company's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting the company's Secretary at the company's executive offices or at the“Investors – SEC Filings” page of the company's website at ir.cwco.com/docs. Except as otherwise required by law, the company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Company Contact:
David W. Sasnett
Executive Vice President and CFO
Tel (954) 509-8200
Email Contact

Investor & Media Contact:
Ron Both or Grant Stude
Encore Investor Relations
Tel (949) 432-7450
Email Contact

CONSOLIDATED WATER CO. LTD. CONDENSED CONSOLIDATED BALANCE SHEETS
			September 30,			December 31,
			2026			2025
		(Unaudited)
ASSETS
Current assets
Cash and cash equivalents		$	129,150,692		$	123,788,390
Accounts receivable, net			32,249,730			32,768,537
Inventory			5,943,853			3,736,845
Prepaid expenses and other current assets			6,591,268			5,927,675
Contract assets			2,434,620			3,290,815
Current assets of discontinued operations			139,315			124,630
Total current assets			176,509,478			169,636,892
Property, plant and equipment, net			58,663,871			55,151,758
Construction in progress			4,300,489			6,695,656
Inventory, noncurrent			5,751,769			5,563,142
Investment in affiliates			1,191,736			1,186,849
Goodwill			12,861,404			12,861,404
Intangible assets, net			1,884,276			2,101,555
Operating lease right-of-use assets			2,562,762			2,930,441
Other assets			1,032,998			1,437,648
Total assets		$	264,758,783		$	257,565,345
LIABILITIES AND EQUITY
Current liabilities
Accounts payable, accrued expenses and other current liabilities		$	10,340,948		$	9,620,880
Accrued compensation			3,490,382			3,039,142
Dividends payable			2,289,216			2,285,317
Current maturities of operating leases			781,019			661,047
Current portion of long-term debt			-			47,549
Contract liabilities			14,211,398			11,528,634
Deferred revenue			62,937			248,719
Current liabilities of discontinued operations			277,497			271,159
Total current liabilities			31,453,397			27,702,447
Long-term debt, noncurrent			-			25,954
Deferred tax liabilities			568,397			707,444
Noncurrent operating leases			1,805,606			2,297,161
Other liabilities			78,000			153,000
Total liabilities			33,905,400			30,886,006
Commitments and contingencies
Equity
Consolidated Water Co. Ltd. stockholders' equity
Redeemable preferred stock, $0.60 par value. Authorized 200,000 shares; issued and outstanding 35,580 and 39,507 shares, respectively			21,348			23,704
Common stock, $0.60 par value. Authorized 49,800,000 and 24,800,000 shares, respectively; issued and outstanding 16,015,573 and 15,945,233 shares, respectively			9,609,344			9,567,140
Additional paid-in capital			96,495,857			95,310,630
Retained earnings			120,041,877			116,749,048
Total Consolidated Water Co. Ltd. stockholders' equity			226,168,426			221,650,522
Non-controlling interests			4,684,957			5,028,817
Total equity			230,853,383			226,679,339
Total liabilities and equity		$	264,758,783		$	257,565,345

CONSOLIDATED WATER CO. LTD. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
		Three Months Ended September 30,		Nine Months Ended September 30,
		2026			2025			2026			2025
Revenue		$	30,922,537			$	35,118,706			$	93,766,599			$	102,425,170
Cost of revenue			21,104,474				22,172,797				62,069,134				64,340,989
Gross profit			9,818,063				12,945,909				31,697,465				38,084,181
General and administrative expenses			7,629,656				7,218,722				22,291,746				22,522,919
Gain (loss) on asset dispositions, net			(101,985	)			34,095				(134,871	)			94,547
Income from operations			2,086,422				5,761,282				9,270,848				15,655,809
Other income (expense):
Interest income			475,532				637,532				1,768,345				2,011,114
Interest expense			(8,104	)			(901	)			(11,319	)			(3,614	)
Equity in the earnings of affiliates			81,232				80,314				194,262				163,067
Other			27,808				94,282				95,385				149,733
Other income, net			576,468				811,227				2,046,673				2,320,300
Income before income taxes			2,662,890				6,572,509				11,317,521				17,976,109
Provision for income taxes			127,265				827,009				597,711				1,832,933
Net income from continuing operations			2,535,625				5,745,500				10,719,810				16,143,176
Income from continuing operations attributable to non-controlling interests			151,728				175,936				478,122				470,741
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders			2,383,897				5,569,564				10,241,688				15,672,435
Net loss from discontinued operations			(61,627	)			(37,220	)			(210,243	)			(252,857	)
Net income attributable to Consolidated Water Co. Ltd. stockholders		$	2,322,270			$	5,532,344			$	10,031,445			$	15,419,578
Basic earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders
Continuing operations		$	0.15			$	0.35			$	0.64			$	0.98
Discontinued operations			(0.00	)			(0.00	)			(0.01	)			(0.01	)
Basic earnings per share		$	0.14			$	0.35			$	0.63			$	0.97
Diluted earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders
Continuing operations		$	0.15			$	0.34			$	0.64			$	0.97
Discontinued operations			(0.00	)			(0.00	)			(0.01	)			(0.01	)
Diluted earnings per share		$	0.14			$	0.34			$	0.62			$	0.96
Dividends declared per common and redeemable preferred shares		$	0.14			$	0.14			$	0.42			$	0.39
Weighted average number of common shares used in the determination of:
Basic earnings per share			16,010,729				15,924,851				16,003,706				15,919,167
Diluted earnings per share			16,115,520				16,054,557				16,110,340				16,047,312

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