Cadiz

What Cadiz does

Cadiz, Inc. (NASDAQ: CDZI) is a publicly-held natural resources and water infrastructure company founded in 1983 and headquartered in Los Angeles, California. The company is developing the Mojave Groundwater Bank at its 45,000-acre Cadiz Ranch in the Mojave Desert, a conjunctive-use groundwater storage project leveraging an aquifer system estimated to hold 30-50 million acre-feet with permitted capacity to store up to 1 million acre-feet and deliver up to 75,000 acre-feet annually over a 50-year horizon. Cadiz owns and is converting a 220-mile Northern Pipeline acquired from El Paso Natural Gas and is constructing a 43-mile Southern Pipeline to connect the Colorado River Aqueduct and the California State Water Project, supported by a Groundwater Management Monitoring and Mitigation Plan with over 100 monitoring elements overseen by San Bernardino County. Through its wholly-owned subsidiary ATEC Water Systems (acquired 2020, Hollister manufacturing facility tripled in capacity), Cadiz sells modular water filtration systems targeting iron, manganese, arsenic, PFAS, and nitrate removal.

Revenue is generated across five streams: long-term water supply sales to municipal agencies and tribal governments, underground water storage services, pipeline infrastructure (Northern and Southern), land leases and rights-of-way at Cadiz Ranch, and ATEC filtration hardware sales. Cadiz goes to market through enterprise field sales targeting municipal water agencies, public water districts, tribal governments, and local communities, with multi-decade sales cycles tied to permitting milestones and public financing (WIFIA loans, municipal debt, government grants). Pricing is contract-negotiated rather than unit-published, reflecting the bespoke nature of large infrastructure agreements. The company is currently pre-commercial on its core Mojave project (water delivery targeted for 2026), operating with negative EBITDA while raising capital through equity offerings, debt facilities, and a tribal partnership targeting approximately $450 million in total project equity.

Name

Cadiz

Legal name

Cadiz, Inc.

Website

https://cadizinc.com

Company type

Public

Founded year

1983

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Water Infrastructure Services

NAICS

Water, Sewage and Other Systems (2213), Water Supply and Irrigation Systems (221310)

SIC

Water Supply (4941), Water, Sewer, Pipeline, Comm & Power Line Construction (1623)

akta.pro primary industry

Water Supply & Wastewater Utilities Administration (BPAIACAG)

akta.pro secondary industries

Groundwater Extraction, Treatment & Discharge (Pump-and-Treat, reinjection) (BPALAKAF), Water Resources Administration (Watersheds, Rivers, Groundwater) (BPAIAMAE)

Keywords

• Groundwater banking services
• Water infrastructure solutions
• Water treatment systems
• Water pipeline conveyance
• Sustainable water supply

Headquarters

HQ city

Los Angeles

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Technology or R&D, Personnel, Marketing or Sales

Revenue model

1. Water Supply Sales: Revenue from selling conserved groundwater to municipal water agencies, water districts, and tribal governments through long-term water purchase agreements. Can deliver up to 75,000 acre-feet annually under approved permits.
2. Water Storage Services: Revenue from providing underground water storage capacity (up to 1 million acre-feet) for agencies to bank surplus water during wet years and withdraw during droughts.
3. Pipeline Infrastructure: Revenue from developing, owning, and operating pipeline infrastructure (Northern Pipeline and Southern Pipeline) connecting the Colorado River and California State Water Project systems for water conveyance.
4. Land Leases and Rights-of-Way: Revenue from land leases, expanding use of rights-of-way, energy production partnerships, and hydrogen development at Cadiz Ranch (45,000 acres).
5. ATEC Water Treatment Systems: Revenue from sale and service of water treatment filtration systems through ATEC Water Systems subsidiary. Includes iron and manganese removal systems and customizable treatment solutions for utilities and water systems.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Cadiz operates the Mojave Groundwater Bank at its 45,000-acre Cadiz Ranch in the Mojave Desert, providing groundwater storage (up to 1 million acre-feet) and water supply (up to 75,000 acre-feet annually) to municipal water agencies, water districts, and tribal governments. The company owns and is converting a 220-mile Northern Pipeline and developing a 43-mile Southern Pipeline to connect the Colorado River Aqueduct and California State Water Project. ATEC Water Systems, a wholly-owned subsidiary, sells modular water filtration systems for iron, manganese, arsenic, and other contaminant removal.

Product overview

Cadiz Inc. operates as a water solutions company offering an integrated portfolio of water supply, storage, conveyance, and treatment services. The core offering is the Mojave Groundwater Bank, a major groundwater banking infrastructure project. Supporting this are two key assets: the Northern Pipeline (a 220-mile converted fossil-fuel pipeline) and the Southern Pipeline (a 43-mile new pipeline to the Colorado River Aqueduct). The company also owns Cadiz Ranch (45,000 acres of land and agricultural operations) and ATEC Water Systems, an acquired water treatment technology company providing modular filtration systems for removing contaminants. The portfolio is tied together through the Mojave Groundwater Bank, which connects to major water infrastructure including the State Water Project and Colorado River Aqueduct systems.

Differentiator

Problem solved

Functional benefit

Products and services

• Mojave Groundwater Bank

Quantifiable outcome

• Reliable 50-year water supply for 400,000+ people annually
• +4 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eleven partnerships are on record, tiered core and supporting.

