Consolidated Water Q1 Revenue Falls 11% to $30M; Bulk, Services Up
Consolidated Water’s Q1 revenue fell 11% to $30.0M, weighed by a 9% retail decline from heavy rainfall and a 76% manufacturing slump, offset partly by 4% bulk and 12% services growth. Net income fell to $3.8M ($0.23/share); cash rose to $126.3M, backed by Cat Island plant commissioning, new O&M contracts.
1. First Quarter 2026 Financial Results
Consolidated Water reported total Q1 revenue of $30.0 million, down 11% versus the prior year, with net income from continuing operations of $3.8 million, or $0.23 per diluted share, versus $4.9 million, or $0.31 per share, in Q1 2025.
2. Segment Performance
Retail revenue declined 9% to $8.6 million due to significantly greater rainfall reducing water sales on Grand Cayman. Bulk segment revenue rose 4% to $8.7 million following the Cat Island desalination facility commissioning, while services revenue increased 12% to $11.3 million and manufacturing plunged 76% to $1.4 million on lower new orders timing.
3. Cash Position and Working Capital
Cash and cash equivalents increased to $126.3 million and working capital reached $144.3 million at March 31, 2026, reflecting strong liquidity to support operations and project development.
4. Project Commissions and Outlook
One of two new Cat Island plants is operational with the second due in Q2; a three-year O&M contract will add about $4.5 million over its term. Construction projects totaling $15.6 million are slated for 2026, while the Kalaeloa, Hawaii desalination plant remains in permitting with construction start date pending.