• U.S. Bureau of ReclamationcoreStrategic or Co-development Partner · 26 May 2026Funding agreement for technical and regulatory review of Mojave Groundwater Bank project. Supports assessment of water exchange agreements within Colorado River System, validation of water supply capability, and evaluation of potential federal investment in the project.
• RIC EnergysupportingStrategic or Co-development Partner · 1 January 2025MOU for hydrogen production facility development at Cadiz Ranch. RIC advancing environmental permitting with San Bernardino County for project expected to become largest hydrogen production facility in California, qualifying for federal green hydrogen tax credits.
• Farmworkers Institute of Education & Leadership Development (FIELD)supportingStrategic or Co-development Partner · 15 September 2022Partnership to create state-of-the-art technology innovation center at Cadiz Ranch providing hands-on training in water conservation, groundwater management, and sustainable agriculture. Supports workforce development for underserved communities through CTE program.
• Torres Martinez Desert Cahuilla IndianscoreStrategic or Co-development Partner · 4 August 202250-year agreement dedicating 5,000 acre-feet of water per year to tribe for tribal sovereignty and Salton Sea restoration. Cadiz providing up to $5 million for pipeline infrastructure and well treatment technology on tribal lands.
• Coachella Valley Water DistrictcoreStrategic or Co-development Partner · 4 August 2022Party to Supplemental Water Supply Agreement for Salton Sea restoration and water supply for Torres Martinez Tribe and disadvantaged communities in eastern Coachella Valley.
• Salton Sea AuthoritycoreStrategic or Co-development Partner · 26 May 2022Partnership to provide 5,000 acre-feet of water per year for 50 years to support Salton Sea restoration, dust mitigation, and environmental restoration in eastern Coachella Valley.
• Fenner Valley Water AuthoritycoreStrategic or Co-development PartnerPublic agency managing the Mojave Groundwater Bank project. Partnership with Cadiz, Fenner Gap Mutual Water Company, and Native American Tribes to construct, own, and operate water infrastructure. Landmark collaboration to build first large-scale tribal-owned water infrastructure project off tribal lands in U.S. history.
• Fenner Gap Mutual Water CompanycoreStrategic or Co-development PartnerPartner in Mojave Groundwater Bank project managing conjunctive-use groundwater storage operations. Working with Bureau of Reclamation under September 2025 MOU to evaluate water augmentation opportunities for Colorado River.
• Santa Margarita Water DistrictcoreChannel Partner/ Reseller/ DistributorNorthern Pipeline Water Purchase Agreement for water delivery. Water district purchasing water supply capacity from Cadiz infrastructure.
• EPCORsupportingStrategic or Co-development PartnerStrategic partnership mentioned in Q3 2025 investor update for Mojave Groundwater Bank development activities.
• W. M. Lyles Co.supportingImplementation/ SI/ Consulting PartnerConstruction manager engaged for Northern Pipeline project under Guaranteed Maximum Price (GMP) contract structure.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Xylem Inc. Global water technology company (~$7B revenue) providing pumps, treatment, metering and smart infrastructure to utilities and industrial customers. Comparable as a broad incumbent in the water technology and infrastructure ecosystem, particularly overlapping with Cadiz on treatment systems and pipeline metering, but at vastly greater scale and product breadth.
• Pentair plc: Global water treatment and flow technologies company with ~$4B revenue serving residential, commercial and industrial customers. Comparable to Cadiz's ATEC Water Systems subsidiary in the water filtration and treatment product category (iron/manganese/arsenic/PFAS removal), though Pentair is a much larger, more diversified equipment manufacturer.
• American Water Works Company: Largest investor-owned water and wastewater utility in the US, serving ~14M people across 14 states. Comparable as a broad incumbent in regulated water utility services with similar customer profile (municipal/regulated water sales) and infrastructure-based growth model, though at vastly larger scale and broader geographic footprint than Cadiz.
• Essential Utilities: Multi-state water and natural gas utility serving ~5M people across PA, OH, NC, IL, TX, IN, Virginia and Kentucky. Comparable as a regulated water utility with long-cycle infrastructure capex and similar customer-base structure, but more diversified across geographies and including a gas distribution business Cadiz does not operate.

Direct peers

• Watts Water Technologies: Manufacturer of water treatment, conservation and flow-control products for residential, commercial and institutional markets. Comparable to ATEC Water Systems as a pure-play water treatment equipment vendor with similar customer base (utilities, OEMs, contractors) and regulatory-driven demand for contaminant removal systems.
• SJW Group: Holding company for San Jose Water Company and Connecticut Water, with recent CT Water acquisition expanding to ~$2B in utility assets. Comparable as a publicly-traded California-anchored water utility pursuing growth through infrastructure investment and acquisition, serving similar municipal and residential customers under long-duration regulated contracts.
• California Water Service Group: Investor-owned water utility serving ~2M people across California, Hawaii, Washington and New Mexico. Directly comparable to Cadiz because both deliver regulated water supply to California municipal and residential customers under long-term agreements, with similar regulatory frameworks (CPUC) and customer concentration in drought-exposed California communities.
• Mueller Water Products: Manufacturer of water infrastructure products including iron/manganese removal filtration systems, pipeline valves, hydrants and metering technology for North American utilities. Directly comparable to Cadiz/ATEC's iron/manganese treatment focus and to the pipeline infrastructure business via valves and pipe-related products for water distribution networks.

Regional players

• Middlesex Water Company: Investor-owned water and wastewater utility serving ~500K people in New Jersey, Delaware and Pennsylvania. Comparable as a small-cap regulated water utility with similar business model (water supply, treatment and distribution under regulated tariffs), but operating in a different (non-drought-exposed) geography.
• Artesian Resources: Small-cap water and wastewater utility serving ~300K people on the Delmarva Peninsula. Comparable in scale and business model (regulated water utility, infrastructure-led growth), but operates in a fundamentally different climate/geography than Cadiz's arid Southwest focus.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/Cadiz_Inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds8 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cadiz